Navigating FHA Loans for Multifamily Properties: What You Need to Know
Sonoma County Mortgages Blog
by Scott Sheldon
2d ago
One of the biggest challenges in securing an FHA mortgage for a multifamily property is the sustainability test, a crucial factor that most banks and lenders don’t discuss upfront. Here’s what you need to know if you’re planning to buy a multifamily property with FHA financing. FHA Loans for First-Time and Move-Up Homebuyers As a… The post Navigating FHA Loans for Multifamily Properties: What You Need to Know appeared first on Sonoma County Mortgages ..read more
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How to Get Pre-Approved for a Mortgage Without a Hard Credit Check
Sonoma County Mortgages Blog
by Scott Sheldon
1w ago
How to Get Pre-Approved for a Mortgage Without a Hard Credit Check In the quest for homeownership, getting pre-approved for a mortgage is a crucial step. Most mortgage companies require a hard credit check during this process, which can sometimes negatively impact your credit scores. You’ve probably seen warnings about this online. However, there are… The post How to Get Pre-Approved for a Mortgage Without a Hard Credit Check appeared first on Sonoma County Mortgages ..read more
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How to qualify for mortgage with low bank statements and tax returns
Sonoma County Mortgages Blog
by Scott Sheldon
2w ago
Traditional lenders often require extensive documentation, such as tax returns and bank statements, to verify income. But what if your tax returns don’t reflect your actual earnings, or your bank statements don’t show enough consistent income to meet the lender’s requirements? Fortunately, there’s a solution that can help you qualify for a mortgage without the… The post How to qualify for mortgage with low bank statements and tax returns appeared first on Sonoma County Mortgages ..read more
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Should You Buy a Home with a 401(k) Loan or Down Payment Assistance?
Sonoma County Mortgages Blog
by Scott Sheldon
3w ago
Buying a home is a significant financial decision that requires careful planning and consideration of various financing options. Two common methods prospective homeowners might consider are borrowing from a 401(k) and utilizing down payment assistance programs. Each approach has its benefits and drawbacks, and understanding these can help you make an informed decision tailored to… The post Should You Buy a Home with a 401(k) Loan or Down Payment Assistance? appeared first on Sonoma County Mortgages ..read more
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Homebuying Tips for June 2024: How to Qualify in Today’s Market
Sonoma County Mortgages Blog
by Scott Sheldon
1M ago
What It Takes to Be a Homebuyer in June 2024 Buying a home is a significant milestone, but in today’s market, it requires careful preparation and strategic planning. As of June 2024, the housing market, particularly in Sonoma County, California, presents unique challenges and opportunities for prospective buyers. This post aims to guide you through… The post Homebuying Tips for June 2024: How to Qualify in Today’s Market appeared first on Sonoma County Mortgages ..read more
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How Interest Rates Are Impacting Home Buyers and Sellers
Sonoma County Mortgages Blog
by Scott Sheldon
1M ago
Interest rates are a critical component of the housing market, influencing the behaviour of both home buyers and sellers. As of mid-2024, the interest rate environment is characterized by moderate increases due to efforts by the Federal Reserve to combat inflation. This blog post will delve into the current state of interest rates, their impact… The post How Interest Rates Are Impacting Home Buyers and Sellers appeared first on Sonoma County Mortgages ..read more
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FHA vs. Conventional Loans—Which Costs Less in the Long Run?
Sonoma County Mortgages Blog
by Scott Sheldon
1M ago
When securing a mortgage for your home, choosing between an FHA loan and a conventional loan is a critical decision that could impact your financial strategy and long-term goals. Both loan types have distinct advantages and limitations, particularly regarding down payment requirements, seller credits, and private mortgage insurance (PMI). Down Payment Differences: One of the… The post FHA vs. Conventional Loans—Which Costs Less in the Long Run? appeared first on Sonoma County Mortgages ..read more
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FHA Loan Update: Easier Process for Family Gift Funds
Sonoma County Mortgages Blog
by Scott Sheldon
2M ago
If you’ve been thinking about buying a home with an FHA loan, there’s some exciting news that could make the process smoother, especially if you’re relying on family for financial help. The Federal Housing Administration (FHA) just announced a significant change to its guidelines that could make it much easier for homebuyers… What Changed? Since… The post FHA Loan Update: Easier Process for Family Gift Funds appeared first on Sonoma County Mortgages ..read more
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Why long term term open housers need pre approval
Sonoma County Mortgages Blog
by Scott Sheldon
2M ago
Title: Navigating the Home Buying Journey: Why Long-Term Open Housers Need Pre-Approval If you’re the type to spend weekends browsing open houses without immediate plans to buy—affectionately known as a “weekend warrior home buyer” or a “long-term open houser”—you understand the thrill of the hunt. There’s a unique excitement in exploring potential homes and imagining… The post Why long term term open housers need pre approval appeared first on Sonoma County Mortgages ..read more
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Understanding Mortgage Rates and Their Impact on Home Buying Power
Sonoma County Mortgages Blog
by Scott Sheldon
2M ago
Navigating the world of real estate financing can often feel like trying to hit a moving target, especially with the constant fluctuations in mortgage rates. Following is how to break down the often complex relationship between mortgage rates and home buying power, helping you understand how these changes can impact your pursuit of the American… The post Understanding Mortgage Rates and Their Impact on Home Buying Power appeared first on Sonoma County Mortgages ..read more
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