Santa Clarita Valley Real Estate

Don't Let This Opportunity Slip By! I've talked about this before, but I have now had the opportunity to participate in o ne. I am talking about the Making Home Affordable Program . This program is designed for borrowers who are upside down on their homes, have a higher interest rate than today's low rates or have an adjustable or intermediate ARM that will be adjusting soon. If your loan is owned by Fannie Mae or Freddie Mac, you've had no 30 day lates on your mortgage in the last 12 months, and your 1st mortgage is not greater than 105% of the current appraised value, you most likely will be eligible to par ticipate in this program. It typically doesn't require income or asset documentation if it is owned by Freddie Mac, but does if it is owned by Fannie Mae. The following lin ks will help you or someone you know determine if their loan is owned by Fannie or Freddie: Fannie: http://loanlookup.fanniemae.com/loanlookup/ Freddie: https:...

Get to know FHA, it's going to be a good friend of the real estate recovery for buyers and sellers. FHA loans can do many things that conventioanal loans cannot. Let's start by dispelling some of the myths that I keep hearing. Myth #1-- FHA loans are harder to get done then conventional. Actually, it is the opposite. In most cases, FHA has more lenient restrictions then conventional. Here are some examples: Only 3.5% down required Entire down can be a gift Can lend to a 55% expense ratio no reserves are required Seller can pay 6.0% credit towards ALL costs (not downpayment ) due at closing Lower credit score requirements You can add as many coborrowers as you need to make a deal work. Myth #2-- FHA is slow. It is true that they can't be rushed that fast, but they are not slow. I can have a lender approval for you within a day of taking the loan application. The file won't need a second signature, or to be passed around for different departments to review. Myth...