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From the category archives: Real Estate Finance

Benefits For Nations Heroes

Eight Steps to Buying a Home: Step 3- Secure Financing

What will the loan consultant do for you?

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1031 Exchanges: What You Need to Know

  Typically, when an investment asset is sold, the owner is taxed on capital gains. However, Section 1031 of the Internal Revenue Code provides an exception: If a seller replaces a non-owner-occupied investment property with a like-kind (same or higher value) property, the owner can defer paying taxes on capital gains. The idea behind a 1031 Exchange (also known as a Starker exchange or a like-kind exchange) is that the taxpayer’s investment is fundamentally the same — only the form has changed — and it would be unfair to tax what is only a gain on paper. One of the primary benefits of a 1031 Exchange is that an investor is essentially receiving an interest-free loan from the IRS to invest in another property. And this loan amount can be increased through subsequent exchanges. There’s no limit to the number or the frequency of 1031 Exchanges an inve ...

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Can I Make An Offer On Another House When I Have Not Yet Sold Mine?

Can I Make An Offer On Another House When I Have Not Yet Sold Mine?

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What Issues Affect Home Insurance Costs?

Issues Affecting Home Insurance Costs

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Benefits of an Assumable FHA Loan

From one of our preferred lenders Prospect Mortgage An often overlooked benefit of Federal Housing Administration (FHA) loans is that they’re assumable, meaning the buyer can take over the seller’s home loan, and, more importantly, the loan terms.* This is particularly important given the current historically low interest rate environment and that rates may rise over the years to come. An assumable loan provides the buyer with a seller’s advantage because lower interest rates dramatically affect affordability when it comes to purchasing a home. To determine how valuable an assumable FHA loan could be, we can look at the following scenario: On a $200,000 mortgage, if interest rates increase from 4.5% to 5.5%, the cost of the mortgage payment increases $123 a month. If interest rates increase from 4.5% to 6.5%, the cost of the mortgage increases $251 a month. In another scenario, assume the buyer purchases a home today with a $300,000 FHA loan at 4.5%. The principle and inte ...

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New FHA Program Seeks to Give Borrowers Back their Buying Power

It’s no surprise that over the last several years a lot of people have experienced financial problems due to the economic downturn. Now that consumer confidence and employment opportunities have returned (respectively), traditional buyers are looking for ways to get back in the home buying game. They’ve been referred to affectionately as “Boomerang Buyers,” by the media. But what about all those buyers left credit-less because of an underwater mortgage that resulted in a foreclosure, short sale, or worse, bankruptcy? The following discussion notes the brass-tacks on a new program aimed at helping beleaguered borrowers earn back their buying power

 Tthe “Back to Work Program”

 The technical name is “The Back to Work Extenuating Circumstances Program,” and is designed to allow people who experienced a “Negative Credit Event” like a short sale, foreclosure or bankruptcy during the housing crisis to purchase a home. Typically these people would have experienced an extended delay of anywhere between two and seven years before they could purchase a home. Through this program, they have an opportunity to get back in within as little as 12 months. The program is going to remain in effect for any applications that have a case number through September of 2016.

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Unique Loan for Practicing Doctors & Dentists

We ran into a very unique loan program for medical professionals.    Contact us for more details, we are happy to refer you to the right loan officer.

The loan is for medical residents and licensed, practicing doctors, including dentists and other eligible medical professionals. This home loan offers significant advantages for these buyers, including.

  • As little as 5% down on mortgages up to $850,000 (some limitations apply)
  • Employment start date up to 60 days after closing allowed
  • Student loan debt not included in total debt calculation
  • Financing for attached or detached single-family residences, PUDs and condos

 


Documents Required for a Home Loan

The lender you choose to work with for your purchase will likely ask for the documents below.  As you collect these documents keep a file for yourself as from time to time there may be a need to cross-quality with the seller’s lender.  Also your lender may not want to loan a particular property that you select,  keeping a well organized file will make these scenarios easier for you and your buyers agent to manage. In most situations, your lender will want to see the following documents needed for mortgage loans before qualifying you for a mortgage.   Paycheck stubs Mortgage brokers or banks will request copies of pay stubs from the three months prior to the loan application. If a prospective buyer owns his own business or works on a commission basis, the mortgage broker or bank may request additional documentation of income – up to a year’s worth of pay stubs or profit and loss statements.   Proof of Retirement Income If the prospective buyer is retired, the ...

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Home Buyer Down Payment Assistance Programs

Many prospective home-buyers might not realize that there are a variety of home buyer down payment assistance programs available to help fund their  home purchase.

Home Buyer Down-payment Assistance is available for qualified applicants for the following cities in San Diego County.

  • City of Chula Vista
  • City of Carlsbad
  • City of Santee
  • City of National City
  • City of La Mesa
  • City of San Diego
  • These programs are available only via certified lenders.  Lookup Realty has several certified lender contacts we can refer you to, simply contact us to take next steps.

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