If you are looking to buy a home in California you may still be able to collect the $8,000 federal tax credit. If you were deployed out of your living area for a period of 90 days from 4/31/2009 to 4/31/2010, and you close on a home by 4/31/2011, you may very well be able to still collect the $8,000 tax credit. This is ONLY available to military members. And if you are active military or veteran, you can use your VA eligibility to get a VA loan with 100% financing with very low 30 year fixed rate mortgage.
So qualifying for this tax credit is something to look into if you are eligible. Getting a check for $8,000 from the IRS after closing on a new house can be very helpful with post closing home furnishing, fixing up the house or keeping in the bank as reserves.
So give us a call if you are interested in applying for a VA home loan. Below are some of the very latest and up-to-date highlights of VA financing in California:
- VA loans are 10o% financing. This is the only 100% financing loan available to buy anywhere you want in California.
- VA loan limits can be very generous across the state of California. Alameda, Contra Costa, San Mateo and San Francisco Counties allow all the way up to $962,500 with 100% VA financing. Los Angeles and Orange County allow up to $593,750 with a zero down VA home loan. You can even go above these VA loan limits with a small % down.
- VA homeloans have NO monthly mortgage insurance. This is the ONLY loan today with less than 20% down that has NO monthly mortgage insurance.
- If you receive any VA disability pay, the VA funding fee is waived. This can amount to many thousands in savings.
- VA loan credit – your credit score only has to be 620 to get some of the best interest rates available. VA loan bad credit – if you think you have bad credit we are specialists at assisting you with improving your credit to qualify
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
VA Lending In California – $8,000 Tax Credit Still Available To Certain Borrowers is a post from: VA Home Loans 858-922-7899
How to Get FHA Loan After a Loan Modification in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
Over the past three years many homeowners have had their mortgage loans modified by their mortgage lender because they have been unable to make payments on their loan because of the economy, falling home prices, or because they were stuck in an adjustable loan. But now some of those homeowners are back on their feet financially and would like to sell or move out of their primary residence where they had the mortgage loan modification, and take advantage of the current extremely low home prices in California and buy a NEW primary residence with a 3.5% down FHA loan and a low 30 year fixed rate mortgage loan.
There is a wide variance of how lenders are treating new borrowers who want to qualify for a FHA loan after a loan modification. Many lenders are saying if the loan modification is reporting on the credit report as “settled for less than full balance”, they will treat this the same way as a short sale or foreclosure and you will have to wait three years after the loan modification to get a new FHA loan. However, even if you have you loan modification reported this way, we are able to qualify you for a new FHA loan mortgage as long as you did not have any late payments leading up to the loan modification and you have had no lates on the modified loan in the last 12 months.
So if you have had a loan modification and you are interested in getting FHA loan approval to buy a new house in California give us a call. We can discuss your situation, check your credit to see how the loan modification is reporting to your credit, and possibly get you approved to buy with FHA financing.
Here are some of the very latest up-to-the-minute highlights of FHA mortgage loans:
- FHA loan limits in many California areas such as Los Angeles, Orange County, San Diego, San Francisco, and San Jose go up to $729,750. This would allow you to purchase a property of up to $756,000 with a 3.5% down FHA home loan.
- FHA loan down payment is only 3.5% and this can be a gift from a relative
- FHA loan credit score only has to be 620. And if you score is below 620, we can assist you in quickly improving your credit score to qualify FHA loan.
- FHA loan rates are incredibly low right now
- FHA loan requirements allow you to have a non-occupying co-borrower to help you qualify FHA loan
So feel free to email or give us a call if you have any questions at all about getting approved for mortgage financing.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and Homepath, FHA, VA specialist)
858-922-7899
You can get a va loan after a short sale or foreclosure
VA Loan After a Short Sale is a post from: VA Home Loans 858-922-7899
As the California economy goes through some tough times, sometimes veterans are forced to go through bankruptcy protection. However, many veterans in a short time period will get back on their feet and re-establish their credit, and soon want to take advantage of today’s low home prices in California and get a VA loan to buy a new residence. Well, one great benefit of VA homeloans is that VA loan requirements allow you to qualify for a VA loan only two years after a Chapter 7 bankruptcy discharge.
So if you have had or will have a Chapter 7 bankruptcy, do NOT believe you cannot buy a home again! Quite the contrary, you may be able to get a VA loan with 100% financing right now or in the near future. A couple of things to keep in mind after your Chapter 7 bankruptcy in preparing qualify VA loan:
- Try to re-establish you credit after the Chapter 7 bankruptcy by getting some low balance store credit cards or secured credit cards and keep a very low balance and pay off monthly
- Do NOT ever miss a payment on ANYTHING that reports to your credit after your bankruptcy discharge. VA lending is generous in giving you a chance to get a VA loan to buy a home only two years after a Chapter 7 bankruptcy, but they do not like it if they see ANY late payments reporting to your credit AFTER your bankruptcy discharge.
So there you have it. If it has been two years since your bankruptcy 7 discharge or it is getting close and you want to get a VA loan buy a home in California, give me a call or email and we can discuss (858-922-7899 or homeloan8@gmail.com).
And below are the most up-t0-date highlights of VA financing in California today:
- Jumbo VA loan limits in California can go up to $962,500 with 100% financing in San Francisco, San Mateo and Alameda counties, and $593,750 in Los Angeles and Orange County
- VA loan interest rates are at the lowest in history
- VA loan streamline refinance IRRRL loans can allow you to drop you rate to today’s historic low rate and lower your monthly payment substantially
- VA loan bad credit…if you think you have “bad credit” it may not be that bad and you may still be able to qualify for a 100% VA loan
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
Get a VA Loan Only Two Years After Chapter 7 Bankruptcy in California is a post from: VA Home Loans 858-922-7899
New Mortgage Insurance Requirements When Get FHA Loan In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
Starting October 4th big changes are coming to the up front and monthly mortgage insurance for FHA loans. This will affect your monthly payment with FHA loans and also the highest FHA loan amount you can qualify for. Here’s how it works:
| Loan Type | Current Monthly MI | NEW monthly MI | Current Up Front MI | NEW Up Front MI |
| 30 yr fixed <5% down | .55% | .90% | 2.25% | 1% |
| 30 yr fixed >5% down | .50% | .85% | 2.25% | 1% |
| 15 yr fixed <10% down | .25% | .25% | 2.25% | 1% |
| 15 yr fixed >10% down | NONE | NONE | 2.25% | 1% |
As you review the chart you will see for all cases the up front FHA mortgage insurance is going down from 2.25% to 1%, but in most the monthly FHA mortgage insurance is going up from .55% to .9%. The net effect of this is a smaller loan principle balance, but a slightly higher payment per month due to the higher monthly FHA mortgage insurance. Let’s take a before and after example if you bought a house for $350,000 with a 3.5% down FHA loan.
- Base loan amount would be $350,000 X 96.5% = $337,750
- Add in the 1% up front mortgage insurance to the loan amount $337,750+$3,377=$341,127 loan amount with up from FHA MI added (under the old MI plan prior to October 4th 2010 loan amount would have been $345,349)
- FHA monthly mortgage insurance $341,127 X .90% = $3,070. $3,070 is your monthly mortgage insurance per year, divide that by 12 and you get $255 per month. (under the old MI plan prior to October 4th 2010 your monthly MI would have been $156/m0).
So you can see that the nice thing is your loan balance will be less under the new FHA mortgage insurance plan, but your monthly FHA MI payment will be higher under the new plan.
So I hope this helps in your planning to get FHA loan in California to buy a home.
Below are the most up-to-date highlights of FHA loan in California:
- Streamline FHA loans are available to those with current FHA loans to refinance to today’s ridiculously low 30 year fixed interest rates and drop your payment substantially
- FHA max loan amount in California is $729,750. This allows you to buy up to a $756,000 home with the min 3.5% down even in coastal areas such as Los Angeles, San Jose, San Francisco, Orange County and San Diego
- FHA loan interest rates are at historical lows
- FHA loan down payment is only 3.5% and this can be a gift from a relative
- FHA home loan requirements allow up to a 56.9% debt-to-income ratio where conventional stops at 45% with <20% down. This allows you to qualify for a higher priced home.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and Homepath, FHA, VA specialist)
858-922-7899
You can refinance your VA Loan to lower your payments or tap into your equity!
Do you need additional cash because your need help paying a college tuition or bills? Maybe you would like to update your house with a new kitchen or bath. Or, maybe it’s just plain cash that you need.
Now is the time to take advantage of lower interest rates so you
can keep more of your hard-earned money in your own pocket.
Consider the following for refinancing your VA Loan:
# 1: VA Loans for Home Equity Refinancing
Get the cash you need through refinancing. If you want to consolidate your high interest rate credit cards,SocalVALoans.com can help. You can pay for college tuition, or buy a new car. Thinking of remodeling because your house is outdated? Refinance to get cash for the upgrades that your house needs.
When you refinance a VA refinance loan, your current real mortgage is paid from the proceeds of your new VA mortgage. The same borrower(s) uses the same property. This is called a “Cash Out” Refinance.
Only homes that are used as the principal residence by owner can use the Cash-Out Refinance. That owner can refinance up to 90% of the appraised value (except in Texas). Your home must have enough equity to qualify for this loan and there is not minimum amount of time that you must own your home! Plus, all closing costs can be included too if the property can stand the loan to debt ratio.
#2 VA: Streamline Refinance/ Interest Rate Reduction
Streamline Refinance or Interest Rate Reduction Loan is another program designed to assist homeowners who want to refinance their VA loan. It is a way for current VA loan homeowners to lower their interest rate with little or no out-of-pocket costs. Streamline Refinance was created to be
faster and with less documentation than a typical loan.
An Interest Rate Reduction Loan allows the homeowner to
refinance the current mortgage interest rate to a lower rate than what is
currently being paid. This is type of loan is only available to those veterans who are
refinancing their original VA mortgage and who use their original eligibility.
Streamline Refinance let the homeowner refinance their mortgage with no
out-of-pocket expenses. That is why they are sometimes referred as “No Cost Streamline”.
Sometimes, by letting the lender pay the costs, an higher interest rate is given.
Or, another option that lets you obtain market rates is to roll the closing costs into the new loan.
There are some things to note of the Streamline Refinance or Interest Rate Reduction Loan.
They are the following:
- The veteran/homeowner cannot receive any cash back.
- The VA does not require an appraisal, or any income or employment verifications.
- No credit report or termite reports will be done but the mortgage must have been continuously paid and up to date as agreed for the last twelve (12) months at the time of refinancing.
- No assumptions are allowed.
- Any other liens must be subordinated to the VA loan.
This loan can be done with “no out of pocket money” by including all
costs in the new loan or by making the new loan at an interest rate
high enough to enable the lender to pay the costs.
VA Refinance Loans is a post from: VA Home Loans 858-922-7899