down payment: How a First Time Homebuyer Can Buy a Home with No Money Down - 09/12/23 06:01 PM
How a First Time Homebuyer Can Buy a Home with No Money Down
-Some don't need the ocean view.
-Some don't need the 4-car finished garage.
-Some don't need the extra bedroom/home office.
-Some don't need the picket fence or landscaped lawn.
-Some do need their first home and don't have a down payment.
-Some do need a lender credit to help with closing costs.
-Some do live, or will live, in eligible census tracts.
-Some do believe in the American Dream.
If you've been conditioned to think that only eligible veterans can finance a home without a down payment, or if you've been told that in order to purchase … (8 comments)

down payment: The Most Frequently Asked First-Time Homebuyer Questions - 04/13/23 07:58 AM
The Most Frequently Asked First-Time Homebuyer Questions
I realize it may seem daunting to ask what you feel may be the simple or even, er, "stupid" questions when you are a first-time homebuyer.  But by all means, DO NOT let your "pride" get in the way.
Questions like:
What is a pre-approval and how long is it good for? Do I need 20% down? Will applying for a mortgage hurt my credit? Should I shop multiple lenders? What's the best type of loan to get? When can I lock an interest rate? How much are closing costs? How does my lender get paid? … (1 comments)

down payment: How to Buy a House With an Affordable Mortgage - 02/07/23 08:02 AM
How to Buy a House With an Affordable Mortgage
Mama mia!  If I've said it once, I'll say it a thousand times:  You don't need to be a poor boy from a poor family in order to get an affordable mortgage!  Yes, you do need to be a first-time homebuyer.  Yes, your income needs to fall below the AMI or "area median income," which you can get a sense of at this link, Area Median Income Lookup Tool.  But beyond that, this sort of low income home loan can be very flexible and a great way to get your first place.
An AMI, … (3 comments)

down payment: How to Rock the 2023 FHA Loan Limits!!! - 12/18/22 03:38 PM
How to Rock the 2023 FHA Loan Limits!!!
I ain't foolin'!
Even though it seems like there's been nothin' but a whole lotta interest rate hikes in 2022, thankfully FHA borrowers, including first-time homebuyers, will see an increase to the FHA loan limit in 2023.
This means that where the one-unit conforming limit was $420,680 in 2022, it will become $472,030 in 2023.  That puts a house purchase of nearly $490,000 into range with FHA's lowest down payment requirement of 3.5%.
And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you will see the FHA limit … (3 comments)

down payment: How to Rock a Low House Appraisal Value!!! - 10/24/22 09:07 PM
How to Rock a Low House Appraisal Value!!!
You found the perfect home...
And the seller accepted your offer...
And your mortgage application is underway...
Until your appraisal comes in low.  What now???
Never mind all the bad advice that swirls around this dilemma.  There are a handful of effective ways to deal with an appraisal value that comes in under your offer price, so if you find yourself in this stressful situation today, get in touch.  Or perhaps you're a Realtor or buyer looking to better understand all of the tactics and tips that you can use to negotiate a low appraisal in today's challenging … (9 comments)

down payment: 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
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)

down payment: How to Rock a 10% Down Payment!!! - 07/14/22 12:17 PM
How to Rock a 10% Down Payment!!!
Why go home to your grungy apartment when you can buy your first home instead?  Oh, what's that?  Haven't saved the full 20% down payment?  Live in a part of the country where home prices and loan sizes easily outpace the capacity of conforming, FHA and even VA loans?
Let's learn how to rock the best of the 10% down jumbo mortgage options, some without PMI, and jam on why with a changing real estate market, you may be in luck with half the down payment you thought it might otherwise take. 
Jeremy's spoken,
Rob Spinosa
SVP of Mortgage … (3 comments)

down payment: How to Rock Second Home or Rental Property? - 05/19/22 11:55 AM
How to Rock Second Home or Rental Property?
Mortgage guidelines are positively prehistoric when compared to newer companies like AirBnB and VRBO, which have gained popularity as interest in short-term rentals has increased.
But when it comes to getting a home loan on a property that is not your primary residence, you have to state on your mortgage application whether you have a second (or vacation) home or you have a rental (aka investment) property, and there is no middle ground for a "vacation rental."  However, there can be real consequences if you get the classification wrong.  
So, let's rock the distinction between vacation … (11 comments)

down payment: How to Rock a Family Opportunity Loan - 05/04/22 08:49 PM
How to Rock a Family Opportunity Loan
Looking to purchase or refinance a home for your elderly parents who wouldn't otherwise be able to obtain a mortgage on their own?
Looking to assist a disabled or special needs adult child with housing or his/her own?
Or how about putting a college-bound child into off-campus housing that you decide to purchase?
All of these are both common scenarios and often difficult ones as viewed by the inflexible guidelines in the mortgage industry.  Until now...
The Family Opportunity Mortgage can be a great way to thread the needle of otherwise detrimental occupancy requirements for primary homes, second or … (4 comments)

down payment: How to Rock a Bridge Loan - 04/21/22 08:07 AM
How to Rock a Bridge Loan
If you've been lamenting how tough it is to get your offer to buy a home accepted these days, think about how much more difficult it is for those who must buy a new home BEFORE selling their existing one.  After all, it's practically impossible to make a contingent offer --- defined as one that would allow you to sell your existing home first.
It's usually in this stressful environment that someone well-meaning; a friend, a co-worker, even a Realtor, will swoop in and advise our buyer to "Just get a bridge loan!," as if there is … (6 comments)

down payment: How to Rock Cryptocurrency As Your Down Payment - 03/10/22 08:03 AM
How to Rock Cryptocurrency As Your Down Payment
The mere mention of the words "bitcoin" or "cryptocurrency" or "blockchain" is sure to evoke comments and reactions that will be far-reaching.  There will be the speculators who rolled the dice and came up winners, or who are still white-knuckling their wild ride.  There will be financial technicians who have been forced to grasp how this technology has the potential to disrupt the exchange of currency as we know it.  But more than the reactions of either of these two subsets, you'll encounter the expressions of the mostly and mildly bewildered.  Because really, when … (4 comments)

down payment: Median Home Price, Meet Median Buyer - 07/23/21 08:14 AM
Median Home Price, Meet Median Buyer
A very long time ago I saw an email address that read 'averageandhappy@...' and I thought, "Wow, here I've been my whole life trying not to be mediocre and then someone just goes and finds happiness in all of it." I wasn't sure if I should be resentful or relieved...
Years have passed and I've had the opportunity to observe the real estate market in my corner of the universe, namely the San Francisco Bay Area, which includes Marin County, the city of SF, Oakland/East Bay and the Silicon Valley.  Few would consider this an "average" market … (2 comments)

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)

Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

Rob Spinosa

Mortgage Loan Originator, Marin County

Larkspur, CA

More about me…

US Bank

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

Office: (415) 367-5959

Mobile: (415) 367-5959

REX Homebuyer Participating Lender

80-10-10 Loans

What Happens if My Appraisal Comes in Low?

Can I Get a Cosigner on a Mortgage?




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