Posts

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 Borrowers Obtain A VA Loan?

A VA Loan (Veterans Administration Loan) is a mortgage that is guaranteed by the VA for veterans. 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 veterans. […]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 down payments, 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. PMI is required […]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

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

VA Loans – Key Components

In honor of Veteran’s day, we wanted to take the opportunity to address some key aspects of VA loans. VA loans are truly the best bargain in mortgage financing for qualified vets. Maximum LTV is 100% for most eligible vets who have not used their VA financing benefits before. With a sufficiently large seller credit […]Read More