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Residential Home Loans; contact our office at 818 880-1466
- FHA (California)
- 3.5% down payment
- 620 minimum FICO score
- Gift funds allowed for entire down payment, closing costs and prepaid items (recurring and nonrecurring closing costs).
- No reserve required for 1-2 unit properties.
- Up to 96.5% LTV on purchase & Rate/Term
- Up to 85% LTV on cash-out Refinances.
- MAX DTI 46/55%
- Minimum Loan Amount $75K
- Up to 6% sellers contribution toward closing costs (recurring and nonrecurring).
- Max financing OK for declining areas
- Non-occupant co-borrowers OK with true blend of income/debt.
- 2 years from Discharge of Chapter 7 BK, 1 year Chapter 13, and 3 years on foreclosures and short sales.
- 1-4 Unit Conventional Financing (California)
- 95% Purchase & R/T Refi (conforming)
- 90% Purchase & R/T Refi on high balance with a 740 FICO
- 95% Purchase on condos with a 680 FICO
- Cash-out Refi up to 85% with a 700 FICO (primary)
- Duplex purchase up to 90% with a 680 FICO
- 2nd Home purchase & R/T Refi up to 90% with a 720 FICO
- MAX 41% DTI
- Underwriting Checklist for FHA loans
2 Paystubs with 30 days and 2 years W2 (self employed, need COMPLETE 2 years income tax returns)
- 2 Current months of bank statements, for 401K need 2 quarter statements
- Copy of Social Security card(s) for all borrowers
- Copy of Driver license for all borrowers
- Spouse SS#, DOB and a signed authorization as to pull credit (spouse credit is included in DTI)
- Letter of Explanation for all derogatory on credit report
- Letter of Explanation for all inquires on credit report
- LOE regarding Job gap in last 2 years/ any derogatory credit/B.K. and foreclosures
For residential Home Loans, please complete our Loan Application on Line or complete the following form (1003) and fax it to 888-220-0120 or e-mail it to us. Please call our office if you need assistance in completing the forms.
NEW FHA LOAN LIMITS: Website-Loan limits for all USA counties please visit www.hud.gov
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Los Angeles & Orange Counties |
Ventura County |
Riverside County |
| One Unit |
$729,750 |
$729,750 |
$500,000 |
| Two Units |
$934,200 |
$934,200 |
$640,000 |
| Three Units |
$1,129,250 |
$1,129,250 |
$773,700 |
| Four Units |
$1,403,400 |
$1,403,400 |
$961,550 |
Comparison of FHA vs. Conventional Fannie/Freddie loans:
| FHA |
Fannie/Freddie |
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- Max financing OK-for declining areas
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- LTV restriction for decling value areas
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- 3% contribution for >90% LTV
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- Gift OK for 100% of down payment
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- Gift for 100% not OK until 20% down
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- 2 Months of PITI requirement
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- Non-Occupant Co-Borrower OK with true blend of income/debt
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- Not allowed at higher loan to values & occupant must nearly qualify
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- Scores as low as 620 acceptable, no adjustment for FICO >620
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- Scores below 720 charged higher rates/Higher PMI
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- Non traditional credit OK
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- 2 years from discharge of CH 7 BK, 1 year of CH 13, and 3 years on foreclosures or short sales
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- 4 years from discharge of BK and 4 years on foreclosures or short sales
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- Facts about Mortgage Insurance Premium (MIP):
All FHA loans require MIP. The most typical premiuns are;
- An UP-Front MIP (UF-MIP) of 2.25% of loan amount is paid at closing and can be financed into the mortgageamount. Example:
- Purchase price: $350,000
- Downpayment: $12,250 (3.5%)
- Loan amount: $350,000 - $12,250 = $337,750
- UFMIP: 2.25% of $337,750 = $7,599.38
- Total Loan amount: $337,750 + $7,599.38 = $345,349
- Additionally, there is a 0.55% annual MIP included in the PITI. Example:
- Loan amount $337,750 x 0.55% = $1,857.63 (note that we calculated 0.55% of loan amount not the purchase price)
- Monthly MIP = $1,857.63/12 =$154.80
California FHA Loans | Residential Home Loans California | California Mortgage Rates |FHA Loans California
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