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VA Loans

 

Did you know that over 2 million Veterans in California are eligible for a VA Loan?  As more of our troopes come home from deployment in Afghanistan and Iraq, these numbers are only getting larger.  Learn how buying a home with a VA Loan is easier than ever! 

Program features include . . .

  • 600 minimun credit score
  • No down payment required
  • No mortgage insurance
  • Loans amounts up to $1 million
  • Seller credits up to 4%

HomePath Properties (Fannie Mae owned)

Ask me about HomePath properties owned by Fannie Mae.

  • 3% Down payment for owner occupied homes and condos.
  • 5% Down for investor loans. No mortgage insurance.
  • No appraisal. No HOA certification form for condos.

 

FHA Loans

FHA loans are insured by the Federal Housing Administration (FHA). This insurance enables lenders to offer you flexible benefits and options that include lower down payments and easier qualifying requirements.

The Federal Housing Administration, or FHA, is not a mortgage lender. Instead, it provides mortgage insurance to lenders like MetLife Home Loans. This insurance enables us to offer FHA-qualified homebuyers flexible down payment options that may be as low as 3.5%.

If your current mortgage is an FHA loan, you may qualify for a FHA Streamlined Refinance. These are designed to help you lower your mortgage's interest rate and monthly payments quickly, with low "out of pocket" costs.

Other advantages of FHA loans include flexible credit requirements, a choice of fixed- and adjustable-rate loans, and the allowance of "gift funds", which makes it possible for a family member or employer to contribute to your down payment. An FHA loan can also help you buy and renovate a "fixer-upper".

FHA loan limits vary per state and county and are subject to credit approval and certain restrictions.

 

Fixed-Rate Loans

A fixed-rate mortgage is often described as a "traditional" mortgage, as it was the first type available to American homebuyers. Initially these mortgages required high down payments. For example, mortgages in the early 1900s often featured five-year terms and required a 50% down payment! Thankfully, today's fixed-rate loans offer much more flexibility, with terms up to 30 years and low down payment options.

The main feature of a fixed-rate loan is that your interest rate will not change during the life of your loan. This means that your monthly payments (principal and interest) will always be the same. This may be your best choice if you want to keep your monthly budgeting simple. Keep in mind that your home's taxes and insurance premiums may change over the years, which can affect the total cost of home ownership.

Fixed-rate loans are usually your best choice when interest rates are low and you plan to stay in your home for at least five years.

Balloon loans: If you already know you'll need to sell your home within the next few years, or want to start out with lower interest rates and lower monthly payments, a balloon loan could be a smart choice.

Government programs: Insured by the FHA (Federal Housing Administration) and VA (Veteran's Administration), these loans are popular choices for borrowers who are looking for a lower down payment option. Veterans and active servicemen and women who qualify for VA financing can often enjoy lower interest rates and fees, plus low down payments, by using their VA loan entitlement.
Jumbo loan programs: A Jumbo loan is any home loan over the conventional loan limit, which is currently $417,000 I thought this went up? If you live in a high-cost area, such as the West Coast, Hawaii, Washington D.C. or New York City, a Jumbo loan may be your best choice. Jumbo loans can also help you buy a bigger, more luxurious home.

 Home Buyer Tips: Don't Make Any Major Purchases

Major purchases will cause you to qualify for less mortgage when purchasing your home.  The types of purchases to avoid prior to your purchase are:

  • Automobiles
  • Furniture
  • Appliances
  • Computer and Stereo Equipment
  • Jewelry
  • Vacations
  • Weddings

So many of us have dreamed about that car we always wanted to own.  It is so difficult to put the brakes on when you finally have the funds.  But when making that purchase, however modest it seems at the time, reduces the amount of the home loan you can qualify for radically, it is time to get your priorities in order.  Remember what you think you can afford, and what the lender is comfortable with lending you, may vary substantially. 

Purchasing property is the most important investment you will ever make.  Nobody wants to find the home of their dreams only to be told they cannot qualify for it because of their car payment, yet this happens all the time. 

Your lender will consider your ability to qualify for a mortgage based on your debt-to-income ratio.  That is the percentage of your gross monthly income that is reserved to pay down debt.  This will include:

  • Mortgage:  Principal, Interest, Taxes and Insurance

  • Homeowners Association Fees,

  • if applicableStudent LoansCar Payments

  • Credit Card Debt

 Home Buyer Tips - Things to Avoid Before Purchasing a Home

 

Begin preparing for your home buying process several months ahead of time if at all possible.  The process begins with a lender.  The lender will request for you to provide them with the source of funds for your down payment and closing costs.  You will be asked to provide documentation of your assets for the last 2 or 3 months and perhaps last years tax return.  

This documentation will include:

  • Checking Accounts
  • Savings Accounts
  • Money Market Funds
  • Certificates of Deposit
  • Stock Statements
  • Mutual Funds
  • 401K Statement
  • Retirement Funds

Hopefully you will not have moved any large amounts of funds in the last several months and now would not be a good time to do so. 

The mortgage underwriter is the person who actually approves your loan, you will never meet him/her.  The underwriter will require a evidence of all your deposits and withdrawals.  They may also ask you to produce:

  • Cancelled checks
  • Deposit Receipts

Acquiring a loan can be very stressful, before you get angry with your lender please remember they are just doing their job.  All of this is a necessary evil and is required in order to completely document the source of funds and eliminate potential fraud. Take a few deep breaths and think about your beautiful new home. 

At this time it would not be a good idea to:

  • Move money around
  • Change banks
  • Apply for credit
  • Purchase a Car

 Home Buyers Tips - Changing Jobs Affects Your Ability to Purchase a Home

 

Salaried Employees

If you are changing jobs and are staying in the same industry at a higher level of pay, a job change should not affect your ability to qualify for a home loan.  The higher salary will help you better qualify for a mortgage.  If you are considering changing industries, this will cause problems in qualifying for a mortgage. 

Hourly Employees

If you are an hourly employee accustomed to working a straight forty hour week without overtime and are considering changing your job, this should not be a problem, if you stay in the same industry.  If you are accustomed to earning overtime and the new position does not guarantee a certain amount of overtime, this could be a problem in acquiring a home loan.

Over-Time Hours

Since overtime is never a guarantee lenders will determine your overtime earnings based on an average of your last two years.  If you change jobs there will be no track record so this would impact your ability to purchase a home. 

Commissions Employees

Mortgage lenders will average the commission portion of your income over a two year period.  Changing jobs in a commissions environment, even if you stay in the same industry and sell the same service or product will negatively impact your ability to acquire a home mortgage.  Your future earnings cannot be determined because there will be no track record from which to do so.

Self Employment 

If you are self employed your lender will want to see a two year track record at the minimum before approving you for a home loan.  Self employed individuals generally deduct a tremendous amount of expenses from their earnings, which can also have a negative impact on your ability to qualify for a home loan.  If you are thinking about changing to self employment before your home purchase, DO NOT DO IT!  Buy the home first. 

If your are considering incorporating your sole proprietorship, or are considering a partnership, you should delay that until you purchase your new home. 

The best case scenerio is not to make any changes at all until after you have purchased your home.



 

If a listing displays "Short Sale/Subject to Lender Approval" then that listing has been identified by the seller and the listing broker as a "short sale". This means that, at the listed price, the proceeds from the sale may not be adequate to pay all lines and costs of sale. Any offer made that does not fully cover the existing amount(s) owned to the lienholder(s) plus the cost of sale could be subject to lienholder approval, which approval may be exercised at the sold exclusive discretion of the lienholder(s).

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