30-year fixed rate under 3.25%?

Well, not exactly, but CalHFA’s Mortgage Credit Certificate income increased yesterday to $57,840 for a Sacramento family of one or two people, and to $72,300 for families of three or more effective yesterday! How is this under 3.25%?  Well on a $200,000 loan at 4.5%, the government actually pays $150 of the mortgage payment via a tax credit!  That’s the equivalent of lowering [...]

By |2014-08-28T00:29:53-08:00January 8th, 2014|Popular Topics|Comments Off on 30-year fixed rate under 3.25%?

The $500 Home Down Payment is BACK!

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 [...]

By |2014-08-28T00:29:54-08:00March 3rd, 2012|First Time Home Buyer Assistance, Popular Topics|Comments Off on The $500 Home Down Payment is BACK!

What is a Pre-approval?

The pre-qualification goes a step beyond that to actually approve you from a credit perspective. My way of looking at the difference is you get pre-qualified to see what you want to do, and you get pre-approved to be in a position to actually do it.

By |2014-08-28T00:29:54-08:00June 15th, 2010|Loan Talk|Comments Off on What is a Pre-approval?

What does getting “Prequalified” mean?

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!

By |2010-05-27T12:33:49-08:00May 27th, 2010|Loan Talk|Comments Off on What does getting “Prequalified” mean?

So what’s left for the buyer who is short on cash?

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, [...]

By |2010-01-07T11:06:18-08:00January 7th, 2010|First Time Home Buyer Assistance, Loan Talk|Comments Off on So what’s left for the buyer who is short on cash?
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