Mortgages 
There are currently 7 blog entries related to this category.
FHA and VA Approved Homes in San Diego
Friday, February 19th, 2010 at 2:11pm. 595 Views, 4 Comments.
With FHA and VA loans being the most popular loans being used today, many condo buyers are wondering how to find out if the condo complex is FHA or VA approved. Easy, there are websites to look up if the condo complex is FHA or VA approved and here are the links.
FHA Approval Site: https://entp.hud.gov/idapp/html/condlook.cfm
VA Approval Site: http://condopudbuilder.vba.va.gov/2.2/frames.html
Really, the buyers Realtor and Loan Officer will be doing the research but if the buyer wants to check it out themselves, feel free to see these sites. Also keep in mind even though the condo complex is FHA or VA approved, it doesn't mean that particular unit is automatically approved too.
As for a Single Family Home buyer with a FHA or VA loan, there isn't a…
Pre-Qualified vs. Pre-Approved
Wednesday, February 3rd, 2010 at 2:55am. 272 Views, 1 Comments.
This will be a quick blog but I wanted to tell a brief difference of being Pre-Qualified and Pre-Approved. Basically being Pre-Qualified means the buyer told the Loan Officer his/her financial situation (debts, assets, income and down payment) without providing the documents which usually happens over the phone or internet. To get Pre-Approved, the buyer provided all those necessary documents, completes the Loan application and the Loan Officer runs a credit check. And that is the major difference. Pre-Approved, verified financial situation. Pre-Qualified, nothing verified.
Why should a buyer get Pre-Approved and not just Pre-Qualified? When a buyer makes an offer, the seller will take the buyer more seriously if he/she is Pre Approved because it is…
Another Hurdle for FHA Loan Buyers
Thursday, August 27th, 2009 at 3:16am. 216 Views, 0 Comments.
According to HUD Letter 2009-19, FHA spot approvals will be going away 10/1/09. If you don't know what is a FHA spot approval, well basically if the property that you are buying is in a complex that isn't FHA approved, you can request a FHA spot approval. Most sellers don't like it because it makes the escrow longer and might be a waste of time for them. But as of 10/1/09, that option will be gone.
Also any complex that was FHA approved before 10/1/2008 will come off HUD's approved list and will have to be REAPPROVED. And the turn around time to get a complex approved is estimated 8 weeks! Now, if you are a FHA buyer and is already frustrated with complexes not be FHA approved, the properties you are looking at today might not be approved in a few…
Heads Up for Buyers with a FHA Loan
Thursday, August 6th, 2009 at 3:51am. 247 Views, 0 Comments.
One of the popular loans right now is a FHA (Federal Housing Administration) Loan because of the low minimum down payment requirement of only 3.5%. But the catch is the property you buy has to be FHA approved. Meaning the property has to be within FHA property requirements like having range/stove in the kitchen. If there isn't one, either the buyer or seller (depending on the agreed terms) will put one in before the Close of Escrow. And for condos, the condo complex has to be FHA approved, if not, you can not buy it.
Another thing with Buyers with FHA loans, if you are looking for a condo, you will probably have more competition for a condo versus if you had a conventional loan. The reason I say that is because since FHA loans are very popular and…
Where are all the Listings???
Tuesday, June 23rd, 2009 at 3:33am. 280 Views, 0 Comments.
The number 1 question I have been asked for the past month or so is
"where are all the listings?” Well, let’s think about it.
First, a traditional homeowner who isn't in financial trouble. Chances
are they aren't selling because they may owe more than their home is worth so
they rather wait it out. Next, homeowners who are in financial trouble
are probably planning to walk away from their home, trying to do a Short Sale
or the popular choice, talking with their Bank/Lender in doing a Loan Modification.
Lastly, San Diego Bank Owned Foreclosures. From last November to March, most Banks halted
Foreclosing on homes to wait for the details of President Obama's plans to help
distress homeowners so during that 4-5 month period, the inventory of…
100% Financing!?!
Wednesday, February 11th, 2009 at 2:25am. 332 Views, 0 Comments.
A Blog about VA Loans by Shelly Heimer with The Lenders Group
VA guaranteed loans are made by lenders and quarantined by
the U.S Department of Veterans Affairs (VA) to eligible veterans for the
purchase of a home. The guaranty means the lender is protected against loss if
you fail to repay the loan.
VA does not require a down payment and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
· Negotiable interest rate (IRRL)
· Closing Cost Comparable – sometimes lower –than other financing types.
· No private mortgage insurance
· Right to prepay loan without penalties
· Mortgage can…
Different Loan Programs and More!
Thursday, December 4th, 2008 at 2:07am. 390 Views, 0 Comments.
"Here's a Blog from one of my Loan Officers I work with, Shelly Heimer with The Lenders Group"
My name is Shelly Heimer and I am a mortgage consultant with The Lenders Group, located in Mission Valley. I have been in the business of helping people qualify and buy homes for over 6 years now. I am very excited to be a part of Paul Caparas referral network.
In contrast to all the droom and gloom in the media these days; I really believe that there has not been a better time to be buying a home than now. Home prices are incredible, and rates are at historic lows. This is the time when opportunity is knocking and you want to be sure to answer the door.
When Paul asked me to blog about the mortgage community I was…