va: 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)
|
va: 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)
|
va: 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)
|
va: 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)
|
va: 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)
|
va: Making the Youtube Leap in 2022!
- 01/06/22 06:10 PM
Making the Youtube Leap in 2022!
A few days ago, out of the blue, I got a call from Lynn Friedman, with whom I had last spoken years ago. We were initially connected on Active Rain, and to the uninitiated, this is one of the true joys of the platform --- the ability to make a connection across the country even though you may not share an immediate business need. This real estate fast track can fill a social and professional void that can often be lacking in our respective industries. Our conversation lasted longer than we both expected, I'm sure, but … (12 comments)
|
va: 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)
|
va: The Older I Get The More I Conform
- 12/10/17 08:40 AM
The Older I Get The More I Conform
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 … (6 comments)
|
va: VA Jumbo: The Mother of All Loans
- 05/02/17 06:55 AM
VA Jumbo: The Mother of All Loans
Say what you will about the current adminstriation's foreign policy (or any of its policies, for that matter), but the headline news about dropping some really big ordnance got me thinking about something else that can go really big in a veteran's favor --- VA jumbo mortgages.
At least here in Marin County, CA, just north of the Golden Gate, we don't see a lot of VA loan scenarios and it's a shame. Because I'm licensed to originate mortgage loans throughout the state of California, I am aware that there are geographical pockets where Veteran's Adiminstration … (21 comments)
|
va: How Much Down Payment Do I Need to Buy a Home?
- 11/21/14 10:43 PM
How Much Down Payment Do I Need to Buy a Home?
As kids, there are just some things we all learn while we’re growing up:
Never drink soda after you eat Pop Rocks. Cracking your knuckles will give you arthritis. You’ll catch a cold if you go outside without a jacket. It takes a 20% down payment in order to buy your first home.
After having both a good laugh and some time to gain a little experience, we come to find out that things are not always as we believed when we were much younger. However, in … (5 comments)
|
va: California Mortgage Rate Update: 01/17/12
- 01/17/12 09:10 AM
… (0 comments)
|
va: Weekend Availability + Implications of a Government Shutdown
- 04/08/11 02:48 PM
Real Estate Professionals, While the Government may be shut down (see below), I will be available this weekend to assist with your clients' pre-approvals, offer letters and home loan questions. If I can be of service, feel free to reach me on my cell phone at 415-367-5959, or by e-mail at rspinosa@rpm-mtg.com. Seriously, should we experience a shutdown of the Federal government, here are some of the implications to the real estate financing process. If you have a transaction in process with another lender, be sure to get clarification on how your escrow could be impacted. For RPM, we are issuing … (1 comments)
|
|
|
|
The Most Frequently Asked First-Time Homebuyer Questions
;)
;)
;)
