Lending San Diego

San Diego FHA Streamlines are going to benefit from the most recent HUD announcement. FHA Announced price cuts to streamline refinancing beginning June 11th, 2012. How does this affect my current FHA loan? Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers. FHA hopes to help more borrowers stay in their homes, thereby decreasing the potential for future default and … Read More

FHA Mortgages are about to get more expensive in San Diego. HUD has issued a press release stating that FHA is increasing both the Upfront MIP and the Annual MIP for all loans. While the mortgagee letter has yet to be issued, it appears that they are certain of the increase amounts. Below is a summary of the changes followed by the press release from HUD. Effective for all FHA case numbers assigned on or after April 1, 2012 UFMIP … Read More

Jumbo Loans in San Diego are becoming an attractive option for both homebuyers and existing homeowners looking to take advantage of the current low interest rate environment. It was not that long ago that the word Jumbo was considered a bad word in the mortgage world. It was just behind the infamous Stated Income Loan. The two products fell under the category of “banks do not want to fund them loans”. True Jumbo Loans are Back. If your loan amount … Read More

Bank of Commerce Mortgage is pleased to announce the Family Opportunity Mortgage program in San Diego County. With this program for eligible Fannie Mae and Freddie Mac Market Types, we can assist parents looking to provide a residence for their college-bound or disabled adult child without the expense associated with purchasing an investment property.  Additionally, adult children can obtain mortgage financing for elderly parents who are unable to qualify for a mortgage of their own.  Please contact me to determine … Read More

It looks like mortgage rates in San Diego are going to rise in the near future.  On December 23, 2011, President Obama signed into law the Temporary Payroll Tax Cut Continuation Act of 2011. Among its provisions, this new law directs the Federal Housing Finance Agency (FHFA) to increase guarantee fees (G-fees) charged by Freddie Mac & Fannie Mae to Seller/Servicers.  Investors are making adjustments to their pricing models and extension fee schedules as a result.  According to Jeff Simonich, … Read More