roseville mortgage: 1/2% Down Payment Option Now Available for First-Time Homebuyers! - 03/07/12 01:15 PM
If you are considering buying your first home, you may be able to do so with only a ½% down payment!
FHA requires a 3.5% investment of your own funds when using FHA financing for a home purchase.  But, beginning March 1, 2012, the California Homebuyer's Downpayment Assistance Program (CHDAP) is offering downpayment assistance of up to 3% of the purchase price or appraised value, whichever is lower.  That means you would only need ½% of your own funds to purchase a home!
Are you eligible for 100% financing through VA?  Searching for properties in an area eligible for 100% USDA … (3 comments)

roseville mortgage: “No Closing Costs” Loan? Think Again. - 01/23/12 12:16 PM
“No Closing Costs” Loan?  Think Again.
I recently had two clients opt to use an online lender rather than me for their financing.  The reason?  They believed they were going to get a VERY low interest rate AND pay “no closing costs”.  That’s right.  Gonna buy a home with nothing more out of pocket than the down payment!
I explain to clients that, with extremely rare exceptions, the only way to avoid or minimize closing costs is through the lender credit associated with the interest rate.  The higher the rate, the higher the borrower’s credit for closing costs. 
Face it—the title … (5 comments)

roseville mortgage: What It REALLY Costs to Get a Mortgage - 11/28/11 06:29 AM
What It REALLY Costs to Get a Mortgage
Recently, I have had a few clients be shocked at closing cost quotes I have given them.  On each, I went back and checked my numbers very carefully and, yes, the quotes were right!  The client just didn’t realize that there were many costs associated with a home purchase! 
No one wants any unpleasant surprises that involve money!  So, here is some information on closing costs to help you better prepare for a home purchase.
In addition to a down payment, home buyers should anticipate these possible costs:
Home Inspection
An inspector will … (3 comments)

roseville mortgage: Understanding a Mortgage Payment - 10/13/11 04:33 PM
Understanding a Mortgage Payment
As you go thorough the Folsom mortgage process, you’ll hear a series of terms and acronyms related to your mortgage payment.  Let’s look at what they mean.
Your mortgage payment is generally due on the first of the month, and most lenders start assessing late fees on the 15th. It is extremely important not to make a mortgage payment late.
When you receive a mortgage bill, there will be a few numbers that add up to your total payment:
This is the portion that goes towards paying down your balance on your Folsom mortgage.
The interest … (4 comments)

roseville mortgage: Every First-Time Home Buyer Needs a Team! - 10/12/11 07:03 PM
Every First-Time Home Buyer Needs a Team!
A Sacramento home purchase is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. It's important that every Sacramento first-time home buyer have a team they can trust and that the individual players have the ability to effectively communicate and execute  important tasks together.
Real Estate Agent
A Realtor® is a licensed agent that belongs to the National Association of Realtors®, which means they are pledged to a strict Code of Ethics and Standards of Practice.

roseville mortgage: Making Sure Your Cash to Close Comes from the Proper Source - 10/11/11 09:57 AM

Making Sure Your Cash to Close Comes from the Proper Source
Proper asset documentation and source of the funds is a critical element in successfully closing a Roseville mortgage.
There’s nothing worse in a Roseville home purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the borrower using unacceptable funds for the down payment or closing costs.
Seasoning of the down payment money is just as important as the source, which is why underwriters typically require at least two months … (0 comments)

roseville mortgage: Do I Need to Sell My Home before I Can Qualify for a New Mortgage on Another Property? - 10/10/11 02:10 PM
Do I Need to Sell My Home before I Can Qualify for a New Mortgage on Another Property?
As a Roseville mortgage broker, I see a few home buyers qualify for a mortgage on a new home while still living in their primary residence.  Some want to buy a larger or smaller home, maintaining their current home as a rental.  A few are relocation from out of the area and want to keep their current home as a rental.
So, what is the answer to the question?
“It depends.”
What if I rent my current property?
Then … (5 comments)

roseville mortgage: Roseville Fall Recreation Opportunities - 08/31/11 09:30 AM

Roseville Fall Recreation Opportunities
The City of Roseville has published their Fall Recreation Guide!
The City is offering: 
 before and after school child care preschool special community events birthday party packages aquatics at the indoor pool activities and classes for tots, youth, teens and adults trips park and facility maps museum activities Fun opportunities abound for the entire family!  Take a look and sign up now!
And if you are planning to buy a home in Roseville, I can help you with the mortgage financing!  Please call me at (916) 849-9200!

roseville mortgage: Remember that Kid in Your Class that Kept You from Recess? - 07/05/11 07:27 PM
I'm guessing that nearly everyone has some elementary school memory of a trouble making kid in their class.  At some point during a school day, this kid's behavior got so bad that the teacher announced that the entire class would not have recess.  And so it was that 29 kids who behaved fine were punished for one that didn't.  (Perhaps the angry classmates were supposed to exert some peer pressure on the wayward classmate?  I never did quite understand that part!)
Fast forward to 2011 and we find that those who don't behave can still make headaches for people who do.

roseville mortgage: Don’t Forget about FHA Renovation Loans for Those “Challenging” Properties - 06/29/11 06:23 PM
Don’t Forget about FHA Renovation Loans for Those “Challenging” Properties
As a Roseville mortgage originator, I cringe a little when I see "property to be sold as is" in a listing.  We all know this means the property holder, typically a bank or government entity, will not pay for any repairs to the property.  That's fine, as long as you get a cash buyer; lenders do not want to finance properties with "issues", particularly Section 1s.  So a distressed property will languish on the market because there are no cash buyers and no bank will finance it.
Building booms in … (7 comments)

roseville mortgage: Recycling Books, CDs and DVDs in Roseville, CA - 06/24/11 08:23 AM
Recycling Books, CDs and DVDs in Roseville, CA
If you are like me, you have managed to collect many books, CDs and DVDs over the years.  And, like me, perhaps you want to de-clutter.  You're in luck!  Right here in Roseville you can find a place to recycle books and multimedia while also contributing to a great cause!
Reading Tree is a non-profit organization that supports literacy by collecting and redistributing books to children, families, schools and libraries that desperately need them.  Sixty-one percent of low income families have no books in the home while books pile up in our landfills!  … (11 comments)

roseville mortgage: Specialty Mortgage Programs for Placer County Home Buyers - 05/06/11 06:11 PM
Specialty Mortgage Programs for Placer County Home Buyers
One of the great things about being a Placer County Mortgage Broker in addition to a Banker is that I can be a problem solver, offering solutions to buyers who otherwise might be excluded from home ownership.
Most Placer County home buyers are familiar with the most common types of mortgages:  FHA, Veteran's Administration (VA), and Conventional (not insured or guaranteed by the Federal government) home loans. 
Then there are the lesser used but fairly well-known home loans like USDA Rural for Auburn, Colfax, Forest Hill, Kings Beach, Lincoln, Loomis, Meadow Vista, Tahoe City and Tahoe Vista.
But … (3 comments)

roseville mortgage: Waiting to Buy a Home May Not $ave You Any $ - 02/05/11 04:47 PM
Waiting to Buy a Home May Not $ave You Any $
Are you holding off on buying Sacramento real estate because you believe that property prices will continue to drop?  Think the payment will be lower the longer you wait?
Let's look at an example.  While I can provide financing on homes throughout California, I am located in the Sacramento area and will use this area as my example.
Say you buy right now, getting a $200,000,t 4.75%, 30-year fixed, Sacramento mortgage.  Your monthly principal and interest payment would look like this:

Interest rates have been extremely low lately. Many industry experts, however, believe that the low rates we … (12 comments)

roseville mortgage: "My FICO Score is Too Low for a Mortgage? Can I Use a Co-Signer?" - 01/05/11 06:25 AM
"My FICO Score is Too Low for a Mortgage? Can I Use a Co-Signer?"
Sometimes I will run credit on a Roseville mortgage applicant, their FICO score is too low for them to qualify for a mortgage.  When I deliver the bad news, the borrower will often ask if they could qualify by adding a co-signer.  
Adding a Co-Borrower (someone like a spouse or partner who will be living in the home after it is purchased) or a Non-Occupant Co-Borrower (someone who will not be living in the home but agrees to be on the loan with the Borrower) is certainly an option on many types … (2 comments)

roseville mortgage: Down Payment Assistance Grant Program Now Available in California - 01/04/11 06:16 AM
Special program offered in California--first mortgage loan with a 3% down payment assistance grant for low- to moderate-income buyers!
  Grant may not exceed 3% of the first mortgage loan amount
Proceeds may be used for down payment and/or closing costs
Mortgage loan types - FHA, VA and USDA
Seller concessions allowed
Not limited to first-time homebuyers
Available through participating lenders
Borrower Eligibility:
•·       Occupy the residence as their primary residence; non-occupant co-borrowers are not allowed
•·       Borrower income cannot exceed income limits for the county in which the property is located
•·       Minimum 640 FICO score for all USDA transactions

roseville mortgage: How Much Down Payment Money Do I Need for a Mortgage? - 01/01/11 03:05 PM
How Much Down Payment Money Do I Need for a Mortgage?
As a Sacramento mortgage broker, I get asked this question a lot during the prequalification process.
First, what is a down payment?  It's a percentage of the purchase price which is paid at the time the home is purchased. 
Here is a helpful list of how much you can finance with each of these loan products: 
Veteran's Administration (VA) loans:  up to 100% financing* U. S. Department of Agriculture (USDA) loans: up to 100% financing* Specific rural areas; a list is also available Income restrictions on eligibility Federal Housing Administration (FHA) … (4 comments)

roseville mortgage: How to Choose a Power of Attorney for Your Signing - 12/24/10 03:11 PM

How to Choose a Power of Attorney for Your Signing
I recently had a Sacramento home purchase deal that was delayed by the lender's requirement for a second appraisal.  As we neared the close of escrow date, I got the following email from the buyers' agent:
"Hey, Ed!  Are we going to close this by the 27th?  The buyers are leaving the country for a month-long vacation beginning on the 29th."
The lender was not able to get the docs to escrow until the day after the buyers' departed.
So, when buyers are not available to sign, is the only option … (2 comments)

roseville mortgage: Don’t Make Vacation Plans When Buying a Home! - 10/26/10 11:37 AM
Don’t Make Vacation Plans When Buying a Home!
It seems straightforward enough.  Your sales contract says that your home purchase must close by (date) so you should be moved and ready for a vacation about a week later.  After the stress of a move, a long, relaxing vacation sounds wonderful, right?
As a Roseville Mortgage Broker, I've seen many home purchase transactions not close on time.  The close of escrow may end up being during your scheduled vacation, leaving you to lose money by changing your vacation plans, beg the seller for an extension to close after you return or try to … (3 comments)

roseville mortgage: Go to the Drug Store after Getting into Contract on a Home! - 10/26/10 09:29 AM
As a veteran of several "normal" purchase transactions in this market, I recommend that all buyers make a trip to their local drug store upon entering into a purchase agreement!
You will need to buy:
Alleve (for headaches) TUMS (for upset stomach) Stress ball (probably in the office supply section) Lavender infuser (for calming, probably in the housewares section) Audio CDs for relaxation and sleep (over by the videos) And on your way home, you might want to stop by the video store to rent a few comedies to take your mind off of the aggravation the lender is going to cause!

roseville mortgage: The Myth of Separate Credit on FHA Loans - 10/18/10 02:38 PM

The Myth of Separate Credit on FHA Loans
Some married couples here in Sacramento elect to maintain completely separate bank accounts, assets and debts.  Unfortunately, some think this means that when one spouse wants to buy a home that the other spouse's credit is not considered.
On a Sacramento FHA loan, this is often not the case. A credit report is run on the non-borrowing spouse and the spouse's debts are included with the borrower's debts.
This is no big deal if your spouse has clean credit and not much debt.  But what if they don't?  Some couples maintain separate finances specifically because … (1 comments)