If you’re looking to refinance an investment property in Santa Rosa or the Sonoma County surrounding area and your loan is not owned by Fannie Mae or Freddie Mac, the property will have to appraise for market value. Here’s the catch, investment properties require a minimum of 20% equity as well as other lending criteria.…
Mortgage lenders are under incredibly tight protection laws from the Consumer Financial Protection Bureau, CFPB. As a result, lenders must send disclosures every single time there is a change to the loan amount, loan program, fees, apr, any aspect of the payment including principal and interest, taxes, insurance or mortgage insurance, think of it like…
Let’s say, you want to put more down when buying house or your in the process of refinancing and your home appraisal comes in lower. In any case, an event transpires during the loan transaction that causes you to want to switch loan types, can be anything from moving from an FHA Loan, to a…
We make residential mortgage loans in the great state of California. More specifically, Sonoma County,California including Santa Rosa, Petaluma, Rohnert Park, Cotati & Sebastopol, Sonoma and Healdsburg. While our focus is on the Sonoma County market, we do make loans outside of Sonoma County on a regular basis including throughout Northern and Southern California. The…
Yes, while you can still get a mortgage, the overall process might take longer. Here’s why if you live in Santa Rosa or Sonoma County, and own multiple financed properties as in more than four financed properties, your lender must put each and every property on the loan application under the schedule of real estate…
Yes you can. Here’s the best possible scenario to have to FHA Loans out at the same time. You purchased your home originally with an FHA Loan, put 3.5% down and now your situation has changed. Any one the following is makes sense with FHA: perhaps your business is such that you need a bigger…
Yes, having a cosigner in most situations does help you qualify for a mortgage as long as the cosigner has additional income used to offset the new housing payment liability. Consumers seeking to qualify for mortgage loan financing can use the benefit of someone else’s income to help them purchase a home or refinance a…
Generally, speaking it depends. Each mortgage company has different policies and procedures. On average due to consumer protection laws governing appraisals, most are not transferable. When a mortgage company orders an appraisal, they have to use an appraisal management company, an independent third-party that has a panel of licensed appraisers. The AMC (for short), then …