California Jumbo Loans: Mortgage Limits & Requirements
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 ...
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Posted by Tony Mariotti on December 27, 2018 in Financing a Home
8 Incredible Fannie Mae HomePath Alternatives
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....
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Posted by Tony Mariotti on June 25, 2018 in Financing a Home
6 Steps of the Mortgage Loan Process: From Pre-Approval to Closing
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 ...
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Posted by Tony Mariotti on March 21, 2018 in Financing a Home
What Credit Score is Needed to Buy a Home?
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 ...
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Posted by Tony Mariotti on October 17, 2017 in Financing a Home
Fannie Mae HomeReady | Unbelievable 3% Down Program
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 ...
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Posted by Tony Mariotti on July 12, 2017 in Financing a Home
California First Time Home Buyer Mortgage Programs
First Time Homebuyer Programs in California
Houses in California are expensive when compared to other states. Buying a home here can be very challenging for first-time homebuyers, especially younger folks who've not built up the kind of cash ...
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Posted by Tony Mariotti on July 5, 2017 in Financing a Home
California Home Loans: All the Options Explained
Tired of renting and ready to buy a home in California? Perhaps 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 ...
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Posted by Tony Mariotti on July 5, 2017 in Financing a Home
First Time Home Buyer Mortgage Guide
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 ...
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Posted by Tony Mariotti on July 5, 2017 in Financing a Home
What are Mortgage Loan Limits?
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 ...
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Posted by Tony Mariotti on July 2, 2017 in Financing a Home
California Conforming, FHA & VA Loan Limits by County
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 ...
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Posted by Tony Mariotti on July 2, 2017 in Financing a Home
VA Loan Programs: Pros & Cons
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 ...
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Posted by Tony Mariotti on June 28, 2017 in Financing a Home
Conventional Loan Guide: Everything You Need to Know
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 ...
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Posted by Tony Mariotti on June 21, 2017 in Financing a Home
Home Possible Loan Guide
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 ...
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Posted by Tony Mariotti on February 28, 2017 in Financing a Home
Mortgage Origination Fees: Everything You Need to Know
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 ...
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Posted by Tony Mariotti on February 14, 2017 in Financing a Home
Getting a Mortgage Approved (and Keeping It That Way!)
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 ...
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Posted by Tony Mariotti on January 28, 2017 in Financing a Home
Documents Needed for Mortgage Pre-Approval
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 ...
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Posted by Tony Mariotti on September 25, 2016 in Financing a Home
Debt-to-Income Ratio Explained
Debt-to-Income Ratio (DTI) Definition
Lenders want to make sure they are funding mortgages that people can afford. One tool they use, to evaluate a borrower’s ability to pay back a home loan, is a calculation called a debt-to-income (DTI) ...
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Posted by Tony Mariotti on August 23, 2016 in Financing a Home
Pre-Approval Letter Sample + Do’s and Don’ts
What is a Pre-Approval Letter?
A pre-approval letter is a document that states the loan amount a lender is willing to make to a borrower. It is not a guarantee to lend, but it carries significant weight, especially to other parties in a real estate ...
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Posted by Tony Mariotti on July 5, 2016 in Financing a Home
Types of Home Loans: An Epic List of 29 Mortgage Programs
Types of Home Loans: Government Backed
Government agencies insure (or guarantee) a very large number of mortgages in the United States. Agency mortgage programs have roots in the New Deal or post WWII economic eras, both of which expanded ...
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Posted by Tony Mariotti on June 24, 2016 in Financing a Home
Conventional 97 Loan Guide
What is the Conventional 97 Loan Program?
Conventional 97 loans are a type of low down payment mortgage for first time home buyers. Borrowers only need to come up with a 3% down payment, which then creates a mortgage balance of 97% loan to value ...
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Posted by Tony Mariotti on June 21, 2016 in Financing a Home