Did you know a veteran can purchase a home in the Bay Area with 100% financing up to $625,500 and with 90% financing to over $1 million? VA loans do not have any monthly mortgage insurance and rates are around 4% within the lender credit to cover the funding fee.
What a wonderful option to put a veteran in a home with little or no cash to close. We recently completed a transaction in Tracy where our client got into their $417,000 home for $137 … It happened that the borrower had a service related disability which reduced the funding fee, and the lender credit was sufficient to cover impounds.
Too often VA loans are lumped in with FHA loans as expensive and thinking there are restrictive property requirements. That is not the case and properly utilized can really be a benefit to our veterans.
NMLS #183492 CalBRE #01398801
A Renovation loan can be used to purchase a home or refinance an existing home. A HomeStyle Renovation Loan from Signet can be used to improve an investment property too! A renovation loan based on the improved value of your home making it a valuable alternative to a construction loan. You can arrange for funds over and above the purchase price of your new home to remodel, make repairs or add a room! A refinance will pay off your existing loan, and provide additional funds for a wide range of improvements – let your imagination go! A renovation loan is a perfect way to fix up a property, or add that extra bedroom you need for your growing family.There are several basic types of Renovation Loans. HomeStyle loan from Fannie Mae is my favorite, as it allows loan-to-value to 95%, does not have up-front mortgage insurance and is underwritten to standard Fannie Mae guidelines. The loan is based on the improved value of your home AFTER completion – so you will have the resources to make it your dream home! FHA 203(k) loans come in two “flavors” …
- Streamline 203k – Renovation costs generally limited to $35,000. The work can be done by the homeowner or contractors. Typical renovations include painting, carpet and replacement of appliances. This loan does not require a HUD counselor, and is very close to the cost of a normal FHA loan.
- Full 203k – Renovation costs are only limited by the FHA loan limits for the county. The renovations are generally more extensive so they require the assistance of a general contractor. An FHA Consultant is involved to ensure the project proceeds according to plans. Remember, the loan is based on the improved value of your home AFTER completion – so you will have the budget to renovate your dream home!
Clay Selland, President
Signet Mortgage Corporation
- Have been the spouse of a HECM mortgagor at the time of loan closing and have remained the spouse of such HECM mortgagor for the duration of the HECM mortgagor’s lifetime
- Have been properly disclosed to the mortgagee at origination and specifically named as a Non-Borrowing Spouse in the HECM documents
- Have occupied, and continue to occupy, the property securing the HECM as the Principal Residence of the Non-Borrowing Spouse
- Within ninety days from the death of the last surviving HECM mortgagor, establish legal ownership or other ongoing legal right to remain (e.g., executed lease, court order, etc.) in the property securing the HECM
- After the death of the last surviving mortgagor, ensure all other obligations of the HECM mortgagor(s) contained in the loan documents continue to be satisfied; After the death of the last surviving mortgagor, ensure that the HECM does not become eligible to be called due and payable for any other reason.)
- Optimize Social Security by being able to defer benefits until age 70.
- Help kids buy a home close – secure a reverse mortgage for the down payment. The kids are going to get the “estate” anyhow and why not now when you can enjoy it.
- Replace the loss of income when one spouse passes away – expenses do not go down.
- The family home is a bit like a “piggy bank” having paid into it for years and years. Maybe it is time for a withdrawal to allow you to live just a little bit more comfortably.
- Reserve funds are hard to come by when you need them.