With Veteran’s Day upon us, I thought it would be a perfect opportunity to review the VA Home Loan Program. The VA home loan is available to service members, veterans, and some surviving spouses of the United States. It may be used for both purchases and refinances, with the basic intention to help veterans purchase properties with no down payment or refinance up to 100% without having to… read more

The first thing that comes to mind when the topic of an appraisal comes up is value.  Value is the foundation of our business, whether in purchases or refinances.  It is important to remember that an appraisal is only as good as the logic behind it. Just looking at the appraiser’s conclusion on value without looking at the whole “picture” may lead to some very risky errors.  T… read more

In an effort to help struggling homeowners take advantage of the Home Affordable Refinance Program, the program has been extended to December 31, 2015 and has expanded the eligibility criteria.  The HARP program is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages. read more

With the “Baby Boomer” generation nearing retirement I thought it may be a good time to refresh Reverse Mortgages… A reverse mortgage is a loan available to people over 62 years of age that allows a borrower to convert part of the equity in their home into tax-free income.  Reverse mortgages were developed as a means to help people in or near retirement with limited income.  The loan is… read more

More regulations are on the way for our industry.  As of January 10, 2014 the new Qualified Mortgage Rule will become effective.  Issued by the Consumer Financial Protection Bureau (CFPB), the QM rule will tighten the underwriting standards for qualifying borrowers.  The Qualified Mortgage Rule has two categories.  The first protects the consumer by tightening lending practices.  The second… read more

Paso Robles city’s Planning Commission is hosting a public workshop next month to discuss the site plan for a new housing project.  The project, which originally had 674 housing units allowed in the city’s master plan for growth, is now proposing 1,011 new residences and three to five acres of commercial development off Creston Road and Beechwood Drive.  The Beechwood development was… read more

One of the largest expenditures a person will make is that of a new home.  While exciting, it can also be scary.  Mistakes are made, wrong advice is taken, and money may be lost.  Although some problems may never be avoided, there are precautions that may be made in order to minimize them.  A large mistake that homebuyers make is not knowing exactly what they can afford.  Unlike renting,… read more

Buying vs. Renting   The cost of renting has been unusually high this year and shows no sign of slowing down.  With an annual increase of 3.9%, it may be said with confidence that these rent increases are a direct result of the foreclosure epidemic.  With a low inventory of rentals, and a surge in renters, landlords are in the position to name their monthly price and pick and choose whom… read more

As we have all seen in the past few months, interest rates have started to rise.  Once in the 3.5% range, a traditional 30 year fixed mortgage rate will be closer to 4.5%.  Although this is still an excellent rate, it has been a shock to many home owners and potential buyers.  So, is it time to start considering adjustable rate mortgages?  Unfortunately, ARMs are held responsible for t… read more