FHA Loans Streamline Refinance and Rates- A Complete Guide

What is FHA Streamline Refinance? Refinancing of a current FHA insured loan into another FHA insured loan is called an FHA Streamline Refinance. The mortgage to be refinanced must be current (not delinquent). Not all FHA to FHA refinances are streamline in nature. Is there a minimum waiting period before which you can do a […]

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Carbon Monoxide Detector Requirements for California Residents

REQUIREMENT OF CARBON MONOXIDE DETECTOR IN HOMES In May of 2010, the State of California enacted a law requiring home owners to install carbon monoxide detectors in their homes. Although the bill was signed into law in 2010, California residents must have carbon monoxide detectors in their homes as of July 1, 2011 this timeline […]

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Overview of the Appraisal Process On A California Mortgage

One of the most critical parts of getting a California mortgage is Appraisal. The purpose of an appraisal is to confirm the sales price for the lender. What is an Appraisal? An appraisal is a professional estimate of the value of the property that you are planning to purchase. The person who does the appraisal […]

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FHA waives 2nd appraisal requirement for Bay Area

Effective immediately, FHA has rescinded the second appraisal requirements for properties located in San Jose and rest of the Bay Area (Considered declining markets). For Bay area borrowers where loan amounts can generally exceed $417,000 2nd appraisal requirement was a problem on 2 counts: Increased fees towards appraisal (2 appraisals hence double the fees) Danger […]

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FHA implementing HVCC for San Jose loans as of January 1, 2010

FHA is implementing HVCC for San Jose & rest of the Bay Area loans. Yes, it’s finally happening. When I received the mortgagee letter yesterday from HUD, I must say I was stunned. Only few weeks back FHA commissioner had mentioned that he had no intention of implementing HVCC for FHA insured mortgages. But of […]

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First HVCC, then MDIA & now DRASTIC changes to FHA Guidelines

Federal Housing Administration (FHA), which insures lenders against losses on home mortgages, announced a series of changes that will have far-reaching impact on the housing market of San Jose, the entire San Francisco Bay Area and rest of the country. Background – The agency confirmed that, as of Sept. 30, it would fall short of […]

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