If you have gone through a short sale or foreclosure you should watch this video from abc.
You can read the article http://abcnews.go.com/US/va-woman-fights-collect-10-million-debt-collectors/story?id=16205697#.T5l2q6tDzQg
FHA Loans Allow Non-Occupant Co-borrowers is a post from: FHA,VA and Conventional Home Loans in all 50 States
One of the great things about FHA loan requirements is they allow for non-occupant co-borrowers. This means if you are having trouble qualifying for a FHA loan on your own and you have someone you know that would be willing to be a co-borrower to help you qualify for the loan, you may in business.
A non-occupant co-borrower is a borrower that will be on the loan but does not have to live in the property. This person can be a co-borrower on the loan and add their income and their cash reserves to the loan application to help your qualify, but they do not have to move into the property. This can be very helpful for new college graduates or others having trouble qualifying for a FHA home loan on their one.
Keep in mind the FHA loan guidelines for non-occupant co-borrowers take the lowest of the middle credit score of all the borrowers. So if you are the borrower and have a low credit score, it will not help you even if the non-occupant co-borrower has a high credit score. Also, FHA home loan requirements will take all the income from all the borrowers and all the debts from all the borrowers to calculate the debt-to-income ratio on the loan.
I hope this gives your some ideas to help you qualify for a FHA home loan if you are having trouble on your own. Don’t hesitate to call me at 858-922-7899 or email me at homeloan8@gmail.com if you have any questions.
Regards,
Warm Regards,
Rob Chomentowski
Sr. Loan Officer
858-922-7899
homeloan8@gmail.com
Related posts:
- FHA Loans Allow Non-Occupant Co-borrowers In California
- FHA Loan Requirements for Non Occupant Co-Borrowers in California
- FHA Home Loans Allow For a Non-Occupant Co-Borrower
VA home loan requirements allow borrowers to refinance into a VA loan up to 100% of the property’s value. VA is the only loan type available that allows a refinance up to 100% of the property value. Even if no cash is taken out, it is considered a cash-out refinance when a borrower refinances from a non VA loan to a VA loan. So if you currently have a conventional loan or a FHA loan, you can refinance to a low rate 30 year fixed VA loan up to 100% of the value of our property.
Now if you actually want to pull spendable cash out of your home into your pocket with a VA loan refinance, the maximum you can go is 95% of the property value. 95% is still the highest loan-to-value you can go on a cash-out refinance of any loan type.
There are many reasons you many want to do a VA home loan refinance:
- Consolidate high interest credit card or other debt into your mortgage. You can use a VA loan refinance to take high interest credit card debt and roll it into your mortgage where it becomes tax deductible and at a very low 30 year fixed VA interest rate.
- Refinance from a higher rate or adjustable conventional loan to a low rate 30 year fixed VA loan.
- Take cash out for areas in life you require liquid cash funds at a low 30 year fixed interest rate
- Lower your interest rate if you already have a VA loan with a VA loan IRRRL streamline refinance
If you do a cash out VA home loan or a refinance from a conventional loan to a VA loan, it is a full credit qualify loan. You will need to supply income documentation and a property appraisal will be ordered. If you already have a VA loan and just want to lower your interest rate, a VA streamline refinance can be done without any income documentation or appraisal.
Please don’t hesitate to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about a VA home loan refinance.
Rob Chomentowski
858-922-7899,
Sr. Loan Officer (and VA specialist)
Get FHA Loan Only Three Years After Short Sale in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
After just three years post short sale you can be back on your feet applying for a FHA loan to buy a home in California. FHA home loan requirements require a three year wait after a short sale to apply for home financing. So check the date of your short sale and get back into this market where California houses are on sale and interest rates are the lowest they have ever been.
The key date to look for to begin counting out the three years is the date the deed transferred out of your name in the short sale. FHA loan requirements need three years from this date. Give us a call at 858-922-7899 or email at homeloan8@gmail.com if you would like us to research this date for you.
Additionally, FHA loan guidelines want you to not have any derogatory items on your credit after the short sale. So make 100% sure you do not have any late payments on any credit cards, student loans, car loans or anything that reports to you credit.
So I hope this gets you excited if you are passed or approaching the three year date after a short sale. Please don’t hesitate to give us a email or call if you have any questions.
Below are some highlights to FHA loans in California today:
- FHA loan down payment is only 3.5%
- FHA loan guidelines allow the down payment to be a gift from a relative
- FHA loan interest rates are still at all time record lows
- FHA home loans allow you to have a non-occupant co-borrower to help you qualify for home financing.
Regards,
Warm Regards,
Rob Chomentowski
Sr. Loan Officer
858-922-7899
homeloan8@gmail.com
Related posts:
- Get FHA Loan Three Years After Short Sale in California
- Get FHA Loan After Short Sale In California
- FHA Loan Requirements After Short Sale In California
VA financing is the most forgiving type of mortgage financing today when it comes to the waiting period after foreclosure to get new home financing. VA home loan requirements state that a borrower only had to wait two years after a foreclosure to apply for a VA loan in California.
The key date you have to look for to begin counting the waiting period is the date the deed to the property transferred out of your name from the foreclosure. Give us a call if you would like us to look this date up for you.
Additionally, VA loan requirements want you to not have any derogatory items on your credit score after the foreclosure. You want to make 100% sure you are not late on any of your credit cards, student loans, car payments, etc… VA loan guidelines also generally want you to have at least a 640 credit score following a foreclosure.
So that is good news that only two years after a foreclosure you can be back in the California housing market and take advantage of the current low prices and low interest rates to establish a nice home for your family and a nice investment.
Please don’t hesitate to call us at 858-922-7899 or email us at homeloan8@gmail.com if you have any questions about VA home financing in California.
Below are some of the highlights of VA home loans in California today:
• VA loan limits in Los Angeles, Orange County go up to $621,000 with zero down. San Francisco, San Jose, Oakland go up to $625,000. San Diego VA loan limit is $477,000. Most of the rest of California such as Fresno, Riverside, Redding, Stockton, Sacramento go up to $417,000 with zero down
• VA lending is 100% financing with no down payment
• VA loan interest rates are still at record lows
• VA home loans do not have any monthly mortgage insurance
• The VA funding fee is waived for veterans who receive disability pay
• VA loan requirements only need a two year wait after a short sale, bankruptcy or foreclosure
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
FHA Loan Requirements in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
FHA loan requirements are set up to be the most accommodating to allow many borrowers with wide ranging situations qualify to purchase a home in California. FHA has much more lenient credit score requirements, allows a higher debt-to-income ratio and high loan limits than conventional home loans. Below are some of the base FHA loan requirements to qualify for a FHA home loan in California:
- You must provide your most recent paycheck stubs, last two years w-2′s and last two years tax returns all pages so your income can be calculated
- FHA loan guidelines require a minimum of 3.5% down payment. This can be a gift from a relative. If it is not a gift, you will have to show that you have had the 3.5% down in your bank account for at least two months prior to the purchase
- FHA loan credit score does not have to be perfect, but it is best if it is over 620. FHA lenders will throw out the high and low and go off the middle of your three credit scores. Give us a call if you have credit issues we are specialists in assiting to raise your score.
- FHA loan requirements call for a FHA appraisal on every purchase and the property must meet certain health and safety standards
- FHA loan limits in California go up to $729,750 in many California counties including Los Angeles, Orange County, San Jose, San Francisco and more. San Diego FHA loan limit is $697,500.
So those are some of the basic FHA loan requirements to apply for a FHA home loan in California. Please feel free to give us a call at 858-922-7899 if you have any questions or email at homeloan8@gmail.com
Warm Regards,
Rob Chomentowski
Sr. Loan Officer
858-922-7899
homeloan8@gmail.com
No related posts.
VA loan interest rates are still at shocking all time lows leaving the window open still for VA eligible borrowers to do an easy VA streamline refinance if you already have a VA loan, or a standard VA refinance if you want to convert your non VA loan to a VA loan. Below are some of the highlights of a VA streamline IRRRL refinance and a standard VA refinance:
VA streamline refinance:
• Does not require income or asset documentation
• In many cases does not require a full appraisal
• Reduced VA funding fee (and of course no VA funding fee if you receive VA disability pay)
• Allows you to “skip” a payment (you don’t have to make the next months payment, 1st payment is due the month after)
• Can be done with no cash out of pocket
• Rock bottom VA loan interest rates
VA standard refinance:
• Allows you to go from a NON VA loan into a VA loan
• If you have a high LTV VA guidelines allow you to go up to 100% of your property value
• VA guidelines allow you to take cash out
• If you want to consolidate high interest debt and put it into your mortgage where it becomes a tax write-off
• Requires a full appraisal
• Rock bottom VA loan interest rates
• Can be done with no cash out of pocket
• Allows you to “skip” a payment (you don’t have to make the next months payment, 1st payment is due the month after)
So feel free to call us at 858-922-7899 or email us as homeloan8@gmail.com if you have any questions about getting a VA loan refinance in California.
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
Warren Buffet Says “Now is a great time to buy a house” is a post from: FHA,VA and Conventional Home Loans in all 50 States
Related posts:
- How to Qualify FHA Loan When Rent Out Current House and Buy a New House in California
- Now is the Time to Buy – Bruce Norris
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FHA Loan Requirements After Bankruptcy in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
The excellent news is that very soon after a bankruptcy you can get a FHA home loan to buy a home in California. Two years after a Chapter 7 bankruptcy and one year after a Chapter 13 bankruptcy you can apply for a FHA home loan in California. Below are some of the FHA guidelines to think about when planning to get a FHA loan after bankruptcy in California:
- The key date to look for to begin counting the time period to apply for a FHA loan after bankruptcy is the bankruptcy discharge date (not the file date).
- You will need to make your you reestablish credit after a bankruptcy. This means you will need active, open lines of credit that you are paying in a on time fashion. An open line of credit is something like a credit card, store card, auto loan, student loan, etc…
- If you had a mortgage included in the bankruptcy you will have to wait until two years from the date the deed to the property that foreclosed transfers out of your name. Give us a call or email if you want us to look this date up for you.
- If you had a Chapter 13 bankruptcy you will have to have one year of one time payments to creditors and permission from the bankruptcy court to enter into a mortgage.
So those are some keys to applying for a FHA home loan after bankruptcy in California. Give us an email at homeloan8@gmail.com or call at 858-922-7899 if you have any questions.
Regards,
Warm Regards,
Rob Chomentowski
Sr. Loan Officer
858-922-7899
homeloan8@gmail.com
Related posts: