VA and FHA Loans

Keys to Buying a Condo With a VA Loan Today

rob — Sun, 04 Jan 2009 13:45:07 +0000

There are great bargains to be had for VA Loan borrowers on condos and town homes in today’s market, as long as you are educated and make the right choice on which condo or town home to purchase.

Here are some advantages of condos vs. single-family-homes for VA Home Loan borrowers:

Condos usually have lower overall prices than single-family-homes

Affordable condos can often be found in prime neighborhoods and prime areas with good school districts. Areas where prices of single-family-homes are out of reach
- I think this is an important point. You can often find a condo that you could afford in the really prime neighborhoods, beach areas, and great school districts. Where a single-family home in that same area would sometimes be completely out-of-reach. Owning a condo in these types of neighborhoods allows you to enjoy living close to amenities, great schools, beaches etc… Where if you bought a single-family-home for the same price or more you would be in a below average neighborhood with poor schools and less parks, beaches and amenities.

Condo owners are responsible for less upkeep and less maintenance than owners of single family homes
- With a condo, generally the owner is only responsible for the interior of the condo and the homeowners-association is responsible for all the exterior areas
- This means you don’t have to worry about mowing the lawn, roof leaks, exterior painting, etc…

Here are some dis-advantages of condos vs. single-family homes for VA Loan borrowers:

Single-family homes can hold their value more
- Although not true in every case, generally single-family-homes go up first in value and go down last

Condos and Town homes have homeowners association dues
Condos and Town homes have to be approved by VA in order to use a VA Home Loan to Purchase

Below is some important research for VA Home Loan borrowers to conduct prior to purchasing a condo:

Make sure the condo is approved by VA. You can find this out by contacting us.
Find out the percentage of owners vs. renters in the complex by contacting the homeowners association
Make sure the homeowners association (HOA) is financially sound and has adequate reserves to cover repairs so there are no special assessments. A rule of thumb is 25%-30% of the HOA gross annual income should be in reserves.
Check with the HOA to find out if there are any pending special assessments. A special assessment is a fee the condo HOA will ask you to pay above and beyond your monthly HOA dues to pay for condo repairs the HOA does not have enough cash for.
Get a copy of the CC&R’s from the HOA and read them
Get the latest copy of the HOA’s meeting minutes to review
Check to see that their is no pending litigation against the HOA or against the builder
Check to see how HOA dues compare to nearby condors
How long has the complex been managed by the same company? The longer the better.
Ask other condo owners what the like most and least about living there
Check the soundproofing the of the common wall

If you do your research up front you can often buy a condo with a 3.5% down VA Loan that will be a tremendous investment for you and that you will enjoy for years to come. Please contact us to get pre-approved for a VA Home Loan to be ready to purchase your dream condo today.

Rob Chomentowski

Sr. Loan Officer and VA Loan specialist

858-922-7899

rob@affinity-financial.com

www.socalvaloans.com

Housing Prices rising rapidly over the last few months

Mon, 14 May 2012 05:37:34 +0000

The graph below show home prices are have been raising fairly quickly over the last few months. Inventory of homes is a little lower than normal there is some competition to buy a house but with Interest rates that are so low, a little bit of extra effort is going to reward for years to come.

Up To Date Highlights of FHA Loans In California

rob — Mon, 07 May 2012 14:46:12 +0000

Up To Date Highlights of FHA Loans In California is a post from: FHA,VA and Conventional Home Loans in all 50 States

Below are some of the most recent up to date highlights of FHA loans in California:

FHA loan limits go all the way up to $729,750 in Los Angeles, San Francisco, Orange County. FHA loan limits go up to $697,500 in San Diego County.
FHA loan credit score does not have to be perfect. We are specialists in assisting borrowers with credit issues
FHA loan interest rates are at all time lows
FHA loan guidelines allow a non-occupant co-borrower
You can apply for a FHA loan 3 years after a foreclosure or short sale
FHA loan requirements only need a 2 year wait after a Chapter 7 bankruptcy to apply for a FHA loan
You do not have to be a U.S. Citizen to get a FHA loan, it is OK if you are a permanent resident alien
FHA loans are for everyone, not just first time home buyers
You can have other properties and still get a FHA loan in California
You can get a FHA loan on a 2-4 unit property if you live in one of the units
FHA loans are ONLY for owner occupied purchases

I hope this helps you learn a little more about the advantages of FHA home loans in California. Please don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any questions.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

Key Highlights of FHA Home Loans in California

VA Loan Limits In California

rob — Mon, 07 May 2012 14:16:50 +0000

Below are the VA loan limits in various counties across California. Keep in mind that you can go above these VA loan limits if you come in with a down payment of 25% of the difference between the county loan limit and the purchase price. For example if you bought a $750,000 home in Orange County with a VA loan limit of $625,000. You would take $750,000 minus $625,000 which equals $125,000. Then take 25% of $125,000 which is $31,200. So $31,200 would be your down payment on a $750,000 house in Orange County. Below are the VA loan limits with zero down payment:

ALAMEDA $625,500
CONTRA COSTA $625,500
LOS ANGELES $621,000
MARIN $625,500
NAPA $460,000
ORANGE $621,000
SAN BENITO $625,500
SAN DIEGO $477,000
SAN FRANCISCO $625,500
SAN LUIS OBISPO $457,700
SAN MATEO $625,500
SANTA BARBARA $598,000
SANTA CLARA $625,500
SANTA CRUZ $610,650
SONOMA $419,750
VENTURA $518,650
Sacramento $417,000
San Bernardino $417,000
Riverside $417,000
Fresno $417,000
Shasta $417,000

So I hope this helps you determine the maximum VA loan limit in your county. Please feel free to give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions.

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

VA loans require zero down payment
VA home loan rates are at all time lows
VA home loans have no monthly mortgage insurance
VA loan credit does not have to be perfect, call us if you would like to discuss your credit we can help
VA home loan cash out refinances up to 100% of property value

Best Regards,

Rob Chomentowski

Home Buying Facts Info – I hope you like it

Thu, 03 May 2012 23:18:34 +0000

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Interesting Home Buying Facts

Thu, 03 May 2012 23:15:51 +0000

Interesting Home Buying Facts is a post from: FHA,VA and Conventional Home Loans in all 50 States

Source: socalvaloans.com via Simon on Pinterest

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Mortgage Rates Hit New Lows – Time to Buy – Time Refi Your VA Loan

Thu, 03 May 2012 17:05:23 +0000

Great news if you are looking to buy or refi your VA Loan. Mortgage rates are so incredibly low it just makes sense to buy or refi a home right now.

Good news for prospective homebuyers, bad news for those looking for signs of economic life in housing: Mortgage rates hit new record lows last week.

We’ve been following the weekly rates as the housing bulls and bears continue to declare bottoms and not-bottoms. Freddie Mac said Thursday the 30-year mortgage rate fell for a second week, to 3.84%, down from its previous all-time record low of 3.87% on February 9. The 15-year fixed average also fell to a new all-time low of 3.11%.

The 30-year rate hit a recent high of 4.08% in March but has been unable to top 4% since. Last year at this time, it averaged 4.71%.

Call Us to discuss your needs.

http://finance.yahoo.com/blogs/the-exchange/mortgage-rates-hit-record-lows-141700703.html

Self-Employed Get Conventional Loan With Only One Year Tax Return

rob — Fri, 27 Apr 2012 13:24:05 +0000

Self-Employed Get Conventional Loan With Only One Year Tax Return is a post from: FHA,VA and Conventional Home Loans in all 50 States

It can be quite challenging to get a conventional loan today if you are self-employed. There are a myriad of tough guidelines you have to pass when the underwriter reviews your tax returns to calculate your income.

You could have had a great year this year and a so-so year last year
You could have some large unrelated losses last year
You could have been a sole proprietor claiming you income on schedule C last year and incorporated this year for the tax advantages

These examples are just a few where it can be advantageous to be able to just use your most recent year of tax returns to qualify for a conventional home loan in California. And you can do this. Basically when we run your loan though the automated underwriting system as a self-employed borrower, if the findings tell us we only need one year of federal tax returns, that is all we need to provide. This can allow you to elude many of the issues like the bullet pointed examples above when you have to provide two years of tax returns.

So I hope this gives you hope to apply for a loan if you are self-employed. Please don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any questions.

Below are some highlights to conventional loans in California:

5% down conventional loans have much lower monthly mortgage insurance and no up front mortgage insurance than FHA home loans.
Conventional loans can be had with as little as 3% down payment
Conventional interest rates are at 60 year lows

Regards,

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

858-922-7899

homeloan8@gmail.com

VA Home Loan Requirements With Gaps in Employment

rob — Fri, 27 Apr 2012 12:57:14 +0000

In today’s economy there are many people (and veterans included) who have been laid off or been unemployed for extended periods of time, but are now back on the job working full time. If you have been out of work 0-5 months, VA home loan requirements only need you to be back working for 30 days in order to apply for a VA home loan. What you need to be able to provide is a 30 day paystub for the loan application. However, if you have been out of work for 6 months or more, VA loan guidelines will require you to be back working for six months until you can apply for VA financing. Of course in most cases you will have to be back working in a similar line-of-work that you were working in prior to your gap in employment.

Additionally, it is best if you are on a salaried type job if you have a gap in employment. If you are on a commission type job, paid in large bonuses or paid hourly, it may be a bit more complicated to get you’re approved for a VA loan after a large gap in employment.

So I hope this helps you to understand that you have a excellent chance of qualifying for a VA loan in California even after major gaps in your employment. Please don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any additional questions about VA home financing in California.

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

VA loan limits in California for 100% VA financing are $621,000 in Los Angeles, Orange County, Anaheim, Santa Ana. VA loan limits in the Bay Area are $625,000 in San Jose, San Francisco, Oakland, Contra Costa County. VA loan limits in San Diego are $477,000. Much of the rest of California has VA loan limits of $417,000 (Fresno, Redding, Stockton, Sacrament0, etc…)
You can go above the VA loan limits in California with just 25% down of the difference between your purchase price and the VA loan limit
Veterans who receive disability get the VA funding fee waived
VA financing is 100% zero down financing with NO monthly mortgage insurance
VA home loan rates are near 60 year lows
VA loan credit does not have to be perfect, give us a call and we can assist you with analyzing and improving your credit
VA streamline refinance loans are a quick and easy way to drop your VA loan rate without appraisal or income documentation
VA cash out refinance loans up to 100% of the value of your home

Best Regards,

Rob Chomentowski

858-922-7899,

homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

Watch this Video if You have done a Foreclosure or Short Sale

Thu, 26 Apr 2012 17:56:27 +0000

Watch this Video if You have done a Foreclosure or Short Sale is a post from: FHA,VA and Conventional Home Loans in all 50 States

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