Fannie Mae Homepath Financing In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
There is a special loan available for properties taken back in foreclosure and currently owned by Fannie Mae. This financing is called Homepath Financing. It is only available on Fannie Mae owned properties. Below are some benefits:
- As low as 3% down payment
- Homepath mortgages do not have mortgage insurance
- No Appraisal required
- No condo documentation required
- As little as 10% down for investment properties and 2nd homes though Homepath financing
The above attributes of Fannie Mae Homepath financing can make it an easier loan to obtain than FHA or standard conventional. Especially with a condo. FHA and standard conventional loans will require lot’s of documentation and standard swhen it comes to condo financing, Fannie Mae Homepath does not require any of that. Also, if there are issues with the condition of a property, it can make it difficult to get financing with FHA and standard conventional loans that require appraisals. Homepath financing does not require an appraisal so these issues are avoided.
It will be usually noted in the MLS listing if a property is Homepath eligible. Ask your Realtor to help you find Homepath eligible properties.
If you have any questions about getting a Fannie Mae Homepath loan, don’t hesitate to call at 858-922-7899 or email homeloan8@gmail.com.
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer
Many VA borrowers across the state of California may owe some excess state or federal taxes from previous years that show up on their VA credit report as an existing tax lien. The good news is VA home loan requirements allow borrowers to be approved for a VA loan even if they have an existing tax lien that shows up on their credit report.
Below are the VA loan requirements to be approved for a VA loan with an existing tax lien:
- You must be in a payment plan with the IRS or state to pay you tax lien off
- The last 12 months of payments on the tax lien must have been on time
- You will have to document you are making payments
- The monthly payments for the tax lien will have to be included in qualification for the VA home loan
So if you have a tax lien and you want to apply for a VA home loan in California, make sure you pay off the tax lien or get into a payment plan for the tax lien if you are not already in one. I hope this helps you’re your planning for getting a VA home loan to buy or refinance in California. Give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have any about questions about getting approved for a VA loan in California.
Below are some top benefits to VA home loans in California:
- VA loan interest rates are currently at close to all time lows
- VA home loans are 100% financing and require no down payment
- VA loan limits in the state go above $700,000 with zero down in Los Angeles, San Jose, San Francisco, Orange County and to $546,750 in San Diego
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
VA Loan Requirements With Tax Lien in California is a post from: VA Home Loans Call Rob 858-922-7899
Getting a Conventional Loan After A Short Sale In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
What many former California homeowners don’t realize is that conventional loan guidelines only require a three year wait after a short sale to apply for a conventional loan. That means homeowners that had short sales in 2009 and earlier are now eligible to get back into the market and buy.
Conventional guidelines do require buyers to put 20% down to qualify for a loan after a short sale. For 10% down you would have to wait four years after a short sale. FHA loans are available three years after a short sale and VA loans (only for veterans and active military) two years after a short sale. Here is a recap:
| Loan Type | Number of years after short sale needed to qualify |
| Conventional loan 20% down payment | Two years |
| VA loan zero down (veterans and active military) | Two years |
| FHA Loan 3.5% down payment | Three years |
| Conventional loan 10% down payment | Four years |
So the wait is not that long to get back into the market after a short sale. Here are some compelling reasons to get back into the market:
- Home prices are now 50% less than their peak 4-5 years ago in many areas of California
- Interest rates are at sixty year lows
- The two above bullet points make for a record affordability where a house payment is often lower than rent
So don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any questions about getting approved for a home loan after a short sale in California. Below are some other highlights of conventional loans in California:
- Homepath mortgage available on Fannie Mae owned properties offer as low as 3% down payment with no mortgage insurance or appraisal
- 5% down payment available on conventional loans with no up front mortgage insurance and less monthly mortgage insurance than FHA loans
- 10% down available to $796,000 in San Diego, and to $875,000 in Los Angeles, Orange County, San Francisco, San Jose and Oakland
Best Regards,
Rob Chomentowski
858-922-7899,
Sr. Loan Officer
Getting a Conventional Loan After a Short Sale In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
What many former California homeowners don’t realize is that conventional loan guidelines only require a two year wait after a short sale to apply for a conventional loan. That means homeowners that had short sales in 2009 and earlier are now eligible to get back into the market and buy.
Conventional guidelines do require buyers to put 20% down to qualify for a loan two years after a short sale. For 10% down you would have to wait four years after a short sale. FHA loans are available three years after a short sale and VA loans (only for veterans and active military) two years after a short sale. Here is a recap:
| Loan Type | Number of years after short sale needed to qualify |
| Conventional loan 20% down payment | Two years |
| VA loan zero down (veterans and active military) | Two years |
| FHA Loan 3.5% down payment | Three years |
| Conventional loan 10% down payment | Four years |
So the wait is not that long to get back into the market after a short sale. Here are some compelling reasons to get back into the market:
- Home prices are now 50% less than their peak 4-5 years ago in many areas of California
- Interest rates are at sixty year lows
- The two above bullet points make for a record affordability where a house payment is often lower than rent
So don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any questions about getting approved for a home loan after a short sale in California. Below are some other highlights of conventional loans in California:
- Homepath mortgage available on Fannie Mae owned properties offer as low as 3% down payment with no mortgage insurance or appraisal
- 5% down payment available on conventional loans with no up front mortgage insurance and less monthly mortgage insurance than FHA loans
- 10% down available to $796,000 in San Diego, and to $875,000 in Los Angeles, Orange County, San Francisco, San Jose and Oakland
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer
The good news is it only takes a two year wait after having a foreclosure to get a VA home loan in California. In this economy many veterans across the state of California have lost their home to foreclosure in the past few years, but many of those veterans are already eligible to use a VA home loan to buy once again with 100% financing.
It is also one of the better times in history to buy a home in California with VA financing for a number of reasons:
- Prices are down by 50% from the peak in many places across the state
- VA loan interest rates are close to the lowest in the y have ever been in the history of the VA home loan program
- Combine the above factors #1 and #2 and it creates a rec0rd affordability in the state of California where even with a zero down payment VA loan the house payment is lower than a rent payment
So if it’s been two years since you had a foreclosure, it is really an opportune time to get back on your feet and buy a home with your VA eligibility and be much better off than when you owned the first time with a 30 year fixed VA home loan. With a sustainable payment long term at prices California hasn’t seen for almost ten years.
If you apply for a VA loan after a foreclosure, you are going to want to make sure that after your foreclosure you have re-established credit and have no derogatory items on your credit. Your VA loan credit score only has to be 620 to get a VA loan after a foreclosure in California. But you will want to have some active lines of credit that show you have paid without any late payments after the foreclosure.
A key factor is to check what date the deed of the property on the foreclosure transferred out of your name. This is the date the two year period starts before you are eligible for a VA home loan again. Feel free to call me at 858-922-7899 or email me at homeloan8@gmail.com and I can look up the exact date the deed for the house that went to foreclosure transferred out of your name.
Below are some other great advantages of VA home loans in California:
- VA loan refinance can be done very easily with a VA streamline to lower your VA loan rate to current record lows
- VA mortgage loan limits in California go up to a $1 million with zero down in San Francisco, Oakland, and San Jose area. VA loan limits are $700,000 in Los Angeles and Orange County. San Diego VA loan limits are $546,750. You can go above these VA loan limits with a small down payment
- If you receive any disability pay the VA funding fee is waived
- VA loan credit does not have to be perfect. Call or email us we are experts in counseling borrowers to raise their VA loan credit score.
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
VA Loan After Foreclosure in California is a post from: VA Home Loans Call Rob 858-922-7899
VA Loan After Foreclosure in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
The good news is it only takes a two year wait after having a foreclosure to get a VA home loan in California. In this economy many veterans across the state of California have lost their home to foreclosure in the past few years, but many of those veterans are already eligible to use a VA home loan to buy once again with 100% financing.
It is also one of the better times in history to buy a home in California with VA financing for a number of reasons:
- Prices are down by 50% from the peak in many places across the state
- VA loan interest rates are close to the lowest in the y have ever been in the history of the VA home loan program
- Combine the above factors #1 and #2 and it creates a rec0rd affordability in the state of California where even with a zero down payment VA loan the house payment is lower than a rent payment
So if it’s been two years since you had a foreclosure, it is really an opportune time to get back on your feet and buy a home with your VA eligibility and be much better off than when you owned the first time with a 30 year fixed VA home loan. With a sustainable payment long term at prices California hasn’t seen for almost ten years.
If you apply for a VA loan after a foreclosure, you are going to want to make sure that after your foreclosure you have re-established credit and have no derogatory items on your credit. Your VA loan credit score only has to be 620 to get a VA loan after a foreclosure in California. But you will want to have some active lines of credit that show you have paid without any late payments after the foreclosure.
A key factor is to check what date the deed of the property on the foreclosure transferred out of your name. This is the date the two year period starts before you are eligible for a VA home loan again. Feel free to call me at 858-922-7899 or email me at homeloan8@gmail.com and I can look up the exact date the deed for the house that went to foreclosure transferred out of your name.
Below are some other great advantages of VA home loans in California:
- VA loan refinance can be done very easily with a VA streamline to lower your VA loan rate to current record lows
- VA mortgage loan limits in California go up to a $1 million with zero down in San Francisco, Oakland, and San Jose area. VA loan limits are $700,000 in Los Angeles and Orange County. San Diego VA loan limits are $546,750. You can go above these VA loan limits with a small down payment
- If you receive any disability pay the VA funding fee is waived
- VA loan credit does not have to be perfect. Call or email us we are experts in counseling borrowers to raise their VA loan credit score.
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
Mortgage Insurance: Conventional vs. FHA Loans in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
If you put less than 20% down on a home purchase in California you are going to have some sort of mortgage insurance. This post delves in the differences in mortgage insurance between FHA and conventional loans.
First of all the mortgage insurance is going to much higher on a FHA loan than a conventional loan. FHA loans have two types of mortgage insurance:
- Up front mortgage insurance….1% of the loan balance is added to the loan amount
- Monthly mortgage insurance. This is in most cases 1.15% of the loan balance on a 30 year fixed FHA loan with <5% down payment
Conventional loans generally only have monthly mortgage insurance, they do not have up front mortgage insurance. The mortgage insurance rate depends on your credit score and down payment. If you have good credit the mortgage insurance can be as low as .54% per month for 5% down, .37% per month for 10% down, and .22% per month for 15% down. So as you can see conventional loans have substantially less monthly mortgage insurance than FHA loans AND they have no up front mortgage insurance.
Also, FHA requires that you have the monthly mortgage insurance for five years. After five years IF your current loan balance is 78% of the original purchases price you can get rid of the mortgage insurance. Conventional private mortgage insurance companies only require you have the mortgage insurance for two years. After two years IF your current loan balance is 78% of the original purchase price you can get rid of the mortgage insurance.
So as you can see conventional loans carry much lower mortgage insurance than FHA. So a conventional loan is generally a better choice if you can qualify. But conventional loans have much more strict underwriting guidelines than FHA loans, such as lower maximum debt-to-income ratios and higher credit score requirements. And FHA loans generally carry slightly lower 30 year fixed mortgage rates. So you have to compare the two options closely.
If you have any further questions or would like to be approved for a home loan in California please don’t hesitate to call at 858-922-7899 or email at homeloan8@gmail.com
Regards,
Rob Chomentowski
Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)
858-922-7899
homeloan8@gmail.com
VA loan rates a really dropped in the past week or so and there are a lot of questions about doing a VA streamline refinance in California. Here are some facts about breaking out the numbers of a VA streamline refinance:
- First of all you will have to pay off your current loan balance. Your loan officer will order your current VA loan payoff to find out what this number is. Be aware the payoff will be higher than your current loan balance because the current month’s interest has to be added to the payoff.
- A VA funding fee of .5% is added to the new loan amount as a cost of a VA streamline. If you receive VA disability pay this fee is waived.
- Escrow fees and title insurance are costs of the VA streamline refinance (Escrow fee, lenders title insurance policy, notary, recording fee)
- Lender underwriting fee
- If you have less than six months remaining on your current homeowners insurance policy the VA lender will want this renewed as part of the VA loan streamline refinance in California
- With a VA streamline refinance your new lender will take a up front reserve for property taxes as the lender pays your property taxes when due. This is the largest “cost” of a VA streamline refinance. But the key here is you will get a refund from your current lender a few weeks after you close from the current property tax reserve held by the lender. This will offset the new property tax reserve that is taken.
Many times the VA loan officer handling your VA streamline refinance can offset the above costs of the VA streamline refinance by paying much of these costs. And the costs can also be rolled into the new loan amount. The last bullet point is key. Please remember you will receive a refund from your current lender for the property tax reserve account they hold a few weeks after closing on the new VA streamline refinance. So it will offset the cost of the new property tax reserve being taken for the new loan. If your loan amount increases with the streamline refinance, you can pay it back down once you receive this refund.
A VA streamline refinance can save your tens of thousands in interest over the life of your VA home loan with the super low VA home loan rates available today. So don’t hesitate to call us at 858-922-7899 or email at homeloan8@gmail.com if you have any questions.
Some other highlights of VA home loans in California:
- You can get a VA home loan in California only two years after a short sale, foreclosure or bankruptcy
- VA loan limits in California areas such as Los Angeles, Orange County, San Diego, San Francisco, San Jose, Oakland go up to $1 million with 100% financing
- Veterans who receive VA disability pay do not pay the VA funding fee
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
The Numbers For a VA Refinance Loan in California is a post from: VA Home Loans Call Rob 858-922-7899
It is very common the last few years that many sellers of properties had to complete a “short sale” to sell their home because the sales price was lower than mortgage loan balance they had on the property. This is called a “short sale”. The good news is that you can apply for a VA loan in California only two years after a short sale. When a borrower completes a short sale, the mortgage that was involved is most often reported on their credit as a derogatory item stating “settled for less than full balance”. The way this former mortgage is reported to the credit bureaus alerts the VA underwriter to the fact the borrower applying for the VA loan had a previous short sale.
But as stated above, the good news is that veterans and active military can qualify for a VA loan only two years after a short sale. In some rare cases a VA borrower can apply for a VA loan immediately after short sale. To get a VA loan immediately after a short sale the VA borrower must have not missed any mortgage payments leading up to the short sale, AND they must have a very good extenuating circumstance for the short sale. The extenuating circumstance cannot be the standard loss of job or common financial reasons for not being able to afford the payment. The home owner would have had to been forced to sell because of a job transfer out of the area, documentable medical condition, documentable crime issue, etc.. But to be clear, if the VA borrower waits out the two year period, it is OK if they missed payments leading up to the short sale and do not have a rare extenuating circumstance.
So I hope this helps you understand the VA home loan requirements for being approved for a VA loan in a California after a short sale. Please email me at homeloan8@gmail.com or call at 858-922-7899 if you have any further questions about your VA eligibility.
Some other interesting highlights about VA loans in California:
- You can get a VA loan two years after a foreclosure in California
- VA loan requirements only require two years after a Chapter 7 Bankruptcy to apply for a VA loan in California
- VA loan limits in California for 100% financing go up to $1 million in San Francisco, Oakland, and most of the San Jose surrounding area. VA loan limits in Los Angeles and Orange County go up to $700,000 with zero down. The San Diego VA loan limit is $537,750 with zero down. You can go above these California VA loan limits with a small down payment.
Best Regards,
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
VA Loan Requirements After Short Sale In California is a post from: VA Home Loans Call Rob 858-922-7899
Getting a loan when self employed is a post from: FHA,VA and Conventional Home Loans in all 50 States