Wow! This was quite the week for Home Lending in California First the good news: CalHFA (the California Housing Finance Agency) announced today that they are eliminating their requirement that borrowers need a 1% cash investment into the transaction – and the requirement that it be from the borrower’s own funds. What this means is [...]
There is nothing worse than loosing out on a home because you could not provide a strong pre-approval letter. Listing agents are starting to demand not only strong pre-approval letters that specifically mention what steps the lender has taken, but proof of funds and even Fannie Mae approval printouts!
You would have to be living in a cave to not notice that the mortgage industry is in turmoil. At lease that’s what it seems if you read the papers or watch the news. If you didn’t know better you would be under the impression that it’s almost impossible to get financing for a home, [...]
WHAT IS IT? The California Homebuyer’s Downpayment Assistance Program (CHDAP) provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment or closing costs. Specifically qualified and eligible – you must meet a moderate income [...]