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mortgage loan: Buyes Bitten By FHA's Rules - 05/07/10 08:13 PM
I am in the middle of listing a condo priced under $200,000. This unit is perfect for a FHA buyer.  So, I am learning about the new FHA rules that took place this year.
The minimum down payment increase to 10% down for borrowers with a credit score of 580 or below. The upfront mortgage insurance premium is to be raised to 2.25% from 1.75% (which requires congressional action).  It also reduced seller's contribution from 6% to 3%.
For those with not-the-best-credit will be impacted with the 10% down payment, and also the reduced seller concessions which often pays for closing costs … (0 comments)

mortgage loan: Efficient Mortgage - What is it? - 10/05/09 03:40 PM
Many home owners put off making energy-efficient upgrades because of cost and believe there is no way they can afford it.  Well, maybe you can do those improvement you have been dreaming of.  It may be time to "stop" the stop.  Energy-efficient mortgage program (EEM) and new tax credit for upgrades could help you out.
EEM lets home buyers or owners the ability to finance cost of adding energy-efficient features to new or exiting homes as par tof the FHA-insured purchase or re-fi mortgage.  EEM has been around since the 1980's but under used.
This could be the best time for home owners to … (2 comments)

mortgage loan: One Reason To Buy A Home Today - Mortgage Rate - 06/06/08 04:17 PM
You can not time the bottom.  Well, we wish we could.  Resist the urge to hang in and wait. Why...
Mortgage Rates are Low - And may not be for next year.  According to economists and industry executives, rates are expected to rise from current 6% to 6.50% by December and around 7% in mid 2009.
Here is a an example of what the bottom line can look like you if buy today vs next year with 5% drop in value.
Buy Today             VS                Buy in 1 Yr
Price  $600,000                        $570,000
Loan  $480,000                         $456,000
Rate    6.00%                            7.00%
Payment  $2,878                       $3,034
You could realize … (0 comments)

mortgage loan: Credit Union - Another Source Of Primary Lender - 05/11/08 05:55 PM
Browsing through the CAR May 2008 magazine, the special tear out section for clients had an article on Credit Unions Fill Lending Void.  Right, we never think of credit union for mortage loans.
Credit union has about 2 to 3 percent of share of mortgage lending and looks like it will up to about 10-15% by 2015 per George Shipman, VP of Real Estate lending for California Credit Union.
Though credit union membership usually are tight about who can become a member, the regulation has become somewhat relaxed in recent years.
THE ADVANTAGE - credit unions are non-profit organization so they are not … (0 comments)

mortgage loan: Credit Score - Still A Big Factor For Getting A Loan - 05/08/08 05:19 PM
Getting a loan is becoming difficult.  Strict underwriting guidelines are making lenders look more at the boworrow's ability to pay. 
Lenders look at the five C's - character, capacity, collateral, capital and credit.  Still, credit scores are important as it is a quick profile of your credit history.  Just month ago, a credit score of about 620 was considered okay to seek a pretty good mortage rates.  Now, many lenders want higher scores.
Which means checking your scores and making sure the information is correct becomes really crucial.  There are three major bureaus that you can get your credit report.  Make sure all three bureaus are … (6 comments)

 
Ellie_4

Ellie Viray, Realtor

Pasadena, CA

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John Aaroe Group, Inc.

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Cell Phone: (626) 524-4136

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