It’s been a hot summer here in San Diego. In fact, the hottest in 118 years. I don’t expect any other part of the country to feel sorry for us because last winter was phenomenal here when the rest of the country was handed the worst winter in decades. That said, many homes here by the coast don’t have air conditioning and when the coastal breeze dies down each night it makes for a restless night of sleep when you’re lying there in your own flop sweat and the oscillating fan blasting you in the face means you wake up feeling like you made out with a sand castle.
This got me thinking about how grateful I can be for the little things. Like when the temperature around here is 5-10 degrees cooler. It’s a small amount that makes a huge difference. Many of our lenders are making small lending guideline changes that taken by themselves are not a big deal but combined a few of these guideline changes can be a game changer for people looking at home loan financing.
Here are some examples of those changes:
- Appraisal Transfers are allowed on Conventional loans
- Rate locks can be cancelled within 24 hours and re-locked at current market pricing
- Limited condo reviews available to 90% loan-to-value
- 100% gift funds allowed through Conventional financing up to 95% loan-to-value
- Gift funds do not need to be sourced if donor wires funds directly to escrow