We all know what great sacrafices the members of our U.S. military make each day. Missing out on the first-time home buyer tax credit should not be one of them. Thankfully, Congress has acknowledged the unique circumstances affecting qualified service members*, by allowing the following exceptions that apply to…
While FHA has been hogging all the headlines (no pun intended) another little known loan program has been gaining in popularity. For over 60 years, the USDA (Unites States Department of Agriculture) has been guaranteeing loans for farms and rural communities. Recently, however, the definition of rural has expanded…
 (341834173).gif "Can you get FHA financing after a short sale in Los Angeles, San Fernando Valley?")
New FHA guidelines have been announced to prevent short-seller sellers from buying replacement properties with an FHA mortgage. These new FHA loan requirements apply in cases where “a previously owned property was sold for less than what was owed (short sale)” or “there is principal write down of indebtedness…
 (664965176).gif "FHA Energy Efficient Mortgage for San Jose Homes")
FHA’s Energy Efficient Mortgage program (EEM) helps San Jose, CA homebuyers or homeowners save money on utility bills. This is done by enabling them to finance the cost of adding energy efficiency features to their house as part of their FHA insured loan. EEMs recognize that reduced utility expenses…
In last 3 weeks, 30 year fixed mortgage rates have gone up 34 basis points for San Jose homes. Rates for 15 year fixed and 5 year ARM loans have gone up too. In the latest results of its Primary Mortgage Market Survey® Freddie Mac reported 30-year fixed-rate mortgage…
 (2112434186).gif "Maryland FHA Responds to Short Sales")
Maryland FHA responds to Short Sales and here are the 5 things you need to know. Changes are effective immediately. Maryland borrowers ARE eligible for new FHA financing if they are 0X30 on the mortgage in the last 12 months and the proceeds from the short sale serve as…
FHA delays HVCC implementation for San Jose Home Loans until February 15, 2010. This was originally planned for a January 1, 2010 implementation. But, FHA announced today that the enactment of Appraiser Independence has been delayed. The new rule by FHA prohibits San Jose mortgage brokers and commission-based lender staff from…
A short sale is a transaction where a seller sells the property for less that what was owed. Short sale is increasingly becoming a common option to sell a house in San Jose and rest of the Bay area. If you went through a short sale you could have…
 (1103222264).gif "2010 Possible FHA Changes on the way – Los Angeles, San Fernando Valley")
2010 may bring possible changes to FHA loan requirements. Here are the changes currently being considered: 1. Many lenders currently have the minimum FICO credit score requirement set at 620. An increase in minimum FICO is possible. 2. Currently 3.5% is required for a minimum down payment. This could increase…
Announcing a new Oregon Reverse Mortgage Information website : Laurie Willis, Alpine Mortgage Planning Reverse Mortgage Specialist, and I are developing a new website about the senior citizen Reverse Mortgage process. We started with an outstanding flow chart and will be adding information and trying to go through some of the pitfalls…