Buying can be considered simplistic, in a broad sense, income is used to offset a mortgage payment (a liability). One of the biggest obstacles home buyers will continually face despite market swings is showing enough income to offset other payment obligations (consumer debts) as well as a proposed housing payment. When these numbers don’t add…
Announced in 2013, the FHA Back To Work Program allows a buyer repurchase a primary home again just 12 months after a foreclosure, short sale or a deed in lieu of foreclosure. Extended through September 30, 2016, program aims to fulfill a lofty goal-offering families a second chance at homeownership. The proof however, is in the…
Condominiums make an affordable alternative to purchasing a single-family home. As prices continue to rise in Sonoma County and Santa Rosa, purchasing a lower-priced condo makes for an attractive choice in pursuing home ownership. Quick Terms PITI– an acronym for principal, interest, taxes, and insurance. This is also your total mortgage payment which includes the…
The shutdown has spooked many people about whether or not they will be able to secure financing for buying a home or refinancing a mortgage. While these concerns are certainly valid, it’s going to depend on your individual mortgage company, bank or mortgage broker on how your loan may or may not be affected. The…
Buying a Sonoma County fixer property? Be prepared to do some work. What many see as a fantastic fixer-upper property, potential property issues associated with the dwelling could easily derail an appraisal and your mortgage loan. Key characteristics the property you’re interested in purchasing has some “hair on it”……………. Red Flags That Could Jeopardize Your…
Getting a mortgage loan is challenging enough, with strict underwriting, providing detailed explanations, sourcing of monies and debt ratios, adding a divorce into the mix makes things even more technical for the divorced borrower. The good news is despite most divorce circumstances, many can still successfully obtain financing. Here’s what to know and do when…
Homeowners who went through difficult financial times in recent years, actually can still refinance their homes so long as their situations have changed for the better. Many banks offered loan modifications to homeowners who otherwise couldn’t refinance due to equity position or repayment ability. Two government programs have helped homeowners stay in their home and/or…
On January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”. As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…