Raising Your FHA Loan Credit Score is a post from: FHA,VA and Conventional Home Loans in all 50 States

Your credit score is an important part of qualifying for a FHA home loan.  You credit score does not have to be even close to perfect, but there are certain credit score standard for qualifying for a FHA home loan.  Generally you want to have over a 620 credit score to get a FHA loan and preferably over 640.  Although it is not impossible to get a FHA loan with a credit score below 620, it is more difficult.

In this post, I want to discuss some ways to quickly raise your credit score to get it where it needs to be to get the best FHA loan rate.  We can help you do this as we are experts at analyzing credit reports.

There is a special tool we use called “Rapid Rescore”.  It allows us to take any changes made on your credit report and have those changes updated with the credit bureaus in 2-5 days vs. the normal 30-45 days it takes changes to report to the credit bureaus.  Below are some common changes you can make to your credit report that will boost you score and we can perform a Rapid Rescore with:

• If you have any credit cards with balances that are over 30% of the credit limits, you can pay the balances down to below 30% of the credit limit and it can provide a huge boost to your score
• Most credit reports have mistakes on them, if you can fix a mistake this can boost your score
• Some borrowers don’t have enough credit or do not have a good mix of credit.  If you can add some revolving accounts this can often boost your score, but it may take a little time.
• With collection accounts, often you can can call the creditor and negotiate to pay the collection only if they delete the collection off your report (make sure they delete it and not just mark it a paid collection)
• Becoming an authorized user on a spouse, relative or friends revolving account can provide you with credit history that can help your score

So those are some suggestions to help raise your credit score to qualify for a FHA home loan in California.  Please don’t hesitate to give us a call if you would like to discuss getting approved for a FHA home loan.

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Related posts:

1. FHA Loan Credit Score Key In California
2. FHA Loan Credit Score Down to 600 OK In California
3. Credit Score Tips For FHA Home Loans

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

Thousands of homeowners throughout the state of California have gone though a short sale over the past several years.  The good news is there is light at the end of the tunnel to get back into the home market and purchase a home for 50% off what they were selling a few years ago with rock bottom interest rate.  FHA loan requirements only require a three year wait after a short sale to apply for FHA home loan financing.  You have to wait three years from the date the deed transferred out of your name to qualify for a FHA home loan in California.

A key is to check the date the deed transferred out of your name with the short sale.  It is from this date that you have to wait three years.  Feel free to email me at homeloan8@gmail.com or call at 858-922-7899 and I can research this date for you.

FHA loan requirements allows in very rare circumstances for a borrower to apply for a FHA loan without waiting the three year period.  A borrower needs a special extenuating circumstance for why they had the short sale to be able to qualify in less than three years.  This extenuating circumstance can’t be loss of job or financial difficulties.  It has to be something major like an illness that can be documented, death of an income earner or a job transfer to another area.

So I hope this helps you understand the FHA loan guidelines for applying for a FHA loan after a short sale.  Feel free to email me or call me if you have any questions about FHA or any other financing .

Below are some up-t0-date highlights of FHA home loans in California:

• FHA loan limits go up to $729,750 in many areas of California such as San Francisco, San Jose, Orange County, Los Angeles.  San Diego FHA loan limits are $697,500
• FHA loan credit score does not have to be perfect.  Call us if you want us to analyze your credit.
• FHA loan rates are still shockingly low
• FHA loan down payment is only 3.5% and can be a gift from a relative

Related posts:

1. Get FHA Loan After Short Sale In California
2. Get FHA Loan Three Years After Short Sale in California
3. Getting a Conventional Loan After a Short Sale In California

FHA Loan Requirements for Self Employed Borrowers is a post from: FHA,VA and Conventional Home Loans in all 50 States

Getting a FHA loan in California for self employed borrowers can be much trickier than w-2 borrowers.  FHA lenders will take the NET income off your last two years tax returns and average that to calculate your income to qualify for a FHA home loan.  If your income went down substantially from one year to the next, sometimes it can be difficult to obtain a FHA loan.  If your income went up, the FHA lender will still average the two years.

So here is a tip for 2012.  If your income will go down from 2010 to 2011, you may want to hold off on filing your tax returns for a while.  Because if you have not yet filed your tax returns, FHA loan requirements will only require your 2009 and 2010 returns and go off those to determine your income.  If you file an extension, you could use your 2009 and 2010 returns all the way until October 15th.  But if your income is going to go UP from 2010 to 2011, and you need that extra income to qualify, you will want to file your 2011 returns as soon as you can before you apply for a FHA home loan so you can count your 2011 income.

If you have any questions about this please don’t hesitate to call 858-922-7899 or email me at homeloan8@gmail.com.

Below are some highlights of the FHA loan mortgage in California:

• FHA loan credit score does not need to be perfect.  Give us a call we specialize in analyzing credit scores and helping you improve them.
• FHA loan requirements allow a non-occupant co-borrower
• FHA loan down payment is only 3.5% and that can be a gift from a relative
• FHA loan interest rates have NEVER been this low

Related posts:

1. FHA Loans For Self-Employed Borrowers
2. Qualifying for FHA Loan In California When Self-Employed
3. FHA Loan Requirements for 2010 Tax Returns

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

A fact many home buyers are not aware of is that you can apply for a FHA home loan in California only two years after a Chapter 7 bankruptcy discharge.    So as soon as you hit that two year point after the discharge, if you are interested in buying a home in California it’s worth taking a look to see if you can qualify.

FHA loan requirements also require you to not have any late payments or derogatory items after the bankruptcy.   You will also want to have re-established credit after the bankruptcy and have some open lines of credit that you have on time payments with.

Some borrowers included mortgages in Chapter 7 bankruptcies.  In this case, you will have to wait three years after the deed transfers out of your name before applying for a FHA home loan in California.

So I help this gives you hope that you can apply for a FHA home loan only two short years after a bankruptcy and own a home in California.  If you have any questions feel free to call me at 858-922-7899 or homeloan8@gmail.com

Below are some of the latest highlights of FHA home loans in California:

• FHA loan limits in California go up to $729,750 in many areas such as Los Angeles, Orange County, Santa Ana, Anaheim, San Francisco, San Jose and the Bay Area.  San Diego FHA loan limits are $697,500.  Riverside and San Bernardino FHA loan limits are $500,000.   Sacramento FHA loan limits is $580,000.  Fresno FHA loan limits are $381,250.
• FHA down payment is only 3.5% and this can be a gift from a relative
• FHA loan rates are once again at ALL TIME RECORD LOWS!
• FHA loan credit score does not have to be perfect

Related posts:

1. FHA Home Loan Requirements After Bankruptcy in California
2. If Mortgage Included In Bankruptcy 7 Three Years Until Qualify FHA Home Loan In California
3. FHA Loan Requirements After Bankruptcy in California

FHA Loan Requirements for Debt-To-Income Ratios is a post from: FHA,VA and Conventional Home Loans in all 50 States

When applying for a FHA home loan in California an important component of qualification is calculating debt-to-income ratios (DTI).  There are two different DTI’s important in FHA loans, front ratios and back ratios.

Front ratio is your total monthly house payment (mortgage+taxes+insurance) divided by your total gross monthly income.  So for example if you make $70,000 a year and your house payment is $2,000/mo, your front ratio would be 34%.  This is acceptable for a FHA home loan.  If your front ratio were say 49%, it would be unacceptable.

The back ratio is your housing payment + all your other monthly debt that appears on your credit report (credit card payments, student loans, car payments).  So let’s say you make $70,000 a year, you have a $2,000 house payment and you also have a $300 car payment $50 credit card payment and $150 student loan payment.  Take your $2,000 house payment + $500 in additional debt = $2,500 and divide into your $5,833 monthly income and you have a 42% back ratio.  This is totally acceptable for a FHA home loan.   To qualify for a FHA home loan you cannot exceed a 45.9% front ratio and 55.9% back ratio.  If your credit score is below par, you could be limited to a 43% back ratio.

So I hope this explanation helps understand a little about the importance of debt-to-income ratios with FHA home loans.  If you have any questions please call at 858-922-7899 or email me a homeloan8@gmail.com

Below are some highlights of FHA home loans in California right now:

• FHA loan limits have gone back up in many counties of California where you can now go up to a loan of $729,750 with 3.5% down payment in areas such as Orange County, Los Angeles, San Francisco, San Jose, Anaheim, Santa Ana and others.
• FHA allows for all of the 3.5% down payment to be a gift from a relative
• FHA loan interest rates are at record lows
• FHA loan requirements allow for a non-occupant co-borrower

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Related posts:

1. FHA Loan Requirements for Debt-to-Income Ratios In California
2. Understanding the Debt-to-Income Ratio to Qualify for FHA Loans
3. The Importance of Debt-To-Income Ratio When You Apply For a FHA Loan

Buying 2 – 4 units with an FHA Home Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States

Let me explain a little about how and why you might want to buy a 2-4 unit complex with an FHA Home loan.

Related posts:

1. Keys to Qualify FHA Loan on 2-4 Units Owner Occupied in California
2. Buying a Owner Occupied Triplex or FourPlex With an FHA Loan
3. Keys to Buying a Condo With an FHA Loan In This Market

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

If you have had a prior foreclosure and you would like to get back in the market and buy again, there is good news.  FHA home loans only require a three year wait after a prior foreclosure to qualify for a new FHA loan in California.  The first thing you want to do is check the date the deed from the property that foreclosed transferred out of your name.  Give us a call at 858-922-7899 or email us at homeloan8@gmail.com and we can look this date up for you.  It is a three year wait time from the date that deed transferred out of your name to be able to apply again for a 3.5% down payment FHA home loan in California.

You also want to make sure you have NO derogatory credit items after your foreclosure.  The FHA loan underwriter will not look kindly on late payments, collections, charge-offs etc… that came after a major negative credit event like foreclosure.   It also helps if you have compensating factors like some cash reserves save up in the bank and a low debt-to-income ratio.

So I hope this gets you excited to get back into California’s real estate market to buy your home at today’s greatly reduced prices and record low 30 year fixed mortgage rates.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Related posts:

1. VA Loan After Foreclosure in California
2. Convention Loan vs FHA – Conventional Now Requires 7 Year Wait After Foreclosure in California
3. FHA Loan Requirements After Foreclosure in California

The Best of FHA Home Loans in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

Below are some of the best highlights of FHA home loans in California:

• FHA loan down payment is only 3.5%.   And FHA allows this down payment to be a gift from a relative
• FHA loan requirements allow non-occupant co-borrowers who don’t have to live in the property to help you qualify
• FHA loan limits in many areas in California such as Los Angeles, Orange County, San Francisco, Oakland, San Jose go up to $625,000.  San Diego FHA loan limit is $546,250
• FHA loan interest rates are at ALL TIME LOWS
• FHA loan guidelines allow a seller to credit the buyer up to 6% for closing costs
• FHA allows a debt-to-income ratio of 55.9% (where as conventional loans stop at 45% with less than 20% down)
• FHA loan credit score does not have to be perfect.  FHA loans can be done with credit scores down to 560.  Give us a call about your credit we are experts in analyzing borrowers credit and helping fix.

No related posts.

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

If you have a had a short sale in California, you may not have that much longer before you can qualify for a 3.5% down FHA home loan.  FHA requires a three year wait after a short sale to be approved for a FHA loan to buy a home again.  It is key to check when the deed to your former home transferred out of your name as this is the date the waiting period will start to qualify for a new FHA loan.  Feel free to email me at homeloan8@gmail.com or call at 858-922-7899 and I will find out for your what date the deed transferred out of your old home that had the short sale.

Make sure after your short sale you have no late payments or derogatory items on any credit accounts that report to the bureau.

Conventional home loans only require a two year wait after short sale if you can put 20% down.   Again don’t hesitate to call or email with questions.

Some highlights of FHA home loans in California:

• FHA loan down payment is 3.5%
• FHA loan credit score does not have to perfect.  Call us if you have credit issues and we can help analyze and will see if we can help raise your score.
• FHA loan limits in selected areas of California:

• San Francisco, San Jose, Oakland, Bay Area $625,000
• Los Angeles, Orange County, Santa Ana, Anaheim $625,000
• San Diego FHA loan limits $546,250
• Riverside, San Bernardino $355,350
• Fresno FHA loan limit $281,750
• Santa Rosa $520,950
• Redding $273,700

Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Related posts:

1. Get FHA Loan After Short Sale In California
2. Getting a Conventional Loan After a Short Sale In California
3. Two Key Boxes to Check When Get FHA Loan to Buy A Short Sale in California

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

If you had a Chapter 7 bankruptcy, FHA loan requirements only need you to wait two years before you can qualify for a FHA home loan in California.   If you had a Chapter 13 bankruptcy, you only have to wait one year, as long as you can get permission from the court to enter into a home mortgage.  This is great news for Californians as many citizens have had to go though bankruptcy in the economic downturn of the last few years.

To get a FHA loan after bankruptcy in California, you want to make sure:

1. You do NOT have ANY late payments or derogatory credit of any kind of after your bankruptcy
2. You have re-established you credit with some open and active lines of credit that you have a on time payment history with

You will be surprised that after two years your credit score can rebound quite nicely after a bankruptcy.  If you have little or no lines of credit, I highly recommend going into bank where you have your checking and savings accounts and opening up a secured credit card.  Start charging small items on this card and pay them off monthly and this will help you re-build your credit showing on time payments to the three credit bureaus.

If you have any questions or would like to be approved for a FHA loan in California, don’t hesitate to call at 858-922-7899 or email me at homeloan8@gmail.com

Some recent highlights of FHA home loans in California:

• FHA loan requirements allow you to have a non-occupant co-borrower
• FHA loan interest rates are at ALL TIME RECORD LOWS!
• FHA loan down payment is only 3.5% and that can be a gift from a relative

Related posts:

1. FHA Loan Requirements After Bankruptcy in California
2. FHA Home Loan Requirements After Bankruptcy in California
3. If Mortgage Included In Bankruptcy 7 Three Years Until Qualify FHA Home Loan In California