Mortgage Myth Busted: I Must Have Steller Credit to Buy a Home
Many people think they need to have stellar credit and no debt in order to get a home loan. That’s just simply not true. Different loan programs have different credit score qualifications. Some programs will accept credit scores as low as 580. For those of you who haven’t established credit, or don’t have an extensive credit history, other programs will even allow you to use alternative credit (rental history, utility bill history, etc) to qualify. How Often Should I Check My Credit? We recommend you check your credit score yearly. You can do this for free by ...
July 11th: First Time Home Buyer Class
Are you a first time home buyer looking to purchase a Bay Area home and don’t know where to start? We have just the place! San Mateo First Time Home Buyer Class On Saturday, July 11that 10am we’ll be presenting a 90 minute program designed for San Mateo first time home buyers just like you. Buying a home for the first time can be a stressful and scary process for most people. We’ve found when you’re armed with the information you need to be successful, the process can be fun and exciting. What Will You Learn? In our jam packed 90 ...
Mortgage Myth Busted: I Don’t Have 20% to Put Down So I Can’t Buy Now
In the past, lenders have required at least 20% down payment on a home loan. However, new financing programs only require you to put 3% down, or even 0% down in certain geographical areas of the Peninsula. (For a $300,000 home, a 3% down payment is $9,000.) How Can I Buy With No Money Out of My Own Pocket? Certain programs allow your down payment and closing costs to be a gift. This means if Mom or Dad, or other family members are willing to put up the money for your down payment and closing costs, you could potentially ...
How does the CalSTRS 80/17 Home Loan Program Differ from Conventional Financing?
Max Down Payment is 3% of the Purchase Price with the 80/17 Program Keep in mind with the 80/17 CalSTRS Home Loan program you are only allowed to put 3% down payment, no more. Most programs allow you to put more down if you want to purchase a more expensive home. For example, if you were approved for a purchase price of $500,000, you would put $15,000 down and get a $400,000 first mortgage and an $85,000 deferred second mortgage. If you wanted to purchase a home for $510,000 and thought you could just increase your down payment ...
Home Loan Program Just for California Teachers!
Are You a California Teacher Looking to Buy a Home? If you are a teacher in California looking to buy a home, you should consider the CalSTRS Home Loan Program before selecting a mortgage. With CalSTRS Home Loan Program teachers who are members of CalSTRS can buy a new home, refinance to a lower payment or take cash out with these competitive rate programs. Who is Eligible? If you are a California teacher who is a member of CalSTRS or if you receive a paycheck from a California public school (custodians, administrators, teacher’s aides), you are eligible for the CalSTRS Home Loan ...
The New Appraisal Process
Effective May 1, 2009 a new appraisal process for Bay Area homes went into effect, called the Home Valuation Code of Conduct. This new Code requires a third party service to schedule an appraisal and claims to provide enhanced protections for homebuyers, mortgage investors and the housing market. It used to be when a buyer had an accepted contract on a house, or when a home owner was in the process of a refinance, the lender would call a local appraiser to schedule an appraisal of the home. Now, the lender must call a third party service ...
Homeowners
One Last Chance to Refinance at Historic Low Interest Rates
If you have been sitting on the fence waiting for the right time to refinance,...
12 Biggest Mistakes Consumers Make When Refinancing
With all the buzz surrounding San Mateo mortgage refinances lately, I have received...
Why Do Some Home Owners Decide Not to Refinance Their Mortgages?
Refinancing into a lower rate is a great option for many home owners, but in today’s...
Read More Posts From HomeownersBuyers
Mortgage Myth Busted: I Must Have Steller Credit to Buy a Home
Many people think they need to have stellar credit and no debt in order to get...
July 11th: First Time Home Buyer Class
Are you a first time home buyer looking to purchase a Bay Area home and don’t...
Mortgage Myth Busted: I Don’t Have 20% to Put Down So I Can’t Buy Now
In the past, lenders have required at least 20% down payment on a home loan. However,...
Read More Posts From BuyersMortgage News
Realtors: Learn How to Increase Your Buyer Base with FHA and CalSTRS
With home prices and mortgage payments as high as they are in San Mateo County, a lot of buyers aren’t going to have 20% or more to put down on a house, especially if it is their first house. Savvy real estate agents who are familiar with lower down payment loan programs will increase their buyer base and close more deals. What Types of Lower Down... [Read more of this article]
What Does the New Economic Stimulus Bill Mean to First Time Home Buyers?
Last week, President Obama signed The American Recovery and Investment Act of 2009, a $789 billion dollar stimulus bill. What kind of impact does it have on the first time home buyer? What does the new economic stimulus bill mean to home buyers? First time home buyers, defined as anyone who hasn’t owned a home in the last three years, can claim... [Read more of this article]
2009 Bay Area Conforming Loan Limits
The Federal Housing Finance Agency (FHFA) announced that conforming loan limits for 2009 will remain the same as loan limits of 2008, except in certain high cost areas which includes the Bay Area. So we are all on the same page, conforming loans meet the standards set forth by Fannie Mae or Freddie Mac. Mortgages that conform to these guidelines are... [Read more of this article]
Post Election Mortgage Rate Predictions
Whether you are elated or deflated from the results of the election, I am sure we are all relieved that it is over. I can admit I have been slightly obsessed with the daily dramas of this political soap opera, but now it’s time to transition to action. So with the Dems awaiting to take control, what is expected for the next 30 days when it comes... [Read more of this article]
The Effects of the Fed Rate Cut
Wall Street predicts The Fed will cut rates once again today. The prediction is that the Fed Funds rate will be lower to 1%. This will be the lowest it has been since 2004 (currently we are a 1.5%). Some are even predicting an even bigger cut, lowering the rate to 0.5% – 0.75% which would be a historic low. What Does This Mean? Cutting... [Read more of this article]
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