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Posts By Tim Storm


FHA Announces Changes to Mortgage Insurance Premiums

FHA announced on August 5, 2010 that with the passage by Congress of H.R. 5981, a decrease to FHA’s upfront mortgage insurance premium and an increase to the annual mortgage insurance premium will be effective on September 7, 2010.  ***Update** FHA issued a statement on August 10, 2010, changing the implementation date to October 4, 2010***
Decrease [...]

CalVet or VA Loan | Which is Better for Orange County Home Buyers?

The VA home loan program and CalVet program are two of the few 100% financing options available to Orange County, California home buyers.  Only a few years ago there were all types of 100% financing programs available to nearly anyone who wanted to buy a home, but even with the tightening of lender guidelines, the [...]

Orange County FHA Borrowers Should do an FHA Streamline Refinance Now

For Orange County FHA borrowers with rates at 5.5% or higher, now is the time to investigate whether you qualify for an FHA Streamline Refinance. The combination of low rates, easy Streamline Refinance guidelines, and uncertainty with what changes to the FHA program may be right around the corner, now is the time learn about [...]

Good News for Orange County Condo Buyers Using a VA Loan

On May 17, VA issued a Circular which included some good news for Orange County condo buyers planning to use VA financing. VA reversed an earlier announcement and will again allowing financing on FHA approved condominium projects. Orange County has a high concentration of condo projects, especially in cities such as Irvine, Aliso Viejo, and [...]

FHA Loans on Attached Properties and Detached Condos in Orange County

In Orange County, if you want an FHA loan on an attached condo, the condo project needs to be on the FHA Approved Condo List. But not all condo’s are “attached”, and not all attached properties are necessarily “condo’s”. FHA provides a website for determining whether a condo project is approved for financing or not, [...]

Orange County VA Loan Buyers Taking Advantage of High VA Loan Limits

The High Loan limits for VA 100% financing offered to Orange County, CA VA eligible home buyers have been very advantageous in in 2009 and 2010.  The 100% financing limit for VA loans in Orange County was lowered from $737,500 in 2009 to $593,750 in 2010. But still, there is currently no other type of financing [...]

FHA Streamline Refinance Program Going Strong in Orange County

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 [...]

How the Recently Announced FHA Loan Changes will Effect Orange County Homebuyers

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 Homeowners Benefitting from Refinance Guidelines of FHA Loan Program

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 [...]

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