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california: Spread The Word - There Is A Reverse Mortgage Alternative For California Homeowners - 12/18/09 02:26 PM
Financial Advisors, CPAs, insurance agents, real estate agents, estate planning attorneys, and in-home care providers in California need to know that there is a reverse mortgage alternative available.
The reverse mortgage alternative is called Equity Access. Equity Access provides monthly income to homeowners above the age of 60 (the youngest homeowner must be at least 60) in return for a share of the future value of the home.
Here are some of the features:
There are no closing costs to enter into an Equity Access Agreement No debt is incurred with an Equity Access Agreement The homeowner does not have … (8 comments)
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california: Here's A Vacation Home Loan With Affordability And Stability For California Homes - 11/30/09 07:03 PM
The last thing you want to worry about when you own a vacation home in California is the loan you have on it. You own a vacation home because you want a place to relax, not to add stress.
As I was sitting at my desk looking at the terms of this loan, I thought "this is perfect for vacation homes".
The rate on this loan is fixed for the first fifteen years. Fifteen years is a long time to hold a loan - wouldn't you agree? You can own that vacation home for 15 years and not worry about the … (6 comments)
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california: Some Quick Guidelines for Agents about Super Jumbo Loan Amounts In California - 11/23/09 07:44 PM
Contrary to popular belief, super jumbo loans are available in California. I want to let you know what I have found to be the maximum loan amounts from the lenders that my company is approved with. As you may have guessed, the requirements for super jumbo loans have gotten stricter.
In San Mateo County, where I live, the "agency (Freddie, Fannie)" jumbo limit is $729,750. The term "super jumbo loan" is relative - for the purpose of this article I will consider it to be any loan amount more than $1 million. The following guidelines are for the purchase of primary … (4 comments)
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california: A Bridge Loan In California - What It Is And Who Needs One - 10/20/09 08:17 PM
Many homeowners and home buyers in California have probably heard of a bridge loan but do not know what it is or who should obtain one.
A bridge loan is usually a short-term loan (usually written for three months to three years) that provides funds to buy real estate from a piece of real property that an owner has an intention of selling, but will not close before escrow closes on the new property.
This transaction is called a bridge loan because these funds "bridge the gap" between the closing of two transactions.
Let's look at an example of a … (7 comments)
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california: Suspend the Practice Of Flesh Devouring: Let The First Time Home Buyer Tax Credit Expire - 10/06/09 06:21 PM
Here is an interesting post from Brian Brady about why the first-time homebuyer tax credit should be abolished. I agree with Brian Brady. The first-time homebuyer tax credit may be helping real estate agents, mortgage brokers, and home buyers in the short-term, but long-term it will not help us here in California. We need less government intervention in the real estate and mortgage market to create true value and wealth.
Via America's #1 Mortgage Broker/858-777-9751:
Please stop this zombie behavior. Government doesn't create wealth, it devours it like a zombie devours all that is living. Do you know what happens … (5 comments)
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california: Why A Jumbo Loan In California Is So Hard To Get - 09/10/09 06:11 PM
As a loan officer in California I specialize in the jumbo loan market. I have been encouraged recently by the re-appearance of some lenders (Suntrust, Citimortgage) into the jumbo loan space. Despite the increased competition, it is still very difficult to obtain a jumbo loan because of the strict underwriting guidelines.
I have done a survey of my jumbo loan sources with the purpose of finding some minimum standards required in each area of underwriting. Here is what I have found:
Stated income is virtually non-existent. However, I have one jumbo loan lender that will do stated income for large loan amounts. I … (9 comments)
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california: A Lender Positioned Between A Paper and Hard Money - 09/04/09 05:27 PM
Do you have transactions in California that make sense but are tough to place through institutional lenders, and deserve better than most hard money terms? Montecito Financial is a lender that you may want to consider contacting.
In addition to my business as a mortgage broker, I am representing this product on a wholesale basis through mortgage brokers who are licensed in California.
Here are some of the features of the product we are offering:
Loan amounts to $8 million and more by exception unlimited cash-out 75% max loan to value primary residence, vacation homes, investment property, and commercial … (0 comments)
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california: Construction Loan in California - 08/14/09 03:54 PM
Are you looking for a construction loan in California? Well, it has not been easy to find funding for a construction loan lately, but there are some sources starting to make funds available.
If this is the first time you have looked for a construction loan, there are some details that you need to know.
First, there are generally three parts of getting a construction loan approved. The first part is the credit approval. Credit approval for a construction loan is similar to getting credit approval for a mortgage. The lender will look at your capacity to re-pay (employment, income, … (4 comments)
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california: Jumbo Mortgage Loan Rates and Terms Update - 07/28/09 03:45 PM
Contrary to popular belief, there are good rates available for jumbo mortgage loans. Here in California, our most popular mortgage allows you to borrow 70% of the value of the property up to a loan amount of $1,500,000. An 80% combined loan amount is allowed.
Our main jumbo loan sources are Citimortgage, US Bank, and ING Mortgage. Each of them has their specific niches that I think are strong.
Citimortgage is strong with their 30 year fixed rate and 5/1 LIBOR ARM. They allow the highest jumbo loan amount up to $1,500,000. They also allow interest-only on their ARM.
US Bank has very good … (0 comments)
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california: A Reverse Mortgage Alternative In California - 09/01/08 08:35 AM
Reverse mortgages in California have become extremely popular. They can be a great tool to help a senior citizen increase their income. The costs of a reverse mortgage (usually 5% to 8% of the loan amount), however, make it extremely expensive to obtain.
A new reverse mortgage alternative is available for senior citizens in California. It is called Nestworth. Here is how the program works:
A homeowner that is at least 60 years old enters into an Equity Access Agreement with Nestworth. This agreement exchanges monthly payments to the homeowner in exchange for a portion of the future equity in the home. Unlike a reverse mortgage, debt does … (4 comments)
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Phil Caulfield NMLS# 386911 Jumbo and FHA Mortgage Loans California
Burlingame,
CA
More about me…
Pre-Approval, First Time Buyer, Fixed Rates
Address: Burlingame, Hillsborough, San Mateo, Foster City, Redwood City, San Francisco, San Carlos, Atherton, Woodside, Portola Valley, Half Moon Bay, Burlingame, CA, 94010
Cell Phone: (650) 222-0386
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