The Mortgage Files

Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.

How Rising Incomes and Smart Strategies Can Help You Buy a Home in Sonoma County

How Rising Incomes and Smart Strategies Can Help You Buy a Home in Sonoma County

By Scott Sheldon / June 19, 2024

Buying a home is one of the most significant financial decisions many will make in their lifetime. As home prices continue to rise, so too does the level of income needed to qualify for a mortgage. This is particularly true in places like Sonoma County, California, where the picturesque landscapes and high quality of life…

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Homebuying Tips for June 2024: How to Qualify in Today's Market

Homebuying Tips for June 2024: How to Qualify in Today’s Market

By Scott Sheldon / June 13, 2024

What It Takes to Be a Homebuyer in June 2024 Buying a home is a significant milestone, but in today’s market, it requires careful preparation and strategic planning. As of June 2024, the housing market, particularly in Sonoma County, California, presents unique challenges and opportunities for prospective buyers. This post aims to guide you through…

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FHA vs. Conventional Loans—Which Costs Less in the Long Run?

FHA vs. Conventional Loans—Which Costs Less in the Long Run?

By Scott Sheldon / June 2, 2024

When securing a mortgage for your home, choosing between an FHA loan and a conventional loan is a critical decision that could impact your financial strategy and long-term goals. Both loan types have distinct advantages and limitations, particularly regarding down payment requirements, seller credits, and private mortgage insurance (PMI). Down Payment Differences: One of the…

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how to buy a home from family without needing any cash

How to buy a home from family without needing any cash

By Scott Sheldon / April 17, 2024

Have you ever considered buying a house from a family member? It’s a unique opportunity that comes with its own set of benefits and challenges. Whether you’re purchasing your childhood home from your parents or acquiring a property from a grandparent, understanding the ins and outs of this process is essential for a successful transaction.…

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5 practical ways to increase your purchasing power when buying a home

How to avoid a contingent offer to buy a new home without selling your current home first

By Scott Sheldon / March 14, 2024

Buying a new home while still owning your current home can be a challenging process, especially in today’s market. When you want to purchase a new home without selling your current home first, you may be required to make a contingent offer. A contingent offer means that the purchase of your new home is dependent…

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How to avoid getting a jumbo loan due to Coronavirus

New Mortgage Loan Limits for 2023

By Scott Sheldon / December 4, 2022

The Federal Housing Finance Agency announced on Tuesday, November 29th the new loan limits for 2023. The new conforming loan limit has increased and has been year over year 7 years in a row. If you’re thinking about purchasing or refinancing a home in 2023 here is what you need to know… The loan limit…

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How to avoid getting a jumbo loan due to Coronavirus

How to avoid getting a jumbo loan due to Coronavirus

By Scott Sheldon / April 22, 2020

Securing mortgage loan financing right has become a little bit of a challenge for some families desiring to borrow money. Here are some considerations you need to be aware of if you’re looking for a jumbo mortgage during the coronavirus pandemic… If you’re looking to mortgage a house and the size of a loan that…

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COVID_19 How a mortgage forbearance works

COVID_19 How a mortgage forbearance works

By Scott Sheldon / April 16, 2020

As the coronavirus continues to worsen and make life difficult for many families, one risk is the loss of income due to being furloughed or temporarily laid off. Here is what you need to know about a forbearance, what it is and how it works. You are obligated to repay the money that you borrowed…

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