Financing a Home

What is a California Jumbo Loan? California houses come in all shapes and sizes. Depending on the amount you need to borrow and the property location, you may need to finance your home with a jumbo loan. A jumbo loan in California is mortgage that ...

What is Fannie Mae HomePath? The banking crisis and ensuing real estate market collapse of 2008 made it very difficult for many borrowers to continue making their mortgage payments. A big increase in real estate owned (REO) properties followed....

There are six distinct phases of the mortgage loan process: pre-approval, house shopping; mortgage application; loan processing; underwriting and closing. Here's what you need to know about each step. 1. Mortgage Pre-Approval Mortgage ...

Have you ever asked yourself, “What credit score is needed to buy a house?” The short answer is: Lenders typically want to see a minimum FICO score of 620. The long answer is: It depends. Lenders weigh more than just your credit score ...

What is Fannie Mae HomeReady? Fannie Mae HomeReady is a low down payment mortgage for creditworthy, low to moderate-income borrowers. Down payments can be as low as 3%. Both first-time or repeat home buyers are eligible. In late ...

First Time Homebuyer Programs in California The California Housing Finance Agency (CalHFA) was established in 1975 to help low and moderate income Californians get safe and affordable housing. CalHFA's programs are particularly helpful to home ...

Tired of renting and ready to buy a home in California? Are you relocating to California? Or maybe you already live here and have decided it’s time to move up to a bigger home? Whether you’re first time buyer or a seasoned homeowner, ...

First Time Homebuyer Programs There are five major first time homebuyer program categories. The first three are backed (insured) by federal government agencies. They include FHA, VA and USDA programs. Each is broadly available to borrowers in any ...

What are FHA Loans? FHA loans are mortgages backed by the U.S. government, specifically the Federal Housing Administration (FHA) which is a subsidiary of the United States Department of Housing and Urban Development (HUD). “Backed” is ...

What is a Loan Limit? A mortgage loan limit is a monetary cap; the maximum amount loaned to consumers from lenders to purchase or refinance a home. Loan limits, along with several other factors like borrower credit and the type of property ...

California Loan Limits California Conventional Loan Limits California conventional loans limits cap the size of mortgages so that they meet Fannie Mae and Freddie Mac guidelines. Those two government-sponsored entities (GSEs) buy mortgages and ...

What Are VA Loans? VA loans are mortgages guaranteed by the US Department of Veterans Affairs (VA). VA Purchase Loans are one of the few mortgage products in existence where borrowers can buy a home with no down payment, a pretty good ...

VA home loans are guaranteed (but not made) by the US Department of Veteran’s Affairs (VA). The actual loans are underwritten and funded by private institutions (mortgage companies, credit unions and other lenders). The VA’s ...

What is a Conventional Loan? Conventional loans are mortgages made by private lenders that meet the underwriting requirements of Fannie Mae or Freddie Mac, two of the largest acquirers of mortgages on the secondary market. In fact, nearly 70% of ...

What Are Home Possible Mortgages? Home Possible and Home Possible Advantage are two conventional loan programs created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirement. The one that’s right for ...

What is a Mortgage Origination Fee? Loan origination fees cover the lender's costs of making a loan and compensate them for helping consumers get a mortgage. The fee is based on a percentage of the principal amount of the mortgage and is paid ...

Anyone with experience buying or refinancing a home can tell you the kind of relief that washes over them when they find out their mortgage application is approved. There's so much build-up to that moment, with all the document gathering, credit ...

Average FICO Scores by Mortgage Program "What credit score do I need?" I'm asked this all the time. What I think people are really asking is: "What are my chances of getting approved?" There are two ways to approach the question(s). First, I can ...

Key Takeaways: Mortgage pre-approvals ensure a smoother home buying experience The pre-approval process begins when your lender creates a loan file with your loan application and credit report You'll add a few mortgage pre-approval ...