The New PROPOSITION 19 & 58 Explained Propositions 19 is designed to make it more affordable for retirees or older homeowners to sell their primary residence and move to another part of California. Set to begin April 1, 2021, eligible California properties may be sold and enjoy a property tax base transfer. That means you […]
Foreign Investment in Real Property Tax
FOREIGN INVESTMENT IN REAL Property Tax The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests. A disposition […]
Veteran Loans
In 2019, about 10% of all loans written for home purchases were Veteran loans—up from about 2% before the recession, said John Bell III, deputy director of the home loan program for the Department of Veterans Affairs. Effective Jan. 1, 2020, the VA will not cap the size of a loan a veteran can get […]
Getting Your Mortgage
Why is there so much paperwork mandated by lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and require three separate sources to validate each and every entry on the application form. Buyers are being told by friends and family that the process […]
Buying – What Not To Do
Don’t make a major purchase of a vehicle. An increase to your debt ratio reduces the amount of your monthly income. Wait on that new car! Don’t change Jobs – Unless you have to. Lenders like consistency and W-2 Income. Don’t give earnest money deposits directly to the seller, ever. Good faith money goes into […]
Loan Approval
Loan Approval : borrowers need to get these documents ready before they get serious about buying a new house. 1. Copies of W2’s for the last two years If Self-employed Proved year to Date P and L statement and a complete set of returns for your business (K-1, 1120’s 1065’s, etc) 2. Copies of your […]
You Do Not Need 20% Down to Buy a House
You Do Not Need 20% Down to Buy a House gone are the days of 20% down or no loan, but recent surveys reveal that many Americans are not aware that programs exist to put down less. Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria,” revealed that “only 5 to 16 percent […]
Pre-approval
Pre-approval is the First Step when we submit an offer for a home you love I need; the signed contract, the proof of funds for the deposit, and an approval letter from your lender. One way to prove you are serious about buying a home is to get pre-approved for a mortgage before starting your […]
Down Payments
Down Payment Types Saving money for a down payment on your first home is easier said than done. It is best to combine saving for a down payment with other financial strategies. The best one will help you clear the down payment goal without jeopardizing your finances for the long haul. Here are some options […]
Buying – Equity from your old house to a new one
Buying – Equity from your old house to the new one – To take advantage of today’s market, homeowners often move into a new home that better meets their current needs (moving to a larger home or downsizing as the kids move out. If you are one of the many who are unsure of how […]
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