For anyone who got a mortgage in the last few years with little equity, most are all-too-familiar with mortgage insurance, the added premium built into the mortgage payment insuring the lender against payment default. Measured over time, it can cost you thousands. The facts you must know… Zero Tax Advantages For years mortgage borrowers got…
Family Members & Parents take heed- if you plan to help your family purchase a home, transferring money around could impede their home buying chances. What you need to know… Donor Funds Must be documented, sourced and paper trailed. Let’s say you’re helping your daughter buy her first home. The amount you plan to give…
Planning to apply for a mortgage? If you have an authorized user account reporting on your credit report, it could spell financial trouble if you’re applying for a home loan. Here’s the skinny… Authorized User Credit Accounts An authorized user account, is when another party adds you onto their credit account i.e a credit card,…
In the compliant world of securing a mortgage these days, many are realizing explanations and full supporting documentation are now considered to be the ‘norm’. Lenders must validate a borrower really is who they say they are. One way a mortgage lender verifies a borrower’s identity is validating their Social Security Number. The catch? If…
Yes there are mortgage loan programs that exist for loans bigger than $520,950 in Petaluma and the surrounding areas. If your loan size is bigger than $520,950, your loan is classified as a Jumbo. Jumbo loans traditionally carry more risk to mortgage lenders than loans under that amount, otherwise known as Conventional Loans. However, as…
No,unfortunately it’s not, the USDA mortgage loan program, is only eligible in certain parts of Sonoma County. Santa Rosa, California is not considered to be a less densely populated area according to US Department of Agriculture. Additionally, Santa Rosa, Rohnert Park, Cotati, and Penngrove are also not USDA eligible. If you are looking for a…
Ever here one of those stories in the break room how getting a mortgage is difficult? “I had to jump through so many hoops to get my mortgage, it was ridiculous. They keep asking me for financial information, I swear I already provided them.” Reality check-obtaining a mortgage is no easy feat these days no…
Looking to finance larger loan size? If you plan on being in the market for a mortgage loan $417,000 or larger, your credit score along with your equity will play an important role in your ability to get approved for a jumbo sized home loan. What you’ll need to know if you’re looking for a…