For first-time home buyers especially, FHA loans are the most popular product because the down payment needed is only 3.5%. FHA loans have the most flexible lending requirements than nearly every other loan product in the marketplace. FHA loans also have somewhat unique property requirements with regards to the appraisal. For example in order to…
The Sonoma County Housing Market hit by foreclosures and short sales, hinders homeowners’ ability to refinance their home mortgages. Insufficient equity continues to be a growing concern for both homeowners and lenders alike, doing a refinance. Mortgage lenders typically like to see 20% equity for a refinance and in special circumstances they will allow as…
If you have tried to refinance, but couldn’t because of income, or insufficient home equity, consider the FHA Short Pay Refinance Program. The FHA Short Pay Refinance Program is backed by HUD, just like a traditional FHA Loan, and offers current homeowners an opportunity to refinance into a fixed rate mortgage for payment relief. Traditionally,…
What is a no-cost mortgage ? Let me be the first to say that many lenders quote rates and programs to get you to apply with them. That being said there are several distinctions we should make when understanding what a no-cost mortgage is. Let’s first talk about all the rest. A zero points mortgage…
Folks seeking FHA Pre-Approvals Sonoma County will be paying more post April 18, 2011. The monthly mortgage insurance premiums are in fact being increased by a .25% on 30 year and 15 year fixed-rate mortgages beginning on April 18, 2011. For Sonoma County first-time home buyers and folks seeking FHA Pre-Approvals Sonoma County this represents…
With home prices at record lows, getting an FHA Preapproval is a smart financial decision. A big concern for a lot of folks, seeking FHA Preapproval unemployment. People simply do not buy homes if they are worried about losing their job. However these people need to live somewhere and more often than not, they most…
You probably already know if you have a decent credit score, have an overall low monthly debt picture and have at least 3/2% equity into the transaction you can get a loan from a pool of available Sonoma County Mortgages. Most folks seeking home mortgages know at the end of the day it is the…
The two types of loans offered by a local mortgage lenders are conventional loans and FHA Home Loans. We are going to be discussing FHA insured loans and some of the changes the Federal housing finance agency has put into place for local lender financing. As a local Santa Rosa mortgage lender, I can offer…