California Mortgage Loan Limits by County (2023)
California Loan Limits
California Conventional Loan Limits
California conventional loan 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 November 30, 2022 in Financing a Home
California Jumbo Loan Limits (2023)
What is a California Jumbo Loan?
Depending on the amount you need to borrow and the location of the home you want to buy in California, you may need to finance your home with a jumbo loan. A jumbo loan is a type of mortgage that exceeds conforming ...
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Posted by Tony Mariotti on November 30, 2022 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
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
Types of Home Loans in California - Complete Mortgage Guide
This article was updated on December 9, 2021
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 ...
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Posted by Tony Mariotti on July 5, 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
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 documents to ...
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Posted by Tony Mariotti on September 25, 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
Mortgage Commitment Letter: How to Seal the Deal
What is a Mortgage Commitment Letter?
A mortgage commitment letter sets up a borrower with the highest state of readiness to buy a home. Mortgage commitment letters are only issued if the borrower and property meet underwriting ...
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Posted by Tony Mariotti on June 17, 2016 in Financing a Home
Mortgage Gift Letter Guide: Requirements + Free Template
What is a Mortgage Gift Letter?
Saving for a mortgage down payment is a big challenge for many people, especially first time home buyers. That’s nothing new; it’s always been true. Fortunately, many of the most popular mortgage programs ...
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Posted by Tony Mariotti on June 12, 2016 in Financing a Home
VA Approved Condos: Here's What You Need to Know
What Are VA Approved Condos?
VA approved condos include any townhouse or condominium unit within a VA-approved project. The word project refers to all the individually-owned condominium units plus the common areas combined. The VA puts a stamp of ...
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Posted by Tony Mariotti on April 20, 2016 in Financing a Home
Los Angeles Property Taxes
Are property taxes a deciding factor in where to buy a home in Los Angeles? For many people, it would not be practical to make property tax a major deciding factor or else everyone would move to a much different LA - Louisiana - where the property ...
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Posted by Tony Mariotti on August 4, 2014 in Financing a Home