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Veteran Home Loan Benefits to Remember

VA Home Loan Eligibility Every day should be a day to remember the sacrifices our Veterans have made for this Country. It still surprises me how many Veterans are unaware of the benefits available to them through their VA Guarantee home loan benefit. A Veteran is eligible for VA home loan benefits if he or she served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard after September 15, 1940, and was discharged under conditions other than dishonorable...

California Homebuyers Expect More Competition

Multiple Factors In any given real estate market, you have many influences that will push and pull the advantage to either the buyer, or the seller in the transaction. In a buyer's market, there are many more homes for sale than there are buyers in the market.  High inventory, and low demand drives down prices as sellers attempt to attract more attention. Buyers have more options to choose from, and can take their time making a decision as to which home will be your next...

3 Ways to Simplify Your Financial Life

Simpler is Better When life gets busy it’s easy to become more passive about managing your bank accounts and credit cards by letting receipts, bills and statements pile up. Even if you regularly keep up with your finances, it can be beneficial to take a fresh look at them. Simplify your financial life with these three strategies. 1. Go paperless It’s easier than ever to access financial documents online. Choosing paperless convenience will not only make your life more efficient and clutter-free, it’s also...

California Boomerang Buyer Guide

California Dreaming Buying a home after a significant financial hardship can seem like a distant dream, but it's not as distant as you might think. California homeowners experienced many challenging years of economic hardship from 2007 until late 2012. Some would argue that we're still not out of the woods yet. If you're reading this, chances are, you are one of the many thousands of homeowners that lost your home through foreclosure, short sale, or deed in lieu of foreclosure. A large number of you also experienced...

How Lenders Calculate Income

How Much Counts? Assuming you have good credit and assets to buy a home, the most important factor in qualifying for a home loan is your debt to income ratio. Your debt to income ratio, or DTI, determines how much home you qualify for, and it all hinges on how the lender calculates your income. What you have to be aware of, is that not all of your income can be used to qualify you for a home mortgage. This can be quite frustrating because...

How to Credit Qualify for a Home Loan

Credit Qualifying Basics You have to be brilliant at the basics, and that's never more true than when you're trying to get into a position to credit qualify for a California home loan. When talking about credit qualifying, we will focus first on your credit score, and the most common reasons for bad credit. In my experience, most bad credit is nothing more than a lack of good credit.  You have to know how to "play the game". To play the game, you first need to...

Fannie Mae Changes Raise Fees for Most Borrowers

Surprising Fee Increases Last week I wrote about proposed changes to Fannie Mae's Loan Level Price Adjustments (LLPA) that included the elimination of an Adverse Market Delivery fee (AMD). California is a State that has been considered "high risk" by Fannie Mae.  The "risk" that this .25% fee was designed to mitigate, was the equity volatility of California real estate. The good news, is that California real estate is no longer considered unpredictable.  The bad news is, that the elimination of this fee...

How Credit Score and Loan to Value Affect Interest Rate

Biggest Influence Your interest rate will be directly affected by your credit score, and your equity. While there are other factors that can influence your interest rate, including property type (condo), or loan purpose (investment), that can greatly impact your costs, the combination of your credit score and your equity is by far the biggest factor. Conventional loan programs offer competitive rates, reduced mortgage insurance, and low down payment, as low as 3% down, or 97% Loan to Value (LTV). Once you discover that...

Fannie Mae Reduces Fees for Some Borrowers

Accessibility Trends Shortly after taking office as the Director of FHFA, Mel Watts put a halt to an attempted increase in loan level price adjustments for Fannie Mae and Freddie Mac loans. The Federal Housing Finance Agency (FHFA) oversees Fannie Mae and Freddie Mac. In January 2014, Mr. Watts gave us the first glimpse of his attitude toward making home loans more accessible to borrowers, and has now moved to reverse that first attempt, with a fee cut to Fannie Mae and Freddie Mac risk...

The 10 Commandments of Pre-Approval Preservation

Financial Lockdown Once you’ve received a Pre-Approval from your lender, it is vitally important that Nothing Changes in terms of your income, assets or credit that would cause a change in your approval status. Too many times do I see a homebuyer that moved money from one bank account to another, or took money from a friend or relative, or deposited cash into your bank account. Some things can't be helped, like a forced change in employment, or a planned advancement in employment (if...

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