Tag Archives | Down Payment

2011 VA Loan Limits | Orange County, CA

By on December 13, 2010 in Mortgage

The loan limits for 100% VA loan financing in Orange County, CA have been increased for 2011 to $700,000. This is great news and means VA eligible home buyers will be able to purchase homes up to $700,000 with no down payment. There is no other loan programs allowing $0 down anywhere near this loan [...]

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Important Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction

By on March 28, 2010 in Real Estate

Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan. Short Sales & Foreclosures – Short sales and foreclosures are everywhere. They often represent great [...]

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Why Do I Need To Pay A VA Funding Fee in Orange County?

By on March 28, 2010 in Mortgage

For Orange County VA borrowers, the VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program. (Unless waived for disability) This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances. [...]

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Why Do I Need Mortgage Insurance?

By on March 28, 2010 in Mortgage

Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage [...]

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What's The Difference Between A Single Family, Second Home and Investment Property?

By on March 28, 2010 in Real Estate

When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter. [...]

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