Raising Your FHA Loan Credit Score is a post from: FHA,VA and Conventional Home Loans in all 50 States

Your credit score is an important part of qualifying for a FHA home loan.  You credit score does not have to be even close to perfect, but there are certain credit score standard for qualifying for a FHA home loan.  Generally you want to have over a 620 credit score to get a FHA loan and preferably over 640.  Although it is not impossible to get a FHA loan with a credit score below 620, it is more difficult.

In this post, I want to discuss some ways to quickly raise your credit score to get it where it needs to be to get the best FHA loan rate.  We can help you do this as we are experts at analyzing credit reports.

There is a special tool we use called “Rapid Rescore”.  It allows us to take any changes made on your credit report and have those changes updated with the credit bureaus in 2-5 days vs. the normal 30-45 days it takes changes to report to the credit bureaus.  Below are some common changes you can make to your credit report that will boost you score and we can perform a Rapid Rescore with:

• If you have any credit cards with balances that are over 30% of the credit limits, you can pay the balances down to below 30% of the credit limit and it can provide a huge boost to your score
• Most credit reports have mistakes on them, if you can fix a mistake this can boost your score
• Some borrowers don’t have enough credit or do not have a good mix of credit.  If you can add some revolving accounts this can often boost your score, but it may take a little time.
• With collection accounts, often you can can call the creditor and negotiate to pay the collection only if they delete the collection off your report (make sure they delete it and not just mark it a paid collection)
• Becoming an authorized user on a spouse, relative or friends revolving account can provide you with credit history that can help your score

So those are some suggestions to help raise your credit score to qualify for a FHA home loan in California.  Please don’t hesitate to give us a call if you would like to discuss getting approved for a FHA home loan.

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

 

 

 

Related posts:

1. FHA Loan Credit Score Key In California
2. FHA Loan Credit Score Down to 600 OK In California
3. Credit Score Tips For FHA Home Loans

VA mortgage loan limits have changed for California in 2012.   Below are the new VA loan limits for major California cities:

• San Diego: $477,000
• Los Angeles:$621,000
• Orange County: $625,000
• San Francisco: $625,500
• San Jose: $625,500
• East Bay (Contra Costa County, Alameda County): $625,500
• Napa: $460,000
• San Luis Obispo: $457,700
• San Mateo:$625,500
• Santa Barbara:$598,000
• Santa Cruz: $610, 650
• Sonoma:$419,750
• Ventura: $518,650
• Fresno:$417,000
• Bakersfield:$417,000
• Riverside:$417,000
• Sacramento: $417,000
• Redding: $417,000

The above VA loan limits are just for 100% financing.  You CAN go over the above VA loan limits in California with a small down payment.  You just need to put down 25% of the difference between the purchase price and loan limit of your area.  For example, if you want to buy a $800,000 house in Orange County where the VA loan limit is $621,000, you would take ($800,000-$625,000)=$179,000.  Then take $179,000X.25=$44,750.  You would need a $44,750 down to buy a $800,000 house in Orange County with a VA loan.

VA loans can be far superior to other jumbo sized loans because you would not need as much down and you have no monthly mortgage insurance.

If you have any questions about VA home loan s in California don’t hesitate to give us a call at 858-922-7899 or homeloan8@gmail.com.

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

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

Thousands of homeowners throughout the state of California have gone though a short sale over the past several years.  The good news is there is light at the end of the tunnel to get back into the home market and purchase a home for 50% off what they were selling a few years ago with rock bottom interest rate.  FHA loan requirements only require a three year wait after a short sale to apply for FHA home loan financing.  You have to wait three years from the date the deed transferred out of your name to qualify for a FHA home loan in California.

A key is to check the date the deed transferred out of your name with the short sale.  It is from this date that you have to wait three years.  Feel free to email me at homeloan8@gmail.com or call at 858-922-7899 and I can research this date for you.

FHA loan requirements allows in very rare circumstances for a borrower to apply for a FHA loan without waiting the three year period.  A borrower needs a special extenuating circumstance for why they had the short sale to be able to qualify in less than three years.  This extenuating circumstance can’t be loss of job or financial difficulties.  It has to be something major like an illness that can be documented, death of an income earner or a job transfer to another area.

So I hope this helps you understand the FHA loan guidelines for applying for a FHA loan after a short sale.  Feel free to email me or call me if you have any questions about FHA or any other financing .

Below are some up-t0-date highlights of FHA home loans in California:

• FHA loan limits go up to $729,750 in many areas of California such as San Francisco, San Jose, Orange County, Los Angeles.  San Diego FHA loan limits are $697,500
• FHA loan credit score does not have to be perfect.  Call us if you want us to analyze your credit.
• FHA loan rates are still shockingly low
• FHA loan down payment is only 3.5% and can be a gift from a relative

 

 

 

 

 

 

Related posts:

1. Get FHA Loan After Short Sale In California
2. Get FHA Loan Three Years After Short Sale in California
3. Getting a Conventional Loan After a Short Sale In California

There are thousands and thousands of VA eligible homeowners in California that have gone though a short sale in the past few years in California.  The great news for those that are eligible for VA financing is that you only have to wait two years from the date the deed to the property that short sold transfers out of your name.  VA home loan requirements allow you to qualify for a 100% financing VA loan only two years after a short sale.

VA home loan requirements after a short sale also will require you to have good credit following the short sale.   You will want to make sure you do not have any late payments on any credit accounts, collections, judgments or any derogatory credit.  Having a derogatory credit after the short sale may not disqualify you for loan approval, but it helps to not have any.

The first step is to make sure of your VA home loan eligibility after a short sale is to know the date the deed transferred out of your name for the short sale.  If you need me to look this up for you, feel free to email me at homeloan8@gmail.com with the address or call me at 858-922-7899.

Below are some of the current highlights of VA home loans in California:

• VA mortgage loan limits are $625,000 in Los Angeles, Orange County, Anaheim, Santa Ana, San Jose, San Francisco and the rest of the Bay Area.  VA loan limits are $477,000 in San Diego.  Most of the rest of California including Sacramento, Fresno, Bakersfield, Redding, Riverside, San Bernardino, Santa Rosa, etc… have VA loan limits of $417,000.  You can go above these VA loan limits with a small down payment.
• VA home loan requirements only require a two year wait after bankruptcy, foreclosure and short sale
• VA home loan rates are shockingly low right now and have never been this low
• VA home loans are 100% financing with no mortgage insurance
• VA loan guidelines waive the VA funding fee for veterans that receive disability pay

Regards,

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

FHA Loan Requirements for Self Employed Borrowers is a post from: FHA,VA and Conventional Home Loans in all 50 States

Getting a FHA loan in California for self employed borrowers can be much trickier than w-2 borrowers.  FHA lenders will take the NET income off your last two years tax returns and average that to calculate your income to qualify for a FHA home loan.  If your income went down substantially from one year to the next, sometimes it can be difficult to obtain a FHA loan.  If your income went up, the FHA lender will still average the two years.

So here is a tip for 2012.  If your income will go down from 2010 to 2011, you may want to hold off on filing your tax returns for a while.  Because if you have not yet filed your tax returns, FHA loan requirements will only require your 2009 and 2010 returns and go off those to determine your income.  If you file an extension, you could use your 2009 and 2010 returns all the way until October 15th.  But if your income is going to go UP from 2010 to 2011, and you need that extra income to qualify, you will want to file your 2011 returns as soon as you can before you apply for a FHA home loan so you can count your 2011 income.

If you have any questions about this please don’t hesitate to call 858-922-7899 or email me at homeloan8@gmail.com.

Below are some highlights of the FHA loan mortgage in California:

• FHA loan credit score does not need to be perfect.  Give us a call we specialize in analyzing credit scores and helping you improve them.
• FHA loan requirements allow a non-occupant co-borrower
• FHA loan down payment is only 3.5% and that can be a gift from a relative
• FHA loan interest rates have NEVER been this low

Related posts:

1. FHA Loans For Self-Employed Borrowers
2. Qualifying for FHA Loan In California When Self-Employed
3. FHA Loan Requirements for 2010 Tax Returns

Many potential VA eligible home buyers and home owners that want to refinance may have been unemployed for long periods of time during the current economic times.  The good news is that VA home loan requirements only require you to back on the job for a short period of time before you can apply for a VA home loan in California.  If you have been unemployed for five months, you only have to be back working again for 30 days and you can likely get approved for a VA loan.  If you have been unemployed for more than six months, you have to be back working again for six months before you can get approved for a VA home loan.  VA home loan requirements also require you to be back working in a similar profession that you were working in before the period of unemployment.

So I hope this is good news for those seeking a 100% financing VA loan in California.  Even after long periods of unemployment, in many cases you can apply for a VA home loan fairly quickly after you are working again at a w-2 job.  If you have any questions feel free to call at 858-922-7899 or email me at homeloan8@gmail.com

Below are some of the most up-to-date highlights of VA home loans in California:

• VA loan credit does not have to be perfect.  Give us a call we are experts in analyzing VA borrowers credit scores.
• VA loan refinance can be done up to 100% of the value of your property
• VA home loan rates are at record low levels
• VA mortgage loan limits in California go all the way up to $625,000 with zero down in San Francisco, San Jose, and most of the Bay Area.  Los Angeles and Orange County VA loan limits (Anaheim, Santa Ana) go up to $621,000.  San Diego VA loan limits are $477,000 with zero down.  Much of the rest of California like Fresno, Sacramento, Riverside, San Bernardino, Redding, Bakersfield and more go up to $417,000 with zero down

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

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

A fact many home buyers are not aware of is that you can apply for a FHA home loan in California only two years after a Chapter 7 bankruptcy discharge.    So as soon as you hit that two year point after the discharge, if you are interested in buying a home in California it’s worth taking a look to see if you can qualify.

FHA loan requirements also require you to not have any late payments or derogatory items after the bankruptcy.   You will also want to have re-established credit after the bankruptcy and have some open lines of credit that you have on time payments with.

Some borrowers included mortgages in Chapter 7 bankruptcies.  In this case, you will have to wait three years after the deed transfers out of your name before applying for a FHA home loan in California.

So I help this gives you hope that you can apply for a FHA home loan only two short years after a bankruptcy and own a home in California.  If you have any questions feel free to call me at 858-922-7899 or homeloan8@gmail.com

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

• FHA loan limits in California go up to $729,750 in many areas such as Los Angeles, Orange County, Santa Ana, Anaheim, San Francisco, San Jose and the Bay Area.  San Diego FHA loan limits are $697,500.  Riverside and San Bernardino FHA loan limits are $500,000.   Sacramento FHA loan limits is $580,000.  Fresno FHA loan limits are $381,250.
• FHA down payment is only 3.5% and this can be a gift from a relative
• FHA loan rates are once again at ALL TIME RECORD LOWS!
• FHA loan credit score does not have to be perfect

 

Related posts:

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

VA home loan rates have once again fallen though the floor where they are breaking record loans again.   So if you haven’t yet it could be a great chance to take a look a VA loan refinance to lower your payment and dramatically lower the amount of interest you pay on your mortgage per year.  Here’s a look at some of the different types of VA loan refinance options:

VA IRRRL Streamline Refinance

• This loan is for VA borrowers who already have a VA loan and want to reduce their interest rate
• Income documentation is not required
• In many cases no appraisal required for a VA streamline
• Reduced VA funding fee  of .5% (and of course no VA funding fee if you receive VA disability pay)

VA Standard Refinance

• This VA refinance is for all VA borrowers who are in a VA currently but want to pull cash out, or are not in a VA loan and want to refinance into a VA loan
• So if you have a FHA loan or conventional loan and want to refinance into a VA loan, you would do a standard VA refinance loan
• The standard VA refinance loan requires full income documentation & credit qualification and appraisal
• A full VA funding fee is charged (and of course no VA funding fee if you receive VA disability pay)
• You can go up to 100% loan-to-value of your property

So those are some of the different VA refinance options available for you.  If you have any questions don’t hesitate to call at 858-922-7899 or email me at homeloan8@gmail.com.

Below are some very current up-to-date highlights of VA home loans in California right now:

• VA loan limits in California go up to $625,000 in San Jose, San Francisco, Oakland and most of the Bay Area.   VA loan limits in Los Angeles are $621,000.  VA loan limits in Orange County, Anaheim, and Santa Ana are $621,000.  VA loan limits in San Diego are $477,000.    Most of the rest of the state including Riverside, San Bernardino, Redding, Fresno, Bakersfield, and Sacramento have VA loan limits of $417,000.
• VA loans are zero down without any monthly mortgage insurance
• VA home loan requirements only require two years after a short sale, foreclosure or bankruptcy to apply for a VA home loan

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)