With 30-year fixed interest rates averaging the lowest we've seen in months, many homeowners are wondering if now is the time to refinance. And while personal situations may dictate whether refinancing at these low rates is a good decision, there are some other factor to examine as well. This is the lowest the average down payment amount has been … [Read more...]
Fannie Mae Is Ready to Bring Back 3% Down Payments – Five Reasons Why
In late 2013, Fannie Mae increased the minimum down payment from 3% to 5%. Now, they are ready to come back to the original terms, but many analysts are still wondering whether this is a prudent move. Fannie Mae was profitable in this year’s third quarter, with $3.9 billion net income and $6 billion net revenue, although their earnings dropped by … [Read more...]
How To Shop For A Mortgage
Credit Check First, you should check your credit well before you begin hunting for a home, and work to increase your score if needed, or dispute errors on your report, since those can take time to rectify. You’re entitled to a free credit report from each of the three bureaus (Experian, Equifax and TransUnion) once a year. If there are errors, fix … [Read more...]
FHA Expert Tips from Maureen Martin in San Diego, CA
You can obtain an FHA loan for the purchase of a multi-family unit, single-family residence, and condominiums. Restrictions vary by location, so ask your FHA-approved lender for additional information. To protect yourself from predatory lenders, work with FHA-approved lenders only. You can become a victim of loan fraud by giving your personal … [Read more...]
How to Qualify for an FHA Mortgage
The Federal Housing Administration (FHA) has a loan to help both low- and moderate-income families with purchasing housing. All FHA loans are federally backed, and FHA lenders have been approved by the federal government to service the loans. Requirements Make sure that you meet basic FHA loan requirements. You must be able to meet most, if not … [Read more...]
5 Tips to Help You Choose the Right Mortgage
Finding the right mortgage involves some digging. Interest rates, points, processing costs and adjustment features all affect how well a mortgage suits your needs. 1) Current Offerings To find out about lenders’ current offerings, you have a couple of options: call lenders directly, or google lenders in your area and interview them to see if they … [Read more...]
Looking For A FHA Lender In San Diego
The FHA loan limits in San Diego for 2013 are the same as in 2012. The maximum loan amount will stay at $697,500. Loan amounts below $417,000 are considered “conforming” and will have slightly lower rates and less stringent guidelines. Loan Limits FHA Loans in San Diego that exceed $417,000 and up to the maximum of $697,500 are classified as … [Read more...]
How to Compare Home Loan Rates
Finding the lowest-cost home loan can be confusing. But, it has gotten easier thanks to the standardized good faith estimate, or GFE, that the U.S. Department of Housing and Urban Development implemented in January. The new GFE clearly specifies your interest rate, the number of points you're paying for such rate, and lays out the terms of the … [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...]
