How To Buy a New Home When Your Current Home is Upside Down

by Jonas KruckebergDecember 2, 2009

Buying a home in this market can be difficult to say the least.  Buying a new home with a loan when your current home is upside down seems near impossible. Not for Jim and others like him.
You see, Jim, like many people out there, makes decent money and unfortunately he paid too much for his [...]

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No Credit Score Borrower Buys First Home in California

by Jonas KruckebergNovember 17, 2009

Back by popular demand, here is the next entry into my Success Stories – A California first time home buyer with no credit score obtains a FHA loan approval and buys a home – truly amazing!
Rocky doesn’t have a FICO score, basically no credit equals no credit score. Initially, Rocky had a loan officer that [...]

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California First Time Home Buyer Under 620 Credit Obtains FHA Loan

by Jonas KruckebergNovember 9, 2009

Is it really possible for a California first time home buyer with under 620 credit score to obtain a FHA loan? Most people would disagree. The Jonas Kruckeberg Team fights day in and day out for clients to obtain their dream of homeownership, so to all the naysayers let this be a demonstration that it [...]

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8000 First Time Buyer Credit and 6500 Move Up Buyer Credit Officially Extended

by Jonas KruckebergNovember 6, 2009

Cash for Clunkers is gone. Now Congress has another deal for you: Buy a home before May 1, 2010 and collect up to $6,500 from the government if you’re a move up buyer.  If you’re a first-time home buyer, get up to $8,000 as the credit has been officially extended.
As part of the government’s efforts [...]

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California FHA Loans and the Kitchen Sink

by Jonas KruckebergNovember 5, 2009

California FHA loans require documentation – a lot of documentation.  That’s a good thing, in my opinion.   This compilation of paperwork is typically sent in by fax by my clients.  The problem is – trying to fit a Stainless Steel Kitchen Sink through the fax.  At least that’s what it seems like you have [...]

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Home Buyer Tax Credit Extended

by Jonas KruckebergNovember 3, 2009

California’s real estate market just received another boost (almost) from last night’s vote in the Senate.  Although it’s not the final vote, it effectively seals the deal on the plan to extend the $8000 first time home buyer credit through April 30th 2010 as well as expanding the credit to move-up-buyers  on a smaller scale [...]

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MDIA Claims Another Victim

by Jonas KruckebergNovember 2, 2009

MDIA – Mortgage Disclosure Improvement Act – is supposed to improve the transparency of mortgage loan disclosures to the consumer – You! Well, to say the least, it hasn’t. I will give you the latest story of yet another victim of this new policy and follow that with the true time lines that [...]

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Down Payment and Source of Funds for California FHA Home Buyers

by Jonas KruckebergOctober 30, 2009

Today, most California First-Time Home Buyers choose FHA Mortgages due to the low down payment (3.5%) that is required.
This can be a little confusing for borrowers looking at foreclosure properties that have a significant amount of perceived equity, but the FHA clearly defines that the minimum down payment on a purchase transaction is 3.5% of [...]

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Approval and Funding Process – CA Mortgage

by Jonas KruckebergOctober 26, 2009

While the approval and funding process of a new California purchase mortgage has several moving parts, this article should help you put the basic time line in perspective.
1.  Loan Application –
This is where the loan officer spends a little time over the phone or at the office with a potential borrower discussing their lending scenario, [...]

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California Mortgage – How Much Can I Borrow?

by Jonas KruckebergOctober 24, 2009

How Much Can You Borrow?
How do banks decide how much money to lend you in California? They base their decision on their estimate of your ability to repay the loan.
To make this estimate, they look at your income, your available cash, your debt, your credit history and your Loan To Value.
Riverside County’s updated lending limits [...]

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