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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.

 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:

 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).

The information being provided by SoCalMLS, CRISNet Regional MLS and/or CARETS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. All information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the SoCalMLS, CRISNet Regional MLS and/or CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this website.

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by SoCalMLS, CRISNet Regional MLS, and/or CARETS and is protected by all applicable copyright laws. Any unathorized dissemination of this information is in violation of copyright lawys and is strictly prohibited.