The numbers of people declaring bankruptcy in the state of California has gone up significantly in the past few years in most part due to the economic recession and high unemployment rates.  There are also many veterans in this group of people that

FHA Loans Don’t Count 401k Loans as Debt is a post from: FHA,VA and Conventional Home Loans in all 50 States

Many people in California want to buy a home with a 3.5% down FHA loan but do not have quite enough money in savings for the down payment and closing costs.  An option for these people is to get a loan against their 401k for additional cash they need for the down payment or closing costs.  Especially if the terms of the loan against the 401k are very favorable such as paying no interest and only paying yourself back for the loan.  A nice thing about FHA home loan requirements in California is that the payment on the 401k loan will not be counted against you when applying for a FHA loan.  This is very important, because many borrowers applying for FHA financing in California cannot afford another debt payment to be counted, or their debt-to-income ratio will be thrown off for qualifying for a FHA loan.

So if you are interested in buying a home in California and you are limited on liquid cash in savings and you have a 401k retirement plan, you might want to look into this option.

Feel free to give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions or would like to be approved for a FHA loan anywhere in California.

Below are some of the latest up-to-date highlights of FHA loans in California:

• FHA loan limits go up to $729,750 in many parts of California including San Francisco, San Jose, Los Angeles and Orange County.  Additionally San Diego County goes up close to this FHA loan limit.
• FHA loan rate are still hovering around 60 year lows
• FHA loan requirements allow for a non-occupant co-borrower to help you qualify
• FHA loan down payment is only 3.5% and that can be a gift from a relative

Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)

858-922-7899

homeloan8@gmail.com

 

 

In the past few years with the recession hitting the California job market pretty hard, many veterans have had periods where they have been unemployed.  Or veterans may have been back in school updating skills and getting new degrees to improve care

FHA Loan Requirements for “Flips” in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

In today’s real estate market in California many investors are purchasing properties at foreclosure trustee sale auctions or buying bank REO’s in disrepair and renovating these homes to re-sell for profit.  Many times these investors will have these properties back on the market ready for sale in less than three months after these properties are acquired.  If this is the case, FHA home loan lenders will refer to these as “Flips”.  A Flip is a property being purchase by a FHA borrower that was purchased less than three months ago by the seller.

All FHA lenders have some special requirement s regarding flips.  Most if not all FHA lenders will all a borrower to get a FHA loan on a property being resold within three months without restrictions if the sales price of the property does not exceed the sellers purchase price by more than 20%.  So if an investor bought a house for say $300,000 and is reselling it for $375,000 there are no additional requirements to get a FHA loan to buy that property.  But if the seller’s price exceeds 20% of their purchase price, generally the following will be required the FHA loan underwriter:

1. A second FHA appraisal
2. An inspection of the property with any items called out by the inspector to be fixed
3. Notes from the appraiser supporting the reasons for the large increase in price in a short period

There are a few FHA home loan lenders that will not require the above unless there is a 50% or more increase in sales price from the seller purchase price, but they are rare.

So I hope this helps understand the FHA loan requirements better if you are currently searching for a home to buy and are considering investor flips on the market.  Please don’t hesitate to email me at homeloan8@gmail.com or call me at 858-922-7899 if you would like to be approved for a FHA home loan or have questions.

Below are some of the latest up-to-date highlights of FHA home loans in California:

• FHA loan down payment is only 3.5%
• The FHA loan down payment can be a gift from a relative
• FHA loan interest rates are still near 60 year lows
• FHA loan limits go up to $729,750 in many parts of California including San Francisco, San Jose, Los Angeles, Orange County and close to this in San Diego
• FHA loan credit score does not have to perfect, in many cases you can get a FHA loan down to a 600 score.  Give us a call if you have credit issues as we are experts

Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)

858-922-7899

homeloan8@gmail.com

There are many potential VA home loan borrowers out there that have had significant credit card debt and have entered into what is called “debt counseling “to help manage their credit card debt and get it paid off in a timely manner.  These prog

Get FHA Loan After Short Sale In California is a post from: FHA,VA and Conventional Home Loans in all 50 States

In the last few years as property prices have dropped and unemployment has risen in California, many homeowners have had to do a short sale in order to sell their homes.  On the other hand, the fall in prices in California has also made it an extremely attractive time to get back into the market to buy a home for those that have had previous short sales (or bankruptcies and foreclosures).  In this post I will discuss getting a FHA loan after a short sale in California.

In the vast majority of cases, most home buyers in California will have to wait three years after the close of their short sale to be eligible for 3.5% down FHA financing on their new home.  The three year wait period begins on the date the deed to the property transfers out of the sellers name to the new buyer.  If you are unsure of this date, send me an email or call and I can look it up for you.  Once you hit this three year point, you are free to apply for a new FHA loan.

There is an exception where you can get a FHA loan in California immediately after a short sale.  It is rare that borrowers qualify for this exception.  Two factors have to be present for this to happen:

• #1 You must have not missed ANY mortgage payments leading up to your short sale
• #2 You must have had to sell because of a job relocation or other extenuating circumstance that can be documented (such as health issue).  The extenuating circumstance cannot be financial stress or job loss, this will not be accepted.

So as you can see there is hope that you can buy again after your short sale in California.  Give us a call at 858-922-7899 if you think you fit the exception or if you are nearing the three year point after your short sale.

Here are some highlights of FHA home loans in California:

• FHA loan down payment is only 3.5% and this can be a gift from a relative
• FHA loan limits in California go up to $729,750 in many parts of California such as San Francisco, San Jose, Los Angeles, Orange County and close to this amount in San Diego.
• FHA loan interest rates are still extremely low and near record lows
• FHA loan credit score does not have to be perfect.  Give us a call if you don’t think you have good enough credit as we are experts in analyzing and helping borrowers raise credit scores

Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)

858-922-7899

homeloan8@gmail.com

Where so many other home loan programs have tightened their guidelines dramatically in the last few years making it harder and harder to qualify, VA home loan requirements have not changed.  Getting a VA home loan to buy a home in California or to r