Great News for Reverse Mortgage Seekers! The limits on HECMs have been raised from $679,650 to $726,525; 150% of the loan limits for Fannie Mae and Freddie Mac ($484,350)! According to regulations, reverse mortgage loan limits are not allowed to vary by county. The same limit is used for all mortgages no matter the location… [Read More]
Good news! Conventional and FHA Loan limits have just been increased earlier this year. NOTE: The maximum FannieMae loan limit for Sonoma County is $704,950; this is their high balance loan limit. Their conforming loan limit with a slightly lower interest rate is $484,350 for Sonoma County. COUNTY 1 UNIT 2 UNITS 3 UNITS 4… [Read More]
The finance world is full of acronyms and jargon that can be confusing. Here is a list of common mortgage loan acronyms with brief explanations to keep you in the know. At the bottom, we have included a downloadable PDF version of this article for future reference. LE – Loan Estimate The LE… [Read More]
This is a step-by-step outline of the mortgage loan process. This is the same process we use here at West-Cal Mortgage to provide borrowers with the best possible loan programs. 1. Pre-Qualification An initial phone call with a loan officer is made to review and discuss the borrowers needs and loan options. Knowledgeable mortgage brokers… [Read More]
The Reverse Mortgage (A.K.A. HECM or Home Equity Conversion Mortgage) is a loan option that was designed by the Federal Housing Administration (FHA) to help those 62 and older use the equity in their home to beef up their retirement income. It works in reverse of the forward mortgage, with home equity diminishing over time… [Read More]
Rumor has it that No Doc, Stated Income, and Bank Statement mortgages that were so popular before the 2008 housing bubble are once again becoming available. There is some truth in that statement. Since the law surrounding income verification changed after the real estate crisis, these non-traditional loan programs are now called “alternative documentation loans”(alt… [Read More]
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