Mini Mortgage Questionaire
Posts By Shashank Shekhar
In this post I am talking about eligibility guidelines for a San Francisco Bay Area FHA Loan after you have gone through Judgment, Collection, Bankruptcy or Foreclosure.
FHA Loan after Collection and Judgment:
FHA does not require that collection accounts be paid off as a condition of mortgage approval. However, court-ordered judgments must be paid off before the mortgage [...]
San Francisco Bay Area, California - 408.905.6261
FHA today announced reduction in upfront Mortgage Insurance Premium (UFMIP) for SF Bay Area First Time Home Buyers and FHA Streamline Refinance on Bay Area homes.
A change that has been prompted by passage of H.R. 5981 in the congress, will reduce the upfront mortgage insurance premium to 1% from the current 2.25%. At the same [...]
San Francisco Bay Area, California - 408.905.6261
For San Jose home purchase or refinance qualifying for ARM (Adjustable rate mortgage) and Interest only loans will be more difficult. Fannie Mae and Freddie Mac are making the following changes to Interest Only and Variable Rate Mortgages (3/1 and 5/1 ARM) Loan Programs. These changes go into effect immediately.
3/1 and 5/1 ARM Qualification [...]
San Francisco Bay Area, California - 408.905.6261
Last week San Jose mortgage rates sank to the lowest level of the year. According to Freddie Mac’s Primary Mortgage Market Survey® 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 20, 2010, down from last week when it averaged 4.93 percent.
The 5-year adjustable-rate mortgage (ARM) averaged [...]
San Francisco Bay Area, California - 408.905.6261
Beginning this year, FHA made some major changes to the San Jose & rest of the country Condominium approval process. I have done a lot of speaking on this topic and have written several blog posts. In this post, I am trying to get the most frequently asked questions and answers to those questions in [...]
San Francisco Bay Area, California - 408.905.6261
Mortgage rates took a major beating last week after Fed officially stopped buying mortgage backed securities. Fannie Mae 30 year (4.5%) mortgage bond opened the week at 100.44, and closed at 99.47, a drop of whopping 97 bps (see chart below). The mortgage rates for most of the conventional loan programs had jumped up by [...]
San Francisco Bay Area, California - 408.905.6261
As a San Jose First-Time Home Buyer you should get a mortgage pre-approval done before you start looking for a house. Pre-approval helps you in 3 ways:
It lets you know how much mortgage you can qualify for. This will help you search for homes in the same price range
It gives you an estimate of what your [...]
San Francisco Bay Area, California - 408.905.6261
Here’s how you can claim your $8000 First Time Home Buyer Credit. The video that I created also talks about how a repeat buyer can claim the $6500 Home Buyer Credit.
If you have any questions about Home Buyer Tax Credit watch this Video blog or contact me at shashank@arcuslending.com.
San Francisco Bay Area, California - 408.905.6261
Governor Schwarzenegger signed a bill which provides $200 million for tax credits for San Jose and rest of California Home Buyers . The $200 million will be divided between first-time homebuyers and “move up” homebuyers. The following is a summary of the legislation:
The Tax Credit: Eligible purchasers may qualify for a credit against their state [...]
San Francisco Bay Area, California - 408.905.6261
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