Posts By Tim Storm
Location
2875 Michelle Drive, #150,
Irvine, California 92606
Phone: 949-829-1846
Posts
For those VA eligible homeowners in Orange County, the VA Cashout refinance program has several advantages over a Conventional (Fannie Mae or Freddie Mac) cash out refinance. Being eligible for a VA loan is required of course, but even if a VA eligible does not currently have a VA loan, they should seriously consider choosing [...]
Some good news (finally) for Orange County, CA FHA borrowers – FHA has eased the appraisal requirements for “high balance” loans. A High Balance loan in Orange County is considered to be any loan over $417,000, up to $729,750. Under the guidelines that have been in place since FHA began offering High Balance loan amounts [...]
The FHA 15 year fixed program has several benefits for Orange County, CA FHA borrowers. While it does result in a higher payment because it is fully amortizing, it can save thousands of dollars for the borrower in the long run. The 15 year fixed has lower Monthly Mortgage Insurance than the 30 year fixed. [...]
For First Time Buyers, purchasing a Condo in Orange County is not the easiest thing these days, but for at least a another month, FHA has issued a bit of a reprieve for condo shoppers. Back on June 12, FHA Mortgagee Letter 2009-19 was released, providing guidance for the new condo approval process. Details within [...]
Mortgagee Letter 2009-19 was issued on June 12, 2009 and provided guidance for the new approval process for Condo’s. The changes are dramatic. Currently, FHA has a list of Approved Condo’s. If a project is on the approved list then FHA financing is allowed, providing the project meets (or met) the 51% owner occupancy percentage. The [...]
Big changes are coming to the FHA Streamline Refinance program that will affect Orange County, CA home owners ability to take advantage of the program. the changes are set to take effect. According to the newly issued Mortgagee Letter 2009-32, these changes will take affect 60 days from the Letter issuance date of September 18, 2009. [...]
The FHA Streamline Refinance program has been very popular in Orange County in 2009. Interest rates have been low relative to 2008 for most of the year, allowing people who bought their homes only 1 year ago or less to drop their interest rate any where from .5% to 1% or more with having to [...]
Orange County move up homebuyers are finding out that FHA is a great program for helping them buy a new home. Current Orange County homeowners are learning quickly the advantages that FHA has over Conventional financing, mainly the low down payment requirement of only 3.5%. The drop in property values has created an excellent opportunity for [...]
That’s right! Orange County first time home buyers are finding out that FHA financing has many benefits. A few years ago FHA financing was almost extinct in Orange County. The maximum loan amount as recently as early 2008 was only $362,790. For those that remember, not too many homes could be purchased prior to 2007 [...]
There is still a 100% financing loan program for Orange County, CA first time buyers (and move up buyers). It is the VA loan program. While FHA is a very attractive program, VA does have its advantages for Orange County home buyers. And like FHA, the Orange County VA loan limits were increased. The $0 down [...]
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