If you are buying a home make sure you get a second opinion from Pac West Home Loans Rancho Cucamonga CA! Call us today or click the link below to go to our website.
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| 800-641-7490 |
Monday, December 16, 2013
Tuesday, November 19, 2013
If you are buying a home get a second opinion.
If you are buying a home make sure you get a second opinion from PacWest Home Loans Rancho Cucamonga CA!
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| 9220 Haven Ave Rancho Cucamonga CA 91730 Office: (909) 256-2573 |
Call Julian at
800-641-7490
Monday, November 18, 2013
FHA shortens time frame to buy home after foreclosure
FHA sho buy home after foreclosure
The latest of big news is that many people who experienced foreclosure or bankruptcy or who sold their homes for less than they owed may be able to get back in the buying market sooner than expected.
The San Joaquin Valley, including Tracy, was strongly impacted by all of those occurrences in recent years.
Under previous Federal Housing Administration rules, most people who had lost their homes were looking at a three-year wait period. After a bankruptcy, a two-year wait was typical.
Now, those who have experienced an "economic event" as defined by the FHA Mortgagee Letter 2013-26 may be able to purchase a home as little as a year later.
This pertains to FHA purchase buyers, and the criteria are fairly specific. The changes will not pertain to everyone who has gone through foreclosure, bankruptcy or short sale.
Job, income loss is key
The FHA is continuing to evaluate the circumstances of people who experienced financial difficulties due to extenuating circumstances. Specifically, these circumstances are defined as either job loss or income loss.
Some people lost their homes or had to file bankruptcy to discharge or restructure their debt. The FHA’s logic is that the hardships people faced in recent years may not fully reflect their ability or propensity to handle and pay a monthly mortgage.
The FHA defines an "economic event" as any occurrence beyond the borrower’s control that results in loss of employment, loss of income or a combination of both causing a reduction in the borrower’s household income of 20 percent or more for at least six months.
Lender verification needed
As part of the prequalification process for borrowers seeking loans, lenders will obtain documentation including written verification's of employment. An evaluation must determine that the individual experienced a qualifying job or income loss.
Documentation of the time since the foreclosure, short sale or bankruptcy must also be submitted.
In keeping with the standard loan process, borrowers can expect a thorough analysis to ensure that they can afford their payments. Recovery and re-establishment of satisfactory credit for a minimum of 12 months is essential.
More details are outlined in the FHA mortgagee letter.
Beginning the process
For those who think they qualify, a good first step is enrolling in homeownership education and counseling. Successful completion is required at least 30 days but no more than 6 months before submitting a loan application to a lender.
A course may be taken online or from a variety of agencies. A list of agencies can be obtained at www.hud.gov or by calling 800-569-4287.
For additional information on the program, borrowers can call the FHA Resource Center at 800-CALLFHA (800-225-5342) or visit www.hud.gov/answers.
Those who qualify for these loans must meet the other standard FHA criteria. Various lenders and investors may have their own specific guidelines.
However, potentially re-entering the home purchase market after one year is certainly a major change in the market.Read more: Tracy Press - FHA shortens time frame to buy home after foreclosure
For more information contact Julian Lopez direct: 909-996-4470
Sunday, November 17, 2013
buying a home in Rancho Cucamonga
Are you thinking of buying a home in Rancho Cucamonga? Make sure you get Pre Qualified by a direct Banker. Contact www.2ndOpinionHomeLoans.com
Refinancing my home in rancho cucamonga
Are you thinking about refinancing your home loan? Call me today so I can help you refinance your home loan. Here at Pac West Home Loans I specialize in refinancing home loans in the Rancho Cucamonga CA area.
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Thursday, November 14, 2013
Refinace your home loan and lower your monthly payment
By refinancing your mortgage, you can replace your current loan with a new mortgage bearing better terms. Refinancing can save you thousands of dollars as well as give you the peace of mind of a mortgage with fixed monthly payments. For example, if you have a 15-year mortgage with a balance of $150,000 and a fixed interest rate of 7 percent, and you refinance it for a mortgage with a 5 percent interest rate, you could save more than $29,000 in interest payments over the life of the loan. To qualify for a refinance, you must be current on your mortgage payments and have a good credit history.
Lower Monthly Mortgage Payments: A mortgage refinance can reduce your monthly payments. For instance, a refinance could extend the term of the loan from 15 years to 30 years, which would reduce monthly payments. For example, the monthly payments of a $200,000 mortgage with a 7 percent interest rate would drop from about $1,792 to $1,329 by changing from a 15-year loan to a 30-year loan.
Lower Interest Payments:If interest rates have dropped since you bought your mortgage, you may be able to refinance it to a lower interest rate. This can save you a lot of money. For example, if you reduce the interest rate of a 30-year $200,000 mortgage by just 1 percent--for instance, from 6 percent to 5 percent--you can save over $45,000 in interest payments.
Cash Out:A cash-out refinance allows you to tap into your property's equity by taking out another mortgage for more than you currently owe. To apply for a cash-out refinance, you must have positive equity; in other words, the market value of your home must be higher than the balance on your current mortgage.
Fixed Interest Rate:A refinance can change your current variable-interest or interest-only mortgage to a fixed-interest mortgage. Fixed interest rates give you the peace of mind of knowing what your monthly payments will be for the life of the loan. If you have an interest-only loan and refinance it to a fixed-interest mortgage, you might not see your monthly payments go down, but you will save money on interest payments.
If you are interested in refinancing your home in the Rancho Cucamonga, Chino, Chino Hills, Upland, Ontario,Fontana area
To see if you qualify call Julian Lopez direct at 909-996-4470
Thursday, November 7, 2013
Lose your job, keep your home - MSN Real Estate
For more information or to see if you qualify contact Julian at 909-996-4470
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| 9220 Haven Ave ste 100 Rancho Cucamonga CA, 91730 909-256-2573 |
Monday, October 28, 2013
FHA Back To Work – Extenuating Circumstances Program
The Federal Housing Administration recently released new guidelines for borrowers who “experienced periods of financial difficulty due to extenuating circumstances” that would allow them to purchase a home with an FHA loan 12 months after a short sale or foreclosure.
Known as the “FHA Back To Work – Extenuating Circumstances Program”, the FHA removed the familiar waiting periods that typically followed a credit event that resulted in a default on a loan, and subsequent loss of the home.
This FHA loan program allows borrowers who were harmed financially due to loss of a job and/or a decrease in earnings of 20% or more that lasted 6 months or more. If the borrower can meet the criteria of the FHA Back To Work – Extenuating Circumstances Program, they could be eligible to obtain FHA mortgage financing after re-establishing good credit for 12 months after a short sale or foreclosure.
Eligibility
Borrowers must be able to document the circumstances and event that was beyond their control due to loss of employment or significant loss of income and must have recovered from the event (including reestablished satisfactory credit for a minimum of 12 months). HUD is also looking for a satisfactory credit history prior to the event.
Borrowers must be able to document the circumstances and event that was beyond their control due to loss of employment or significant loss of income and must have recovered from the event (including reestablished satisfactory credit for a minimum of 12 months). HUD is also looking for a satisfactory credit history prior to the event.
You may be eligible for the FHA Back to Work program is you have suffered the following:
- Short sale
- Deed-in-lieu
- Foreclosure
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Loan modification
- Forbearance agreements
To qualify for the FHA Back to work Program, you must meet the minimum eligibility requirements.
- You must have experienced a negative economic event (short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, forbearance agreement).
- You must demonstrate that your household income declined by 20% or more for a minimum period of 6 months, which coincided with the negative economic event.
- You must be able to show a full recovery from the impact of the negative economic event.
- You must complete housing counseling prior to closing.
For full details on the FHA Back to Work Program call Julian today at 909-996-4470.
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| 9220 Haven Ave #100 Rancho Cucamonga, CA 91730 |
Friday, October 25, 2013
Refinance your home loan today!
Are you thinking about refinancing your home loan? If you refinance your home loan you can bring your mortgage payment down dramatically. Call Julian Lopez today so I can help you refinance your home. Here at Pac West Home Loans I specialize in refinancing home loans in the Rancho Cucamonga CA area.
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| Julian Lopez |
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| 9220 Haven Ave #100 Rancho Cucamonga, Ca 91730 909-996-4470 |
Tuesday, October 22, 2013
Refinance your home loan
Our mission is to serve our Real Estate Partners, their clients and our customers in the Rancho Cucamonga , Upland, Ontario, Chino, and Fontana area with honesty, integrity and competence. Our goal is to provide home loans to our clients while providing them with the lowest interest rates and closing costs possible. Furthermore, we pledge to help borrowers overcome roadblocks that can arise while securing a loan. Call Julian Lopez today at 909-996-4470 if you are looking for a home loan or looking to refinance your home loan.
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| 9220 Haven Ave Rancho Cucamonga, Ca 91730 |
Thursday, October 17, 2013
Refinance your home loan help in Chino CA
Are you thinking about refinancing your home loan? If you refinance your home loan you can bring your mortgage payment down dramatically. Call Julian Lopez today so I can help you refinance your home. Here at Pac West Home Loans I specialize in refinancing home loans in Chino CA.
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| Julian Lopez |
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9220 Haven Ave #100
Rancho Cucamonga, Ca 91730
909-996-4470
|
Refinance Your Home Loan Rancho Cucamonga
Are you thinking about refinancing your home loan? If you refinance your home loan you can bring your mortgage payment down dramatically. Call Julian Lopez today so I can help you refinance your home. Here at Pac West Home Loans I specialize in refinancing home loans in the Rancho Cucamonga CA area.
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| Julian Lopez |
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| 9220 Haven Ave #100 Rancho Cucamonga, Ca 91730 909-996-4470 |
Thursday, October 10, 2013
When is it a good time to refinance your home?
It's a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. I can help you calculate your options. Call me today and I will get you started on refinancing your home today.
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| Julian Lopez 909--996-4470 |
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