There are a lot of variables that determines the maximum loan to value on a conventional loan. The type of property, the zip code in which the property is located, the credit score of the borrower, the debt to income ratio of the borrower and the reserve requirements just to name a few. With that said, assuming all is ‘perfect’ you can go with as … [Read more...]
What is a VA Funding Fee?
I am often asked what is a VA funding fee? A VA funding fee is just like an insurance policy for the lender that loans the money for the home. The VA 'guarantees' the lender against default. So if something goes wrong and the homeowner can no longer make the payments, the lender will be covered for any loss by the VA. Unfortunately just like … [Read more...]
What is a VA Mortgage?
A VA loan is an amazing program that is eligible only to those who have been honorably discharged in the military or who are still active duty. In order to be on a VA loan you must either be a veteran, or married to a veteran. VA loans require NO money down up to the maximum $477,000 in San Diego County and $621,000 in Los Angeles and Orange … [Read more...]
What is an FHA Loan?
I'm often asked what an FHA loan is. FHA loans were originated in the 1930's during the Great Depression to insure lenders against default with the sharply rising defaults and foreclosures which is similar to our market today! A few highlights of FHA financing include: As little as 3.5% down lower credit score restrictions … [Read more...]
Apply for VA Loan
Apply before you buy. As a home buyer, it's best to contact a lender before signing a contract for a home. Getting pre-approved helps you to determine your maximum mortgage amount. When starting the VA loan approval process, you will want to make sure that you are prepared to review your past/present job history and credit history - as these will … [Read more...]
Apply for FHA Loan
Like most loans, certain information will need to be presented when starting the application process to apply for a FHA loan. You will need to be prepared to provide a lot of information to be included with your loan application. Maureen can help. She'll provide you with a list of the data required, along with a timeline on the application. FHA … [Read more...]
First Time Home Buyer Help – What Is Escrow?
This video explaining the escrow process when buying a home is part of Maureen's first time home buyer guide. In the following short video Maureen will explain the escrow process, and how it helps to protect you as the homebuyer when purchasing your first home. … [Read more...]
Top 10 Credit Do’s and Don’ts When Obtaining a Loan
Good credit is critical when it comes to obtaining the best interest rates and terms on a mortgage. Here are the top 10 do’s and don’ts when looking to secure a mortgage. Don’t Apply For New Credit Every time that you have your credit pulled by a potential creditor or lender, you can lose points from your credit score immediately. Don’t … [Read more...]
How To Get A House With Bad Credit
Taking the Mystery Out of Credit ‘Credit scores’ play an important role in today’s lending environment, yet how they are applied is often a “mystery” to the consumer. With access to a variety of new resources, consumers are now empowered to learn about and manage their personal credit and protect their credit identity from fraud and theft. What is … [Read more...]
Homepath Financing 101
http://www.youtube.com/watch?v=1ZEJ1GIIE7U Homepath financing is not only available to buyers but it's an amazing product that FannieMae offers on some of their bank owned foreclosures. Key points, 3% down, no appraisal, no monthly mortgage insurance, up to 6% seller concessions towards closing costs, 10% down for investors, honestly...it's … [Read more...]