Focus On Financing

2018 San Bernardino & Riverside FHA, VA and Conforming Loan Limits

December 21, 2017 by · Leave a Comment

It’s about time! I’m happy to report that the 2018 FHA, VA and Conventional Conforming loan limits have increased once again. This occurred because each year the governing agencies get together and review the area median incomes and area median home prices and update their loan limits for all counties in California. accordingly. 2018 Conforming […]

The FHA 203k Rehab Loan – What You Need To Know

October 25, 2017 by · Leave a Comment

  WHAT IS AN FHA 203K HOME LOAN? The FHA 203k rehabilitation loan allows you to finance the repair or renovation costs into the loan. This is able to be done because the lender will manage both the mortgage and repairs within the loan at the same time. WHEN DO I RECOMMEND USING A 203K […]

The New 5/5 ARM

June 15, 2017 by · Leave a Comment

For home buyers who want the stability of a fixed mortgage and the low rate of an adjustable mortgage, our 5/5 ARM provides the perfect balance. The low initial rate of the 5/5 ARM is fixed for five years before it can adjust — then it’s fixed for another five years, then another five years […]

MIP Reduction Makes FHA More Affordable

January 19, 2017 by · Leave a Comment

UPDATE: The reduction of MIP premium has been suspended indefinitely by the Trump administration. Click here to read more on this.  The U.S. Department of Housing and Urban Development (HUD) recently announced a quarter-percent reduction in mortgage insurance premiums on certain FHA loans. According to HUD, homeowners may save $500 per year on mortgage insurance. […]

Planning for a Mortgage Application

June 10, 2016 by · Leave a Comment

Planning ahead for your mortgage application will increase your success of owning a home.  I see it many times… people call me interested in starting the home buying process, but after we hang up they lose motivation to gather their documents and follow instructions that I provide. Buying a home doesn’t happen overnight or sometimes even […]

New FHA Rules Regarding Deferred Student Loans

June 16, 2015 by · Leave a Comment

FHA has recently announced that all deferred student loan payments must be included in the borrower’s debt-to-income (DTI) starting September 14, 2015. FHA was considered the last option available after Fannie Mae and Freddie Mac announced their change to no longer accept deferred student loan payments to be omitted. Student loans in forbearance are also required […]

FHA Announces MIP Reduction

February 4, 2015 by · Leave a Comment

Update: 2017 MIP reduced again. Click here to read about it. In efforts to promote homeownership, Obama announced the reduction of the Mortgage Insurance Premium (MIP) from the current rate of 1.35% to .85%. This change is to become in effect for case numbers ordered on or after January 26th, 2015 and expected to reduce the annual premium by an average of $900 resulting in more […]

MyCommunity® Mortgage, The FHA Alternative…

October 20, 2014 by · Leave a Comment

Update: The down payment requirement has been reduced to 3%. With this option, at least one of the borrowers has to be a first time homebuyer (has not owned a home in the last 3 years). If a refinance, the mortgage being refinanced has to be owned by Fannie Mae.    FHA has been and […]

Changes to Short Sale Waiting Periods for Conventional Loans

August 21, 2014 by · Leave a Comment

Fannie Mae announced that on Saturday August 16, 2014, the waiting period for short sales will be extended to 4 years. Before this change, people who sold two years ago and had the ability to invest at least 20% towards their down payment were able to buy. Read Fannie Mae’s Announcement SEL-2014-10. What this means: If you […]

Add This To Your New Year Resolution

December 31, 2013 by · Leave a Comment

With 2014 now here and your new year resolutions are in place, why not include paying your mortgage down in your plan. Would you be willing to give up something that cost you $5 per day like a coffee or bagel, if it means achieving financial freedom sooner? An amount as low as $5 per […]

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