Posts

Conventional vs. Conforming vs. Government vs. Jumbo Loans; Bias For Action

CINNABON STORY – BIAS FOR ACTION I heard this story on a podcast a few months back and just had to share it. When Cinnabon first started, they could only afford to lease very small spaces that required them to place their ovens in front; as a result, passersby could easily smell the aroma when […]Read More

VA Interest Rates 3/4% Lower Than Jumbo; No VA Loan Limits; Cash Out to 100%

There are about 20 million veterans in the United States. Almost all of them are eligible for VA financing, and, unfortunately, many have no idea of just how advantageous it is. So, it is our job to make sure every veteran does understand that VA financing is often the most competitive option available. I blogged […]Read More

14 Day Close Only For Conforming & FHA; VA Loans Not Just For First-Time Buyers; VA Explained

Here are a few quick but very important reminders. 14 DAY CLOSES: CONFORMING & FHA ONLY We can and do close transactions in 14 calendar (not business) days all the time now. But, we can only do so for conforming (Fannie/Freddie) and FHA transactions. I should add, however, that there are still instances where we […]Read More

VA Loan Limit Is No More!

VA homebuyers no longer must worry about maximum loan limits. The VA loan limit has been eliminated, which gives VA loans much more wiggle room regarding the amount veteran homebuyers can borrow with 0% down.    VA LOAN LIMIT Every year, the VA loan limit amounts are updated to reflect the current home buying market. With home […]Read More

What Are The Qualifications For A VA Loan?

A VA Loan (Veterans Administration Loan) is a mortgage that the VA guarantees for veterans. Some of the basic qualifications for a VA loan include adequate income, decent credit, and a Certificate of Eligibility. VA loans have flexible underwriting and down payment guidelines for veterans and their spouses only. VA loans also have low-interest rates, no mortgage […]Read More

Homebuyers Use Less Than 20% For Down Payment On Home

According to recent data, more than half of all homebuyers in California, Texas, and nationwide make their down payment with less than 20% when purchasing a home. This is additional evidence to discard the myth that homebuyers must put down 20% to be eligible for a mortgage loan. OVER HALF OF ALL HOMEBUYERS PUT DOWN […]Read More

VA Loans in California – Our Top 5 Most Common Questions

VA loans are a great loan product for eligible veterans and active-duty members, mainly because of the zero down payment option. VA loans also have less stringent lending requirements compared to conventional loan products. To make it easy, we’ve outlined five commonly asked questions about VA loans. 5 Common Questions About VA Loans in California […]Read More

No VA Loan Limits! FHA and Conforming Loan Limits Way Up!

VA LOAN LIMITS ELIMINATED – 2020 When “VA loans” first surfaced in 1944, the average cost of a house was only $8,600, making “loan limits” a nonconcern for the most part. As home prices rose, however, loan limits or maximum loan amounts were put in place just like they were for FHA and Conforming loans. […]Read More

VA Loans – Explained Once Again; We’re VA Experts!

We get so many questions about VA Loans and whether or not we offer them that I thought it was time to repeat some key VA info. In short – we are VA experts and we love helping veterans. What is a VA Loan? A VA Loan (Veterans Administration Loan) is a mortgage that is […]Read More

FHA & VA Myths

LOAN OFFICER QUOTES RIDICULOUS FHA RATE We hosted a large first-time homebuyer seminar last week and one of the attendees had just been pre-approved by another lender for FHA financing. The loan officer convinced her that she was only marginally qualified, that FHA loans are harder and that FHA rates are higher. He quoted her […]Read More

FHA & VA Myths, Rates and Refi’s

LOAN OFFICER QUOTES RIDICULOUS FHA RATE We hosted a large first-time homebuyer seminar recently and one of the attendees had just been pre-approved by another lender for FHA financing. The loan officer convinced her that she was only marginally qualified, that FHA loans are harder and that FHA rates are higher. He quoted her a […]Read More

How Many Times Can Veteran Homebuyers Use a VA Loan in California?

A VA Loan (Veterans Administration Loan) is a mortgage that is guaranteed by the VA for veteran homebuyers. VA loans are the best bargain in mortgage financing for qualified veterans because of their flexible underwriting and down payment guidelines. VA loans also have low interest rates, no mortgage insurance, and 0% down payments for most […]Read More

VA Loans Explained

What is a VA Loan? A VA Loan (Veterans Administration Loan) is a mortgage that is guaranteed by the VA for veterans. VA loans have flexible underwriting and down payment guidelines for veterans and their spouses only. VA loans also have low interest rates, no mortgage insurance, and no down payment requirements for most veterans. […]Read More

The Pros and Cons of Low Down Payments in California

When it comes to the down payment in California, buyers always want to know how low they can go. The industry standard is that down payments will be 20% of the property’s purchase price. This percentage is important because it determines if a buyer will need to have private mortgage insurance (PMI) with their loan. […]Read More

VA vs. FHA; Differences & Similarities

Realtors often confuse VA and FHA guidelines b/c the loans are somewhat similar in that they are both backed or insured by the Federal Gov”t. There are, however, many differences as well. This blog will set them all out. Appraisals – Similar The appraisal requirement for FHA and VA are largely the same. Our Appraisal […]Read More

We Pay Per Diems – When & Why; VA Loans Too

Reminder: We are VA Financing Experts. What makes us so good at them is the fact that we see more VA loans as a team over the course of a year than any one loan officer might see in an entire career. We love VA! We also happily pay Per Diem Penalties if a transaction […]Read More

When Does It Make Sense to Refi? Rule of Thumb; VA LOANS

Quick Reminder: JVM does VA loans (often in fact). The drawbacks to VA, however, include the restriction that we can only use VA appraisers, and that all section I work needs to be complete. We are often asked when it makes sense to refinance? No Cost Loans: If a loan is “no cost” (the lender […]Read More

VA Loans Can Exceed Limits; Subject Property Is Best Comp

Two quick reminders today. 1. VA Loans can exceed loan limits. When VA borrowers make an offer on a house that is well above the VA loan limits, borrowers only need to come in with 25% of the difference between the purchase price and the county loan limit. Extreme Example: Price is $1,025,500. VA Loan […]Read More

VA Loans – Best Financing Available; Pros And Cons

We are seeing a lot more VA buyers lately so we thought it warranted a blog. VA financing for veterans remains the best deal on the market, as the rates are very low (lower than conventional rates), there is no mortgage insurance, and no down payment is required. VA buyers can in fact buy with […]Read More