American Dream Loan – US Bank

Home Loan from US Bank for First Time Home Buyers

Ken Miller, Mortgage Banker at US Bank talks about a special loan they have called “The American Dream”.

  • 95% financing
  • 30 Year Fixed Rate Mortgage
  • Great loan for first time home buyer
  • No Mortgage Insurance
  • Fully Amortized
  • No Pre-Payment Penalty

Can we help you with your next home purchase?

If you have any more questions regarding home financing or purchasing a home, please feel free to give us a call.
Ken Miller, Loan Originator 916.390.0275
Pam McCoy, Realtor® 916.865.8759

Payroll Tax Deduction – Home Loan Market Update – January, 2012

How does the new Payroll Tax Deduction affect Interest Rates

James W. Clark of Prime Lending in Roseville, California speaks about the impact of the new deduction that President Obama signed into affect in December of 2011.

Will the European Economies affect our Interest Rates?

Will the U.S. Debt Ceiling affect our Interest Rates?

These questions are explored in this video.

For more information:
James W. Clark, Loan Originator 916.412.0909
Pam McCoy, Realtor® 916.865.8759

Why Should I Be Pre-Approved for a Home Loan?

Home Buyers should be Pre-Approved for a Loan

By being pre-approved, home buyers will have a better idea of the expenses tied to purchasing a home and the total amount of home they qualify for before writing a purchase contract.

Home buyers should know:

What is my payment going to be?
What is my down payment going to be?
What is my out of pocket monthly expenses?

Home Buyers should understand the home loan process

Be clear on your monthly out of pocket expenses before deciding a purchase price. It is important to not trust the on-line mortgage calculators they may not take all the expenses that are attributed to a home loan including supplemental taxes.

If you have any questions or need a lender referral, please give me a call 916.865.8759. I look forward to hearing from you.

Home You Are Purchasing Needs Repair- Ask About a 203K Loan

Are you purchasing a home that needs repairs?

You may be able to get a 203k Loan that will help you finance from $5,000 to $25,000 for repairs. These repairs can not be structural repairs. Once the loan is approved and closed, the contractor will have up to six months to complete the necessary repairs. Talk to your lender to see if the home you are thinking about purchasing will qualify for this loan.

Not all lenders are able to do a 203k loan.

Do you need a lender? I can recommend a few for you to interview.

Happy House Hunting!

Pam McCoy, Realtor(r)

When Your Loan Doesn’t Close on Time

homeowners sitting on couch on computer

It’s not all about rate!

When you are shopping for a lender, keep in mind that when the transaction doesn’t close on time, nobody wins.

Real Consequences

When your loan doesn’t close on time

  • Financing contingency lapse
  • Seller unwilling to extend
  • Losing earnest money
  • Per diem seller charge (IF they agree to extend)
  • Losing to a back-up offer
  • Lock extension costs
  • Altered moving plans
  • Temporary housing costs

When the financing piece of your transaction doesn’t close on time, there are many unintended consequences — beyond the fact that the property is now out of contract.

Many national banks and lenders are unable to perform and close loans in a timely fashion. Be sure to work with a Mortgage Lender that you can trust and has a good track record of closing on time.

Be very cautious of using on-line lenders.
I prefer:

  • Local Lending
  • Local Decisions
  • Local People

If you are looking to purchase a home, I would be happy to help you out. I can also refer you to a local lender that will sit down with you to review your real estate needs and goals to help find you the best home loan.

Happy House Hunting!
Pam McCoy, Realtor(r)

All I Want For Christmas is a Down Payment

Red car with Santa's hat
Summary from The New York Times

Help with a down payment

With most lenders requiring borrowers to put down at least 20 percent as a down payment –
unless using an FHA or VA loan, or purchasing mortgage insurance – the best holiday gift some
people might receive would be help with a down payment on a house.

Many Can Afford the Mortgage But Need a Down Payment

 According to a survey by Trulia, the biggest barrier to buying a home these days is
saving for the down payment. The survey, conducted over the summer, found that 51
percent of renters said coming up with money for the down payment was preventing
them from buying, while 35 percent identified qualifying for a mortgage as the stumbling

Individuals May Gift up to $13,000

 Under federal tax law, each individual is permitted to give money or valuables worth up
to $13,000 to a single recipient in a calendar year. A married couple could jointly bestow
up to $26,000 a year per recipient.

Relative May Lend the Money

 According to one financial planner, there also is the option of lending a relative or close
friend the money for the down payment, or the closing costs, then forgiving the loan in a
future year. The recipient would have to pay interest on the loan until it was forgiven, at
which point it would become a gift.

Another Way to Help a Family Member Buy a Home

 Another way to help with the down payment is to pay other expenses, such as tuition,
thereby freeing up money to make a home purchase. Gifts for educational or medical
expenses are not subject to taxes, as long as they are paid directly to the educational or
medical institution.

Gift Givers Should Look Out for Themselves

 However, prior to giving the money, gift-givers should consider their own financial
picture, and they should make sure the recipient is responsible and not behind on other
payments that could be subject to debt collection.

Read the full story