2018 California Loan Limits

2018 California Loan Limits Are Now Higher The table below lists new loan limits for counties in California all real estate mortgages starting January 1st, 2018. Those figures are based on new Fannie Mae and Freddie Mac guidelines. This is the second time since 2006 the Federal Housing Finance Agency’s (FHFA) increases the limits for… Continue reading 2018 California Loan Limits

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Interest Rates May Remain Low Through 2017

Interest Rates May Remain Low Through 2017 On February 8, 2017, St. Louis Federal Reserve Bank President James Bullard commented that interest rates can remain low through 2017. His comment bucked recent market consensus that Federal Reserve might raise interest rates three times in 2017. Bullard felt there was only need for one rate hike,… Continue reading Interest Rates May Remain Low Through 2017

Lowers Mandatory Waiting Period After Bankruptcy, Short Sale, & Pre-Foreclosure

FHA loans: No seasoning requirement for short sales as long as the borrower was current on the mortgage, and all other installment debt for the 12 months preceeding the short sale.   Lenders may also grant an exception if short sale was result of of documented extenuating circumstances that were beyond the control of the… Continue reading Lowers Mandatory Waiting Period After Bankruptcy, Short Sale, & Pre-Foreclosure

Loan Documents Check List for Wage Earner and Self Employed

Some lenders may offer minimal documents from borrowers; however to ensure the income and assets are not missing out during approval process, please making sure you have this check list of documents for your loan officer: 1. W-2’s and or 1099’s, along with Federal Tax Returns with ALL Pages and ALL Schedules for 2 most recent… Continue reading Loan Documents Check List for Wage Earner and Self Employed

Non-Borrower Household Income Flexibility

“HomeReady recognizes the growth of extended-income households by allowing the existence of non-borrower income to be considered a compensating factor in Desktop Underwriter® (DU®). HomeReady permits the borrower to have a higher debt-to-income (DTI) ratio – higher than 45%, up to 50% – considering available household income to provide additional assistance with household expenses if… Continue reading Non-Borrower Household Income Flexibility

Breaking News: Trump Administration suspends reduction in FHA MIP rate

Unfortunately, the earlier news about the FHA rollback on the reduction of annual mortgage insurance premiums has been suspended indefinitely.  It now appears that HUD rescinded the FHA premium reduction on Friday as part of the Trump Administration’s plans to overturn a host of regulations/policies implemented by the Obama Administration.  FHA will issue a subsequent Mortgagee… Continue reading Breaking News: Trump Administration suspends reduction in FHA MIP rate

Great news for FHA borrowers

Federal Housing Administration, known to be the government insurer of low down-payment home loans, has just reduced annual mortgage insurance premium by 25 basis points. FHA pointed out that the reduction in insurance premium was due to the improved financial condition of the FHA’s insurance fund and continue to make home-ownership less costly. With the… Continue reading Great news for FHA borrowers