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…
Read MoreBuying 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…
Read MoreGetting 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…
Read MoreHomeowners 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…
Read MoreOn 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…
Read MoreIf you live in or own real estate in Sonoma County and need to refinance, the Harp 2.0 Refinance Program could be just the ticket to successfully reducing your interest rate and monthly mortgage payment. The Making Homes Affordable Program lifted their maximum loan-to-value requirements on March 18, 2012 for loans owned by Fannie Mae…
Read MorePurchasing a house is one thing, successfully closing escrow on a purchase mortgage loan is something else entirely. The top three mistakes home buyers and real estate agents make has nothing to do with mortgage loan financing and everything to do with the real estate purchase contract. “Anything specified, spelled out or added to a…
Read More“FHA ANNOUNCES PRICE CUTS TO ENCOURAGE STREAMLINE REFINANCING Millions of FHA borrowers could save average of $3,000 a year WASHINGTON – Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA’s Streamline Refinance Program that could benefit millions of borrowers whose mortgages are currently insured by FHA. Beginning June 11, 2012,…
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