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Steve Romero's Blog

By Steve Romero | Mortgage Broker
or Lender in San Jose, CA
  • V.A. Tip for Realtors and V.A. Buyers

    Posted Under: Home Buying in San Jose, Financing in San Jose, Military Movers in San Jose  |  July 17, 2013 9:01 AM  |  1,115 views  |  No comments

    Comstock Mortgage does not charge a Veteran an Origination Fee, which is usually the largest expense for a VA home buyer. Since Comstock Mortgage does not charge a Veteran the 1% Origination Fee, the Veteran is allowed to pay up to 1% of the VA non-allowables (processing/admin/escrow fee/notary).

    This may help when writing a V.A. offer, as the Veteran will not have to ask the seller to pay some or all of the non-allowables.

    I have been closing V.A. deals across California since 1991. Please let me know if you have any questions.

    Steve Romero
    Mortgage Planner
    23 Years of Experience and Advice


    © Copyright - 2013 Steve Romero

  • Attention VA Buyers: Great News!

    Posted Under: Home Buying in San Jose, Financing in San Jose, Military Movers in San Jose  |  April 12, 2013 9:06 AM  |  1,380 views  |  No comments
    Comstock Mortgage has eliminated the 1.0% Origination Fee on their loan products. The Origination Fee used to be the largest charge on the Buyer's Closing Statement.

    Example: a $500,000 purchase for a First-Time V.A. Buyer would have an Origination Fee of $5,107. That fee has been eliminated.

    This is great news for VA Buyers, resulting in less money out of your pocket to buy a home.

    Please let me know if you have any questions. I may be reached at 650-701-7228 or sromero@comstockmortgage.com .

    Steve Romero
    Mortgage Planner



    © Copyright - 2013 Steve Romero

  • Can I Use A VA Loan To Buy A Condo?

    Posted Under: Home Buying in San Jose, Financing in San Jose, Military Movers in San Jose  |  February 13, 2013 10:04 AM  |  889 views  |  No comments
    A VA loan can be used  to purchase a condominium provided that the condominium complex is on the VA Approved Condominium List. A borrower wanting to purchase a condo with a VA loan must purchase a unit on the Approved list or have it added to the list if the project meets certain VA requirements. (To have a project added to the list, a lender must provide a written request to VA along with a copy of the condominiums organizational documents. It is the lenders responsibility to submit documentation to the VA Field Office on the borrower's behalf, but it usually is not a project or expense a lender will be eager to undertake.)

    VA rules allow favorable treatment of condo projects with prior approval from another government agency such as Housing and Urban Development (HUD) or the United States Department of Agriculture (USDA). I always suggest you double-check with your lender. Even though the VA Handbook says those projects receive favorable treatment from VA, there are no guarantees.

    Make sure you do your groundwork upfront, otherwise, you may be using your valuable time looking at a property that can not be  financed.

    Please contact me at 650-701-7228 if you have any questions. I have been financing VA loans since 1991.

    Steve Romero


    © Copyright - 2013 Steve Romero





  • VA Buyers And Realtors Do Not Even Consider Their Offers?

    Posted Under: Home Buying in San Jose, Financing in San Jose, Military Movers in San Jose  |  February 6, 2013 7:53 AM  |  675 views  |  1 comment

    I continually have agents ask me if a VA buyer can use FHA financing instead of VA? There is no benefit to FHA financing, other than a higher monthly payment.

    Anyone with decent income and good credit can qualify for a Conventional or FHA loan.
    Only someone who served their Country, with an Honorable Discharge can qualify for a VA loan.

    VA Financing

    - requires a pest inspection, but the Veteran can pay for all of the repairs.

    - does not allow a veteran to pay for certain fees, but the lender can absorb those fees with a slightly higher interest rate.

    - the benefit to the Veteran is a competitive interest rate, lower than a Conventional loan, and there is no Mortgage Insurance.

    The VA Loan Limits are as follows: Santa Clara County $823,750 / San Mateo County $987,500 / San Francisco County $987,500 / Santa Cruz $688,750.


    I can be reached at 650-701-7228 if you have questions. I've been closing VA loans since 1991.

    Steve Romero

    © Copyright - 2013 Steve Romero

  • VA Home Buyers

    Posted Under: Home Buying in Sacramento County, Financing in Sacramento County, Military Movers in Sacramento County  |  January 7, 2013 1:43 PM  |  323 views  |  No comments
    Because of my experience with the VA Home Loan Program I was asked this morning for some ideas on how the Government, namely the State Assembly, could make the VA Home Loan Program a more viable option in today's real estate market. My response: The problem with the VA Program is not with the program itself, but with the reluctance of a seller to accept a VA offer. If there were some sort of Tax Credit or incentive for a seller to allow a VA purchase, it may provide a competitive advantage for those looking to purchase using the VA Home Loan Program, which requires No Down Payment. (The Zero-Down VA Loan Limit is currently $417,000  for Sacramento, Placer, and El Dorado Counties)
  • Are you a Military Veteran looking to buy a home?

    Posted Under: Home Buying in San Jose, Financing in San Jose, Military Movers in San Jose  |  January 6, 2013 6:37 PM  |  335 views  |  1 comment
    Why use the VA Program?

    VA technically does not have Mortgage Insurance. VA does have a Funding Fee, which is VA's form of insurance. If you're a military veteran who receives any compensation as a Disabled Veteran, the VA Funding Fee (which is anywhere from 2.15% to 3.3% of your loan amount) is waived.

    Even if a veteran has 10% for down payment, the cost of the Funding Fee, makes the VA program a less expensive option than a Conventional loan. The added monthly expense due to the VA Funding Fee, is a fraction of cost of Monthly Mortgage Insurance.

    If you're a veteran looking to buy a home in California, please send me an email, or contact me at 650-701-7228.

    Steve Romero

    © Copyright - 2013 Steve Romero


  • VA Home Buyers

    Posted Under: Home Buying in San Jose, Financing in San Jose, Military Movers in San Jose  |  January 5, 2013 12:49 PM  |  267 views  |  1 comment

    Because of my experience with the VA Home Loan Program I was asked this morning for some ideas on how the Government, namely the State Assembly, could make the VA Home Loan Program a more viable option in today's real estate market. My response: The problem with the VA Program is not with the program itself, but with the reluctance of a seller to accept a VA offer. If there were some sort of Tax Credit or incentive for a seller to allow a VA purchase, it may provide a competitive advantage for those looking to purchase using the VA Home Loan Program, which requires No Down Payment. (The VA Loan Limits are as follows: Santa Clara County $823,750 / San Mateo County $987,500 / San Francisco County $987,500 / Santa Cruz $688,750)

    If you have any questions, I may be reached at 650-701-7228

    Steve Romero

    © Copyright - 2013 Steve Romero

 
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