conventional: How to Rock the 2023 Conforming Loan Limits!!!
- 12/01/22 08:46 AM
How to Rock the 2023 Conforming Loan Limits!!!
I ain't foolin'!
Even though there's been a whole lotta interest rate hikes in 2022. And even though there's been a whole lotta rumbling about home values declining in some areas, the FHFA will again be increasing the conforming loan limits into 2023.
This means that where the one-unit conforming limit was $647,200 in 2022, it will become $726,200 in 2023.
And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you may see the conforming limit go from $970,800 all the way up to $1,089,300.
Note that FHA and … (5 comments)
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conventional: How to Rock an FHA Home Loan!!!
- 10/06/22 08:16 AM
How to Rock an FHA Home Loan!!!
Are FHA loans just for first time home buyers?
Is an FHA mortgage the best choice if you have bad credit?
What if you have a low down payment, or even no down payment from your own savings?
If you're ready to quit renting right here and right now, let's learn how to rock an FHA home loan:
Watching the world wake up,
Rob Spinosa
SVP of Mortgage Lending
Guaranteed Rate
NMLS: 22343
Cell/Text: 415-367-5959
rob.spinosa@rate.com
Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960
*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved … (9 comments)
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conventional: How to Rock Cannabis Income on a Mortgage Application
- 04/05/22 09:12 PM
How to Rock Cannabis Income on a Mortgage Application
Fifty years ago, when the Doobie Brothers were flying high and the folks in China Grove were rising for another day, it would have been hard to imagine that marijuana would eventually be legal in some states. But, not legal in all states and not legal at the Federal level and that means those who work in the marijuana and cannabis industries can see their mortgage opportunities go up in smoke if not aligned with a lender who knows which programs and investors can navigate this relatively new industry.
So let's take it to … (8 comments)
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conventional: It's Cool to Conform in 2021
- 11/29/20 09:13 AM
It's Cool to Conform in 2021
If you know me, you know that I don't like to stick to convention. I was the teenager who skipped college, moved to Hollywood and played rock guitar. In my 20's, I saved up vacation time not for sandy white beaches but instead for expeditions to the harsh mountain environs of the world's highest peaks. In my 30's, I dove (literally) into the sport of triathlon --- an endeavor, to quote my Aunt Marge, that would be something she'd "rather die a thousand deaths" before contemplating. When I come to the fork in the road where straight and … (5 comments)
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conventional: What's a Piggyback Mortgage?
- 06/23/19 07:47 AM
What's a Piggyback Mortgage?
As if! As if mortgages weren't complex enough, now you're going to tell me there's such a thing as TWO mortgages stacked on top of each other --- just to buy the same home you could otherwise get with one mortgage? Are you a glutton for punishment?
OK, calm down. You're correct about the part that adding a second, or "piggyback," mortgage might add complexity, but you're not quite right about the fact that our buyer could have just as easily killed the proverbial financing bird with one stone/loan. Often, when we suggest borrower consider secondary financing, aka a piggyback loan, … (15 comments)
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conventional: Packing Light for Your Departure Property
- 11/12/18 10:08 PM
Packing Light for Your Departure Property
I fielded a call this week and it's one that comes in quite frequently. "We saw a place we really like and are thinking about putting in an offer. But we don't know what we're going to do with our existing home and don't think we have time to sell it first..." It's the classic "buy first" dilemma that I've covered before.
It's fair to assume that one place the mind goes when dealing with the "what to do" of the existing home is the notion of lining up a renter. Our buyers in this situation recognize that … (10 comments)
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conventional: It's 2018. Will I Lose My Tax Deduction if I Refi?
- 12/31/17 07:02 AM
It's 2018. Will I Lose My Tax Deduction if I Refi?
If you're asking this question, I'm going to go out on a limb and say you're experiencing some anxiety right about now. But no matter how bad it gets, realize things could always be worse. You could be the Internal Revenue Service and tasked on a couple weeks' notice with retooling your shop to both comprehend and implement the Tax Cuts and Jobs Act. So whether you're a homeowner, a CPA, a Californian, an IRS employee or a blue state Democrat, let's wash down a couple of Xanax with a strong martini … (22 comments)
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conventional: How to Not Get Burned When Financing a Flip
- 02/20/17 10:03 AM
How to Not Get Burned When Financing a Flip
"If you can't stand the heat, get out of the kitchen." Well, when buying a home, sometimes the heat permeates not only the kitchen but the entire joint because the home is considered a "flip." You mean like the proverbial burger flip? No, I'm talking about a flipped property.
A flip is a home that was recently sold to the current owner and quickly put back on the market. Just how short a span of ownership can be a matter of debate but we're going to limit the scope of our discussion to a time period of less than six … (3 comments)
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conventional: Foreclosure to the Edge
- 01/21/17 08:44 AM
Foreclosure to the Edge
Years ago, I felt the call of the mountains and dabbled in high altitude mountaineering. Man, I just loved the adversity of it all and the higher the peak and taller the challenge, the more I seemed to feel a sense of freedom and accomplishment upon having the experience. Once down from a summit, I would soon contemplate my next big adventure and often found myself referring to the French alpine rating scale to see what might be within the realm of possibility. Of course, in the language of love, even the deadliest of ascents had a nice ring … (4 comments)
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conventional: There's Never Just One Cockroach
- 01/17/17 07:28 AM
There's Never Just One Cockroach
I mean you have to admit that as far as sayings go, the one in the subject line is just about perfect; short, funny, edgy and all too close to home for any of us who have ever called home someplace a little less than luxe. So it must be true that as we begin 2017, for every call I field where a prospective home buyer will say, "Well, I had a short sale a few years ago..." there are probably a hidden, greater number of those who, for whatever reason, just don't call. And by all means, … (24 comments)
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conventional: One (Unit) is the Loneliest Number
- 09/18/16 07:41 AM
One (Unit) is the Loneliest Number
Have you noticed the convenient trend of pegging the millennial generation as either permanent couch surfers or hoodie-wearing, 20-something millionaires? Well, which is it? Are they going to be forever confined in impecunity to their parents’ basements or are they going to snap up that funky, San Francisco Victorian for $3+ mill with their stock payout, wall it off and inspire the envy of "The Social Network" himself?
The answer is, “I have no idea.” But a pattern I do see emerging is one where the economically viable
younger set, especially here in the San Francisco Bay … (2 comments)
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conventional: Waiting Periods for New Mortgage after BK, Foreclosure and Short Sales
- 03/17/11 07:22 AM
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How to Rock the 2023 Conforming Loan Limits!!!
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