California Home Loan information - Archives March, 2008

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97% Government Loan Programs - YES, I said 3% down! NOW! - 03/13/08 06:57 PM

OK, here's the scoop. We can utilize government loan programs to buy homes with only 3% down payment. In some high cost areas, you can buy a home up to $750,000. I am going to try and embed a video here for your viewing pleasure..... … (0 comments)

California Conventional Loan Limits - 03/07/08 03:57 PM

OK. We have the new loan limits and I am posting them below. Here is the big deal. FNMA, FHLMC & FHA have the same limits. One big difference is that FNMA & FHLMC will not accept 2, 3 & 4 unit properties on the new higher loan limits. They … (0 comments)

California FHA Loan limits - 03/07/08 03:37 PM

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How to maintain healthy credit - 03/05/08 05:06 PM

I want to give you the basics of credit scoring and how to maintain healthy credit. Your credit score or FICO score is based on a computer model. All 3 credit bureaus currently use a variation of the FICO model. Payment History - 35% of your score Pay your bills on … (2 comments)

Income documentation - 03/05/08 02:38 PM

There are 4 ways to qualify for a loan:
1. Full Doc - We fully document all of your income and assets. If you are an employee, we will ask to see 2 years W2's and 1 month worth of paystubs. If you are self employed, we will need to see 2 … (3 comments)

I just got a chunk of cash, should I pay down or pay off my mortgage? - 03/05/08 02:33 PM

Let's get one thing straight here. My goal is for all of my clients to reach what I call their Freedom Point. I define a Freedom Point when you have enough assets to pay off your mortgage and it then becomes your choice to pay it down, pay it off or … (0 comments)

SHould I use a direct lender or a mortgage broker? - 03/04/08 08:07 PM

Here is the scoop. Direct lenders call centers are basically self service, I lump them in with internet based companies. If you know exactly what you want and need and are willing to time the market on your own, you may get a good deal. You may also get big fat … (2 comments)

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