Home Loans in Whittier Mortgages

Looking to purchase a home in Los Angeles County? Be sure to stop by our Whittier Office and get pre-approved prior to looking for homes. The current Real Estate Market has proven to be a struggle for homeowners to get their offers accepted and their financing approved, come into our office for a full pre-approval (not a prequal) so you can shop for a home with confidence.

California Nationwide Mortgage Licensing System (NMLS) Process Summary

July 23, 2010

Ok, now that I have completed the process I can report back on how it went. 1) Its expensive, it costs $575 as an individual and $500 as a company.  Here is a summary of the Fees: $300 for the DRE to transition your license over to the NMLS $39 for finger printing and FBI [...]

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Top 7 Reasons Mortgage Home Loans get denied

July 15, 2010

The following are some reasons loans are being denied. 1) Being aggressive in determining qualifying income. When it is difficult to come up with enough qualifying income, maybe the borrower is not qualified. With AUS engines still approving loans with questionably affordable income, aggressive income and high ratios are a lethal combination. (RATIOS ON FHA [...]

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Summary of Mortgage Home Loan Programs offered by IET Capital

June 25, 2010

FHA · VA · Conventional · Cal STRS· Cal PERS · CalHFA· USDA · Access· 1st House · Construction PERS (FHA & Conventional Financing) Limited to: Members of Public Employee Retirement System ~ County Workers, Law Enforcement, and Firefighter 90% Conventional / 96.5% FHA Personal Loans available up to 5% of sales price Standard Fannie [...]

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What the heck is HUD thinking?

May 20, 2010

?: Can anyone explain to me how not requiring brokers/loan correspondents to be approved was a move done by HUD to “strengthen risk management? Other than the possible cost benefit of being able to layoff a small number of people HUD is exposing the insurance fund to more risk on a massive scale by making [...]

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Long Live the Loan Broker!!

May 19, 2010

This post is from an e-mail sent Tuesday May 11th, 2010 By Paul A. Lucido National Marketing Director, PRMG (Paramount Residential Mortgage Group) one of our preferred wholesale investors.  Mortgage Brokers are catching a lot of bad publicity these days, some of it is well deserved and some of it is fuel being thrown onto [...]

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LIPA: New Downpayment Assistance Program from LAHD

May 17, 2010

The Los Angeles Housing Department (LAHD) recently announced the Low Income Purchase Assistance (LIPA) Program has received a limited amount of additional funding from HOME and CalHome funds.  The LIPA program has received approximately $3,6 million for approximately 60 loans. HOME and CalHome funds have certain program requirements and restrictions so the LIPA program has [...]

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Summary of NMLS Requirements for California Mortgage Loan Originators

May 15, 2010

Due to the devastation caused by the financial losses stemming from bad residential mortgage loans and in an effort to have more control over who can originate mortgages in the future the Federal Government has come up with a new set of requirements for people that want to originate Residential Mortgage Loans.   Anybody that wants to [...]

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**FEDERAL TAX CREDIT EXPIRES APRIL 30TH 2010**

April 28, 2010

The federal tax credit for home buyers is set to expire on April 30th 2010!! Buyers and Sellers need to be in a purchase contract by this date and the transaction needs to close escrow by June 30th 2010 to qualify for this tax credit. This a hard federal government deadline and it will _NOT_ [...]

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Home Owners Associations with >= 15% of the Homeowners 30+ days delinquent on HOA dues

February 11, 2010

This is a huge problem for almost every condo association in Southern California now. With almost every condo owner who purchased or did a cash out refinance after 2003 upside down, delinquencies in most condo associations are high and rising fast. Since almost no banks will lend on buildings with HOA’s in financial trouble, owners [...]

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Fannie Mae 8.0 DU Changes 12-12-09

December 9, 2009

During the weekend of December 12th, Fannie Mae will update DU to the 8.0 release. Some of the changes that will occur include: * Maximum DTI to 45% (50% in some cases) * Minimum FICO score to 620 * New Foreclosure and Deed-in-Lieu of Foreclosure criteria * New Bankruptcy guidelines * Approvals will expire 90 [...]

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