FHA,VA and Conventional Home Loans

Up To Date Highlights of FHA Loans In California

Rob — Mon, 07 May 2012 14:46:12 +0000

Up To Date Highlights of FHA Loans In California is a post from: FHA,VA and Conventional Home Loans in all 50 States

Below are some of the most recent up to date highlights of FHA loans in California:

FHA loan limits go all the way up to $729,750 in Los Angeles, San Francisco, Orange County. FHA loan limits go up to $697,500 in San Diego County.
FHA loan credit score does not have to be perfect. We are specialists in assisting borrowers with credit issues
FHA loan interest rates are at all time lows
FHA loan guidelines allow a non-occupant co-borrower
You can apply for a FHA loan 3 years after a foreclosure or short sale
FHA loan requirements only need a 2 year wait after a Chapter 7 bankruptcy to apply for a FHA loan
You do not have to be a U.S. Citizen to get a FHA loan, it is OK if you are a permanent resident alien
FHA loans are for everyone, not just first time home buyers
You can have other properties and still get a FHA loan in California
You can get a FHA loan on a 2-4 unit property if you live in one of the units
FHA loans are ONLY for owner occupied purchases

I hope this helps you learn a little more about the advantages of FHA home loans in California. Please don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any questions.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Key Highlights of FHA Home Loans in California

Interesting Home Buying Facts

admin — Thu, 03 May 2012 23:15:51 +0000

Interesting Home Buying Facts is a post from: FHA,VA and Conventional Home Loans in all 50 States

Source: socalvaloans.com via Simon on Pinterest

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Self-Employed Get Conventional Loan With Only One Year Tax Return

Rob — Fri, 27 Apr 2012 13:24:05 +0000

Self-Employed Get Conventional Loan With Only One Year Tax Return is a post from: FHA,VA and Conventional Home Loans in all 50 States

It can be quite challenging to get a conventional loan today if you are self-employed. There are a myriad of tough guidelines you have to pass when the underwriter reviews your tax returns to calculate your income.

You could have had a great year this year and a so-so year last year
You could have some large unrelated losses last year
You could have been a sole proprietor claiming you income on schedule C last year and incorporated this year for the tax advantages

These examples are just a few where it can be advantageous to be able to just use your most recent year of tax returns to qualify for a conventional home loan in California. And you can do this. Basically when we run your loan though the automated underwriting system as a self-employed borrower, if the findings tell us we only need one year of federal tax returns, that is all we need to provide. This can allow you to elude many of the issues like the bullet pointed examples above when you have to provide two years of tax returns.

So I hope this gives you hope to apply for a loan if you are self-employed. Please don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any questions.

Below are some highlights to conventional loans in California:

5% down conventional loans have much lower monthly mortgage insurance and no up front mortgage insurance than FHA home loans.
Conventional loans can be had with as little as 3% down payment
Conventional interest rates are at 60 year lows

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Watch this Video if You have done a Foreclosure or Short Sale

admin — Thu, 26 Apr 2012 17:56:27 +0000

Watch this Video if You have done a Foreclosure or Short Sale is a post from: FHA,VA and Conventional Home Loans in all 50 States

If you have gone through a short sale or foreclosure you should watch this video from abc.

You can read the article http://abcnews.go.com/US/va-woman-fights-collect-10-million-debt-collectors/story?id=16205697#.T5l2q6tDzQg

FHA Loans Allow Non-Occupant Co-borrowers

Rob — Fri, 20 Apr 2012 13:26:09 +0000

FHA Loans Allow Non-Occupant Co-borrowers is a post from: FHA,VA and Conventional Home Loans in all 50 States

One of the great things about FHA loan requirements is they allow for non-occupant co-borrowers. This means if you are having trouble qualifying for a FHA loan on your own and you have someone you know that would be willing to be a co-borrower to help you qualify for the loan, you may in business.

A non-occupant co-borrower is a borrower that will be on the loan but does not have to live in the property. This person can be a co-borrower on the loan and add their income and their cash reserves to the loan application to help your qualify, but they do not have to move into the property. This can be very helpful for new college graduates or others having trouble qualifying for a FHA home loan on their one.

Keep in mind the FHA loan guidelines for non-occupant co-borrowers take the lowest of the middle credit score of all the borrowers. So if you are the borrower and have a low credit score, it will not help you even if the non-occupant co-borrower has a high credit score. Also, FHA home loan requirements will take all the income from all the borrowers and all the debts from all the borrowers to calculate the debt-to-income ratio on the loan.

I hope this gives your some ideas to help you qualify for a FHA home loan if you are having trouble on your own. Don’t hesitate to call me at 858-922-7899 or email me at homeloan8@gmail.com if you have any questions.

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Get FHA Loan Only Three Years After Short Sale in California

Rob — Wed, 04 Apr 2012 12:47:26 +0000

Get FHA Loan Only Three Years After Short Sale in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

After just three years post short sale you can be back on your feet applying for a FHA loan to buy a home in California. FHA home loan requirements require a three year wait after a short sale to apply for home financing. So check the date of your short sale and get back into this market where California houses are on sale and interest rates are the lowest they have ever been.

The key date to look for to begin counting out the three years is the date the deed transferred out of your name in the short sale. FHA loan requirements need three years from this date. Give us a call at 858-922-7899 or email at homeloan8@gmail.com if you would like us to research this date for you.

Additionally, FHA loan guidelines want you to not have any derogatory items on your credit after the short sale. So make 100% sure you do not have any late payments on any credit cards, student loans, car loans or anything that reports to you credit.

So I hope this gets you excited if you are passed or approaching the three year date after a short sale. Please don’t hesitate to give us a email or call if you have any questions.

Below are some highlights to FHA loans in California today:

FHA loan down payment is only 3.5%
FHA loan guidelines allow the down payment to be a gift from a relative
FHA loan interest rates are still at all time record lows
FHA home loans allow you to have a non-occupant co-borrower to help you qualify for home financing.

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

FHA Loan Requirements in California

Rob — Mon, 05 Mar 2012 15:11:05 +0000

FHA Loan Requirements in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

FHA loan requirements are set up to be the most accommodating to allow many borrowers with wide ranging situations qualify to purchase a home in California. FHA has much more lenient credit score requirements, allows a higher debt-to-income ratio and high loan limits than conventional home loans. Below are some of the base FHA loan requirements to qualify for a FHA home loan in California:

You must provide your most recent paycheck stubs, last two years w-2′s and last two years tax returns all pages so your income can be calculated
FHA loan guidelines require a minimum of 3.5% down payment. This can be a gift from a relative. If it is not a gift, you will have to show that you have had the 3.5% down in your bank account for at least two months prior to the purchase
FHA loan credit score does not have to be perfect, but it is best if it is over 620. FHA lenders will throw out the high and low and go off the middle of your three credit scores. Give us a call if you have credit issues we are specialists in assiting to raise your score.
FHA loan requirements call for a FHA appraisal on every purchase and the property must meet certain health and safety standards
FHA loan limits in California go up to $729,750 in many California counties including Los Angeles, Orange County, San Jose, San Francisco and more. San Diego FHA loan limit is $697,500.

So those are some of the basic FHA loan requirements to apply for a FHA home loan in California. Please feel free to give us a call at 858-922-7899 if you have any questions or email at homeloan8@gmail.com

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

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Warren Buffet Says “Now is a great time to buy a house”

admin — Thu, 01 Mar 2012 22:13:42 +0000

Warren Buffet Says “Now is a great time to buy a house” is a post from: FHA,VA and Conventional Home Loans in all 50 States

FHA Loan Requirements After Bankruptcy in California

Rob — Tue, 28 Feb 2012 14:40:22 +0000

FHA Loan Requirements After Bankruptcy in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

The excellent news is that very soon after a bankruptcy you can get a FHA home loan to buy a home in California. Two years after a Chapter 7 bankruptcy and one year after a Chapter 13 bankruptcy you can apply for a FHA home loan in California. Below are some of the FHA guidelines to think about when planning to get a FHA loan after bankruptcy in California:

The key date to look for to begin counting the time period to apply for a FHA loan after bankruptcy is the bankruptcy discharge date (not the file date).
You will need to make your you reestablish credit after a bankruptcy. This means you will need active, open lines of credit that you are paying in a on time fashion. An open line of credit is something like a credit card, store card, auto loan, student loan, etc…
If you had a mortgage included in the bankruptcy you will have to wait until two years from the date the deed to the property that foreclosed transfers out of your name. Give us a call or email if you want us to look this date up for you.
If you had a Chapter 13 bankruptcy you will have to have one year of one time payments to creditors and permission from the bankruptcy court to enter into a mortgage.

So those are some keys to applying for a FHA home loan after bankruptcy in California. Give us an email at homeloan8@gmail.com or call at 858-922-7899 if you have any questions.

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

2012 FHA Loan Limits In California

Rob — Tue, 21 Feb 2012 15:00:16 +0000

2012 FHA Loan Limits In California is a post from: FHA,VA and Conventional Home Loans in all 50 States

FHA loan limits in California are the highest of any loan type. Higher than even conventional loans. You can get a FHA loan up to $729,750 in many counties in California. With 3.5% down minimum down payment this would translate to a purchase of $756,000. So you can buy a $756,000 house with a minimum down of 3.5% in many parts of California. Below are the 2012 FHA loan limits for selected counties in California:

Los Angeles: $729,750
Orange County:$729,750
San Francisco:$729,750
Alameda: $729,750
Contra Costa County: $729,750
Sacramento: $580,000
Fresno:$381,250
San Diego:$697,500
Shasta:$423,750
Ventura:$729,750
Santa Barbara: $729,750
Riverside:$500,000
San Bernardino:$500,000
Kern:$368,750
San Joaquin:$488,750
Butte:$400,000
Monterey:$729,750
Santa Clara: $729,750

So those are the FHA loan limits for the more populous counties in California. Please feel free to call at 858-922-7899 or email me at homeloan8@gmail.com if you have any questions about FHA home loan financing in California.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com