Financing CalHFA Dreams for All Shared Appreciation Program California Down Payment Assistance Program for first-time buyers just became available again.  Called CalHFA Dreams for All Shared Appreciation Program, first-time buyers can get up to 20% in a down payment on the purchase price in assistance.    Requirements: First-time buyer Meet Income Limit Complete a Homebuyer Education class: The link to sign up for […]
Financing FHA ANNOUNCES NEW LOAN LIMITS FOR 2023 Recently put in place, HUB announced new loan limits for the calendar year 2023 for single-family homes and qualified condos.    “The loan limits announced today reflect steep increases in home prices throughout much of the country and will ensure continued access to FHA-insured mortgage financing despite those increases,” said Assistant Secretary for Housing and […]
Financing 4 Non-Traditional Ways to Finance a Home A 30- or 15-year, fixed-rate mortgage with the same payment amounts each month is one of the most common ways to buy a home—but not everyone can qualify for a traditional mortgage, or has the money set aside for a sizable down payment so they can get a low-interest loan and have affordable payments. Here […]
Financing Buying a Home When Your Spouse Has Poor Credit Buying a home on two incomes can be difficult enough, but it can be even more demanding if one spouse has poor credit. A poor credit score can make it difficult to qualify for a mortgage, leading to a higher interest rate on a home loan. A spouse with poor credit could be left off […]
Financing The Difference Between Pre-Qual and Pre-Approved The Difference Between Pre-Qualified and Pre-Approved Many lenders pre-qualify or pre-approve mortgage applicants, which can help considerably in the buying process. While the terms are often used interchangeably, there are some important differences to note. In general, pre-qualification is considered an initial step in which the applicant provides information on income, assets, and debts. The […]
Financing Financing Solar Power For Your Home Financing solar panels for your home isn’t cheap. The good news is that there are many options. Based on the average house paying $75 per month for electricity, a solar system that generates that much power costs around $25,000 to $35,000, according to the Solar Power Authority. Utility company incentives, tax breaks, and other subsidies can […]
Financing California Down Payment Assistance Programs California has over 400+ different down payment assistance programs that vary across the state, its counties, and cities. Follow this Link to the website to begin learning which programs are right for you. This video will explain how to use this questionnaire.   I’ll be happy to go over the loan programs presented to you afterward. […]
Financing Mortgage Options for Veterans The Department of Veterans Affairs (VA) assists active-duty military members, veterans and surviving spouses who wish to buy a house. The VA offers loans with fewer fees and competitive interest rates that can help military families afford to buy homes in a variety of financial circumstances. Eligibility Active-duty military members, reservists, National Guard and veterans […]
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Financing Credit Union vs. Bank: Know the Difference Interest rates remain low, though that’s no reason to stow your money under your mattress. Hiding your money at home won’t earn you any interest, and that’s one of the benefits—no matter how small—that banks and credit unions can offer customers. But banks and credit unions have different benefits and drawbacks, and knowing how each […]
Financing Paying Off Your Mortgage in 15 Years vs. 30 Paying off your mortgage early and living mortgage-free so you can use the money for other things—such as travel and an early retirement—can sound like a pipe-dream that’s impossible to get to, but it doesn’t have to be. If you have a 30-year mortgage, there are a few ways to cut that time in half, […]
Financing Alternatives to Traditional Down Payments The idea of putting a minimum of 20 percent down on a home is a myth that can keep some people from trying to buy a home. While it can be a great way to lower your mortgage payment and convince sellers that you’re serious about buying, coming up with 20 percent of a home’s […]
Financing What IS PMI and how to Avoid it What Private Mortgage Insurance Is and How to Avoid It Paying less than 20 percent on a down payment on a house will likely require buying private mortgage insurance by the lender. The insurance, called PMI for short, is used to reimburse the bank if you default on the loan. It isn’t too expensive—usually between […]
Financing Golden State Finance Authority (GSFA) Golden State Finance Authority is a California-created program that helps people purchase homes by providing financing that is coupled with down-payment assistance.   Like CALHFA MyHome down-payment assistance program, the GSFA down-payment assistance program or DPA is a junior loan that doesn’t have to be paid until you sell the home or refinance.   It […]