San Jose, Bay Area and California Mortgage Blog

Mortgage and Lending - Arcus Lending - NMLS 8176
This update contains the temporary changes to the FHA Condo Approval Process for San Jose and rest of the Bay Area as outlined in Mortgage Letter 2009-46 B. Here are the 6 things you need to know about these changes: 1. These temporary changes are effective on December 7th, 2009 through December...
President Obama signed the congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California. The city of San Jose and the counties of Santa Clara, Alameda, San Mateo, San Franc...
it's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension...
This year Government has announced a ton of programs to prop up the Housing Market. Some of the major programs have been geared towards Foreclosure Prevention by launching 125% refinance program and incentivising Loan Servicers for modifying loans for struggling home owners. The Higher Conformin...
Borrowers in San Jose and rest of California may now get 95% Loan on Conventional Mortgages.  The increased Loan to Value Ratio (LTV) is available on following programs: Freddie's Home Possible (Fixed Rate only) FNMA MyCommunity  (Fixed Rate, 5 yr ARM and 7 yr ARM) The Loan must meet the followi...
Homepath was created to facilitate the purchase of the bulk of REO properties in San Jose and rest of the bay area currently  serviced/guaranteed by FNMA (Fannie Mae). Highlights: As little as 3% down allowed for owner occupied! As little as 10% down for non owner occupied and 2nd Homes! No Mort...
If you are planning to buy a Condo in San Jose or other parts of the state and planning to get an FHA loan keep reading. FHA has made some major changes to their condo guidelines and they go into effect of Nov 2nd, 2009. Some of the highlights: Currently lots of condominium projects in the bay a...
Fannie Mae continues to tighten the underwriting guidelines for San Jose & rest of the Bay Area borrowers. They are doing this to reduce their overall risk. Some of the changes announced recently and going into effect on the weekend of December 12, 2009 further tightens some of the guidelines. H...
FHA recently tightened the credit standards for it's Streamline Refinancing Program for San Jose and rest of the Bay Area. So if you currently have an FHA loan and want to refinance into another FHA loan, you will be subjected to new parameters starting January 1, 2010. Below are the highlights ...
It's finally happening. When I received the mortgagee letter yesterday from HUD, I must say I was stunned. Only few weeks back FHA commissioner had mentioned that he had no intention of implementing HVCC for FHA insured mortgages. But of all the changes that were announced to tighten the credit ...

Shashank Shekhar

San Jose, CA Mortgage Broker/Lender
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