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The Straight Truth

By Jennifer Ready @ Guaranteed Rate Mortgage

By Jennifer Ready | Mortgage Broker
or Lender in California
  • Conventional with 1% down! The #1 loan that is going to make this spring market boom under $417,000

    Posted Under: Home Buying in Santa Rosa, Financing in Santa Rosa, Agent2Agent in Santa Rosa  |  February 28, 2014 8:30 AM  |  262 views  |  No comments

    I do an average of 60 prequalification’s a month.  Of those 60 maybe 25 are ready to buy right now.  The issues holding up the other 35?  Down payment.  They are close but do not have enough saved.  Well we have a solution for that!

    Conventional with 1% down.  Yes conventional with 1% down.  It is not a government loan.  This is an easy fast  loan.  No prepayment penalties.  Clean, vanilla 30 year loan.

    Basically the client receives a grant for 4% which with their 1% makes a 5% down payment.  The mortgage insurance is the same as if they brought their own money in to do 5% down.  And since this is a grant it is free money!!!  No payback, no silent 2nd, no tricks.

    The program has very few requirements and we underwrite it in house at guaranteed rate so there are no delays or extensions needed for closing times. Please note very few lenders have this program. 

    The basics:

    ·     Loan under $417,000

    ·     Can be single family home or condo

    ·     Has to be owner occupied

    ·     Does have income limits but they are HIGH

     

    Call today to qualify:

    Jennifer Ready

    VP Mortgage Lending

    707-478-0637

  • The Government Shutdown explained via RAP. Anyone else had enough?!

    Posted Under: Quality of Life in Santa Rosa, Financing in Santa Rosa, Agent2Agent in Santa Rosa  |  October 7, 2013 9:10 PM  |  636 views  |  2 comments

    This is the best sum up I have seen to date.  Enjoy and lets all take a moment to hope tomorrow we wake up to a Government that is doing its job. 
    Government Shut down Rap

  • Pay Alimony? Read this so you do not end up being a renter forever

    Posted Under: Home Buying in Santa Rosa, Financing in Santa Rosa, Agent2Agent in Santa Rosa  |  September 4, 2013 12:28 PM  |  823 views  |  No comments

    Getting divorced is never mathematically fun especially when you end up paying alimony.  Paying alimony affects your ability to qualify for a loan in that different loan programs hit your income with it in different ways. For instance FHA takes the alimony off your gross whereas conventional treats it as a monthly debt.  This DRAMATICALLY affects your ability to qualify.

    Really the best way to illustrate this is math:
    Pat makes $30,000 a month gross.  The ex gets $11,000 a month in alimony . 
    We are going to assume Pat also has a car payment of $500 and a monthly credit card bill of $75

    Conventional loan: $30,000 x .45= $13,500 minus alimony ($11,000) = $2500 Minus car and credit card = $1925.  Pat's total housing payment including taxes and insurance cannot exceed $1925

    FHA Loan: $30,000 minus alimony ($11,000)= $19,000 x .55= $10450 minus car and credit card = $9875.   Pat's total housing payment including taxes and insurance cannot exceed $9875

    Between the two loans it is a $7950 monthly difference in what Pat can buy!  If you pay alimony you want to consider FHA. FHA recognizes that alimony is tax deductible so it treats it as such.  Conventional loans (Fannie Mae and Freddie mac) treat it as a non tax deductible item.  
    Bottom Line:  If you pay alimony you will be able to qualify for more with FHA 

    Feel free to call or email questions
    Jennifer Ready
    VP of Mortgage Lending
    707-478-0637
    jennifer.ready@guaranteedrate.com


  • A new app every Realtor should try

    Posted Under: Agent2Agent in Santa Rosa  |  May 22, 2013 1:14 PM  |  985 views  |  1 comment
    Check out the new app Property Evaluator!
  • Straight Truth

    Posted Under: Home Buying in Santa Rosa, Home Selling in Santa Rosa, Investment Properties in Santa Rosa  |  May 6, 2013 10:10 PM  |  1,116 views  |  No comments
    The past 6 months have been a whirlwind in lending and the market.  The market is literally on steroids.  I have been largely quiet for the past few months because I have been watching in almost disbelief.  This new price climbing monster known as the California real estate market has brought out the beast in everyone.  We have every Disney type villain in full play as buyers, lenders and Realtors fight over the meager inventory.  Look forward in the next few weeks to the introduction of these villians and how to protect yourself as well as insiders view into loans.  Bottom line get ready for the Straight Truth! 
  • 2 Real Estate/Market articles you should read

    Posted Under: Home Buying in Santa Rosa, Home Selling in Santa Rosa, Investment Properties in Santa Rosa  |  March 4, 2013 8:17 AM  |  968 views  |  1 comment
  • Access California VS FHA. Monthly Payment Comparison

    Posted Under: Home Buying in Santa Rosa, Financing in Santa Rosa, Foreclosure in Santa Rosa  |  January 8, 2013 1:49 PM  |  805 views  |  No comments

    Our two biggest low down payment options for 2013 are FHA and Access California.  Access California is a 5% down program that requires a 700 credit score whereas FHA is a 3.5% down program with a minimum 640 score that has both upfront and monthly mortgage insurance.

    The Math

    ACCESS CALIFORNIA: Purchase Price $425,000    
    Down payment $21,250  
    Loan Amount: $403,750      
    estimated rate 4.125%   
    Principal and Interest payment:$1956     
    taxes: $442      
    Insurance: $90  
    Total Payment: $2488      
       

    FHA: Purchase price $425,000

    Down payment $14,875
    Loan Amount: $ 417,562 (FHA finances 1.75% upfront MI)
    estimated rate 3.5%
    Principal and Interest payment: $1875.04
    taxes: $442    
    Insurance: $90 $
    Monthly mortgage Insurance: $435

    Total Payment: 2842.05



    By going Access California you save $354 per month which is over a 10% savings!!

    Start the year off right by qualifying for the right loan.  All pre approvals are complimentary.  Let us help you find the perfect loan!
    Www.Readybell.com

    Jennifer Ready 707-478-0637  Julie Bell 415-378-2536  

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