conventional financing: Buy Again After Part 3 of 6 Conventional Financing - 06/19/14 04:44 AM

A short sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. The lender agrees to a payoff of a lesser amount than is actually owed, even on a current mortgage, to facilitate the sale of the property to a third party.
If a property is surrendered or included in a bankruptcy, it is considered a foreclosure and must follow the foreclosure seasoning rules.
A foreclosure is a legal procedure in which a mortgaged property is sold by the trustee to pay the outstanding debt following a … (0 comments)

conventional financing: 5% Gift Funds on High Balance Conventional Financing Now Available - 03/15/13 03:19 AM

Are you looking to purchase and are getting a little help from mom and dad?
Well we have some great news! Guidelines have just loosened up on high balance loans, or loans available in high cost areas such as San Francisco Oakland and Alameda with the loan amounts between $417,001 and $625,500.
Recently a borrower had to have their own funds of 10% down to qualify for conventional financing, gift funds were not allowed with 10% down.
Now, a borrower who is purchasing or refinancing, may receive a gift to be used towards the down payment, prepaid items, closing … (0 comments)

conventional financing: FHA vs Conventional Mortgages- What’s the Difference when buying a home for sale in Alameda Berkeley Oakland? - 03/02/11 10:09 AM
When I talk to home buyers looking for their options in Alameda, Berkeley, and Oakland they often think they have no options for financing. There are basically two types of financing available to the general public in this post credit crisis world. FHA and Conventional.
So what is the difference between an FHA mortgage versus a conventional mortgage?
FHA financing is a government insured loan that has become very popular, due in part to looser guidelines and lower down payments. The Economic Stimulus Act of 2008 went into effect March 6, 2008, and allowed the FHA to … (0 comments)

conventional financing: 95% Loan to Value is Back! - 12/10/09 06:48 AM
High LTV loans have pretty much gone by the wayside unless we are speaking of government lending programs since the big SubPrime/Alt A crash of August 2007. Declining markets and a lack of funding sources have definitely helped slow down the lending markets.  
As of October 30thFirst Priority Financial can once again fund 95% LTV loans in Caalifornia.  The guidelines are somewhat strict but for the right buyer this creates a fabulous opportunity not seen in 2-3 years.
The rates are comparable to the average market conventional rates of Fannie Mae and Freddie Mac. There is mortgage insurance but borrowers do not … (1 comments)