You may want to stop waiting and start moving on the purchase your new home or refinance of your existing home; the average rate on the 30-year fixed mortgage rose sharply this week after falling below 4 percent for the first time in history. Freddie Mac said Thursday that the rate on the 30-year fixed loan rose to 4.12 percent. That’s up from 3.94 percent last week, the lowest rate ever, according to the National Bureau of Economic Research. The average...continue reading...

August 1, 2011 -- The downward swing for mortgage rates may have come to at least a temporary end. Somewhat better economic news, a hopeful start to a resolution of the Greek debt mess, growing concerns about our own debt-limit ceiling and the turn of both the quarter and half-year are all factors contributing to the upward pressure. The end of the Fed's QE2 program no doubt has played a small role in the increase in rates, too. It's also...continue reading...

There are three types of financing: FHA, VA, and Conventional.  Conventional has three subsets: Conforming, High Balance Conforming, and Jumbo.  A question I have been asked frequently these days is, “So what is the minimum down payment?”   FHA: For purchase prices up to $722,750 in San Diego County, the minimum down payment is only 3.5%, all of which can come from a gift.  There is upfront mortgage insurance charged by the FHA of 1.75% of the base loan amount (going to...continue reading...

The Department of Veteran's Affairs (VA) announced that the maximum zero-down VA loan limit for 2010 is being reduced from $593,750 to $437,500 for San Diego County. Remember that VA loan amounts exceeding $417,000 are considered VA Jumbo loans. Other areas, such as Los Angeles and Orange Counties, will have maximum zero-down loan limits as high as $593,750 whereas much of the San Francisco Bay Area can go up to $962,500. A veteran can purchase a home in Pitkin County Colorado...continue reading...