Buying 2 – 4 units with an FHA Home Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States

Let me explain a little about how and why you might want to buy a 2-4 unit complex with an FHA Home loan.

Related posts:

1. Keys to Qualify FHA Loan on 2-4 Units Owner Occupied in California
2. Buying a Owner Occupied Triplex or FourPlex With an FHA Loan
3. Keys to Buying a Condo With an FHA Loan In This Market

If you had to go through a foreclosure in the past few years there is some great news.  You only have to wait two years to apply for a VA home loan after your prior foreclosure.  They key is to look up the exact date the property deed transferred out of you name on the prior foreclosure, it is from this date that you have to wait two years.  Give us a call at 858-922-7899 or email at homeloan8@gmail.com if you would like us to research the date the property deed transferred out of your name on the foreclosure.

You want to also make sure you do not have any major derogatory credit items on your credit after the foreclosure occurred.    Excessive late payments, collections, charge-offs, etc… after a foreclosure show the underwriter that you have not learned to manage your debt after the foreclosure.   It can help to get your VA loan credit score as high as you can post foreclosure.  It is amazing how fast it can rebound.

It also helps to have some money saved in the bank as cash reserves to qualify for a VA loan after a foreclosure.  This shows the VA loan underwriter that you have a cushion should a job loss or illness occur.

So 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 VA loan in California.

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

 

 

 

 

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

If you have had a prior foreclosure and you would like to get back in the market and buy again, there is good news.  FHA home loans only require a three year wait after a prior foreclosure to qualify for a new FHA loan in California.  The first thing you want to do is check the date the deed from the property that foreclosed transferred out of your name.  Give us a call at 858-922-7899 or email us at homeloan8@gmail.com and we can look this date up for you.  It is a three year wait time from the date that deed transferred out of your name to be able to apply again for a 3.5% down payment FHA home loan in California.

You also want to make sure you have NO derogatory credit items after your foreclosure.  The FHA loan underwriter will not look kindly on late payments, collections, charge-offs etc… that came after a major negative credit event like foreclosure.   It also helps if you have compensating factors like some cash reserves save up in the bank and a low debt-to-income ratio.

So I hope this gets you excited to get back into California’s real estate market to buy your home at today’s greatly reduced prices and record low 30 year fixed mortgage rates.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

 

Related posts:

1. VA Loan After Foreclosure in California
2. Convention Loan vs FHA – Conventional Now Requires 7 Year Wait After Foreclosure in California
3. FHA Loan Requirements After Foreclosure in California

This post outlines some of the best highlights of VA home loans in California:

• VA home loans are 100% financing zero down payment
• VA home loan requirements allow for a very high debt-to-income ratio, even higher than FHA and conventional loans
• VA loan limits go up to $1 million with zero down in San Francisco, Oakland and the Bay Area.  VA loan limits in Los Angeles, Orange County, Santa Barbara, Santa Ana, Anaheim go up to $700,000.  San Diego VA loan limits are $546,250.  VA loan limits in many other parts of the state such as Sacramento, Fresno, Santa Rosa, Redding, Bakersfield go up to $417,000 with zero down
• VA loan interest rates are a ALL TIME LOWS
• VA streamline refinance allows you to drop down to the market interest rate and you do not need to provide any income or asset documentation, and many times no appraisal
• VA loan credit does not have to be perfect.  Call us we are experts at assisting veterans and active military with their credit

The Best of FHA Home Loans in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

Below are some of the best highlights of FHA home loans in California:

• FHA loan down payment is only 3.5%.   And FHA allows this down payment to be a gift from a relative
• FHA loan requirements allow non-occupant co-borrowers who don’t have to live in the property to help you qualify
• FHA loan limits in many areas in California such as Los Angeles, Orange County, San Francisco, Oakland, San Jose go up to $625,000.  San Diego FHA loan limit is $546,250
• FHA loan interest rates are at ALL TIME LOWS
• FHA loan guidelines allow a seller to credit the buyer up to 6% for closing costs
• FHA allows a debt-to-income ratio of 55.9% (where as conventional loans stop at 45% with less than 20% down)
• FHA loan credit score does not have to be perfect.  FHA loans can be done with credit scores down to 560.  Give us a call about your credit we are experts in analyzing borrowers credit and helping fix.

 

 

No related posts.

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

If you have a had a short sale in California, you may not have that much longer before you can qualify for a 3.5% down FHA home loan.  FHA requires a three year wait after a short sale to be approved for a FHA loan to buy a home again.  It is key to check when the deed to your former home transferred out of your name as this is the date the waiting period will start to qualify for a new FHA loan.  Feel free to email me at homeloan8@gmail.com or call at 858-922-7899 and I will find out for your what date the deed transferred out of your old home that had the short sale.

Make sure after your short sale you have no late payments or derogatory items on any credit accounts that report to the bureau.

Conventional home loans only require a two year wait after short sale if you can put 20% down.   Again don’t hesitate to call or email with questions.

Some highlights of FHA home loans in California:

• FHA loan down payment is 3.5%
• FHA loan credit score does not have to perfect.  Call us if you have credit issues and we can help analyze and will see if we can help raise your score.
• FHA loan limits in selected areas of California:

• San Francisco, San Jose, Oakland, Bay Area $625,000
• Los Angeles, Orange County, Santa Ana, Anaheim $625,000
• San Diego FHA loan limits $546,250
• Riverside, San Bernardino $355,350
• Fresno FHA loan limit $281,750
• Santa Rosa $520,950
• Redding $273,700

Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

 

 

 

Related posts:

1. Get FHA Loan After Short Sale In California
2. Getting a Conventional Loan After a Short Sale In California
3. Two Key Boxes to Check When Get FHA Loan to Buy A Short Sale in California

This post will have a brief description of the VA home loan requirements for income to qualify for a VA loan in California.  Of course part of the VA home loan qualification process is providing some kind of stable income source to qualify for VA financing.    And below is a partial list of the income types accepted and documentation required:

• Salaried W-2: VA loan guidelines require your last 30 days paystubs, last two years w-2′s and last two years federal tax returns all pages
• Self-employed: VA home loan requirements need your last two years federal tax returns all pages and your NET income will be averaged for the last two years
• Social Security: VA loan lenders will need your social security award letter (get to “gross up by 1.25% if not taxed)
• Disability pay:Award letter showing the amount you get per year.  Disability pay must be permanent  (get to “gross up by 1.25% if not taxed)
• Child support: VA loan requirements state that you should have 12 months canceled checks to document that you are receiving child support and you must show the court documents showing you will receive child support for at least three more years  (get to “gross up by 1.25% if not taxed)
• Rental income:VA loan lenders will average the last two years of your schedule E off your tax returns
• Interest income: VA loan guidelines will require this to be on your tax returns the last two years and ask for supporting documentation of the capital providing the interest income
• Second Job:You will need to have had the second job for two years to count that income

So I hope this helps you understand some of the VA home loan requirements for documenting your income to qualify for a VA loan in California.  If you have any questions don’t hesitate to email me at homeloan8@gmail.com or call at 858-922-7899.

Some VA loan highlights:

• Max VA loan with 100% financing in select California areas:

• San Francisco, Oakland, Bay Area VA loan limits $1 million
• Los Angeles, Orange County, Santa Ana, Anaheim $700,000
• San Diego $546,250
• Riverside, San Benardino, Fresno, Bakersfield, Redding, Santa
• Santa Rosa VA loan limits $478,750

VA loan interest rates are still at record lows

VA funding fee waived if VA borrower receives disability pay

 

FHA Loan Requirements After Bankruptcy in California is a post from: FHA,VA and Conventional Home Loans in all 50 States

If you had a Chapter 7 bankruptcy, FHA loan requirements only need you to wait two years before you can qualify for a FHA home loan in California.   If you had a Chapter 13 bankruptcy, you only have to wait one year, as long as you can get permission from the court to enter into a home mortgage.  This is great news for Californians as many citizens have had to go though bankruptcy in the economic downturn of the last few years.

To get a FHA loan after bankruptcy in California, you want to make sure:

1. You do NOT have ANY late payments or derogatory credit of any kind of after your bankruptcy
2. You have re-established you credit with some open and active lines of credit that you have a on time payment history with

You will be surprised that after two years your credit score can rebound quite nicely after a bankruptcy.  If you have little or no lines of credit, I highly recommend going into bank where you have your checking and savings accounts and opening up a secured credit card.  Start charging small items on this card and pay them off monthly and this will help you re-build your credit showing on time payments to the three credit bureaus.

If you have any questions or would like to be approved for a FHA loan in California, don’t hesitate to call at 858-922-7899 or email me at homeloan8@gmail.com

Some recent highlights of FHA home loans in California:

• FHA loan requirements allow you to have a non-occupant co-borrower
• FHA loan interest rates are at ALL TIME RECORD LOWS!
• FHA loan down payment is only 3.5% and that can be a gift from a relative

Related posts:

1. FHA Loan Requirements After Bankruptcy in California
2. FHA Home Loan Requirements After Bankruptcy in California
3. If Mortgage Included In Bankruptcy 7 Three Years Until Qualify FHA Home Loan In California

Short sales have been very common throughout the state of California the last four years.  Many borrowers have found themselves upside down on their properties after the decline in house prices mostly in 2008 and 2009.  The good news is that you can get a VA loan only two years after a short sale.  This means many VA eligible borrowers that had short sales in the last few years are eligible to get in again now at California’s current low house prices and low interest rates.

If you had a short sale over two years ago, the key is to look up the date when the deed to the property transferred out of you name.  Give us a call 858-922-7899 or email homeloan8@gmail.com and we would be happy to do this for you.  As long as the deed transferred out of the property over two years ago, you are likely eligible to qualify for a VA home loan in California.

Below are some highlights of VA home loans in California:

• VA loan limits for 100% financing are $700,000 in Orange County, Los Angeles, Anaheim, Santa Ana.  Santa Barbara VA loan limits a $710,000.  VA loan limits in San Francisco, Oakland, San Jose are $1 million.  San Diego VA loan limits are $546,250.  VA loan limits in Sacramento, Riverside, San Bernardino, Redding, Fresno, Bakersfield and a lot of the rest of the state are $417,000.
• VA goes to 100% financing and had NO monthly mortgage insurance
• VA loan credit scores do not have to perfect, call or email us for a consultation if you would like to discuss your credit score