Home Loans Temecula

Home Loans Temecula is a full service residential mortgage company specializing in purchase and refinance loans. As the mortgage market continues to change, you can count on us to make sure we are providing you with the most recent loan options available, from both private and government backed mortgages. At Home Loans Temecula we have the ability to fund your loan with our own underwriters or broker your loan to another bank if your credit profile doesn’t isn’t a perfect fit with one of our many in-house products. We look forward to having you as a lifetime client by providing you with a service that exceeds your expectations. Call today to find out what we can do for you.

Call today! (951) 541-0768

Home Loans Temecula has been able to perform in this difficult mortgage market by underwriting loans that other mortgage companies have not been able close. When other mortgage companies have turned down loans we are often able to fund these loans with our relaxed funding guidelines. Our ambitious underwriters coupled with our multiple warehouse lines and broker relationships, have given us more than a competitive edge is this struggling mortgage market.

Loan Programs available to you include:

• Purchase Loans
• First time home buyers 
• Refinance Loans
• HARP Loans
• FHA Loans
• VA Loans
• Mortgage / Loan Modification
• Blanket Loans
• Cross Collateral loans
• Hard Money loans
• Down Payment Assistance

3/19/2012

The new HARP loans are finally here!

Starting today you will now be able to utilize the Home Affordable Refinance Program (HARP) to take advantage of today’s interest rates. Although this program is fairly relaxed in terms and guidelines, there are a few requirements that need to be met by the home owner.

• It is required that your loan has been sold to Freddie Mac or Fannie Mae before June 1, 2009.
• Your mortgage needs to be current with no mortgage lates in the last 6 months. A mortgage late is a missed payment that is more than 30 days late.
• You can’t have more than one 30 day late mortgage payment in the last 12 months.
• You must not have utilized the HARP program in the past. If you have refinanced in the earlier HARP program you do not qualify.

For more information on the new HARP program call 951-541-0768

Latest article 3/4/09

FHA Loans - FHA Loans Are Popular with First-Time Home

    FHA loans are becoming popular again! It's an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.

    FHA loans began to lose favor in the late 1990s, when home values began to inch upwards, surpassing FHA mortgage limits, and sellers balked at FHA's stringent appraisal guidelines.

How FHA Loans Work
Now, FHA does not make loans or guarantee loans. It insures loans. The insurance removes or minimizes the default risk lenders face when buyers put down less than 20 percent. Without further approval from FHA, its approved lenders are authorized to:

• Take loan applications
• Process loan applications
• Underwrite and close the loan

FHA Mortgage Limits
My parents bought our first home in 1955 for $9,000 with an FHA loan. It's almost inconceivable to think of a home costing that today. As a result, FHA periodically changes its mortgage limits. As of January 1, 2009, the maximum mortgage limit in high-cost areas is 115% of local median prices, not to exceed $625,500. The maximum conforming loan limit is $417,000 for single-family residences nationwide. Your area could support a lower mortgage limit. Here is how to find your FHA mortgage limit.

Blemished Credit History 
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems.

• FICO scores can be lower than those for a conventional loan.
• Bankruptcy. You can obtain an FHA loan two to three years from the date of your bankruptcy discharge, as long as you've maintained good credit since your debts were discharged.
• Foreclosure. If you keep your credit in excellent shape since a foreclosure, an FHA loan will be available to you two to three years from the final date of your foreclosure.

Competitive Rates & Terms
Today's terms are pretty straightforward. In fact, in many markets the rates and terms are better than those for 80% / 20%piggyback loans.

• There is little or no adjustment to the interest rate for an FHA loan, as the rates vary within .125 percent of a conventional loan.
• Mortgage insurance is funded into the loan, meaning a premium of 1.5% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
• As of January 1, 2009, Borrowers can finance 96.5% of the purchase price and put down 3.5 percent. In some instances, when combined with other types of loans, the down payment can be zero.
• Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.

Fewer Required Repairs
At one point, FHA repair demands were so excessive that sellers would discount the list price to buyers who would agree to obtain conventional loans over FHA loans. Today the requirements appear more reasonable.

• Defective roofs that leak still need to be replaced but an older roof does not necessitate replacement if it doesn't leak.
• Windows that stick upon opening or have cracked panes do not require replacement.
• FHA appraisals do not take the place of a home inspection, never have. Buyers should still obtain a professional home inspection.

Proudly serving Temecula  for 9 years!

Loans Temecula
41707 Winchester Rd. #202
Temecula, CA 92590
(951) 541-0768
Fax (866) 806-7382
srathloans@msn.com

http://www.411mortgage.org