Time Period Required Before Buying Again When You have Short-Selled or Foreclosed
If you have decided to short sell your home or have gone through foreclosure, your credit score is not the only thing that gets affected. You will also not be able to get a loan for a certain time period. Keep in mind that these are current rules and can change at...5% Down Payment, Conventional Loan is BACK (temporarily)!
A 5% down payment conventional loan is available again! There are some heavy restrictions, so please read the following stipulations: Conforming loan ONLY (Maximum loan amount: $417,000) Purchase only (no refinances) Single-family home or detached PUDs only (no...Claiming Your First Time Homebuyer Tax Credit on Your Tax Returns
If you were a first time homebuyer in 2009 and you fell within the IRS tax credit rules, you can claim that $8000 tax credit on your ‘09 returns. The IRS has very specific rules on how to claim the credit though, and you will want to make sure you do it right. Your...Down Payment Requirements for Conventional Loans
Down payment requirements on conventional loans are dependent on several factors: Loan Amount, Property Type, FICO score and qualifying ratio. The FICO score and qualifying ratio come into play primarily when you have less than 20% down and because we have to layer...Announcement: Upcoming FHA Financing Restrictions
Federal Housing Administration (FHA)-insured loans are a great way for people to get started in the housing market. It provides an alternative to conventional loans because it allows for little down (3.5%) and the minimum credit score requirements are more flexible....Helping Haiti
For all of my loans closed between now and the end of February, I will donate $100 to the Red Cross for relief in Haiti. If you are a California homeowner and would like an assessment of refinancing, please let me know. Interest rates have trended lower this week in...Holding Real Estate Title: Slippery or Safe? (Contributed by Guest Blogger E.J. Hong)
This post is written by estate planner extraordinaire E.J. Hong. The way you hold title to your home is extremely crucial because it determines what happens with your ownership interest in the case of your death. I encourage everyone to set up a Trust because it is...What Happens When You’re in Process on Your Loan and a Natural Disaster Occurs
We had three earthquakes in three consecutive days in Northern California last week. The bigger one, a 6.5 magnitude in Humboldt County, caused significant damage. When natural disasters such as this occur, lenders will institute a “Disaster Area” policy....Reminder: Your Settlement Statement (HUD-1) and Filing Your Taxes
With tax season right around the corner, I’m sure you’re all starting to collect your pertinent documentation. Remember that if you closed a home purchase or refinance in 2009, you will want to provide your accountant a copy of your Settlement Statement...Loan Calculator
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