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Why is it So Hard to Finance a California Condominium?

Market Crash Aftermath There are a couple of significant contributing factors that have deeply impacted California Condominiums in the past few years.  Let me start by explaining why it's so challenging to get financing on these homes. When the Real Estate market plummeted in 2007, as described at the opening of this article, many homeowners were caught up in the economic aftermath. As you know, many homeowners lost their homes through bankruptcy, foreclosure, short sale or deed in lieu of foreclosure beginning around this...

How to Buy a Home Using a Reverse Mortgage

Planning for Retirement This article is as much for homebuyer and homeowners 62 years or older, as it is for the adult children of aging parents. Reverse mortgages are primarily about providing financial options that include allowing you to leverage your home's equity to help subsidize increasing health costs, or supplementing retirement income to realize a higher quality of life. I encourage adult children of aging parents to educate themselves about reverse mortgages as an opportunity to allow, and encourage your parents to...

3 Creative Ways to Finance a California Condominium

Eligible for Financing Condominiums are always the first domino to fall when a Real Estate market goes south, and tend to lose value faster than single family homes in that same market. These same Condominiums also tend to be the last to increase in value once a local Real Estate market recovers. In a recovering Real Estate market like we are in today, Condominiums are very attractive to first time homebuyers because they stand out as being much more affordable than your typical...

Are Student Loans Stopping You From Buying a Home?

Lesson Learned In the Real Estate Industry, we are always trying to explain why housing is slower than it should be, or why buyers are not entering the market. To be quite honest, most of the stuff they come up with for why business is slower than normal seems like it's just taking shots in the dark for some elusive explanation. However, when the conversation turns to today's first time homebuyers, which are affectionately called "Millennials", the problem of high student loan debt...

5 Things You Might Not Know About VA Loans

Home Loan Benefit The VA Home Loan Benefit is becoming more and more popular as market changes have brought to light the features of this loan that make it so incredible. It's not that VA Home Loans have not been used in the past, they are being used.  But before the mortgage meltdown, lenders used higher paying methods for reaching 100% financing, that were not in the Veteran's best interest. Now that the dust has settled, and mortgages are what they are today, the...

Low Interest Rates Help With Holidays

Lowest Rates of 2014 In a surprising, and mostly inexplicable shift, mortgage rates have dropped over the past couple of weeks to bottom out at 2014 lows. Driven primarily by world economic and global health scare news, the markets have defied most analysts explanation by dipping below 4% for Government insured, 30 year fixed rate mortgages. Conventional mortgage rates are not close behind, coming in slightly higher than FHA, VA and USDA year long lows. Refinance with No Payments Until 2015 New mortgage loans closing in...

3 Advantages of Private Mortgage Insurance

Avoiding FHA Many homebuyers in today's market will do just about anything to avoid using a FHA insured home mortgage loan. FHA insured financing is not a bad option.  As a matter of fact, FHA financing has lower closing costs, and allows buyers to qualify for a home loan even with a debt to income ratio of greater than 45%. FHA allows up to 56.9% debt to income ratio for those homebuyers that cannot qualify for Conventional financing. The primary reason why buyers will...

Financial Implications of Marriage for Same-Sex Couples

Financial Equality The opportunity for same-sex couples to legally marry has expanded to 19 states and Washington D.C. with more likely on the horizon. The social and emotional benefits of living in a legally recognized union have been widely discussed. But what does legal marriage mean for your finances when you’re a same-sex couple? There are a number of immediate and long-term benefits. More Protection for Your Shared Assets With the repeal of section three of the Defense of Marriage Act (DOMA), certain federally mandated financial benefits...

How to Get a Mortgage on a Manufactured Home

Manufactured Housing I get the question all the time "can you finance a manufactured home?".  The answer is not always an easy yes or no. Every time I get this question, I have to go through a long series of questions to narrow down what options might be available. Let's go through all of the most common questions that need to be answered in order to determine what financing options might be available. Real vs Personal Property Real Property is a legal definition that describes,...

Mistakes to Avoid When Saving for Your Kid’s College Education

Education Preparation Do you plan to help pay for your child’s college education? If so, you may find it surprising — and a bit disheartening — that between 2001–02 and 2011–12, prices for undergraduate tuition, room, and board at public institutions rose 40 percent, and prices at private nonprofit institutions rose 28 percent, after adjustment for inflation.1 But don't despair. Instead, avoid these common financial mistakes so that you're financially well prepared for your child’s post-secondary aspirations. Six Common Pitfalls to Avoid Waiting to...

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