FHA Loan Limits CA is a post from: FHA,VA and Conventional Home Loans in all 50 States
There are thousands and thousands of homeowners across the state of California that have lost their homes to foreclosure or sold their home as a short sale. This article will discuss how long you have to wait after a short sale or foreclosure to get a VA loan, get FHA loan or get a conventional loan.
How long do I have to wait to get a mortgage again after a Short Sale?
If you sold your house as a short sale, in most cases you will have to wait two years from the date of the short sale to be able to get any type of mortgage, VA loan, FHA loan or conventional loan. There is only one exception when it comes to qualify FHA loan:
- If you did not have any mortgage late payments leading up to your short sale AND you sold your home because you had to relocate for a job transfer
That is the only exception. So really the vast majority of homeowners that sold their home in a short sale will have to wait two years from the date of the short sale to get a VA loan, get FHA loan or get a conventional loan.
How long do I have to wait to get a mortgage again after a foreclosure?
- VA loans 2 years
- FHA loans 3 years
- Conventional loans 7 years
Something to keep in mind is VA and FHA loans are only for owner occupied primary residences. If you want to buy and investment property or second home, the only choice is a conventional loan. So if you had a foreclosure, you will have to wait seven years before you can buy and investment property or a second home with a conventional loan.
So that is a quick summary. The good news is if you had a short sale you will be able to buy again fairly soon, two years will go by fast. And even if you had a foreclosure, it is only a two year wait to get a VA loan if you are VA eligible or three years to get FHA loan.
And here is a quick reminder in the latest updates of the benefits of VA lending in California:
- If you qualify VA loan it is a 100% financing zero down loan. It is the only 100% financing mortgage loan available today. The next best is FHA with 3.5% down.
- VA loan 30 year fixed interest rates are still very, very low compared to historical norms
- California VA loans available with 100% financing all the way up to $600,000, $700,000 and beyond depending which county you buy in California. This allows you to buy with VA 100% financing even in coastal areas such as San Diego, Los Angeles, San Jose, San Francisco and Orange County. A VA loan over $417,000 is a jumbo VA loan.
- VA loan credit scores do not have to be perfect, you just need a 600 score to qualify.
- You can get a second VA loan (and 3rd, 4th, etc…) even if you have had a VA loan before, but you can only have one at a time.
- VA loan benefits include a waived VA funding fee for veterans if you receive any VA disability pay. This is a savings of thousands and thousands of dollars
- VA lending has NO monthly mortgage insurance. You have to put 20% down to get any other type of mortgage with no monthly mortgage insurance.
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
How Many Years Do You Have To Wait To Qualify For a Mortage After a Short Sale or Foreclosure in California? is a post from: VA Home Loans 858-922-7899
10% Down Only Needed To Buy Invesment Property With Homepath Mortgage In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
Fannie Mae Homepath Mortgage is a very special mortgage you can only get on foreclosed homes that are now owned by Fannie Mae. I wrote more about them in this article http://www.socalfhahomeloans.com/fannie-homepath-mortgage-great-option-to-buy-in-california/. These properties are listed on your local MLS and your real estate agent should be able to do a search for you just to find Fannie Mae owned properties only.
However in this article I’m going to discuss getting Homepath financing on an investment property or second home. To buy an investment property today, a borrower has to put at least 20% down. But if you buy a Fannie Mae Homepath owned home with Homepath financing you only have to put 10% down. This is a big difference in cash outlay for an investor who is buying rental properties. Putting only 10% vs. 20% down allows you to buy more properties and keep more money in your bank account vs. locked up in the property.
Additionally, you get a homepath mortgage on a second home with 10% down. A second home is a home that is used for vacation purposes. So if you see a house in California the mountains, the beach, the desert, on a lake, etc… that is owned by Fannie Mae, you can call me and apply for a 10% down homepath loan.
One thing to be aware of with qualifying for a homepath mortgage on an investment property, is you cannot count the projected rent from the rental house you are buying as income towards qualifying. So you have to qualify to buy the property counting all of the PITI (principle, interest, taxes and insurance) as debt. Whereas when you buy a standard conventional investment property with 20% down, you can count the projected rent as income if you have two years of landlord experience. All Fannie Mae Homepath foreclosed homes will be vacant when you buy them.
There are some tremendous advantages of Fannie Mae Homepath Mortgages listed below:
- Remember, it has to be a Fannie Mae owned home to get this special financing. Your Realtor should be familiar with Fannie Mae listings and it will almost always say the property is Fannie Homepath in the MLS listing
- Homepath minimum down payment is only 3%
- Homepath mortgage financing is available on a wide range of properties in all locations in California; from higher priced coastal areas such as San Diego, Orange County, Los Angeles, San Jose, San Francisco….to lower priced inland areas such as Sacramento, Fresno, Inland Empire, and everywhere!
- The is NO mortgage insurance with Homepath Loans! HUGE advantage! No up front OR monthly mortgage insurance. This compares favorably to FHA loans which have a 2.25% up front mortgage insurance cost and a .5 to .55 monthly mortgage insurance cost. Standard conventional loans carry monthly mortgage as well.
- There is NO worries of condo eligibility with Homepath loans. With FHA loans and conventional loans, condo projects have to pass a whole bunch of tests such as % owner occupancy, % hoa due defaults, hoa maintenance reserves. Homepath Mortgage Financing requires NONE of these checks!
- There is NO appraisal required with a Homepath Loan. This saves you the cost of an appraisal and the potential obstacles to financing an appraisal can create
So I hope you enjoyed the article and please give me a call if you have any questions about Homepath Financing in California. Call me at 858-922-7899 or homeloan8@gmail.com.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and Homepath, FHA, VA specialist)
858-922-7899
Fannie Mae Homepath Mortgage is a very special mortgage you can only get on foreclosed homes that are now owned by Fannie Mae. I wrote more about them in this article http://www.socalfhahomeloans.com/fannie-homepath-mortgage-great-option-to-buy-in-california/. These properties are listed on your local MLS and your real estate agent should be able to do a search for you just to find Fannie Mae owned properties only.
However in this article I’m going to discuss getting Homepath financing on an investment property or second home. To buy an investment property today, a borrower has to put at least 20% down. But if you buy a Fannie Mae Homepath owned home with Homepath financing you only have to put 10% down. This is a big difference in cash outlay for an investor who is buying rental properties. Putting only 10% vs. 20% down allows you to buy more properties and keep more money in your bank account vs. locked up in the property.
Additionally, you get a homepath mortgage on a second home with 10% down. A second home is a home that is used for vacation purposes. So if you see a house in California the mountains, the beach, the desert, on a lake, etc… that is owned by Fannie Mae, you can call me and apply for a 10% down homepath loan.
One thing to be aware of with qualifying for a homepath mortgage on an investment property, is you cannot count the projected rent from the rental house you are buying as income towards qualifying. So you have to qualify to buy the property counting all of the PITI (principle, interest, taxes and insurance) as debt. Whereas when you buy a standard conventional investment property with 20% down, you can count the projected rent as income if you have two years of landlord experience. All Fannie Mae Homepath foreclosed homes will be vacant when you buy them.
There are some tremendous advantages of Fannie Mae Homepath Mortgages listed below:
- Remember, it has to be a Fannie Mae owned home to get this special financing. Your Realtor should be familiar with Fannie Mae listings and it will almost always say the property is Fannie Homepath in the MLS listing
- Homepath minimum down payment is only 3%
- Homepath mortgage financing is available on a wide range of properties in all locations in California; from higher priced coastal areas such as San Diego, Orange County, Los Angeles, San Jose, San Francisco….to lower priced inland areas such as Sacramento, Fresno, Inland Empire, and everywhere!
- The is NO mortgage insurance with Homepath Loans! HUGE advantage! No up front OR monthly mortgage insurance. This compares favorably to FHA loans which have a 2.25% up front mortgage insurance cost and a .5 to .55 monthly mortgage insurance cost. Standard conventional loans carry monthly mortgage as well.
- There is NO worries of condo eligibility with Homepath loans. With FHA loans and conventional loans, condo projects have to pass a whole bunch of tests such as % owner occupancy, % hoa due defaults, hoa maintenance reserves. Homepath Mortgage Financing requires NONE of these checks!
- There is NO appraisal required with a Homepath Loan. This saves you the cost of an appraisal and the potential obstacles to financing an appraisal can create
So I hope you enjoyed the article and please give me a call if you have any questions about Homepath Financing in California. Call me at 858-922-7899 or homeloan8@gmail.com.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and Homepath, FHA, VA specialist)
858-922-7899
We are a direct lender offering Homepath Financing.
10% Down Only Needed To Buy Invesment Property With Homepath Mortgage In California is a post from: VA,FHA and Conventional Loans 858-922-7899
Getting New Loans Up to 10 Total Mortgage Loans In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
The guidelines for Fannie Mae allow each individual to have up to 10 financed mortgage loans. Not every lender will lend past 4 financed properties, but we will! Here are the guidelines for getting a mortgage to buy or refinance a property if you have more than 4 mortgages already:
- 25% down payment or 25% equity in the property
- 6 months of PITI payments in cash reserves for each property you own (PITI stands for principle, interest, taxes and insurance)
- 720 middle credit score
So it’s that simple, this is all we require for mortgages 5-10. Send me an email at homeloan8@gmail.com or call 858-922-7899 if you have any questions.
Some advantages of conventional loans today:
- 5% down payment conventional loans if owner occupy
- 3% down payment Homepath mortgage on Fannie Mae owned properties owner occupy
- 10% down payment Homepath mortgage on Fannie Mae owned properties 2nd home or investment
- Homepath mortgage on Fannie Mae owned condos require no condo qualifications
- Conventional interest rates are possibly the lowest they have ever been in history
- Loan amounts up to $729,750 in many areas of California such as Los Angeles, San Diego, San Jose, San Francisco, Alameda County, Contra Costa County, Santa Barbara County, Orange County and more
For more FHA, conventional, VA, or Homepath loan information in California feel free to send me an email at homeloan8@gmail.com or call at 858-922-7899.
Warmly,
Rob Chomentowski
Sr. Loan Officer (FHA, VA and conventional mortgage loan specialist)
858-922-7899
Prices are down on houses pretty much in every state and every city in the U.S. So this makes it an excellent time to be a buyer and take advantage of the low home prices to move up to a better house in a better location. One issue that holds many back is that they own their current home that they live in and could not qualify for a new mortgage loan with having to count both housing payments to qualify. And FHA and conventional loans require you to have 25% equity in your current house to count as income to qualify the projected rent you will get from the house you are moving out of. The good news for VA eligible borrowers is that VA homeloans allow you to count the projected rent you will get on your house you are moving out of as income to qualify for a VA loan on a new primary residence. Very few VA lenders will allow this, but we will.
Generally to count the rent of the house you are moving out of as income to qualify VA loan, you will just have to supply a signed lease that will take effect when you move into the new house that you purchase.
Because many homeowners in California are upside down or have little equity in their houses, they are NOT able to take advantage of the incredible home prices and interest rates right now because FHA and conventional financing requires them to have 25% or more equity in their current house to be able to use the projected rent it will get to qualify for a mortgage loan on a new primary residence. This is preventing thousands and thousands of potential home buyers from moving up to a nicer house in a better neighborhood. However if you are eligible for a VA mortgage, you may be able to take advantage of the low prices and move up to a better house because we allow you to count the projected rental income on the house you are moving out of.
So if you have any questions regarding this guideline or any other question about VA, FHA or conventional home loans feel free to give me an email at homeloan8@gmail.com or a call at 858-922-7899.
And some other general current and up-to-date advantages of VA lending:
- VA loan credit scores do not have to be perfect, a 620 score can get you a top VA loan interest rate
- VA loan limits in California go up above $900,000 for 100% financing in certain counties. And many cities and counties such as Los Angeles, Orange County, San Diego, San Jose and San Francisco have very high VA loan limits
- VA homeloans have NO monthly mortgage insurance, a big advantage over FHA and conventional loans
- VA lending requires NO down payment, the loans are 100% financing
- Interest rates VA loan are still at close to 50 yea historical lows
- VA loan streamline refinance allows you to drop into a low interest rate easily if you already have a VA loan
- You can get a second VA loan if you have paid off your first VA loan, even a 3rd, 4th etc… But you can only have one VA loan at a time
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA, FHA or conventional loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
Rent Out Current House And Get a VA Loan To Buy A New House In California is a post from: VA Home Loans 858-922-7899