Date/Time: Monday February 8th at 6:00pm

The Department of Housing and Urban Development announced effective December 7th 2009 stricter underwriting guidelines will be required to approve condominiums in San Mateo County. In order for FHA or Fannie Mae (two of the primary loans consumers choose) to approve the condominium for financing, the entire complex will have to be approved by HUD. Currently, condominiums can be approved on a one by one basis. In a few weeks, the health of the entire complex will be highly scrutinized before Fannie Mae or FHA will lend.

What Does this Mean to San Mateo County Home Buyers?

• It has just become much harder to finance a condominium in San Mateo County
  
• Longer time periods required for complex approval – may not be realistic to close in 30 days
  
• You must be pre-approved before you enter into a contract – find a loan first, then find a home
  
• New rules are not flexible – if you need a loan, you’ll need to play by them
  
• Some complexes may not be approved – don’t waste your time or money chasing something that will never come to fruition
  
• The entire complex needs to be approved by HUD, not just your unit – no exceptions
  
• You need to work with condominium specialists to help guide you through the transaction – both on the real estate side and the financing side
  

Why Should You Care?

If you are considering purchasing a San Mateo County condominium in the next several months, your transaction will be impacted as these new rules are implemented. There are several things you can do to front load the approval process. By preparing early, you can minimize problems, minimize money spent and most importantly, not lose the condo you really want.

What Will You Learn During this Webinar?

• What are the new guidelines and how they will affect your San Mateo County condominium purchase
  
• What does it mean to be pre-approved before you enter into a contract
  
• What you can do to prepare for the stricter financing guidelines and increase the changes of getting the San Mateo County condo you really want
  
• How you can minimize out of pocket costs during the buying process
  
• How to determine which complexes will never be approved so you don’t waste your time chasing a fantasy
  
• Why it is more important than ever to work with Realtors® and Mortgage Advisors who are San Mateo County condominium experts
  

Registration Info

To register for this webinar, which will be held on Monday, February 8th at 6:00, please visit our webinar registration page or click the Sign Up button below.

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Related posts:

1. Using FHA Financing to Finance a San Mateo Condo? Get Your Lender Involved Early
2. Temporary Changes to Financing a Condo with an FHA Loan
3. 9 Questions to Ask When Financing a Condo with FHA
4. Webinar: Guide to Qualifying for a Mortgage
5. Class – Guide to Buying Condos with New Financing Rules

Date/Time: Thursday February 4, 2010 at 6pm

As you read in a previous post here at the San Mateo Mortgage Blog, the federal home buyer tax credit was recently expanded and extended to include not just San Mateo first time home buyers, but trade up home buyers as well. If you are considering buying a home in San Mateo County, this federal home buyer tax credit is something you should keep in mind.

What Aspects of the Home Buyer Tax Credit Will Be Covered?

To help San Mateo County home buyers wade through the details of the federal home buyer tax credit, I will be hosting a webinar on Thursday February 4, 2010 at 6pm. I will go through the details of the plan, including the new rules, who is eligible and how you can get the tax credit.

• How current San Mateo County home owners can qualify for a $6,500 credit
  
• Extensions for certain members of the Military to 2011 will be explained
  
• The new San Mateo County Income and Purchase Price Limits
  
• The deadline to purchase a San Mateo County Home and other timelines you must follow to qualify
  

Sign Up Information

To sign up for this webinar, visit the webinar registration page or click the Sign Up button below.

Enjoyed this Post? Why Not Subscribe?

If you have enjoyed San Mateo Mortgage Blog – Bay Area Mortgage Broker, please subscribe to our RSS feed.

Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.

Related posts:

1. Federal Home Buyer Tax Credit Not Just for San Mateo First Time Home Buyers Anymore
2. Slide Show – Guide to the Extended and Expanded Home Buyer Tax Credit
3. Webinar: Guide to Qualifying for a Mortgage
4. California’s New Home Buyer Tax Credit
5. Webinar: Financing a Condo in San Mateo

Date/Time: Thursday, Dec. 10th, 6pm

There are many myths out there surrounding what it takes to qualify for a mortgage in San Mateo.

Learn the Answer in Our Next Webinar

To help answer this question, I will be presenting a webinar on Thursday, December 10th at 6pm where you will learn everything you need to know about getting pre-approved for a loan in San Mateo County including the types of things a lender looks for in your loan application.

What Will We Cover?

• The CIA of Lending – We’ll take an in depth at the three most important factors a lender will look at, your Credit, Income and Assets.
  
• Down Payment – How much down payment do you really need to qualify for a San Mateo mortgage loan?
  
• Gift Funds – How to properly accept gift funds from a family member.
  
• Closing Costs – What are the typical costs involved in getting a loan to buy a home in San Mateo County?
  
• Good Faith Estimate – I’ll explain the lender’s cost sheet, called the Good Faith Estimate, which lays out what you can expect to pay for a San Mateo home loan.
  
• Loan Application – You’ll see what a loan application looks like and the types of information required by a lender.
  

Who Should Attend?

Anyone looking to finance a San Mateo County home in the next several months should attend. Whether you are a San Mateo first time home buyer or buying your last and best San Mateo County home, qualifying for a mortgage in San Mateo County is much different today than years past.

We’ll break down the new rules and provide you accurate information on what it takes to qualify for a mortgage in today’s San Mateo County lending market. You’ll also have an opportunity to ask any questions you may have.

When is the Webinar?

We’ll be presenting the webinar on Thursday December 10th at 6pm. To sign up, please visit our webinar registration page.

Can’t Wait Until December 10th?

Call me at (650) 520-0915, email me at info@SanMateoMortgageBlog.com, or fill out our secure online mortgage application and we can set up an in person or phone interview where I will explain the costs involved in getting a loan, what size mortgage loan you’ll qualify for and how much you’ll need to have saved for a down payment and closing costs.

Other Posts You May Enjoy

• Webinar Schedule
  
• The Process for Getting a Home Loan
  
• Mortgage Myth Busted: I Must Have Steller Credit to Buy a Home
  
• Why It is Imperative to Get a Pre-Approval Before Submitting an Offer
  
• What Should I Bring to My First Appointment with a Mortgage Advisor?
  

If you have enjoyed San Mateo Mortgage Blog – Bay Area Mortgage Broker, please subscribe to our RSS feed.

Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.

Related posts:

1. Webinar: Guide to the Home Buyer Tax Credit – Not Just for First Time Home Buyers Anymore
2. Slide Show – Qualifying for a Mortgage Loan
3. Webinar: Financing a Condo in San Mateo
4. Slide Show – Guide to the Extended and Expanded Home Buyer Tax Credit
5. Mortgage Myth Busted: I Don’t Have 20% to Put Down So I Can’t Buy Now