Category Archives: California first time homebuyer

FHA Loans Are Better For Recent College Grads.

Pic credit to T0zz FHA loans offer more flexible options and guidelines for a college grad who is now a prospective homebuyer looking to secure a California mortgage. If a borrower has less than a full time 2 year work history, FHA will allow school attendance history toward the 2 year work history.  So if […]

Loans With No Private Mortgage Insurance Are Available

Pic credit to Vichie81     Are there  loans without private mortgage insurance or mortgage insurance where less than 20% equity, or less than a 20% down payment exists?  YES.  There is a loan option called lender paid mortgage insurance.  What happens is that the lender buys the private mortgage insurance instead of the borrower.  The cost for the […]

California First Time Home Buyer Things To Know

I see home buyers go through a cycle of emotions when buying a home in and securing a California mortgage, but here’s some things a California first time homebuyer should know. It’s initially exciting to buy a home. Than it’s nervous time when qualifying for a California home loan. Than anxiety can happen due to […]

Shopping For A Mortgage Rate? New Rules Consumers Need To Know

Shopping for a mortgage rate, there are some new rules consumers need to know. In the past interest rate shopping conversations for a California home loan were 10 second conversations.  “What’s your lowest 30 year fixed rate?”  An order taker loan originator would check their rate sheet and answer and than the consumer would hang […]

Do I Choose My Loan or Does It Choose Me?

  You may ask yourself, do I choose my loan or does it choose me. Choosing which California home loan to use when purchasing a home can seem daunting regardless if you are California a first time homebuyer or a move-up buyer or a refinancer.  But with today’s market the loan almost chooses you.  That’s right, the […]

Loan Originators No Longer Able To Waive Fees As Of April 1 2011

As of April 1, 2011, the lender/loan originator compensation law kicks in. This is not good for consumers. We’ve all had those transactions where at the close of escrow the buyer is short closing costs or wants lender fees to be waived in order for the deal to close and usually the lender/originator obliges in […]

Fannie Mae Loan Costs Skyrocket. Is FHA A Cheaper Deal?

  The rumour has turned into reality as Fannie Mae has increased their fees for consumers to obtain a California home loan.  It boggles my mind as to why they would choose to do this now.  Our industry needs a shot in the arm and a instead they’ve given consumers a nasty flu bug that […]

PMI Is A Tax Deduction? Who Knew?

PMI, otherwise know as private mortgage insurance, is that nasty insurance borrowers have to pay that protects the lender on a California mortgage when buying or refinancing a home and your first trust deed is greater than 80% of the appraised value. For much of the past decade, borrowers opted for a first and second mortgage […]

A First Time Homebuyer Tip On How To Maximize Your Purchasing Power

  A first time homebuyer tip on how to maximize your purchasing power. When purchasing a home a California first time homebuyer needs to know how consumer debt and its monthly payments affect their ability to qualify for a California mortgage. Here’s a statistic to remember, per $100.00 in minimum payments of consumer debt that is […]

Getting A California Real Estate Loan with 1/2 Percent Down Payment Has Arrived

  Actually this California mortgage has been available for several years but it just doesn’t get any press. The program is government backed and has been around since 2002 but only one lender has the authority to offer this California home loan which is why the general public isn’t familiar with it. The loan is called the […]