Roseville Loan Expert

The mortgage industry can feel a little more patriotic this 4th of July holiday now that President Obama has signed two bills to re-start the flood insurance program and extend the closing deadline for homebuyers seeking a tax credit.
The National Flood Insurance Program has been shut down for the past month (as it had expired [...]

 
1. I applied for the 2009 New Home Credit, but didn’t get it since the money ran out. Can I apply now since there is more money available?
 No. The 2010 New Home / First-Time Buyer Credits are only available for purchases which close escrow on or after May 1, 2010 
  
2. I just closed escrow on [...]

Today’s payroll flop — only 20,000 real jobs created in May — will take some time to settle all the way in. Immediately: 10-year T-notes are 3.22% (from 3.36% yesterday and 3.99% six weeks ago), and the best mortgages below 5.00%.
The payroll report has confirmation: new unemployment has held high for five months; May retail [...]

Sacramento area home prices are getting up off the mat, increasing 12.4 percent from the bottom of the market reached in April of last year. The four-county region —said to be one of the hardest hit in the nation with overwhelming foreclosures and 35 percent-plus drops in home values — had a median-home price of $188,100 last month, compared to [...]

The Federal $8,000 homebuyer tax credit is gone for those that did not get into contract to buy a home by April 30th, 2010. However to help stimulate home sales, the state government is offering tax credits for Californians purchasing their piece of the American dream.  The federal law offered up to $8,000 for first-time homebuyers and [...]

Many members of the military, foreign service, & intelligence communities have one more year to purchase a home and claim the $8,000/$6,500 home buyer tax credit.
Any service member who is or has been on extended duty for 90 days or more between January 1st 2009 to April 30th 2010, has until April 30th of next year, to [...]

The state of California has rewritten and re-established last year’s $10,000 home buyer tax credit, allocating $200 million to the credit for homes purchased between May 1, 2010 and August 1, 2011. The credit is worth up to 5% of the purchase price, up to a maximum of $10,000, and is spread out over three years ($3,333 per [...]

- All borrowers’ birth certificates will be required with pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers.
- Marriage certificate with bridal dress will be required if both husband and wife are required to qualify for the loan.
- GFE will [...]

A lot people call me each month to let me know that a short sale is much better on your credit than a foreclosure and that it will not delay buying another home. While it is true that a short sale can be a little easier on your credit score, it will be treated the [...]

For some people it may get a little harder to get an FHA mortgage in the near future. Looking to shore up its weakened finances, the Federal Housing Administration has announced stricter standards. The FHA, who insured nearly a third of new mortgages in 2009, is going to increase the premium it charges for its [...]