San Diego Home Loans Programs

Home Loans San Diego

Conventional Loans and Government Loans/ Conforming Loans and Non-Conforming Loans

San Diego Home Loans

The conforming loan is a loan that meets the requirements prescribed by Freddie Mac and Fannie Mae. Otherwise the loan is considered a non-conforming is it does not comply with the guidelines set forth by the GSEs (Freddie Mac and Fannie Mae).
Features of conforming loan
· it can be adjustable
· It has 30-year, 20-year, 15-year, and 10-year fixed rate mortgages
· It can be a second mortgage

San Diego Home Loans Fixed Or Adjustable

Conventional (Conforming) fixed-rate mortgage

Obtaining a fixed-rate mortgage in San Diego features a rate of interest that will remain the same during the life of the loan. A conforming (conventional) mortgage is adapted to guidelines that have been established according to your financial situation and the size/extent of the mortgage. Usually, the rate of interest on conforming loans is much lower than that on FHA, jumbo, or VA loans.

Conventional fixed-rate mortgage viewed as the best option for borrowers who intend to reside in the same home for a long period of time. This is because the monthly payments don’t change and will remain constant throughout the loan period.

ARM (adjustable-rate mortgage) is viewed as an option for fixed-rate mortgage since it comes with low monthly payments in the initial years. Although many people find a fixed-rate mortgage more secure, ARM is a better alternative if you are likely or certain to relocate within a few years.

30-Year Fixed-Rate Mortgages

30-year conforming fixed-rate mortgage remain a popular option due to its lesser monthly payments and a constant rate of interest. However, considering that the interest payments are distributed over the entire 30-year period, you end up paying more in terms of interest compared to a short-term mortgage.

15 and 20-Year Fixed-Rate Mortgages

15 and 20 year fixed-rate mortgages have a much higher monthly payment than the 30-year fixed-rate mortgage. However, you pay up the loan in a much shorter time and you also build home equity. These loans are mostly used for refinancing.

Requirements and Qualifications

Loan amount – For a conforming loan the total amount for single-family home doesn’t exceed $417,000. However, the amount restriction may be lifted in areas with high home prices. You can exceed the price ceiling placed on single-family homes by opting for a jumbo loan.

Down payment – 5 % down payment is usually the minimum for majority of conventional mortgages. Nonetheless, you can also put in more than 20%. To find mortgages that require low down payments, look at mortgages backed by the government such as FHA and VA loans.

Credit history – Borrowers looking for conventional mortgages need to have outstanding credit. The FICO score should be at least 740. Other guidelines on personal finance details and income are also considered.

Adjustable-rate mortgages in San Diego

The rate of interest on Adjustable-rate mortgages (ARMs) may vary occasionally in relation to the Glossary Term: the level of index linked to the mortgage. Generally, the monthly payments will rise if the rate increases and will drop if it decreases.

Majority of the loan providers nowadays offer fixed-period or hybrid ARM whereby the interest rate will remain fixed initially and normally covers 3, 5, 7 or 10 years. Upon expiry of the introductory period, the interest rates become variable/adjustable for the remaining Glossary term: term layer. Bank of America offers hybrid ARM that has an overall tenure of 30 years. The mortgages are reffered to according to the period the rate of interest stays fixed and also the frequency of the adjustments on the interest rate.

For instance, a 5/1 ARM indicates that the introductory period where the rate of interest stays fixed is 5 years. After the end of the introductory fixed-interest period, the interest rate will be adjusted once annually (1).

Impact of adjustable-rate mortgage on payments

In a hybrid ARM, you will pay lower monthly payments in the introductory period since the interest rate is low. However, after the introductory-fixed rate tenure ends you will pay higher monthly payments because it adjusts to the full Glossary Term: indexed layer rate. You should therefore be financially geared up to adjust to the higher payments.

Likewise, the monthly payment and interest rate may increase or decrease once annually during the remainder of the mortgage after the introductory period expires.

What to Consider When Searching For Hybrid Adjustable-Rate Mortgage

Hybrid adjustable-rate mortgage are not all the same and the effectiveness of each will vary from one situation to another. The following are situations where Hybrid adjustable-rate mortgages are suitable:

-If you intend to relocate within the period covered by introductory fixed-rate and will therefore not be effected by possible rise in rate and payments later on.

-If you believe that your income will increase substantially in the coming years and will cover any possible rise in payments occasioned by increase in rate of interest after the end of the introductory fixed-rate phase.

– You believe that the rate of interest will drop in the coming years.

-You desire a much lower preliminary monthly payment than what is offered through the fixed-rate mortgage.

 

Shortcomings of Hybrid Adjustable-rate Mortgage:

-The amount payable increases with the rising rates and may not match the rise in your income

-Rate of interest will rise in an environment where the rates are increasing

-In a market where the value of homes is declining, the rising interest rate lowers the Glossary Term: equity layer accumulation.

 

Classification of Hybrid ARMs

10/1 adjustable-rate mortgage

A 10/1 ARM mortgage: The interest rate remains fixed for the initial 10 years. After the end of the 10 years, the interest rate is adjusted once annually for the remaining period of the loan. Your monthly payments rise if the rates increase and reduce if the rates drop.

7/1 adjustable-rate mortgage

A 7/1 ARM mortgage: The interest rate remains fixed for the initial 7 years. After the end of the 7 years, the interest rate is adjusted once annually for the remaining period of the loan. Your monthly payments go up if the rates increase and reduce if the rates go down.

5/1 adjustable-rate mortgage

A 5/1 ARM mortgage: The interest rate remains fixed for the initial 5 years. After the end of the 5 years, the interest rate is adjusted once annually for the remaining period of the loan. Your monthly payments rise if the rates go up and reduce if the rates drop.

 

ARM interest rate caps and loan indices

In a hybrid adjustable-rate mortgage, the rate of interest payable after the expiry of the introductory fixed-rate period is dependent on a variable financial Glossary Term: layer of index and Glossary Term: layer of margin. You will pay more every month if the rates increase and pay less if the rates go down. For Instance, if the financial index rate of interest is 5.5% and you have margin of 2.25%, then during the adjustment period your rate will be 7.75 %( 2.25 + 5.5).

What you need to know is that indices and margins vary from one lender to another with some indices rising or dropping more rapidly than others. The terms of your adjustable-rate mortgage are what influence the frequency of the payment adjustment in relation to the index. It is therefore paramount to consider the margin as well as index during the search for ARM mortgages.

Both traditional and Hybrid ARM mortgages normally contain a Glossary Term-adjustment “cap” layer. This puts a limit on how high or how low the rate of interest can be in any adjustment period or over the remaining life of the mortgage. But, “payment shock” can still occur if numerous rate caps are permitted. This will occur taking into account that when the introductory fixed-rate period elapses, ARM mortgage interest rate is adjusted once every year.

 

Questions to ask when searching for ARM options:

-How frequent will the rate fluctuate after the end of the introductory fixed-rate period?

-Is the Glossary Term on the ARM mortgage assumable layer?

-Is a rate cap included in the ARM mortgage you are considering? And if YES, what is the limit/cap on the rate for the adjustment period as well as during the mortgage’s tenure?

-Does paying off the loan early attract a penalty or prepayment fee? Prepaying the adjustable-rate mortgage early enables you refinance in case the rates drop.

Financial indices

All adjustable-rate mortgages rely on money rate indices to come up with the rate of interest on the loan for a given time period. Lenders or loan providers don’t have any power on any of indices used to ascertain the money rate as they are majorly influenced by market forces. However, you can always keep tabs on the performance of the money rate indices by looking at The Wall Street Journal.

The interest rate you will pay is pegged on a specified adjustment period and is computed by summing up the index rate to the Glossary Term: margin layer. The margin layer stays constant from one period to another unlike the rate of index. The adjustable-rate mortgage index that is commonly used is based on the following:

London Interbank Offered Rate (LIBOR) adjustable-rate mortgages

Although LIBOR index changes more regularly, Bank of America ARM only adjusts yearly after the end of the introductory fixed-rate period.

 

FHA

San Diego FHA Loans

 

 

Many people have significantly benefited from FHA loans since 1934. The Federal Housing Administration that is a part of HUD (Housing and Urban Department) insures the loan so that the lender can give you the best deals, which include:
· Low closing costs
· Low down payments
· Easy credit qualifying

What does FHA do?
Financial assistance first time homeowners
If you are looking forward to buying a home for the first time, then FHA will become handy for you. With FHA, you will pay down payments as low as 3.5% of the buying price of the house. The FHA will give you the best deals on 1-4 unit properties.
Financial assistance for elderly
FHA assist those people who are above 62 years who own homes and have low loan balances. The FHA reverse mortgage will be very beneficial to such people because it will allow them to convert a section of their equity into cash.

Help you make your home more efficient
The FHA Energy-Efficient mortgage will help you settle the cost of energy improvement in your house. It caters for all costs incurred in making your home more energy efficient.
Financial assistance in mobile homes and factory-built housing
FHA provide financial assistance for factory-built housing and mobile homes. The FHA has two loan products, one for those who own the land on where the home is on and another one for mobile homes that will be located in mobile home parks.
Contact FHA and you will get more information on their products.

Find an FHA lender
There are a number of reputable FHA lenders, including:
· California Housing Finance Agency (CalHFA) that offer homebuyer programs, including closing cost and down payment assistance, and foreclosure prevention resources.
· U.S Department of Agriculture and Rural Housing that provide assistance to homebuyers in rural communities.
· CalVet Home Loans that offer assistance for veteran homebuyers in California.

Bridge loans
San Diego Bridge Loans

 

 

 

A bridge is a short-term loan that is acquired by the borrower against a current property to finance a purchase of new property. Also known as gap financing, interim financing, or swing loan, a bridge loan repayment is ideally for 6 months, but can be extended to 12months. Usually, a bridge loan have an interest rate of approximately 2% above normal fixed- rate products and usually have high closing costs.

1031 Exchange
San Diego 1031 ExchangesAlso known as the tax-deferred exchange or real estate, 1031 exchange was created in 1990 by IRS. The 1031 exchange facilitate the sale of an investment property to buy another investment. In this case, a homeowner can offset the capital gain tax by selling one investment to purchase another. In the 1031 exchange, the sold property is known as relinquished property and acquired property is known as replacement property. Before the introduction of the 1031 exchange, the homeowners usually sold their properties before escrow of new properties, which proved very difficult.

FHA streamline borrowers, FHA cash-out refinance loans, Fixed rate FHA loans
Usually, the borrower’s closing costs paid upfront are not considered in the borrower’s minimum 3.5% down payment. Therefore, it is very vital to keep this is mind while budgeting for a new home loan.

FHA products
· The FHA home loan 203(b)
· Single-family rehabilitation mortgage insurance section 203(k)
· FHA adjustable rate mortgages (section 251). This provides insurance for adjustable rate mortgages
· Single-family mortgage insurance for condominium units (section 234(c))
· FHA reverse mortgage

FHA Jumbo Loans
The new FHA/HUD regulations will provide insurance for the increased loan amounts depending on your county or state. This will allow you benefit from the new maximum limits for the FHA loans. The customers who qualify for this loan can apply for an FHA Jumbo loan to the maximum amount allowed by FHA. One can apply for a home loan with 3% less under new FHA loan limits.
Section 184 Indian Home Loan Guarantee Program
According to the latest statistics from the HUD, there is over $4,171,447,044 of home loans guaranteed in India and approximately 25, 750 loans up to date. The most important thing about section 184 Loan guarantee program, also known as HUD 184, is that it can be offered on and off the native land. Historically, the Native American home-ownership has been unfair market because Indian lands were held in Trust. The section 184 seeks to enable Native Americans to access more capital and also provide funding opportunities for tribal housing agencies.
Current Up-Front Mortgage Insurance Premium
The Up-Front Mortgage Insurance Premium is at 1.75% of the base loan amount. This rate applies regardless of the LTV ratio or amortization term.
Revision of the Annual MIP premium as per Mortgage letter of 2015-01
There will be no change to the annual Mortgage Insurance Premiums for the case numbers assigned on or after 26th January 2015 for the following:

  • On loans with the value of less than 78% with terms up to 15 years. However, the annual MIP for these loans remains at 45 basis points.
    · On terms less or equal to loan amounts less or equal to $625,500 if the loan value is less or equal to 90%, the annual premium will remain 45 basis points. However, if the loan to value is less than 90%, the annual premium remains 70 basis points.
    · On terms less or equal to 15 years and loan amounts less than $625,500 and if the loan to value is 78.01-90.00 % , the annual premium remain at 70 basis points. If the loan to value is below 90%, the annual premium remains at 95 basis points.
    There will reduction in premiums in annual mortgage insurance premiums for case numbers allocated on or after 26th January 2015 for the following:
    · On terms less 15 years and loan amounts less or equal $625,500 and if the loan the value us less or equal to 95% , the new annual premium will be reduced from 130 basis points(bps) to 80 bps . if the loan to value is less than 95% , the new annual premium will be reduced from 135 basis points to 85 basis points.
    · On terms less than 15 years and loan amounts less than $625,500 and if the loan to value is less or equal to 95%, the new annual premium will be reduced from 150 bps to 100 bps. If the loan to value is less than 95%, the new annual premium will be reduced from 15bps to 105 bps.

Making Home Affordable
San Diego Making Home Affordable
In the beginning of 2009, a program referred to as Making Home Affordable was proclaimed by the Obama administration. This was a totally different program from Hope for Owners that was initiated in 2008. To get home financing you have to deal with either Freddie Mac loan or Fannie Mac. To get more information on whether you qualify for either of the two financing schemes you need to talk to your loan official, call 1-800-7FANNIE or 1-800-Freddie.

CalPATH 

San Diego Calpath Home Loans

 

 

California Public Employee & Teacher Home Loan Program (CalPATH) is a home financing program that is offered in California and is available to Firefighters, Teachers, Police Officers, as well as other Public Employees. The good thing about the scheme is that it targets both existing as well as first time homebuyers.

Benefits of CalPATH Plan:

– Californian Public Employees who qualify for the program pay lower prices and lender fees.

– MI options paid by the lender attract a down payment that may be as low as 5%.

– CalPATH can be consolidated with other programs for down payment such as CHDAP

– In case the rates increase while processing the loan an individual gets a Free One-off Time Float Down

– Home buyer Commitment is keyed in 30 Days

CalPATH is offered to people purchasing homes for the first time, members of CALPERS Retirement fund and also for refinancing CalSTRS.

Veteran Affair (VA) loan is another form of mortgage or home financing that is made available to American veterans who qualify or their surviving spouses. (The spouses don’t qualify in case they remarry). The US Department of Veteran Affairs guarantees the long-term financing and may be given out by lenders who meet certain requirements.

Benefits of VA Home Loan

San Diego VA Loans CAThe guarantee that is offered by VA enables lenders to access additional benefits and terms such as follows:

– If the selling price does not go beyond the assessed value of the home a potential buyer or borrower doesn’t need to pay any down payment.

-Premium on private mortgage insurance is not necessary

– The amount you will be charged for the cost of closing is determined by the VA rules.

-In some instances the seller pays the closing costs

-If you settle the loan much earlier than agreed, you will not be charged any penalty fee.

-When you face difficulties in the course of repaying the loan, VA may offer you some assistance.

Homeowners who desire to take some cash from their home equity and use the funds to fund education, pay off debt, or for home improvement can go for VA Cash-Out Refinance Loan. This loan can also be used by home owners to convert non-VA finance to a VA loan. VA guarantees the mortgage to a tune of 100% of the total home value.

VA Interest Rate Reduction Refinance Loan 

VA Interest Rate Reduction Refinance Loan (IRRRL) is used to refinance an existing VA home mortgage and reduces the rate of interest. By lowering the amount of interest payable you also lower the monthly payments on the mortgage. Furthermore, the plan enables you refinance ARM (adjustable rate mortgage) to a fixed rate loan.

Facts about IRRRL 

When applying for VA IRRRL in San Diego you don’t need credit underwriting plan or appraisal.

You can turn the IRRRL into a “no-money-out- of- pocket” package by either increasing the rates on the new loan so as to let the provider take-up the costs or incorporating all the costs attached to the new mortgage.

The rate of interest may rise when refinancing the loan as a fixed mortgage instead of the earlier adjustable rate mortgage (ARM).

No loan provider is mandated to offer you IRRRL. But, your application for IRRRL mortgage may be processed by any VA provider you choose.

Veterans are advised to research the market as there are quite a number of lenders whose times vary.

There is no guarantee that you will get cash when the loan is processed.

Application Process

A new COE (Certificate of Eligibility) is not necessary. You can use the current Certificate of Eligibility as evidence of entitlement. Alternatively, instead of COE an email confirmation can be used.

Disabled Veterans Housing Grants in San Diego

Veterans and service members with total service-connected or permanent disabilities can also be given grants by VA. This enables them build or purchase an adapted home, modify the home to cater for the disability.

VA provides grants to Service members and Veterans with certain permanent and total service-connected disabilities to help purchase or construct an adapted home, or modify an existing home to accommodate a disability.

Special Housing Adaptation (SHA) and Specially Adapted Housing (SAH) are the two types of grants in existence.

1. Specially Adapted Housing (SAH) Grant

SAH grants assists Veterans with disabilities caused by service live independently without any restrictions to their environment. It can be used in any of the ways below:

-Build a specially adapted house upon acquisition of land.

-Construct a home on existing land that has been deemed fit for a specially adapted home.

-Modify an existing home after ascertaining that the land is appropriate for a specially adapted home.

-Use the grant to payoff pending principal mortgage dues on a home that has already been acquired and adapted without seeking VA grant aid.

2. Special Housing Adaptation (SHA) Grant

SHA grants assist Veterans with permanent or certain service-connected disabilities purchase or adapt housing that can accommodate the disability. SHA grants can be utilized in any of the ways below:

– Adapt a home already owned by the Veteran or a member of the family.

– Adapt a home that the Veteran or a member of the family wants to purchase and will be the residence of the veteran.

– Assist a Veteran buy a home that has been adapted for disability living.

Eligibility

As a veteran or service member with total service-connected and permanent disability you can seek SHA (Special Housing Adaptation) or SAH (Specially Adapted Housing) grant. The following table gives an overview of housing grant plans from VA that are available for Veterans and service members with specific service-connected disabilities.

Native American Direct Loan (NADL)

The Native American Direct Loan (NADL) plan offers direct VA home loans to qualified Native American Veterans to finance construction, purchase, or refurbish homes constructed on Federal Trust Land, or to refinance an earlier NADL to lower the rate of interest.

To apply, fill in and also submit a VA grant Form 26-4555 Visit http://www.vba.va.gov or Call 1-800-827-1000 (toll free) or visit VA Regional Office Locations to find the nearest VA office.

Home-buyer Programs Sorted by City: San Diego California 

Many cities in San Diego California offer home-buying programs and home-ownership education training and classes. To receive more information, head on over to one of these sites.

To find out more about all the different San Diego home loans that are available, or any of the down payment assistance programs, speak with a licensed mortgage professional. Our mortgage team has decades of experience behind them, and can guide you along the way.

Buying Real Estate San Diego

How To Get A Good Deal When Buying Real Estate

Buying real estate in San Diego can be somewhat confusing, and buying a property is often stressful. When viewing potential purchases in San Diego County, you need to know exactly what to look out for. Additionally, making an offer on a property requires a strategic approach. This articles contains a number of tips and ideas to help make your real estate purchase successful.

In evaluating the value of a piece of residential property, you should be cautious about nearby commercial or industrial properties. Keep in mind that while such properties might be inoffensive (or even vacant) at the moment you look at a nearby house. It is possible that a type of business you do not approve of might move in at a later date.

Before you invest in a home for you family, do not just look at the house itself, but also do some research on the neighborhood. Obviously look for Neighborhood characteristics that are desirable, like great schools, public or private, and what the crime rate is in the area, are good indicators that the home is in a good area.

To protect your interests when buying real estate, using a seller’s agent may not be the best choice. You might think calling the agent’s number on the “for sale” sign would be the easiest thing to do, but that agent works for the seller, and must put the seller’s needs first. To protect yourself, hire a buyer’s agent.

To make money in real estate, location has always been the buzzword, and San Diego is arguably the one of the best cities in the US to live. Even when the real estate bubble bust, the market was not hit as hard as many other cities.

Make sure to research before making your first offer on a home. A homeowners selling price is not necessarily what they are willing to take. They may price high in the hopes that someone will just come along and pay. Take some time and review what homes have been selling for in the area and keep in mind the homeowners position. If they are in no rush to move then they may be willing to hold out for more.

To save money when buying real estate you should look for an existing house. New construction is down but the builder still needs to make a profit which will limit how much they can negotiate the price. Someone reselling a home may offer you a better opportunity to buy a home in San Diego affordably.

To save money when buying real estate, you should talk to the San Diego Realtor about people who are short selling a home. A short sales means that the bank and the owner of the home have negotiated to take less than the amount owed on the property, to prevent a foreclosure. The price can more fairly reflect what other area homes are selling for.

To get the best service when you are buying real estate, you should shop around for an agent. The thing you want to look for is someone who is committed to helping you without pressuring you to buy something just so they can make a commission. As you talk to agents, ask for referrals. The best real estate agents in San Diego will be happy to have you talk to people that they have helped.

An important tip when buying real estate in San Diego, is to do all the best research and and background work. This is very important, because if you ever want to buy a a home, at some point you need to start making offers and making difficult decisions.

If you are looking to buy a house for a lower price, find out of how long it has been on the market. Properties that have been for sale for a while, most likely have homeowners that are more willing to “make a deal.”

Buying a home with cash has both positive and negative aspects. If you purchase your home with cash, you circumvent the pre-qualification process and you have no out-of-pocket expenses for loan origination fees, appraisal fees, and closing costs. You also sidestep mortgage interest. If the home is your primary residence, the downside to buying a home with cash is that you lose out on the tax advantages that are available to homeowners which have a conventional loan.

When you’re buying a house, make sure you check first to find out if any unauthorized work has been done on the house. If the previous owner has added on to the house or remodeled part of it without the proper permits, you could end up being responsible for bringing the work up to code.

If you are trying to invest in real estate, be prepared to lose some offers. There will always be other investment properties available. You should try to keep your emotion out of your buying and selling decisions. When you lose a potential investment property, remember that another one is just around the corner and it could be better than the one you lost.

Keep your mortgage payment low or non existent by buying a multiple family property. A duplex or larger will allow you to live on site and own your own home, while also collecting rent from tenants and paying most of or even all of your mortgage costs. To learn more about obtaining a mortgage, speak to a home loans specialist in San Diego who is licensed and knowledgeable to discuss your options.

If you know that you are going to be purchasing a home in the near future, it is important not to make any other major purchases. Even though it may not happen, when you make a new purchase it can negatively affect your credit score. So hold off on any new purchases until after you close on the home.

As previously stated in this article, buying real estate in San Diego can be stressful. However, by utilizing some of ideas contained in the tips above, you could save a lot of money and time when buying a property. Moreover, the tips have hopefully increased your knowledge of the real estate market as a whole.

Reverse Mortgage Lenders San Diego

San Diego Reverse Mortgage Lenders

Reverse mortgage lenders in San Diego offer the HECM reverse mortgage which is the only reverse mortgage insured by the U.S. Federal Government. Applying for a San Diego reverse mortgage is as easy as calling our local office and speaking with one of our reverse mortgage experts to discuss your options. (858) 999-3737

Learn more about reverse mortgages in San Diego and how you can stay in your home without making a mortgage payment. Reverse mortgages have been around for many years, but have become more popular over the last 5 years. A HECM reverse mortgage allows seniors 62 years or older stay in their homes without a mortgage payment, and depending on the equity, they may have the ability to draw cash from the home as well.

Our reverse mortgage specialist can explain this type of home loan over the phone, or come to your home and answer your questions in person. There are many benefits to a reverse mortgage, but they are not for everyone. Unfortunately, many people still do not understand fully how these home loans work, and there a few people qualified to properly explain the loan. Our licensed mortgage professionals that offers these loans are well versed in these programs and can explain them to you.

Borrower Requirements

You must:

  • Be 62 years of age or older
  • Own the property outright or paid-down a considerable amount
  • Occupy the property as your principal residence
  • Not be delinquent on any federal debt
  • Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
  • Participate in a consumer information session given by a HUD- approved HECM counselor
  • Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

  • Single family home or 2-4 unit home with one unit occupied by the borrower
  • HUD-approved condominium project
  • Manufactured home that meets FHA requirements

Financial Requirements

    • Income, assets, monthly living expenses, and credit history will be verified.
    • Timely payment of real estate taxes, hazard and flood insurance premiums will be verified

For adjustable interest rate mortgages, you can select one of the following payment plans:

  • Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
  • Term – equal monthly payments for a fixed period of months selected.
  • Line of Credit – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
  • Modified Tenure – combination of line of credit and scheduled monthly payments for as long as you remain in the home.
  • Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

More information can be found: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou

We have mortgage professionals that can assist you anywhere in San Diego County California

Reverse Mortgage Lenders Carlsbad
Reverse Mortgage Lenders Chula Vista
Reverse Mortgage Lenders Coronado
Reverse Mortgage Lenders Del Mar
Reverse Mortgage Lenders El Cajon
Reverse Mortgage Lenders Encinitas
Reverse Mortgage Lenders Escondido
Reverse Mortgage Lenders Imperial Beach
Reverse Mortgage Lenders La Mesa
Reverse Mortgage Lenders Lemon Grove
Reverse Mortgage Lenders National City
Reverse Mortgage Lenders Oceanside
Reverse Mortgage Lenders Poway
Reverse Mortgage Lenders San Diego
Reverse Mortgage Lenders San Marcos
Reverse Mortgage Lenders Santee
Reverse Mortgage Lenders Solana Beach
Reverse Mortgage Lenders Vista

FHA Loan Limits San Diego 2015

The 2015 FHA San Diego, Carlsbad area rose from 2014 for one to 4 units.

2015 FHA San Diego FHA loan limits

For the typical person, they’ve got a large amount of questions with regards to purchasing or refinancing house .  These new loan limits will be in effect for case numbers which have been signed starting January 1 onwards and will last until December 31. The FHA will calculate the limit for the maximum loan for areas that are considered as high-cost. These areas will be with the same rate while they were last 2014 at $625,500. Alternatively, for places with low housing costs, the rate will continue to be the same—the rate will still be $271,050.Each year, the FHA recalculates the limit to the national loan. They recalculate it based from the number in the national limit for conforming loans. It will depend on this that the floor limit to the minimum national loan is scheduled. The FHA sets it at 65% from the national limit for conforming loans. This really is applicable to areas wherein 115% of its median home prices are below 65% of the national limit for conforming loans. And also this means that the opposite also applies.

 The loan limits for San Diego, Carlsbad in 2015 increased from 2014.

2014 2015
$546,250 – Single Unit $562,350 – Single Unit
$699,300 – 2 Units $719,900 – 2 Units
$845,300 – 3 Units $870,200 – 3 Units
$1,050,500 4 Units $1,081,450 4 Units

When it comes to maximum, the maximum national limit ceiling from the FHA is scheduled at 150% of the national conforming limit. For places whose 115% with the median price is greater than the ceiling limit then your FHA loan limit will continue at 150% of the conforming load. Using the median area home in to consideration, a place may be deemed qualified to receive an FHA loan limit which is in the national standard limit and to the country’s ceiling level. Should you require any additional more knowledge about the money limit adjustments for two, three, as well as four properties in addition to Special Exception areas, look for more from the FHA’s mortgagee letter. Also, as a possible extra on the Mortgagee Letter, what’s more, it provides info on the countries that could sign up for these types of loan limits which are on the national standard. Borrowers who already have existing FHA insured mortgages can continue to continue using the FHA’s Streamline refinance program. This may not consider the continued balance off their current loan. They also announced the home loan limits which might be used in the FHA-insured reverse mortgages. It’s going to remain identical to the previous year and may continue to have a maximum claim amounting to $625,500. There will still be actual loan limits and these will be based on the following factors: borrower’s age, property value, as well as the current interest. These reverse mortgages lets homeowners at the age of 62 years and above to gain access to the equity of their houses and without resorting to further requirements in monthly installments.

Learn more about FHA home loans, FHA Streamlines, FHA Jumbo loans, or FHA High Balance loans in San Diego by speaking with a licensed mortgage professional

Short Sales San Diego Realtor

San Diego Realtor Assists Homeowners In Need Of A Real Estate Broker Who Specializes in Helping With The Short Sales Process

The real estate and mortgage team led by Kevin Leonard just added San Diego to their list of areas helping distressed homeowners. A recent agreement between the team and a law office has the group working with clients that can benefit from short selling a home in San Diego California.

San Diego, California (PRWEB) May 26, 2015

Kevin Leonard and his team continue to add life changing services to Southern California residents. The latest San Diego Realtor added to the group fully understands the short sales process in San Diego, and can explain a short sale vs. a foreclosure. The real estate team is working with a local attorney to help short sell homes for those who do not qualify for a loan modification or a refinance. A short sale is the process of selling a home for less than what is owed on the property, and those who do not qualify for a new loan, a short sale can be a better option than a foreclosure. Once the law office determines that a short sale may be the best options for the homeowner, the real estate agent is contacted to help work out options. To find out more information about a short sale or to speak with a San Diego short sales specialist call 858-999-3737.

The team brought together from the highly regardedmortgage expert Kevin Leonard do not leave any stone unturned when it comes to finding a home loan for a client. With home loans in San Diego available for individuals with low credit scores, to HARP loans, and even working with attorneys that offer modifications. But, unfortunately not everyone can be helped, this is where a short sales expert in San Diego comes in. In most cases they are able to work with the bank to list the home for less than what is owed by the client. In addition they are able to prequalify new potential buyers with all the home loan products available. VA loans in San Diego are very common, as well as Jumbo loans due to the large mortgage sizes, to name a few. To find out more about financing options or how a short sales works in San Diego contact the local office.

For the original version on PRWeb visit: http://www.prweb.com/releases/San-Diego-short-sales/real-estate-san-diego-ca/prweb12745054.htm

VA Loans San Diego

Mortgage Originator Openings In San Diego California Now Offered From Broker Looking For VA Loans Expert

San Diego real estate and mortgage team managed by Kevin Leonard have a new opening for an experienced VA loans provider in San Diego County. The new mortgage loan officer job will be to assist a new flat fee Realtor in San Diego that is in need of a mortgage professionals to help with new clients getting pre-qualified for a VA home loan.

                                                                                                                              Kevin Leonard

 

VA home loans experts help the military and their families with financing for a new home in San Diego, call today, (858) 999-3737

San Diego, California (PRWEB) May 01, 2015

A fast growing team of real estate and mortgage professionals in San Diego are announcing a new opening for a VA loans specialist to handle the large volume of military home loans in San Diego. The group, which has been heavily marketing homes for sale in San Diego and the advantages of using a discount Realtor or “flat fee MLS broker” has received enough interested consumers to justify posting a new position within the organization. Due to the large military population in San Diego, the real estate marketing has produced Veterans that are looking to purchase a home and want to know about using a VA loan to buy a house in San Diego. Learn more about the new loan officer job by calling (858) 999-3737.

Many consumers looking to use their VA loan to buy a home are not sure what the qualification are. The VA does not issue a home loan, but guarantees the loan for an approved lender. One of the first steps in applying for a VA loan in San Diego is for the Veteran to obtain their Certificate of Eligibility or (COE), this “certificate” verifies to the lender that the person meets the eligibility requirements for a VA home loan. San Diego residents looking for more information about selling or buying anywhere in San Diego County can get connected with a Realtor or mortgage professional by visiting here,http://kevinleonardmortgageexpert.com/san-diego/

About:
Kevin Leonard is a mortgage professional who began in the mortgage business in 1997 and since then he has become one of the top mortgage experts in the country, and has earned national acclaim for his efforts. Mr. Leonard prides himself in offering constant communication with his clients so that they have a full understanding of the loan process from start to finish. He is personally responsible for thousands of fundings, and along with his team, he has over 5 billion in residential loans funded to his credit. Mr. Leonard has a complete understating of the loan process from start to finish, and also consults with a long list of mortgage bankers in the secondary market. There are few, if any, that have the experience that Kevin Leonard has in the mortgage industry. He was one of the first to register with NMLS in 2008 when it was first instituted, and currently is licensed in the state of California as a loan originator. His team is partnered with top Realtors in San Diego because of the team’s fast pre-approvals on VA loans with the ability to fund purchase loans quickly. To learn more about San Diego Jumbo VA loans start by clicking on the highlighted link.

Contact:
Kevin Leonard
Phone: (858) 999-3737
NMLS #6279
http://kevinleonardmortgageexpert.com/va-loan/

San Diego VA Loans Specialist Begins New Marketing Campaign to Assist Military Home Loans With The VA IRRRL

VA loans in San Diego are very common due to the high military presence, and many homeowners who used a VA loan to buy their homes are taking advantage of low interested rates and refinancing into a new loan. Kevin Leonard and his staff have a new marketing project that is specifically targeting San Diego VA loans that could benefit from VA Interest Rate Reduction Refinance Loan.

                                                                                                                          Kevin Leonard Mortgage Expert

Kevin Leonard

San Diego, California (PRWEB) April 28, 2015

With interest rates still being at their all time lows, the mortgage team organized by Kevin Leonard are releasing new marketing material on the benefits of taking advantage of the VA IRRRL in San Diego.The VA (IRRRL) or Interest Rate Reduction Refinance Loan lowers the applicants interest rate by refinancing their existing San Diego VA home loan. By getting approved for a lower interest rate, the monthly mortgage payment should be less, offering the homeowner a savings every month. The with a VA loan in San Diego California can also refinance an (ARM) or adjustable rate mortgage into a fixed rate mortgage. An Interest Rate Reduction Refinance Loan can only be done to refinance a property on which a person has already used a VA loan eligibility. The VA IRRRL has to be a VA to VA refinance, and it will reuse the entitlement that was originally used. To learn more about applying for a Interest Rate Reduction Refinance Loan in San Diego call a licensed mortgage professional at (858) 999-3737.

The VA loan limits for San Diego County are $562,350 although the VA does not set a cap on how much an individual can borrow to finance a property. On the other hand, there are limits on the amount of liability VA is willing to assume, which commonly affects the amount of money an institution will lend the Veteran, or qualified person. In addition, for the most part all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. There are some exceptions to the VA funding fee and those interested in learning more should speak with a San Diego VA loan specialist. Kevin Leonard and his team know that there are many questions concerning any type of mortgage and believe that Veterans are strongly advised to contact several lenders, because fees and terms may vary.

About:
Kevin Leonard is a mortgage professional who began in the mortgage business in 1997 and since then he has become one of the top mortgage experts in the country, and has earned national acclaim for his efforts. Mr. Leonard prides himself in offering constant communication with his clients so that they have a full understanding of the loan process from start to finish. He is personally responsible for thousands of fundings, and along with his team, he has over 5 billion in residential loans funded to his credit. Mr. Leonard has a complete understating of the loan process from start to finish, and also consults with a long list of mortgage bankers in the secondary market. There are few, if any, that have the experience that Kevin Leonard has in the mortgage industry. He was one of the first to register with NMLS in 2008 when it was first instituted, and currently is licensed in the state of California as a loan originator. His team is partnered with the best San Diego Realtorsbecause of the team’s fast pre-approvals with the ability to fund purchase loans quickly. To learn more about VA Jumbo loans in San Diego start by clicking on the highlighted link.

Contact:
Kevin Leonard
Phone: (858) 999-3737
NMLS #6279

 For the original version on PRWeb visit: http://www.prweb.com/releases/San-Diego-VA-loans/VA-IRRRL-San-Diego-CA/prweb12685011.htm

Flat Fee MLS Broker San Diego

San Diego Flat Fee MLS Broker

San Diego Flat Fee MLS Broker If you are considering selling your house in San Diego and do not want to pay the “traditional” real estate company 5 or 6 percent of your homes sales price, you may want to consider using a flat fee MLS broker in San Diego. There are thousands of homes for sale throughout San Diego California every month, many homeowners are starting to use real estate agents in San Diego that offer discount realty fees. The are brokers that will list your home for sale for 1%, and others that will offer a flat fee. A flat fee MLS broker in San Diego used to offer limited services for the discount real estate listing service, but lately many offer the same full service that one would get from a traditional real estate broker. Things like showing the home to prospective home buyers and arranging for other real estate agents to show the home are all done by the flat fee broker.

We work with the best “flat fee MLS broker San Diego” has to offer. Our discount real estate agents have been in business for years with many transactions under the belt. We work alongside these flat fee brokers to provide home loans in order to pre-qualify potential home buyers. This allows the San Diego Realtor to know exactly is the buyer is qualified for a mortgage, which saves time for the Realtor and the seller. To find out more about mortgage rates in San Diego, or about using a discount real estate listing service by flat fee MLS brokers in San Diego call us on our contact page.

List of cities where flat fee real estate agents are available
Flat Fee MLS Brokers Carlsbad
Flat Fee MLS Brokers Chula Vista
Flat Fee MLS Brokers Coronado
Flat Fee MLS Brokers Del Mar
Flat Fee MLS Brokers El Cajon
Flat Fee MLS Brokers Encinitas
Flat Fee MLS Brokers Escondido
Flat Fee MLS Brokers Imperial Beach
Flat Fee MLS Brokers LA Mesa
Flat Fee MLS Brokers LA Jolla
Flat Fee MLS Brokers Lemon Grove
Flat Fee MLS Brokers National City
Flat Fee MLS Brokers Oceanside
Flat Fee MLS Brokers Poway
Flat Fee MLS Brokers San Diego
Flat Fee MLS Brokers San Marcos
Flat Fee MLS Brokers Santee
Flat Fee MLS Brokers Solano Beach
Flat Fee MLS Brokers Vista

San Diego Real Estate Marketing Videos

Video Marketing And Making Your Brand Known

Video marketing can be a terrific way to harness the power and influence possessed by almost any real estate agent in San Diego. The best way to take full advantage of San Diego real estate marketing Videos is planning a strategy that will not only showcase your work but rank in the search engines. Become a leader in your industry by using videos. Instead of only making promotional videos for your products and services, try making several educational on topics related to buying and selling homes in San Diego Potential customers will appreciate that you’re sharing your knowledge with them, which can help you get recognized you as a leader in your field. Read the terrific advice that follows and you can achieve great results in short order.

Grab the audience’s attention early in your videos. The key to this is to “pull them in” within the first 10 seconds of a video. You need to do something within this time frame that will leave them in awe and wanting more. Once you have their attention, you must keep them engaged by having interesting and important information in the rest of the video.To help people notice your videos you should develop a title that is eye catching and about yourself and the area that you are representing, use a valuable information to help people remember the name of your video. You should also use your primary keyword and if possible at least one or two associated keywords. The title of your video is as important as the content when trying to attract viewers. People who search on San Diego Realtors on Facebook, YouTube or Google will see the title first, so it has to catch their attention and entice them to click. Take your time in selecting a title and put real thought into it.


Video marketing is a great way to give customers an idea of what type of properties you sell so buyers know how you can assist them. You should create some videos in which you demonstrate your expertise. Show the different neighborhoods, and test to see which ones get the most views and likes. One good way to make a marketing video that gets attention is to show people how your you are the local expert in San Diego. You can have your real estate video along a frequently asked questions section or FAQ, of your service. This will help you have people asking less questions, so you have more time working on helping your clients. Content is king when trying to get new customers, in a magazine or in an online video. What you put out to the world not only tells them who you are but also what you’re about. If you want them to become clients or customers, you have to give them what they’re looking for in a fun format.The best real estate agents in San Diego CA understand this, and use real estate marketing videos to display their work and services.

Keep your content interesting, if you are going to make a video to advertise your online business, you should ensure that it is full of valuable information. All the views in the world won’t help you if you content is lousy. People want to be entertained with the information they receive, Interesting real estate videos ensure increased traffic numbers. The more videos that you make, the more viewers you should get. Just because one video does badly, doesn’t mean that they all will. Also by making videos on a regular basis, it will keep viewers interested and they will keep coming back to see what new content you have to offer.

Make sure that your videos are promoted in a two-fold fashion. Let your existing core audience know that new content is up, via your blog and email or newsletter list. However, also make sure to promote it to new readers through social media posts and search engine optimization techniques within your budget. Post your San Diego real estate marketing videos to a host of different sites. While YouTube should be your number one choice, don’t rely on it entirely. Other sites, like Break and Vimeo, could all be beneficial to you. You may even be able to find a site that caters to your type of business.

Hire a professional to handle the lighting, shooting a video that looks professional can be difficult without experience. If you want to give your viewers the best impression possible, you should hire a pro that will guarantee it. If you cannot afford a professional, you may be able to find some stock footage, and use that If you decide to create a series of videos, it is important that you remain consistent. Try using real estate videos that are about the same area that your market, and use similar title pages and content so that viewers can easily find your video real estate marketing campaign. If possible, release your videos and build anticipation by releasing on a particular time of the month.

People love to see what goes on behind the scenes so give your viewers what they want. Making an unconventional video that highlights the offbeat side to your business or an insiders look can really help to keep things interesting. It shows your viewers that you are more than just the products that you sell. There is almost no limit to the success and results that real estate video marketing in San Diego has the capacity to produce. However, if you are lacking sufficient knowledge of the topic, it really does pay to spend some time brushing up on the fundamentals. Use the tips found above as you navigate this new, exciting path.

Best Real Estate Agent San Diego

Helpful Advice To Sell Your Home in San Diego Fast

From improving your home aesthetically to staging it properly when holding an open house, there is a lot you need to know about how to effectively sell a home in this type of real estate market. By following the tips laid out in this article, you will learn how to increase your chances of selling your home. Learn about feng shui elements, as this can be a powerful tool to help sell your home quickly. Seek out any areas of your home that are dark and uninviting. Add light in the form of an attractive lamp, or enhance existing light with a mirror. Pay special attention to the entrance of your home. Make sure it is well lit, and that your house number is clearly visible.

Clear off your counters, try to remove everything from your kitchen and bathroom countertops. A prospective buyer needs to have a good idea of the available counter space, and this is impossible when it’s full of clutter. Also, make sure that the counters are sparkling. If you have grouting on your counter tops, clean them thoroughly, or re-grout if they cannot be cleaned. Make changes to your home that prospective buyers can see. You can upgrade the heating system or install central air conditioning, but if your home is dirty, has broken fixtures, or needs paint, potential buyers will be turned off by it. They will see the home as needing a lot of work even if the internals are sound.

When choosing a real estate agent, look around your neighborhood at the “for sale” signs. See which agents or companies have the biggest presence and which ones switch from “for sale” to “sold,” the fastest. The best predictor of an agent’s ability to sell your home, is in the ability to sell other homes just like yours .If you plan on selling your home on your own, make a plan before listing it. Find a fair listing price, but also find a price that you are willing to let your home go for. Set some dates to hold open houses, prior to listing so that you can be sure to be ready for the day when it comes.

While you may feel like nobody can sell your house better than yourself, many San Diego Realtors beg to differ. Oftentimes the property owners presence can distract potential buyers’ attention from looking at the house. Online research is a crucial part of choosing a real estate agent. There are many rating and review sites where people share their experiences with different agents. You can search your neighborhood to find out which agents have the highest ratings and most positive reviews, or check out a particular agent to see how well they are reviewed. Using the best real estate agent in San Diego to sell your home will give you the greatest chance of selling you home fast and for the most money.

Re-evaluate your home market value. If your house has been up for sale for long, your house might not be worth what you think it is. Appraisals that are even a couple of years old can be outdated. Making necessary home repairs is the absolute first priority in putting a house on the real estate market. Repairs should be completed before a property is assessed, financing is solicited or agents are hired. A home that has been brought up to its maximum potential before the sale process begins will always fetch a higher price. Keep in mind that the offer process is not personal. A low ball offer on your home is not an affront to you. Just as you are trying to get the most money out of your home, the buyers are trying to get the best deal. Do not reject a buyer from making a follow up offer if the initial bid is too low.

Selling a home in San Diego in the fall may become rather difficult as the market is slowing for the season. Parents do not want to pull their kids out of one school and make them start in another. Keep on open mind during this time of year that most homes sell in spring and throughout the summer. Also don’t be too picky about the time or day that a potential buyer wants to look at your home. Even though no one wants to get up bright and early on the weekend, if a potential buyer wants to see the home at that time try to be available. Having flexibility will help your home to sell faster. There is no guarantee that your home is going to sell in the time frame you want or for the amount of money you want. However, if you follow the tips in the article above, you can bet your bottom dollar that it will sell and that you will be happy with the results. Many sellers are beginning to use discount real estate listing companies in San Diego to save on commissions, these types of brokers are worth looking into when you are looking at hiring an agent.

Whether you are buying or selling a home in San Diego, having a real estate agent in San Diego that knows the local real estate trends can help you save time and money. Receive a consultation with a real estate agent to discuss pricing and neighborhoods that best suit your needs.