California Housing Finance Agency CalHFA FHA Loan Program for First Time Homebuyers in California - 12/27/10 01:22 PM
California First Time Home-buyers, government programs are available to help you with affordable home-ownership by offering a low, fixed interest rate and Down-payment Assistance for eligible borrowers. The program I'm most excited about is CalHFA FHA Loan Program, currently offering an interest rate of 4.125% today. Compare that to today's open market rate of about 4.75% on a FHA 30 year fixed rate.
How the program works
CalHFAFHA will finance up to 96.5% of the purchase price or appraised value, whichever is less. Then, if eligible, you combine this program with one of the allowed Down-payment Assistance or Closing Cost Assistance … (0 comments)

Back to Work After Absence - 12/20/10 09:27 PM
Question: Borrower was unemployed for a year, but prior had strong work history. He has been back to work for over 7 months in the same field. Can we use his income to qualify?
Response: Since the borrower has been back to work for 6 months or more then he should be eligible to borrower money given the borrower is working a regular hourly or salaried schedule with regular pay.
Watch-out, if the borrower is 1099'd, piece work, commission, tip, contract, temp or any other non-standard form of pay, then lenders most likely will require the borrower be back to work … (0 comments)

Landlord Experience on Rental Property - 12/20/10 08:34 PM
Question: Is a borrower required to have landlord experience to use rental income to qualify on the subject property?
Response: Depends, Fannie Mae does not require the borrower to have experience managing rental properties; however, several investors do have the requirement.
Please check with the lender before referring your client, to see if they have a Company Overlay requiring experience managing rental property. Here at imortgage we have investors that do not, therefore we can use rental income in qualifying your clients.
… (2 comments)

FHA Loan & Delinquent Federal Debt & Judgment - 12/17/10 04:51 PM
Question: My borrower defaulted on her student loans: does she have to pay them off on a FHA Loan? She also has a judgment: does that need to be paid off as well?
Response: For both the delinquent federal debt and the judgment, the borrower must either payoff the delinquent account OR she must document that the creditor has set up a payment plan and she has made payments as agreed for a minimum of 12 months.
I've been asked from time to time: why 12 months?
FHA was in major part created to help the under serviced in our country … (0 comments)

Title - 12/16/10 07:24 PM
Realtor asked: Is it Ok that the Seller be put on Title before we close on our transaction?
Response: No, the seller must be on title when the contract is written as well as when the appraisal and Prelim are order. Lenders typically require Title to provide a satisfactory 24 month chain of title to validate that the Seller truely owns the property they are selling.
I had this situation happen last year and the company I worked for at the time (Bank of America), required a cancellation of the original escrow and we had to start all over. The seller … (3 comments)

Trust Assets - 12/16/10 04:07 PM
Borrower asked: I want to use assets from my trust for the cash I need to close and satisfy reserve requirements; what documentation is required?
Response: To use the trust funds for the transaction, lenders most likely will require written documentation of the value of the trust account from either the trust manager or the trustee and require documentation of the conditions under which you can access the funds. You must document the ability to have immediate access to the funds.
… (4 comments)

 
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Guy Knox

Rancho Cucamonga, CA

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Address: 1250 Corona Pointe Court, Suite 101, Corona, Ca, 92879

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