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
Tuesday, November 19, 2013
If you are buying a home get a second opinion.
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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800-641-7490
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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 |
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