I’ve been in lending for the past 15 years and have seen a lot of different tolerance levels for credit scores. Back in the late 1990’s/early 2000’s, a 720 credit score was all you need to be at the top tier for some of the progressive loan products. However, since the death of subprime lending, FHA has now taken over as an alternative source of … [Read more...]
Lenders That Do Not Require PMI in San Diego
There is no such thing as ‘no PMI’ if you have less than 20% to put down on a property. You do, however, have the option to do what is called lender paid. Sometimes, it ends up costing too much to use this option, but with a conforming loan amount, and a borrower with great credit, this is totally possible and often times a great option. … [Read more...]
30 Day Loans
I’m often asked how quickly I can close a loan. Right now the market is so competitive that in order for a buyer to get their offer accepted, they have to somehow sweeten the deal. What better way to sweeten the deal but to pay the seller as quickly as possible? It is important to note though, that a transaction has its organic flow to it, so no … [Read more...]
What Is A Direct Mortgage Lender?
Welcome to the Mortgage Minute with Maureen Martin! I am sometimes asked what the difference is between an FHA direct and non-direct lender. A direct lender is a lender that is able to loan their own funds to close the loan (that doesn't mean that they will service them, but they will loan their own money). Whereas a broker puts their name on the … [Read more...]
Are FHA Loan Rates in San Diego County Different?
Oftentimes I am asked if FHA interest rates are different in San Diego County. FHA loan rates in San Diego should be no different than anywhere in the country - although each lender has a different profit margin, which will determine the different rates for the different lenders. The region should not dictate the mortgage loan rates. However, with … [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...]
