Yes, lenders will need full supporting documentation showing cash to close and/or savings in the bank necessary for qualifying on whichever loan program you are working with. Expect lenders to require at least two months of bank statements on any monthly account, and most recent last two quarters on any quarterly accounts same goes for…
Read MoreTalk to anyone who has dabbled in the real estate recent years and they will almost certainly have an opinion on short sales. Though not as common anymore, homeowners short selling their homes present an opportunity to get your foot in the door. Here’s what to know as a home buyer… What They Are A…
Read MoreWhen you decide to purchase a home, you’ll have certain hurdles to overcome separate from the real estate purchase negotiation. Down payment Depends on which loan program you can qualify for what the property occupancy is. Assuming you’re purchasing a primary home- down payment can be as little as 3.5% or in some cases 0%…
Read MoreYes, an appraisal is the only way to determine what your home is worth if your loan is not owned by Fannie Mae or Freddie Mac eligible for Harp 2 Refinance. Rewind the clock a couple of years, Sonoma County homeowners had very little equity many were even upside down as real estate sales were…
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 MoreThis it depends on all four factors of creating a mortgage, credit, debt, income and assets. Assuming you have the necessary assets for down payment and/or reserves in the bank and your credit score is considered good, let’s look at the meat and potatoes, is there enough income to offset all monthly liabilities? How the…
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As consumer taking out a mortgage loan, computing a house payment can be a time-consuming process running calculations, let alone qualifying these days. What consumers don’t oftentimes realize, there’s a much easier way to calculate a house payment. Some terms to become familiar with: House Payment or rather PITI Principal-represents principal balance being paid down…
Read MoreFirst off, refinancing your home is a great decision, interest rates are low and there are many programs available to help homeowners refinance some even without loan-to-value restrictions, see more on the Harp 2 Refinance. In order to get the lowest possible interest rate, understand there’s two critical components most lenders will typically not sure…
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