The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
Can’t Afford Sonoma? Why Lake County Might Be the Smartest First-Time Buyer Move in 2025
Can’t Afford Sonoma? Why Lake County Might Be the Smartest First-Time Buyer Move in 2025 If you’ve been eyeing a home in Sonoma County but feel like the numbers just aren’t penciling out, you’re not alone. The truth is, while Sonoma County remains highly desirable, nearby Lake County might just be the hidden gem that…
Read MoreHow seller credit maximize your purchasing power on a conventional or FHA home loan
Maximizing Your Home Buying Power with Seller Credits When purchasing a home, every dollar counts. Whether you’re putting down 3.5% with an FHA loan or opting for a conventional route with 10% or 20% down, understanding how seller credits work can be a game-changer. These credits can significantly reduce your out-of-pocket expenses, lower your monthly…
Read MoreHow to Buy a Home in 2025 Without a Down Payment
How to Buy a Home in 2025 Without a Down Payment Purchasing a home can feel overwhelming, especially when you think about saving for a down payment. However, in 2025, there are multiple programs available that can help you buy a house with little to no upfront costs. Whether you’re a first-time homebuyer or someone…
Read MoreTips for Buying or Refinancing a Home with a Low Credit Score
If you’re considering buying a home or refinancing your current mortgage but have concerns about your credit score, there’s good news: you still have options. While a higher credit score certainly makes the process easier, lenders today offer flexible solutions for buyers and refinancers with credit scores that are less than perfect. Understanding how credit…
Read MoreHere is a formula to use to determine how much you might qualify for
Calculating Your Monthly Income for a Sonoma County Mortgage If you’re a first-time homebuyer in Sonoma County, knowing how to calculate your monthly income and determine your purchasing power is essential. With today’s mortgage rates around 6.5%, having a clear understanding of what you can afford is crucial. This guide will help you with the…
Read MoreNavigating FHA Loans for Multifamily Properties: What You Need to Know
One of the biggest challenges in securing an FHA mortgage for a multifamily property is the sustainability test, a crucial factor that most banks and lenders don’t discuss upfront. Here’s what you need to know if you’re planning to buy a multifamily property with FHA financing. FHA Loans for First-Time and Move-Up Homebuyers As a…
Read MoreHow Rising Incomes and Smart Strategies Can Help You Buy a Home in Sonoma County
Buying a home is one of the most significant financial decisions many will make in their lifetime. As home prices continue to rise, so too does the level of income needed to qualify for a mortgage. This is particularly true in places like Sonoma County, California, where the picturesque landscapes and high quality of life…
Read MoreHomebuying Tips for June 2024: How to Qualify in Today’s Market
What It Takes to Be a Homebuyer in June 2024 Buying a home is a significant milestone, but in today’s market, it requires careful preparation and strategic planning. As of June 2024, the housing market, particularly in Sonoma County, California, presents unique challenges and opportunities for prospective buyers. This post aims to guide you through…
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