Loan Programs

Interest Rates are still Historically low – 2018!

Good News! Interest Rates are Still Historically Low- 2018! Take a look at this chart below...  for those of you panicking because interest rates will eventually hit 6%. Please realize that we are still way below the average rate of the last 47 years at 8.35% If you have any questions or wonder if NOW is the time to refinance and get cash out or purchase a home before rates rise any further, please contact me 949-600-0944

HECM – The Reverse Mortgage With Literally No Drawbacks

I'm serious... there are really no downsides to the HECM reverse mortgage. I know some of you are going to say, sure, I'm a loan officer, I'm naturally going to say that, but honestly, this program has got a bad rap and I'm not exactly sure why! It's a great program and when you learn all the details, you might think the same. The HECM stands for the Home Equity Conversion Mortgage and it's very similar to a reverse mortgage in that the bank pays you, not the other way around. Let me explain. The reverse mortgage has gotten a bad [...]

Is RocketMortgage Worth It?

We live in an age of button pushers and talking to our devices.  With Google and Alexa we practically don't have to do anything anymore. Just tell her what to do and if she's connected, she can do it. So what about this RocketMortgage? On the surface, it seems like a duh idea. Just push a few buttons and you have a mortgage, right? Well, it's not that simple. When you sign up for RocketMortgage you are essentially letting this company do all the research for you. With one click of a button, you're giving permission to whomever to access all your [...]

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 [...]

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