Loan Programs

Major Changes to the Reverse Mortgage Program

On October 2, 2017, major changes to the reverse mortgage program came down the pike. Here's what you need to know. What is it? HECM, or Home Equity Conversion Mortgage, also known as a reverse mortgage, underwent some changes this year as the MBA (Mortgage Bankers Association) President supports a call to remove reverse mortgages from MMI (Mutual Mortgage Insurance) Fund and joining HUD (the Department of Housing and Urban Development. This would allow lawmakers to develop more long-term solutions to the HECM issues and current problems. This is also designed to protect borrowers as well as the FHA from major losses. Reverse [...]

10% Down Payment on Jumbo Loan

Is a 90% loan to value jumbo loan right for you? If you are in the market for a home that is above $700,000 purchase price, a traditional loan might not be the best option. In this case, a jumbo loan is really what you want. Jumbo loans don't fall into the same categories or rules that most Fannie Mae and Freddie Mac loans require. They are a monster all on their own. These loans at a larger loan amount than conventional loans (Loans under $424000), have requirements and qualifications which are also higher. Usually, only those with higher credit scores and strong finances [...]

Is the HERO Program a Good Idea?

The HERO Program is a Property Assessed Clean Energy Program provided by the Federal Government to provide financing for energy-efficient, water efficient, and renewable energy products to home and businesses in approved communities, specifically in California. This program was developed in 2010 in Riverside County California. We became the first region to offer this program and is now available to over 85% of people living in California. But what does this really mean in everyday terms?  How it works: If you are eligible, the HERO Program will allow 100% financing of the cost to purchase and install eligible energy-saving products to your [...]

Secrets to a Great VA Home Loan

Anyone that has chosen to serve the USA through military services both presently and in the past is usually eligible for a VA loan. This loan is backed by the Veterans Affairs and is specifically reserved for those that have actively served. THANK YOU, BY THE WAY!! Without you, we would not enjoy the freedoms we have. I love helping military families find and purchase the right home. VA loans have so many benefits that anyone that has served and is eligible should definitely look into this type of financing.There are multiple benefits to VA loans that other types of loans [...]

Is Financing Different for a Tiny House?

Tiny houses are all the craze right now. You see shows about it, and many people are downsizing in order to spend their money where they really want instead of in a mortgage. But many people still need financing. While there are many ways to get financing, from friends and family, through an RV loan or even a gift, the most obvious is through a bank. But what type of loan should you be looking at? It really comes down to whether or not you are building the house on a trailer that is movable or if it's going to [...]

New Changes to FHA Could Save Buyers Thousands

The FHA (Federal Housing Administration) made some serious changes that went into effect October 4, 2016. These new rules will affect borrowers by potentially saving them thousands but there are some downsides to the new rules. Borrowers are likely to save thousands of dollars in closing costs but monthly payments may be a little bit higher. FHA is also setting a minimum FICA score of 500 for homebuyers and borrowers with scores less than 580 will have to put 10% down instead of the traditional 3.5%. If you're planning on buying a home in the future, an FHA loan is [...]

What is the HomeReady™ Program and Do I Qualify?

We've been hearing a lot of talk lately about Fannie Mae's HomeReady™ Program but what is it and how can it work for you? This program is designed for today's homebuyers. It is designed for creditworthy, low to moderate income borrowers. This program was created back in December 2015 and is backed by Fannie Mae, the Federal National Mortgage Association, a government-sponsored enterprise since 1968. This is allowing people in lower income neighborhoods and in minority-heavy areas to get easier access to low down payment mortgages using today's current interest rates. The HomeReady™ Program a 3% down payment and it also allows [...]

3% Down Payment Home Loan With No Mortgage Insurance

What's stopping you from buying your dream home? Maybe your first home? Is it the downpayment? The monthly commitment? The additional fees? Are you just plain apprehensive about making such a big purchase? Did you know about the 3% down payment option? Many home buyers, especially first-time home buyers are nervous about buying a home because they feel they just can't come up with that 20% down payment and they don't want to be stuck in a home loan that requires a lot of extra monthly fees. Until recently, just about any loan that allowed for less than 20% down payment required monthly [...]

10 Reasons Homeownership Is Better Than Renting

Are Low Down Payment Mortgages The New Normal?

First Time Home Buyers embrace opportunity to put less down Both Fannie Mae and Freddie Mac introduced low down payment mortgages nearly two years ago, and slowly but surely the product has made it's way into the market with both big and small lenders. In a recent interview with Housing Wire, Mat Ishbia, CEO of United Wholesale Mortgage, explained why these mortgages are growing in popularity, especially among Millennial buyers. Are 3% down mortgages going to be the new normal?  His response? “Absolutely.” It’s a common misconception for borrowers to think they need to put 20% down a mortgage, which often becomes the biggest roadblock to [...]

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