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…
This is a topic near and dear to every homeowner. Many real estate websites offer a free online home valuation offering you a glimpse of what your home might be worth. Understand this, each of these websites, use their own proprietary algorithm to give you an idea of what your house might be worth. This…
Buying or refinancing a home? An FHA loan much like a USDA loan, has two forms of mortgage insurance. There is an upfront mortgage insurance premium, UMFIP for short, which is based upon 1.75% of the base loan amount ( difference between the down payment amount or appraised value relative to equity) which is then…
This topic comes up frequently. Most lenders will not set up a biweekly mortgage payment Making a biweekly mortgage payment is incredibly beneficial when considering the longer term interest costs over the life of a loan. It’s not uncommon to be able to shave many years off the payoff time by simply making a biweekly…
No as long as the business is actually closed it should not hurt your ability to qualify from an income standpoint. For example let’s say you opened up the side business a couple of years ago, claimed some monetary losses on http://bayarearealestatetrends.com/your tax return, but have subsequently closed the business. Lender will not need to…
Yes, an appraisal is the only way to determine what your home is worth if your loan is not owned by Fannie Mae or Freddie Mac eligible for Harp 2 Refinance. Rewind the clock a couple of years, Sonoma County homeowners had very little equity many were even upside down as real estate sales were…
Absolutely yes, here’s why… On January 10, 2014, qualified mortgages took shape for the entire mortgage industry mandating lenders specifically document of borrowers ability to repay. Because of of these new regulations, if you receive a mortgage quote offering less the normal documentation such as not needing a pay stub for example if you are…
Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.…