down payment: Your Pandemic Guide to a Jumbo Mortgage - 05/23/20 08:17 AM
Your Pandemic Guide to a Jumbo Mortgage
"Our Realtor said it's very difficult to get a jumbo loan these days."
"We tried to do a cash out jumbo refi on our place but our bank told us that they're not doing those anymore."
"We wanted to refinance our jumbo loan but by the time we did the research the rates weren't any lower than what we have already."
"Is it possible to refinance a jumbo loan without having to move our savings and investments to the bank who's making the mortgage?"
"We have a 20% down payment and are looking to buy a house that requires … (5 comments)

down payment: 10% Down Payment Mortgage - 04/05/20 08:39 AM
10% Down Payment Mortgage
But I don’t get it. 2020 started just like the many of the years that preceded it. Sure, there was a seasonal slowdown in home buying activity as we got through 2019’s holiday season and got the new year underway, but with interest rates at historic lows, a strong seller’s market in the San Francisco Bay Area and lots of buyer competition for any desirable home that came on the market, it looked like deja vu all over again for anybody looking to purchase a home. In other words, here we go again with having to come up … (23 comments)

down payment: OK Boomer, You Don't Need 20% Down - 11/09/19 08:23 PM
OK Boomer, You Don't Need 20% Down
Bound to happen from time to time in the digital age, a saying goes viral --- in this case, "OK, boomer," --- which is meant to expose a close-minded or out-of-touch opinion, thought or mindset of one generation by another (I'll let you figure out the age demographics here).  Hopefully, the topic of this blog will transcend generational differences and address the assumptions about the down payment one needs to make when purchasing a home, versus the reality of what we see every day with those who are actually buying homes.  I think you'll be … (38 comments)

down payment: Investment Property Jumbo Mortgage with Low Down Payment - 07/07/19 09:22 AM
Investment Property Jumbo Mortgage with Low Down Payment
Since I'm in California, and property values where I live and work tend to be on the, shall we say, higher side, residential real estate investors --- those looking to purchase a home of 1- to 4-units to be used as an income-producing property --- can sometimes be limited in their attractive jumbo mortgage options.  This is especially true if they are looking to keep their down payment as low as possible.  Many potential rental property buyers are told flat out that even a 20% down payment is California dreamin', and that a jumbo … (0 comments)

down payment: Jumbo Mortgage with 5% Down Payment - 06/17/19 07:36 AM
Jumbo Mortgage with 5% Down Payment
You never hear anyone say "Give it 95%!," do you?  And, curiously, when it comes to getting a jumbo mortgage, that still holds true --- the vast majority of homebuyers still think it takes a 20% down payment to enter the market. As of 2019, there are 34 metropolitan statistical areas (MSAs) in California that have a maximum conforming loan limit of $484,350.  Another handful of counties can only get to a jumbo-conforming limit of around $550,000.  So what do these homebuyers do if they have a maximum of a 5% down payment yet need to exceed … (1 comments)

down payment: FHA FAQ - 05/07/19 07:17 AM
Maybe you just got the news from your loan officer that you need an FHA loan in order to qualify for your home purchase.  "Oh brother," you say, another acronym, additional lending jargon and still more ways to be confused about the whole mortgage process.  Or not?  What are the differences between an FHA loan and a "regular" or conventional mortgage?  Let's take a look at some of the most frequently asked questions that swirl around FHA loans and cut right to the chase of what you need to know in order to determine if an FHA loan is a … (11 comments)

down payment: Using a Jumbo Mortgage to Buy a Second Home in Hawaii - 03/17/19 08:14 PM
Using a Jumbo Mortgage to Buy a Second Home in Hawaii
Who, stateside, doesn't at least want to entertain the idea of calling it a long work week, heading to the airport and then a few hours later touching down on one of the Hawaiian islands?  What if you're on the cusp of that reality and have decided to buy a second home in Hawaii and need a jumbo mortgage to help you achieve that goal?  I am a licensed mortgage loan originator in Hawaii, can help and here's what my clients need to know.
What Is a Second Home?
While any vacation residence … (0 comments)

down payment: Can You Get a Mortgage with an ITIN? - 01/30/19 07:20 AM
Can You Get a Mortgage with an ITIN?
The fact is, despite a very hotly contested immigration debate today in our nation, there are likely several million people in the United States who do not have a Social Security number (SSN), but pay billions in taxes every year.  These individuals might be non-resident foreign nationals who receive taxable income from a US business.  Or they may be dependents or spouses of citizens or permanent residents (green card holders) or foreign nationals on work visas.  But if they earn income here, how would they file a tax return without an SSN, you might ask?  … (0 comments)

down payment: The Most Wonderful Time of the Year (to Get Gift Funds) - 12/16/18 08:59 PM
The Most Wonderful Time of the Year (to Get Gift Funds) 
It's that time of year again when holiday gift giving is on everyone's mind.  But you know me, compulsive mortgage professional, I want to focus on  but a single aspect of the loan process --- gift funds--- this same form of largesse that is received by a fortunate few and for the purpose of  purchasing a home.  As we go into the holiday season, I want us all to keep in mind that right behind Santa's sleigh is Auld Lang Syne.  And when we're talking tax implications for gift funds, this can matter.
For 2019, the IRS annual … (2 comments)

down payment: For Those About to Buy a Home - 11/06/18 07:07 AM
For Those About to Buy a Home 
I started to get curious about Fannie Mae's HomeReady mortgage program when pricing out loan scenarios that could lean towards either conforming or FHA.  I needed to get a sense of which would provide the better fit for the client.  In so doing, this HomeReady program, about which I knew relatively little, kept splitting the difference.  The age-old question loomed:  Is the scenario a better fit for FHA with its lower interest rates, but higher and permanent mortgage insurance premiums, or is it a better match for conforming, with its higher rates but lower PMI … (6 comments)

down payment: Can I Get a Cosigner for a Jumbo Mortgage? - 09/12/18 07:35 AM
Can I Get a Cosigner for a Jumbo Mortgage?
Parents have been helping their kids buy homes since, I'd guess, kids have been buying homes, but in today's lending environment, it's important that both borrowers and real estate professionals avail themselves of the most current options, advantages and guidelines.  After all, knowledge is power and there are really only two main approaches, gift funds and co-signing, that come into widespread use when we talk about introducing family help into the mortgage approval process.
Gift Funds
Borrowers of all stripes use gift funds and do so far more often than the general public would estimate.  But on … (12 comments)

down payment: Somebody Get Me a Doctor Loan! - 08/27/18 09:43 PM
Somebody Get Me a Doctor Loan!
"Robert Spinosa, the doctor will see you now."
"Hello Mr. Spinosa, what brings you in today?  Annual check up?"
Well, actually you, Doc.  You're bringing me in today.  I hear you're trying to buy a house.
"Uhhh, how did you know?"
Maybe it's the aura of the student loans that I could sense from the waiting area.  We both know medical school doesn't come cheaply, right?  So I just figured I'd come in for a sort of annual check-up for both of us and find out if your student loan payments have been in deferment or forbearance for a year or more?
"A … (1 comments)

down payment: Buy Before Selling? Four Sure Four Sure! - 08/22/18 08:08 AM
Buy Before Selling?  Four Sure! Four Sure!
In strong sellers' markets, like the San Fernando Valley, the San Francisco Bay Area and many other areas across the country, making a contingent offer is a virtual impossibility.  That is, when a buyer must sell his current home first in order to close on the new one, and when the purchase offer on the new home is specifically written to alert the seller that the two transactions are interdependent, it is said to be "contingent."  Another, less subtle, way to describe contingent offers might be, "dead on arrival."  This is because the seller knows … (30 comments)

down payment: Poor Richard, the First Time Home Buyer - 08/15/18 07:27 AM
Poor Richard, the First Time Home Buyer
If I've learned anything in the current political environment it's that you can't make people see things they choose not to look for.  But what about the opposite?  What happens when the truth is hard to find?  Or, better still, what if the question at hand involves a bit of both?  That is, what if people don't have the inclination to look for something that is a bit difficult to locate?  With the help of one of our Founding Fathers, we're going to dispense some wisdom and address this dilemma in the context of a first time … (3 comments)

down payment: No Tax Returns, No Cry - 07/22/18 12:20 PM
No Tax Returns, No Cry
While it never rivaled in popularity its sister reggae tune of genre-defining, historic significance, let's dust off this platter and give it a spin.  Because let's face it, in the fully-documented world of today's mortgage qualifications it would seem that if you're self-employed, or if you're a real estate agent who gets a 1099, you pretty much have to shoot the sheriff if you want to get a decent loan but don't have two, strong years of tax returns.  No more. 
Our bank statement program may allow you to qualify with just 12 months of business bank statements.  … (6 comments)

down payment: How to Get a Jumbo Mortgage After Foreclosure Fallout - 07/16/18 09:26 PM
How to Get a Jumbo Mortgage After Foreclosure Fallout
When economic war ravaged the real estate market a decade ago, statistics show that peak foreclosure activity in the US occurred somewhere in 2010, but that we continued to experience an elevated level through at least 2013.  Therefore, at the tail end of the real estate recession, those who lost their homes to foreclosure may still be only five or six years, if not less, from the credit event that largely determines their fate when they try to re-enter the housing market. Can they do it? What about if they need a jumbo mortgage?
What … (2 comments)

down payment: I'm from the IRS and I'm Here to Help... - 07/06/18 12:25 PM
I'm from the IRS and I'm Here to Help...
Yes, that's right.  The Internal Revenue Service wants to ride in like a knight in shining armor and help some of you close your home loans.  Will you be the lucky beneficiary?  Let's take a look at what, on the surface, seems to be "mission impossible."  The IRS is only there to impede, to take from us and to delay, right?  Not always.
From time to time, there are situations where a borrower is in the mortgage process and has both the down payment requirement and a Federal tax obligation.  And, as you might … (22 comments)

down payment: Can You Use Foreign Currency to Get a Mortgage? - 07/05/18 07:57 AM
Can You Use Foreign Currency to Get a Mortgage?
Is your down payment coming from abroad?
Do you have a foreign bank account that you’re showing on your mortgage application?
Are you obtaining a gift from a family member in another country?
These are all questions that might come up when we’re working with our clients who may be employed by a foreign company or who may be permanent residents (green card holders) or non-permanent resident aliens of the United States. The question really becomes, “Can I use a foreign currency to qualify for a mortgage?” We’ll look at some of the … (2 comments)

down payment: Go Shorty: How to Get a Jumbo Mortgage After a Short Sale - 06/28/18 06:06 AM
Go Shorty:  How to Get a Jumbo Mortgage After a Short Sale
We’re halfway through 2018 and by now, what some would describe as the “peak” of the real estate recession is almost a decade in the rear-view mirror. Still, statistics show that short sales continued to increase in number until about 2012. Those transactions now have nearly six years of “seasoning,” or time that has elapsed since the short sale was final. Fortunately, and in many cases, this interim has allowed potential home buyers enough time to restore their creditworthiness and to reconsider entering the housing market. Can they do it? … (4 comments)

down payment: VA Jumbo Mortgages in California - 06/05/18 07:51 AM
VA Jumbo Mortgages in California
I marked this year's Memorial Day with a weekend full of kids' activities --- my son's t-ball season wrapped up and then there were about a half-dozen birthday parties that followed. Fairly typical, I am told, for parents these days. But quick on the heels of the three-day weekend, I realized the anniversary of D-Day was coming up and that just a couple of years ago I had the good fortune to visit the beaches of Normandy, France. The two occasions together got me thinking about our nation's veterans and how our industry helps them use one of … (0 comments)

Rob Spinosa, SVP of Mortgage Lending, Marin County (Guaranteed Rate, Marin County, CA) Rainmaker large

Rob Spinosa

SVP of Mortgage Lending, Marin County

San Anselmo, CA

More about me…

Guaranteed Rate, Marin County, CA

Address: 324 Sir Francis Drake Blvd., San Anselmo, CA, 94960

Office: (415) 367-5959

Mobile: (415) 367-5959

Email Me

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