Homeowner Associations, or HOA, are non-profit organizations that provide the upkeep of communities around the country. Approximately one of every five Americans is subject to pay monthly HOA fees and is under strict rules and regulations. Associations charge mandatory fees for upkeep costs, and often times homeowners can also be charged fees for the violations of rules. Borrowers living within such communities are subject to HOA regulations, and corresponding Covenants, Conditions and Restrictions (CC&Rs). (more…)
(Source: CalHFA) –– CalHFA is pleased to announce new first-time homebuyer loan programs starting August 26, 2013. Two of these programs are first mortgage loans which can be used with CalHFA’s existing California Homebuyer’s Downpayment Assistance Program (CHDAP). The third is the return of the popular Extra Credit Teacher Home Purchase Program (ECTP). (more…)
As a homeowner, you enter the process of building equity once you start making the first monthly payment on your mortgage – unless you have obtained an interest-only mortgage (negative amortization loan). The opportunity to use equity is just one of the advantages of homeownership. (more…)
My girlfriend asked me to do something that I’d love to help her out with, but I’m not a hundred percent certain if it’s the right decision to make. She asked me to co-sign the lease on her apartment for her, even though I’m not going to be living with because I have a higher credit score and she wants to move into a nicer apartment complex. I’m aware of what a co-signer is required to commit too. Paying any missed rent, being constrained to pay even if she’s evicted, and that it will even affect my credit score if she does get evicted. My question however is, as long as she never defaults on her rent, can I have the fact that I’m a co-signer removed from my credit history if I apply for a loan or mortgage? I really need as much advice on this as possible as I’m having mixed feelings on the decision. (more…)
Many existing homeowners or first-time homebuyers often ask themselves, “how much can I borrow?” This question does focus on a need for a budget, however prospective buyers or homeowners looking to refinance a mortgage should rather be asking, “how much should I borrow?” This is an important distinction that needs to be addressed to determine an amount that “comfortably” fits your needs. (more…)
With the volatility in today’s rates, it is nice to know that there is some stability in our Jumbo Mortgage After Foreclosure portfolio loan program. Rates have been very stable over the last 6 months. On a purchase loan the rate is consistently at 4.25% (4.508% APR) for a 5/1 ARM with a loan amount between $417,000 and $2,000,000. Our 7/1 ARMS are consistently at 4.625% (4.889% APR) for similar scenarios. When there has been either a Foreclosure or Short sale in your past and you have otherwise good credit, you can count on us to find you a great Jumbo mortgage loan program. Whether it is a purchase or a refinance after foreclosure, this is all we focus on and we have the expertise to get your deal done.