Archive for August, 2009
In the past few years the lending industry has lost many programs that were important tools for helping people buy and refinance homes. One of the most used and abused San Diego mortgage programs and a major cause of the “mortgage meltdown” and housing crisis was the stated income loan. While the major banks main concerns these days these days seem to be trying to pass government stress tests and spending TARP dollars, a few small wholesale lenders have introduced stated income San Diego mortgage programs again. The last time this type of mortgage program was available, 100% financing with stated income could be used for purchase or refinance with unlimited cash out and there was a lot of abuse. This time around there are a few more guidelines to hopefully slow the abuse of the program while letting responsible people use this tool effectively. The applicant must now have at least a 660 FICO score and no mortgage late payments in the last 24 months. The loan can be used to purchase or refinance (with no cash out) an owner occupied residence. The property can be a single family or up to 4 units as long as the buyer plans to live in one of the units (sorry no condos) . This San Diego mortgage can only be used for a loan amount of up to $417,000 and the maximum loan to value is 80%. The borrower must be a w2 employee which makes NO sense at all since it is self employed people that usually have a hard time proving their income but hopefully this will change in the near future. This is a true stated income program with no 4506T required so there will not be any request for IRS transcripts. This program can and will help many people be able to get loans that otherwise would not be able to buy or refinance their homes.
For more information on this or any other San Diego mortgage program give me a call at (619)285-2921 today .
In a recent survey over half of potential home buyers said that they are still not ready to jump into the Real Estate market due to the fear of losing their jobs.
Fortunately for San Diego first time home buyers there is a program that will help pay for a San Diego mortgage loan in case of job loss, disability or accidental death. In April the California Association of Realtors® launched a mortgage protection plan. The C.A.R. Housing Affordability Fund Mortgage Protection Program for First Time Home Buyers ( a shorter name would have been nice) will give up to $1500 per month, for 6 months to help make your San Diego mortgage loan payments. A qualified co-borrower on the San Diego mortgage loan can also receive a monthly benefit of up to $750 dollars per month for 6 months.
This program is FREE to first time San Diego home buyers and comes in the form of a mortgage insurance policy that is prepaid for one year. by C.A.R. to help make payments on your San Diego mortgage loan.
To qualify for this mortgage protection plan an applicant must:
- Be a first time home buyer that has not owned a property in the past 3 years.
- The escrow must be both opened and closed between April 2, 2009 and December 31, 2009.
- Purchase a primary residence in California.
- Be represented by a California Realtor®.
- Be a W2 employee (not self employed) but can be a sole proprietor, partner or controlling stockholder in the business in which you are employed.
This San Diego mortgage loan protection plan has NO income or home price caps.
For more information give us a call at (619)285-2921 or contact your Realtor®
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