SAVE YOUR HOME FROM FORCLOSURE OR A SHORT SALE!  New programs are available if you have a loan that is going to recast (make a rate change) because you are in a loan that is rolling to a variable rate, or Payment Option ARM. There are ways to negotiate with the lenders to reduce your interest rate and therefore your payment amount. You might also qualify for a principle reduction too! Please call me and we can discuss your options.

Reverse Mortgages:  They are not what you may think they are. The original version of this type of loan was not a good loan, they were called Equity Shares, and some lenders are still selling this product. In an Equity Share you sign over your interest in the property to the lender which you never want to do. With this type of mortgage when you sold or passed away your equity was gone. NOT SO with the Reverse Mortgage. The Federal Government oversees and insures this loan through FHA and HUD. In a Reverse Mortgage you never sign over your ownership interest. You own the home just like you do now if you have a loan on it. The difference is that with a Reverse Mortgage it pays off any debt you have against the house, eliminating your mortgage payment forever, and you can live in the home mortgage payment free for as long as you live in the home. When you sell or pass away there will be remaining equity in the home that will be yours to keep or leave to your heirs. In fact I can run an amortization schedule for you that will show you that in most cases the appreciated value over the years will offset the debt leaving you as much or more equity than you have now. If you are 62 years of age or older this might be the best thing since ice cream for you. Be sure to contact me for more information about this fantastic loan.

With Reverse Mortgages it is required that you have a third party counseling, this is in addition to my counseling I will provide to you free of cost. By calling me I can provide to you a list of approved counselors that will do this service for you free of charge. All you need to do is call them and set up an appointment for the HECM Reverse Mortgage Counseling which is provided free of charge and is done over the telephone. These counselors are usually backed up about 4 weeks so make sure you schedule this counseling right away. I will need the original copy of the counseling certificate before I can go forward with your Reverse Mortgage. Please call me for a list of approved counselors.

Conventional Loans:  These loans are for purchase or refinances. A conventional loan is a loan up to the current conventional loan limit set by the government. Currently it is either $417,000.00 or up to $580,000.00 depending upon some factors which I can detail out for you. Conventional loans are offered at a better rate than a jumbo loan which you will see described below.

Jumbo Loans:  These loans too are for purchases or refinances. Jumbo loans are loans that exceed the conventional loan amounts currently set at $417,000.00 or up to $580,000.00 depending upon some factors which I can detail out for you.  Basically due to the fact that a jumbo loan is more of an investor driven loan they are at a higher cost than a conventional loan.

FHA Loans:  An FHA loan is a government insured loan and will allow a lot of latitude in the prequalification process that a conventional loan or a jumbo loan will not allow. They are used for purchases and refinances as well. The benefit of an FHA loan is that they will allow for minimal down payment of 3% or less if combined with another program, they do not require reserves left over in your account after close of escrow, they allow for a non-occupant co-borrower to assist you in qualifying for a home, all of the 3% down payment and all of the closing costs can be a gift, seller contributions are allowed up to a maximum of 6% of the purchase price, you only need to be 3 years away from a bankruptcy instead of 4 years, and a lot of other great assets. These are great first time home buyer loans. Not all lenders are approved for FHA loans and may not offer them to you as an option. We have been FHA approved for over 12 years. FHA guidelines can be read at the following site: http://www.hud.gov/buying/index.cfm

VA Loans & CalVet Loans:   A Veterans Administration Loan is a loan made possible by the federal government for military personal which are currently active duty or not. It provides for a possibility of 100% financing with what is called a VA No No, or no down payment, no closing costs. VA No No's do require the seller to pay for all the costs associated with the loan. If you are a veteran and you have money to put down then a VA loan may not be the best way for you to go. Discuss this with me and I will explain why. A CalVet loan is also for Veterans and offers a somewhat better rate but the way that title is held is very different than any other type of loan. Please discuss this with me further as well.

Construction Loans:   I offer a variety of construction loans from stand alone construction loans where at the end of the construction project you will need another loan called your take out loan or permanent financing to pay off the construction loan to all in one loans that automatically roll into your permanent financing when your construction is completed. On most construction loans you will be required to come in with a minimum of 10% of your total construction costs from your own money or equity you may already have in the land. The loans are typically paid out in 10 draws payable at certain phases of the construction process. Contact me for additional information on Construction Loans.

Land Loans:   Land loans are used to purchase bare land in preparation to eventually build a home on the land. They are short term loans from one to two years which allows you time to have your plans drawn up and be ready to submit for a construction loan which will pay off the land loan. I also have access to longer term financing on bare loan from 10 years to 25 years if the land is currently used for agricultural purposes or the intent is to eventually use it for agricultural purposes.

Pers Loans:   Pers loans are loans that are available to the State of California employees. It allows for 95% financing with a 90% first and a 5% second borrowed against your vested interest in your retirement.

STRS Loans:   State Teachers Retirement Fund is available for teachers in California and can be a valuable asset in obtaining high loan to value loans.