Yes! We do government loans. I was at a friend’s home on the 4th of July who asked me what the minimum down payment requirement is for a home purchase here in San Diego. He was surprised to hear me say 3.5%. He was even more surprised to hear that if an individual is VA eligible they can finance 100% of the purchase price. While my friend is not a veteran he knows someone who is which means he qualifies for the best home loan anywhere. You may not be a veteran who can qualify for a VA loan and you may not want an FHA loan so it’s important to know there are also conventional loan options that finance up to 95% of the purchase price and allow the 5% down payment to be gift funds virtually making this option 100% financing. But wait, don’t be so quick to dismiss FHA. Many times for those who have limited funds available for down payment FHA financing offers them more purchase power. Here is a quick-hitter list of benefits government loans offer: FHA: 3.5% down payment (.5% down payment with CHDAP 2nd TD) 580 minimum credit score No reserves required Cash out refinances to 85% loan-to-value Transferrable appraisal VA: 100% financing No mortgage insurance Lowest interest rates Purchase and cash out options Eligible properties include SFR, modular homes, PUDs,
How about this scenario; You lost your job, your credit is slowly declining and your house is worth 30,000 less then when you bought it? How good does a refinance sound at this point? Too bad it couldn’t be more out of reach, right? Maybe not. If that is your scenario and you currently hold an FHA mortgage, you can streamline it. With an FHA Streamline refinance, you can refinance your home even with all these factors working against you. It’s a great tool for those of who might not normally be able to improve their current mortgage situation. For more, check out this article by Dan Green.
Just a quick one today. Over the last several weeks I’ve been bringing you updates on the different loan limits for individual loan programs such as FHA, VA & Conventional loans. I thought it would be valuable to have a quick reference to all of them in one spot. Below you’ll find a chart of the 2014 Loan Limits for FHA VA and Conventional Programs. 2014 Loan Limits FHA Conventional VA San Diego 546,250 546,250 527,500 Los Angeles 625,500 625,500 687,500 Orange County 625,500 625,500 687,500 Riverside 355,350 417,000 417,000 San Fransisco 625,500 625,500 1,050,00 Most of these have changed in some way. So of course it’s important to make sure you pre-approvals from 2013 are still in line with these figures. For example, in Riverside county FHA now only goes upto $355,350! That a huge decrease from previous years. Conversely, VA limits went up in most cases. These numbers don’t tell the whole story though. To find how they might affect your next purchase or refinance send me a quick email by clicking here, or click my name below for my full contact info. Jeremy Beck | Mortgage Planner | 2014 Loan Limit Liason
“Is FHA still a good deal?” That’s what many of my new homebuyers ask me when we first get together to create a mortgage plan. I believe that it all depends on your goals and current situation. As with most loan programs there are advantages and disadvantages to consider. Here are a few… Advantages of FHA *More lenient on bad credit *Great rates, sometimes better than conventional *New Guidelines allowing for faster reentry into the market after Foreclosure, Short-Sale, and Bankruptcy. Disadvantages *Up-front Mortgage Insurance premium is now much higher *Monthly Mortgage Insurance Premium has also increased *Mortgage no must be held for a minimum of 11years So, is FHA still a good deal? It’s a great deal for those who need it. If you have problems with your credit or a lack of down payment but still want to get into the Housing market while prices are low, then FHA offers an opportunity to do that. We call that the acquisition phase. To find out more click here to send me an email for a review to see if FHA or another program is right for you. Jeremy Beck
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The GreenHouse Group INC Broker CA BRE#:01859042
Co-Owner, Jesse Ibanez, Agent – Jesse@GreenMeansGrow.com 858-863-0261 CA BRE#: 01405643
Co-Owner, Jeremy Beck, Mortgage – Jeremy@GreenMeansGrow.com 858-863-0261 CA BRE# 01404189
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The GreenHouse Group INC is a full service Real Estate & Mortgage Planning Firm located @ 3111 Camino Del Rio North, Suite 400, San Diego, CA 92108. We'd love for you to drop by and say "hello" to us here at our beautiful offices in Mission Valley. Or, if you'd prefer to drop us a line you can call us anytime @ (858) 863-0261. We look forward to meeting you!