With metros like Los Angeles, Riverside, and San Diego seeing a 10.7%, 11.1%, and 15.5% increase, respectively, in the number of college grads they’ve gained since 2007, it’s hard to believe that home sales aren’t off the charts. So, What’s Keeping Renters out of the Housing Market? Especially when you factor the job growth SoCal metros have … [Read more...]
The Dos and Don’ts of Mortgage Credit
It’s no secret that mortgage lending is perceived as tight among borrowers. So if you’re looking to purchase a home, you’ll want to avoid any misconceptions that can impact your ability to qualify for a mortgage. There are plenty of credit myths floating around. According to a recent TransUnion survey, 48% of respondents believed that their rental … [Read more...]
Why Millennials Are Having Trouble Buying Homes
There are many reasons why the millennial generation – young adults in their 20s and early 30s – are either having trouble buying a home or have decided to delay their purchase. Recent troubles in home purchasing have left many millennials feeling discouraged and wondering if they will ever become homeowners. Many experts are also worried about the … [Read more...]
Will FICO Changes Rock the Housing Market?
Fair Isaacs Corp., a credit-scoring company more commonly known as “FICO,” is used by mortgage underwriters to help determine credit risk when reviewing applications. FICO scores range from 300 to 850—with a higher score typically resulting in a lower interest rate. FICO just announced there are some changes in the works. Beginning this fall, … [Read more...]
Mortgage Approval Process FAQs
As a preliminary step, you should get pre-approved by a reliable lender before searching for a home. Documents Needed to Apply for a Home Mortgage To apply for a home mortgage, you will need to provide your lender with documentation, verifying your employment history, credit, and overall financial situation. If you are applying with someone else … [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 higher debt to … [Read more...]