Home Financing

Reverse Mortgage Costs – Turn Your Home’s Equity Into Cash

Do you want to take out a reverse mortgage? First, consider how much it’s going to cost. Here are the basics, and costs, of reverse mortgages. This article covers: Reverse Mortgage Basics – loan requirements, how much you can borrow, and when to pay it back. Loan Options – there are different Reverse Mortgage programs to choose from. Reverse Mortgage Costs – fees, interest, insurance. Example of a reverse mortgage, and the costs associated with

Mortgage Loan Limits – Conventional, VA, FHA Home Loans

2026 Mortgage Loan Limits Mortgage loan limits will increase on January 1, 2026. In San Diego, the jumbo loan limit for a single family home will be $1,104,000. Here is a current list of the limits for all counties in the United States. San Diego County Effective January 1, 2026, here are the three tiers of mortgages for properties in San Diego County: When lenders talk about mortgage loan limits, they’re referring to conforming loan limits.

Conventional Home Loan Programs – as low as 3% down

Conventional home loan programs are the most common loan programs used to buy a home. They make up around 60% of all mortgages. NOTE: You can also check your eligibility for two other popular loan programs, FHA Loan Programs and VA Loan Programs. FHA loans are insured by the Federal Housing Administration (FHA) and down payment starts at 3.5%. VA loans are insured by the Veteran’s Administration and offer no down payment, and no monthly mortgage insurance.

FHA Loan Programs – Down Payment as Low as 3.5%

What Is the FHA? FHA Loan Programs are a type of federal assistance to make home buying possible for those who may not be able to qualify for a conventional loan. The FHA, or Federal Housing Administration, is not a direct lender. It is a government agency that insures loans from private lending institutions. The FHA has insured home loans since 1934. The FHA is the only government agency that operates entirely from its self-generated income (in the

Mortgage Waiting Periods After a Bankruptcy, Foreclosure, or Short Sale

Mortgage Waiting Periods After a Bankruptcy, Foreclosure, or Short Sale How long do you have to wait before you can get a new mortgage? Mortgage waiting periods depend on what type of loan you want to use for your next home. The good news is, you may only need to wait as little as 2 years! To that end, here’s a breakdown of the waiting periods, based on the event. Mortgage Waiting Periods After Bankruptcy

Renovation Loans – Buying and Renovating a Fixer Property

One of real estate’s best-kept secrets is the Renovation Loan. Renovation loans can help buyers afford to buy and rehab a home. Both the purchase price and the renovation costs are tied into one single mortgage. Your loan is closed in as-is condition, utilizing the after-improved value. Renovation Loans aren’t just for home buyers – if you currently own a home, you can refinance your home with a Renovation Loan, to pay for improvements. Here’s what renovation

Mortgage Affordability Calculation – How Much Home Can I Afford?

Mortgage Affordability Calculation – The First Step for Home Buyers Almost all home buyers begin with the same question: How Much Home Can I Afford? Only your lender can give you a definitive answer, but Nick Richardson at JMJ Mortgage has provided a simple formula to get you started. Use the 43% Rule for a quick mortgage affordability calculation. You can also use my Mortgage Approval Estimate Worksheet to help you determine how much home you can buy. Lenders Approve a Total

Mortgage Refinancing Closing Costs – How Much to Refinance My Home Loan?

Mortgage Refinancing Closing Costs Are you thinking about refinancing your home? Here’s what to expect regarding refinancing closing costs. Refinancing is cheaper than taking out the original purchase loan. Mortgage refinancing closing costs are lower than buyer closing costs. Refinancing is also quicker and easier. Compared to your original mortgage, you don’t need to submit as many documents to get approved for a refinance. For example, an FHA Streamline Refinance does NOT require employment verification,

Buyer Closing Costs – Buying a Home in California

When you plan to buy a home, one of the first things to know is how much cash you need to get started. This article outlines: Buyer closing costs depend on lots of things, including the type of loan, the type of property, the final sales price, and even your credit rating. You can print this Cost to Buy a House Worksheet to estimate your buyer closing costs. This worksheet includes the upfront costs, which are paid at

How Lower Mortgage Rates Can Help You Purchase or Refinance a Home

When Rates Fall, You Save Lower mortgage rates can save you thousands of dollars over the life of a loan. For home buyers, lower mortgage rates can also increase your buying power. Without a doubt, anyone who wants to buy or refinance a home needs to consider how mortgage rates will affect your loan. So how much is a big increase or decrease? When the news reports a 1/2 point drop in rates, is that

Self Employed Buyers – How to Finance Your Home

If you’re self employed, how do you qualify to buy a home? How do you satisfy a lender without regular bi-weekly paychecks? Many self employed people are afraid that they can’t qualify for a mortgage, because they don’t receive a certain amount of income every two weeks. Here’s the good news: many self employed people can qualify to buy a home. If you identify as a sole proprietor, W-9 employee, freelancer, or independent contractor, your loan

Where Can I Go to Get a Mortgage? – Mortgage Lenders 101

What are the different types of mortgage lenders out there? Whether you’re looking to buy or refi, there are plenty of companies competing for your business. While they all serve the purpose of financing a real estate purchase, they can look very different from each other. So how do you decide where to go and what to look for? Here’s a quick rundown on the different types of lenders, and how I, as a real

Home Buying and Credit Repair – How to Improve Your FICO Score

When planning to buy a home, one of the first questions to ask is: What is my mortgage FICO score? Here’s how your FICO score affects your ability to buy a home, and how to improve it. What is a “Mortgage” FICO Score? FICO scores vary, by credit agency and inquiry type. The FICO score that you can order online will be different from what a mortgage lender obtains. I have also heard that the

San Diego Down Payment Assistance – San Diego Housing Commission

Can you afford a monthly mortgage bill, but need San Diego down payment assistance? Good news! There are San Diego down payment assistance programs for low- and median-income home buyers in San Diego County. Here are some details about the Housing Commission’s San Diego down payment assistance programs, including how to qualify, and how to apply. Deferred Loans DCCA CalHome Down Payment Assistance – Outside San Diego City Limits The DCCA CalHome program is one

VA Loan Programs – Buy with $0 down and no mortgage insurance

Are you or have you served in the military? Have you checked your eligibility for VA loan programs? If possible, consider taking advantage of this fantastic benefit! VA loan programs let active duty military and veterans buy real estate with: $0 Down Payment No Monthly Mortgage Insurance Easy Qualification Minimal Closing Costs, and Relatively Low Interest Rates. First, let’s review program qualifications, loan limits, types of VA loan programs, and finally, the VA Funding Fee. VA Loan Program

Down Payment Funding – Solutions for Home Buyers

One of the biggest obstacles for home buyers is having enough cash up front. Many home buyers qualify for the monthly housing payment, yet they don’t have enough cash to cover the down payment and closing costs. While this can seem daunting, there are some ways to get around this financial obstacle. Check the California database of current down payment programs! When Do I Need a Down Payment? Most buyers need to provide a down

Down Payment Assistance – CalHFA Loan and Grant Programs

The California Housing Finance Agency (CalHFA) was established in 1975. CalHFA provides home financing and down payment assistance programs for low to moderate income Californians. If you take out an eligible CalHFA first mortgage loan, you may be eligible for additional CalHFA down payment assistance: MyHome Assistance Program, which can be combined with the Zero Interest Program (ZIP) Conventional, FHA, and VA Programs School and Teacher Employee Assistance Program (formerly Extra Credit Teacher Home Purchase Program) Cal-EEM

2-1 Buydown Program for Home Buyers – Yes or No?

2-1 Buydown Program for Home Buyers – Yes or No? Recently, lenders and real estate agents have been promoting a 2-1 Buydown Program. So…should you consider it? If you are buying a home, will a 2-1 Buydown provide relief from high interest rates? This article covers: What is the 2-1 Buydown Program? How does it work? What is the 3-2-1 and the 3-1-1? How much will I have to pay long-term? What other mortgage programs

Canceling Mortgage Insurance – What You Should Know

Is Your Mortgage Insurance Cancellation Overdue? Mortgage insurance, or PMI (private mortgage insurance), doesn’t last forever. In this article, you can read about: Who is eligible to cancel mortgage insurance. Different ways to cancel mortgage insurance. Mortgage insurance refunds. What happens if your lender refuses to cancel mortgage insurance. Who is Eligible to Cancel Private Mortgage Insurance? Mortgage insurance cancellation rules apply for all conventional mortgages made after the passage of the Homeowners Protection Act of 1998

Mortgage Qualification Tips – Getting Your Pre-Approval Letter

Buying a home is often the largest purchase we might ever make, and we usually need to take out a mortgage to pay for it. Unless you are paying cash, the first step to homeownership is mortgage qualification. And, while mortgage qualification used to be a daunting task, today’s technology has simplified the process. The mortgage qualification steps are the same, whether you are applying for a conventional, VA, or FHA mortgage. Start Your Mortgage

6 Ways to Finance Energy Efficient Upgrades for Your Home

Energy Efficent Upgrades for your home can improve your property’s value, make your home healthier and more comfortable, and lower your utility bills. They can also cost thousands of dollars. So what’s the best way to finance energy efficient upgrades? If you are thinking of buying a home, there are programs to finance energy efficient upgrades into your first mortgage. If you are a current homeowner, there are many ways to finance energy efficient upgrades, either as

Coronavirus Mortgage Assistance for Homeowners

Good news! Coronavirus Mortgage Assistance is available to homeowners. UPDATE: FHFA extended foreclosure and REO eviction moratoriums and COVID forbearance period. Foreclosure moratorium continues until June 30, 2021. The eviction moratorium has been extended through March 31, 2021. COVID forbearance can now cover 15 months of payments. The Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA) , and U.S. Department of Housing and Urban Development (HUD) are working together to help homeowners during the coronavirus

COVID Tax Penalty Cancellation Request for San Diego Homeowners

COVID Tax Penalty Cancellation Request Here’s some good news for San Diego County homeowners! If you are unable to pay your April property tax bill on time, you can apply for a COVID tax penalty cancellation. Many homeowners’ property tax bills are automatically paid through their lender’s impound account. On the other hand, if you pay your property taxes directly, the second installment for the 2019-2020 tax year is late if you send it after

Reverse Mortgage Assistance Pilot Program for Seniors – RevMAP

If you are over 62 and have an FHA reverse mortgage, you may be eligible to receive reverse mortgage assistance. The California Housing Finance Agency (CalHFA) offers a mortgage assistance program called the Reverse Mortgage Assistance Pilot Program (RevMAP). UPDATE: This program ended in November 2017. To qualify for RevMAP: You must have a Federal Housing Adminstration (FHA) insured reverse mortgage, called an FHA Home Equity Conversion Mortgage (HECM). Read my article about Reverse Mortgage Costs and the FHA HECM. You