Over the past 5-6 years many California residents have had economic difficulties resulting in having to file a personal bankruptcy. But now many of these same people are back on their feet doing well and wanting to enter the home market to buy a new home. Some great news that many may not be aware of is that the wait after a prior bankruptcy to apply for a mortgage loan in San Diego (or anywhere in California) is not that long. Below are the waiting periods for different loan types to apply for a home loan after a Chapter 7 bankruptcy:
- FHA home loan: 2 years
- VA home loan: 2 years
- Conventional home loan:4 years
The wait after a Chapter 13 bankruptcy is only one year if all payments have been made on time and you get permission from the bankruptcy court.
It’s important to keep in mind when you apply for a home loan after bankruptcy that you have to have re-established your credit after the bankruptcy and you want to have no late payments or derogatory credit issues following the bankruptcy. A great way to begin to re-establish your credit following a bankruptcy is to get a secured credit card from the bank where you have your checking account and to apply for other small store cards or credit cards. Just charge small items you would need anyway on these cards, make your payments monthly, and these on time payments will report to the credit bureaus and you will be re-establishing your credit.
So I hope this gets you excited if you had a prior bankruptcy that you can apply for a mortgage loan very soon after the bankruptcy. Don’t hesitate to call 858-922-7899 or email firstname.lastname@example.org if you have any questions regarding applying for a home mortgage in California.
Sr. Loan Officer
Over the past few years there were many home owners that had to short sell their homes due to many reasons often related to the economy. Some excellent news that I wanted to relay in this article is that we can fund jumbo loans in San Diego (and anywhere in California) only two years after a prior short sale. When I say “jumbo loans” what I am referring to are loans above the Fannie Mae loan limit for San Diego (or for any county in California). The 2014 Fannie Mae loan limit for San Diego County is $546,250. So any loan amount over this amount would be considered a true jumbo loan. And we can lend over $546,250 to borrowers only two years after a prior short sale. The Fannie Mae loan limits for Orange, Los Angeles, Contra Costa, Santa Clara, San Francisco, Alameda, Marin counties is $625,000. And we can lend over these limits with only a two year wait after a prior short sale. And by the way, even if your loan is at or below the Fannie Mae limit it is still a two year wait after a prior short sale.
We can lend all the way up to $3 million loan amounts and above with only the two year wait after the short sale. Here are some basic guidelines for jumbo home loans:
- 20% down payment minimum
- Credit scores generally need to be over 660
- Debt-to-income ratio has to be 43% or under
- 30 year fixed loans and 5 and 7 year fixed ARM loans available
- Single-family homes and condo’s acceptable
So I hope this gets you excited that you can be back in the market to purchase your dream home only two years after a prior short sale. Don’t hesitate to call 858-922-7899 or email email@example.com if you have any questions at all about this or any other mortgage products.
Sr. Loan Officer
A really terrific niche that we have is the ability to approve a VA borrower only one year after a prior short sale. Only 12 months has to pass since the short sale closed and we can get you fully approved for a VA home loan in California. The key date to look up to know when you can close on your new home is the date the deed transferred for your prior short sale. One year after this point we can get you approved for a VA loan.
The first step in the process is to contact us and we can pull your current VA eligibility. Then we can take a full loan application over the phone and get you started. If it has been only one year after a prior short sale, the maximum VA loan you can get approved for is $417,000. If it has been two years or more after a prior short sale we can go up to as high as $1.5 million with a VA loan in California.
So if you have had a short sale a year ago get excited as you can be back in the market again looking for a home with a 100% financed VA home loan. Don’t hesitate to call at 858-922-7899 or email us at firstname.lastname@example.org
Sr. Loan Officer (and VA specialist)
While FHA loans and Fannie Mae loan limits decreased in 2014, VA loan limits have increased in many counties in California. These are the limits to which a veteran or active military borrower can buy or refinance with zero down /100% financing. Remember you can always go above the VA county loan limit with a small down payment (25% of the difference between the purchase price and VA loan limit). Below are the new VA loan limits for California counties. Anything not on the list below still has a VA loan limit of $417,000.
- Alameda County: $1,050,000
- Contra Costa County: $1,050,000
- El Dorado County: $437,500
- Los Angeles County: $687,500
- Marin County: $1,050,000
- Monterey County: $500,000
- Napa County: $575,000
- Orange County: $687,500
- Placer County: $437,500
- Sacramento County: $437,500
- San Benito County: $827,500
- San Diego County: $527,500
- San Francisco County: $1,050,000
- San Luis Obispo: $518,750
- San Mateo County: $1,050,000
- Santa Barbara County: $643,750
- Santa Clara County: $827,500
- Santa Cruz County: $681,250
- Sonoma County: $500,000
- Ventura County: $556,250
- Yolo County: $437,500
I hope this gets you excited about what you can buy with your VA home loan benefits in 2014. Don’t hesitate to call us at 858-922-7899 or email at email@example.com if you have any questions about getting approved for a VA home loan in California.
Sr. Loan Officer
We have a special niche loan available where we can fund a cash out refinance for veterans and active military with a VA loan up to 100% of their property value in San Diego (or anywhere in California). Many VA loans available can go only to 90% but we are able to go all the way up to 100% of the property value.
There are many different reasons a VA eligible home owner may want to get a cash out refinance in San Diego, some are listed below:
- Pay off higher interest consumer debt. An added bonus is when higher interest debt is paid off with a cash out refinance, that debt now becomes tax deductible as part of the mortgage and will have a low 30 year fixed rate.
- A veteran or active military member may want to refinance from a non-VA loan to a VA loan. For example they may have a FHA loan with mortgage interest they want to refinance into a VA loan that has no mortgage insurance. Or they may have a conventional loan with a higher interest rate they want to refinance out of to a VA loan with a lower rate.
- Take cash out to remodel the house. A VA cash out refinance can give you a low interest way to get cash out to do a major remodel on your home. This can also increase the value of the home.
There are many, many more reasons a veteran or active military member may want to get a cash out VA home loan in San Diego (or anywhere in California). And it is nice to have the flexibility to be able to go up to 100% of your home’s value with the new cash out loan.
And remember, veterans who receive VA disability pay get the VA funding fee waived, which make the VA home loan even better.
A VA borrower can go all the way up to 100% of the VA county loan limit in California. Below are the VA loan limits in some of the major counties in California:
- San Diego County: $500,000
- Los Angeles County: $668,750
- Orange County: $668,750
- Napa County: 521,250
- Alameda, Contra Costa, Marin, San Francisco, San Mateo Counties:$987,500
- Santa Clara County: $823,750
- Sonoma County: $448,750
- Ventura County: $546,250
If you have any questions about obtaining a VA home loan in California don’t hesitate to call me at 858-922-7899 or email me at firstname.lastname@example.org.
Sr. Loan Officer
We have an excellent 10% down payment jumbo home loan available that is perfect for buying a home in the nicer areas of San Diego, Orange County and Los Angeles. This loan is very exciting because prior to the availability of this loan, if borrowers wanted to go over a $546,000 loan amount in San Diego and a $625,000 loan amount in Orange County and Los Angeles, they had to put 20% down. This new loan allows borrowers to go up to a $800,000 loan amount with 10% down and still get a tremendous interest rate. Here are some highlights of this 10% down jumbo loan:
- $800,000 maximum loan amount (so this would be a $889,000 purchase price with 10% down)
- Minimum credit score 740
- Maximum jameshallison casinophp?post=940&action=edit”>debt-to-income ratio is 41%
- Primary residence only
- Rate and term refinances available using this loan
- Loan types are 5 and 7 year fixed ARM (rates usually around low 3% range)
- Loans are fixed for 5 or 7 years
- After 5 or 7 years loan adjust based on the LIBOR index and a margin
- The maximum the rate can go up is 2% on each adjustment with a lifetime cap of 6%
- Permanent resident aliens are OK
- Single-family homes and condo/townhomes are OK
- Cash reserves of nine months of total housing payment requirement
This can be an excellent chance to be able to buy a home or refinance a home with only 10% down or 10% equity in a fairly high price range in nicer locations in San Diego, Orange County and Los Angeles. The 5 and 7 year fixed ARM loans also carry very low interest rates helping to keep the house payment low. Please don’t hesitate to call or email if you have any additional questions about this or any other type of home mortgage financing.
Sr. Loan Officer
FHA has adjusted the loan limits for many counties in California for 2014. These new loan limits will go into effect Jan 1st 2014. They have also adjusted the maximum FHA loan for every county in the U.S. from $729,250 down to $625,000. Below I will list the larger counties in California that have decreased their FHA loan limits for 2014, and listed what the new loan limit in 2014 is:
- Alameda County: $625,500
- Butte County: $293,250
- Contra Costa County:$625,500
- Sacramento County: $474,950
- Fresno County: $281,750
- Humboldt County: $327,750
- Imperial County: $271,050
- Kern County: $271,050
- Kings County: $271,050
- Lake County: $271,050
- Los Angeles County: $625,500
- Madera County: $271,050
- San Francisco County: You will find fantastic welcome bonuses and promotions, plus monthly rewards for playing with Gala best-casinos-online.info . $625,500
- Mendocino County:$373,350
- Merced County: $271,050
- Monterey County: $483,000
- Napa County: $592,250
- Nevada County: $472,250
- Orange County: $625,500
- Placer County: $474,950
- Riverside County: $355,350
- San Diego County: $546,250
- San Joaquin County: $304,750
- San Luis Obispo County: $561,200
- San Mateo County: $625,500
- Santa Barbara County: $625,500
- Santa Clara County: $625,500
- Santa Cruz County: $625,500
- Shasta County: $273,700
- Solano County: $400,200
- Sonoma County: $520,950
- Stanislaus County: $276,000
- Sutter County: $271,050
- Tehama County: $271,050
- Tulare County: $271,050
- Ventura County: $598,000
- Yolo County: $474,950
- Yuba County: $271,050
Some of the benefits to FHA home loans are:
- FHA loans only require a one year wait after prior short sale, foreclosure or bankruptcy if you can document your income decreased by 20% or more leading up to the distress.
- FHA loans require three year wait after foreclosure and short sale with no decrease in income as the reason (conventional loans require a 7 year wait after foreclosure and 2 year wait after short sale with 20% down payment)
- FHA requires only 3.5% down payment
- FHA allows a non-occupant co-borrower with only 3.5% down payment
- FHA allows debt-to-income ratios up to 55%
So don’t hesitate to call 858-922-7899 or email email@example.com of you have any questions about getting a home loan in California.
Sr. Loan Officer
HARP stands for Home Affordable Refinance Program. HARP is a loan program created to assist home owners that are underwater (their current loan balance is higher than the value of their property) or close to underwater, refinance into a low interest rate 30 year fixed mortgage. The HARP loan can be very effective for home owners in Riverside California as there are still many home owners that are underwater in this area of California. Below are some highlights of HARP in Riverside:
- The first step is to check if your loan is owned by Fannie Mae or Freddie Mac, call us and we can do this for you
- Unlimited loan-to-value (LTV) allowed on your primary or secondary residence
- High LTV allowed on investment properties
- Credit score does not have to be perfect, we can approve a HARP loan with a very low credit score
- We allow the debt-to-income ratio on the borrower to very high
- We can transfer mortgage insurance with most providers
- Single family, condos and duplex’s allowed
- 10, 20, 25 and 30 year fixed terms available
- Many times no appraisal needed
So don’t hesitate to give us a call at 858-922-7899 or email at firstname.lastname@example.org if you are underwater or close to underwater and want to refinance to a low 30 year fixed mortgage with the HARP loan program. We can discuss options with you immediate.