Not a week goes by when we are not asked “how soon can you buy a home or refinance a mortgage with a previous foreclosure, short sale or bankruptcy”. As the market continues to improve, many people are still seeking mortgage loans. Home buying opportunities have never been more affordable coupled with the low interest…
Read MoreMortgage Insurance is the dreaded monthly cost mortgage lenders put on borrowers looking to purchase or refinance with lower equity. Mortgage insurance, while it is an added cost, is not necessarily the evil it once was. While it is true, mortgage insurance does affect the total mortgage payment, the loan programs that contain monthly mortgage…
Read MoreMany Sonoma County Loans have been denied due to loan-to-value restrictions imposed by Fannie Mae and Freddie Mac and an overall tight credit market. Last year the Obama administration announced the no loan to value refinance program for loans owned or guaranteed by Fannie Mae and Freddie Mac. For the last several months, many have…
Read MoreGetting your home loan request denied, is certainly not a fun thing to deal with. Lots of times certain mortgage companies have internal mortgage loan underwriting requirements which might be more constrictive than a competitor of theirs. Not every mortgage company has the same set of guidelines and standards. Fannie Mae and Freddie Mac and…
Read MoreThinking about getting a mortgage loan? If that is a yes, purchase or a refinance mortgage, make sure your federal income tax returns are clean. Mortgage lenders will run a fine tooth comb through your federal income tax return looking for any losses in income which reduces your ability to qualify. Getting a home loan…
Read MoreThe temporary FHA Loan Limits were reduced on October 1, 2011 as Congress elected to not renew them. The county by county loan limits were reduced to original loan limits which were upwards of $100,000 or more less per county. Congress re-evaluates! Congress has reevaluated their decision and have agreed to reinstate the previous loan…
Read MoreFor every homeowner who is upside down on their mortgage, this is for you. An upside down mortgage is when somebody owes more on their mortgage balance than their home is worth, hence the term underwater. People who are underwater on their mortgage have limited options unless their mortgage loan is owned by Fannie Mae…
Read MoreGetting conventional financing? How about a 15 year fixed-rate mortgage or a 30 year fixed-rate mortgage? Depending on your loan to value, new underwriting guidelines might affect your ability to get financing. This is update is accordance with purchases and refinances. Following are some of the conventional mortgage loan updates as of October 8, 2011.…
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