Mini Mortgage Questionaire
Posts By Tim Storm
Despite recent changes to the program, the FHA Streamline Refinance program continues to be active in Orange County, CA. Interest rates have remained low as 2010 as gotten underway, allowing Orange County FHA borrowers who hadn’t taken advantage of low rates in 2009 to lock in a low rate now.
FHA Changes the Streamline Program Requirements
FHA [...]
Orange County, California - 877.786.4243 x 7
HUD issued a press release last week announcing 3 changes to the FHA program which will effect Orange County homebuyers using FHA financing to purchase a home. There had much much anticipation and apprehension about possible changes to the FHA program, so this is not unexpected. And when you get down to it, the changes [...]
Orange County, California - 877.786.4243 x 7
Orange County homeowners are learning quickly that FHA has more lenient underwriting guidelines when it comes to refinancing. FHA is flexible for purchase loans as well, but when it comes to a refinance, especially a cashout refinance, FHA (surprisingly to some) is not only the best, but in many situations, the only way to go.
Advantages [...]
Orange County, California - 877.786.4243 x 7
For those VA eligible homeowners in Orange County, the VA Cashout refinance program has several advantages over a Conventional (Fannie Mae or Freddie Mac) cash out refinance. Being eligible for a VA loan is required of course, but even if a VA eligible does not currently have a VA loan, they should seriously consider choosing [...]
Orange County, California - 877.786.4243 x 7
Some good news (finally) for Orange County, CA FHA borrowers – FHA has eased the appraisal requirements for “high balance” loans. A High Balance loan in Orange County is considered to be any loan over $417,000, up to $729,750. Under the guidelines that have been in place since FHA began offering High Balance loan amounts [...]
Orange County, California - 877.786.4243 x 7
The FHA 15 year fixed program has several benefits for Orange County, CA FHA borrowers. While it does result in a higher payment because it is fully amortizing, it can save thousands of dollars for the borrower in the long run.
The 15 year fixed has lower Monthly Mortgage Insurance than the 30 year fixed. As [...]
Orange County, California - 877.786.4243 x 7
For First Time Buyers, purchasing a Condo in Orange County is not the easiest thing these days, but for at least a another month, FHA has issued a bit of a reprieve for condo shoppers. Back on June 12, FHA Mortgagee Letter 2009-19 was released, providing guidance for the new condo approval process. Details within [...]
Orange County, California - 877.786.4243 x 7
Mortgagee Letter 2009-19 was issued on June 12, 2009 and provided guidance for the new approval process for Condo’s. The changes are dramatic. Currently, FHA has a list of Approved Condo’s. If a project is on the approved list then FHA financing is allowed, providing the project meets (or met) the 51% owner occupancy percentage. The [...]
Orange County, California - 877.786.4243 x 7
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