There seems to be an ongoing stigma attached to FHA loans in the local Santa Rosa Sonoma County marketplace. The trend is that FHA loans are difficult to get because of specific property standards. Almost all the time, the property qualifies or the property has some small minor repairs that could easily be fixed prior…
How do FHA Home Loans Work? FHA Home Loans are the most popular loan program available in the Sonoma County Mortgage market. While these loans remain popular unfortunately the media does a very poor job of explaining to consumers how these loans actually work. All FHA loans have mortgage insurance no matter what the down…
USDA Home Loans Offer 100% Financing for properties in certain areas of Sonoma County. USDA Home Loans are truly 100% financing mortgage loans and are available in Sonoma County.USDA Home Loans are for rural properties only and because of this the following cities are not eligible for USDA financing Santa Rosa, Rohnert Park, Cotati, and…
FHA Loans Help The First Time Home Buyer “Get In.” Almost the whole pool of available FHA loans are being provided to first time home buyers. The popularity of FHA loans has risen dramatically in the last few years. This is caused folks to strongly consider an FHA loan when financing a house. An FHA…
For folks seeking mortgages in Sonoma County, Homepath Loans offer a sound alternative financing tool. Buyers in the marketplace today are looking mainly at foreclosures. Mortgage Aggregator Fannie Mae offers a unique home loan program called HomePath for REO properties. These Homepath Loans= no appraisal, no mortgage insurance and they allow as little as 3%…
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,…