It’s not surprising interest rates are on the rise as the fed has committed to reducing their mortgage bond buying starting this month. There is an array of factors affecting a mortgage rate things like; home occupancy, loan type, and even property type. Two factors carry the most weight when shopping mortgages… How Lender Sees…
The FHA is aimed at promoting home ownership for consumers who do not ” fit the box” by traditional credit standards, high credit score, big equity, low debt ratio etc. The FHA supports the housing market by offering an alternative financing vehicle for homeowners and buyers with little equity. The FHA makes loans on primary…
Unfortunately no, lenders are under very tight scrutiny as our real estate appraisers to make sure there is no outside influence to inflate a property value for the purposes of securing a mortgage. The mortgage company you select a higher for financing is required to choose from a panel of appraisers, from there, they contact…
Unless eligible for a Sonoma County Harp 2 Loan, where a loan to value is not required, the purchase or refinance of the second home has to have a minimum of 10% equity. In such a scenario, PMI a.k.a. monthly mortgage insurance would be applicable on a monthly basis until 20% equity is reached by…
You heard it correctly, your credit card don’t have balances, yet your mortgage application can still be in jeopardy. Here’s what mortgage lenders and brokers run into when you have credit card payments… Many consumers are responsible, they use their credit cards for various monthly purchases and then pay each credit card off in full…
The answer in short – is never. At no time on a 15 year mortgage does the whole entire payment go solely to principle. Interest is paid right up through the loan payoff at 180 months. Unlike a 30 year mortgage, with amortization based on 360 month, a 15 year mortgage is based on amortization…
Yes under the FHA Second Chance Program. The program allows a home buyer to repurchase just 12 months after a foreclosure or short sale. In order to qualify, there must be a documentable loss of income for a minimum of six months and/or supporting documentation showing a one time unforeseen economic hardship that resulted in…
Q:I have the Sonoma County Energy Independence Program Loan on my house. Through my property taxes, I financed the cost of putting solar on my house, and doing a new roof and some more energy-efficient upgrades. From what I understand, a second put on my house much like a home-equity line of credit. Other lenders…