Wednesday, February 29, 2012

VA Home Loan - Solano Mortgage

Jim Porter explains the benefits of using Veterans Assistance loans. Giving active duty and retired military an opportunity to purchase a home for usually less initial cost and monthly payments versus renting. See more at or call 707-449-4777

Sunday, February 26, 2012

Home Buyer Tips: The Cost of Renting

Is the thought of paying a mortgage keeping you from owning a home? If so, keep in mind that if you're renting you ARE paying a mortgage. It just happens to be your landlord's and not yours. Which means you're building up your landlord's equity every time you pay your rent. Want to do yourself a favor? Talk to your local real estate professional.

Friday, February 24, 2012

Why Choose Solano Mortgage?

Jim Porter owner of Solano Mortgage talks about important and competitive reasons you should choose his team of professionals.

Wednesday, February 22, 2012

Monday, February 20, 2012

Repurchase Program - Solano Mortgage

Jim Porter explains that even if you have had a bankruptcy or foreclosure that its okay. Solano Mortgage can help you get back into owning your own home.

Saturday, February 18, 2012

Short Sales - Solano Mortgage

Jim Porter talks about how Solano Mortgage can help you with either buying or selling a home with a short sale. See more at or call 707-449-4777

Thursday, February 16, 2012

FHA 203k Rehabilitation Loan

This quick info video will inform you on everything you need to know about the FHA 203k streamline Rehabilitation Mortgage Loan Program that will allow a buyer to finance repairs and home improvements on top of the purchase price. 

Solano Mortgage offers 203k loans! Give us a call for more information on the 203k Rehabilitation Loan or to find out how you can get pre-approved. With over 140 years combined experience in the mortgage industry - Solano Mortgage has been voted one of the "Best Of" mortgage companies of Solano County according to the Vacaville Reporter's annual reader's poll. 

Monday, February 13, 2012

VA Loans Still Safest Product on the Market

The Department of Veterans Affairs issued a news release this week trumpeting the continued growth of the VA Loan Guaranty program. The agency backed just under 360,000 loans last year, a 14-percent increase from FY10 and a whopping 168-percent increase since FY07.

But that wasn’t the only good news. The release also noted that VA loans have had the lowest rates of foreclosure and serious delinquency for the past 14 quarters and 11 quarters, respectively, according to the Mortgage Bankers Association National Delinquency Survey.

Those figures are even more surprising considering that about 90 percent of VA loans come with no down payment.

“The continued strong performance and high volume of VA loans are a testament to the importance of VA’s home loan program and a tribute to the skilled VA professionals who help homeowners in financial trouble keep their homes,” Secretary of Veterans Affairs, Eric K. Shinseki said in the release.

The VA works closely with borrowers and their servicers to avoid foreclosure. Veterans in jeopardy should always contact their loan servicer first, but the VA provides services and staff to help borrowers pursue options like modifications, forbearances and repayment plans. Homeowners can call 877-827-3702 to talk with a VA specialist.

“We are committed to making even more veterans and service members aware of this important benefit and delivering the assistance they deserve when financial difficulties arise,” said VA Under Secretary for Benefits Allison A. Hicke

Article Source:

Saturday, February 11, 2012

Home Buyer Tips: Affordability

In 1981, it took 36% of the average family's budget to buy a home. Now it takes less than 15%. If you're interested in buying, it looks like history is on your side. For more reasons to take advantage of the market right now, talk to your local real estate agent.

Thursday, February 9, 2012

Home Buyer Tips: Buyer's Market

At the current rate of home sales, it would take 8 months for all the houses on the market to sell. That's a big deal. Because anything over six months worth of homes is considered a buyer's market. Now you know why savvy buyers are snapping up bargains right now. Want to know more? Talk to your local real estate professional.

Tuesday, February 7, 2012

Home Buyer Tips: Low Down Payment

 Think you need 20% to buy your first home? Think again. According to a recent survey, two thirds of all buyers put down 5% or less. And with interest rates at historic lows, there's never been a better time to buy. If you're thinking about buying your first home, talk to your local real estate professional.

Sunday, February 5, 2012

Home Buyer Tips: The Value of Being Pre-Approved

Prequalification is a lender's best-guess estimate of what you can afford. But it's not a guarantee. Pre-approval, on the other hand, is a firm commitment from your lender based on your actual finances. If you know what you want, pre-approval can help ensure you get it. Want to know more? Talk to your local real estate professional.

Saturday, February 4, 2012

This Month in Real Estate (US) February 2012 To learn ways you can help ensure you can afford the very latest features in your next home, we turn to News You Can Use.


When you take out a loan, your lender will review your credit report from independent companies that monitor your credit.

Your credit report is a compilation of three key factors: your credit history, information from employers, and financial information gathered from public records.

Taken together, all this information is used to create your credit score, which is usually between 300 and 800.

The higher your score, the more likely you will be to get favorable loan terms from your lender.

Here are a few things to keep in mind to improve your credit score:

• Be consistent and punctual when it comes to payments
• Keep your balances well below the maximum. Accounts with high balances can hurt your credit score
• Don't take out more credit cards than you need
• Be careful of opening or closing accounts near your closing date, and ...
• Watch your credit to debt ratio


That's all for This Month in Real Estate. Thank you for joining us.

Wednesday, February 1, 2012

Why Use an FHA 203k Mortgage

The FHA 203k mortgage program has helped many to home ownership. With increase in foreclosures this program has helped a great deal. Learn why this program is a great one to use especially if your home purchase is in need of repairs.
Over the years, FHA has helped so many to navigate their first home purchase. They give practical home loan rates for those of the middle class and those with a meager income by making it affordable to purchase a home instead of renting. One way they have done this by creating a program so individuals can finance a home that may need improvements. This program is called the FHA 203k mortgage.
Another reason to use this type of program is the down payment is only 3.5 percent. So individuals who are still going to school or are newly married can realize their dream of home ownership. Most conventional mortgages require up to 20% for the down payment. For some this is just too steep so they give up on buying a home. But FHA makes that possible by requiring a lower down payment.
The FHA 203k mortgage is among the most favorite FHA home loans. It allows people to borrow anywhere up to 96.5 percent of their entire mortgage loan and it is a fixed rate loan. Thus a lower down payment and lower closing costs.
There is a requirement that you need to take into consideration. You have to meet the minimum income guidelines. Be sure you meet this minimum before applying for the FHA 203k loan.
The debt ratios can be very specific, based solely upon the state the individual resides in. What makes the FHA 203K mortgage so cool is you can purchase a house in need of repairs and simply have the repairs added into the mortgage. This can be very useful when you are looking at a foreclosure. Many times these type of homes have been damaged by the previous owner or they badly need upgrades. It is possible to finance these too.
You can even use the FHA 203k mortgage to improve a condominium. There are some restrictions but the possibility to rehab a condo is there. There is even the prospect of using this loan product to rehab a mixed-use residential property. The versatility of this product is amazing.
Many hear that only a first time home buyer can use the FHA loan products. So what is the definition of a first time home buyer? It is an individual who has not owned a home during the three years prior to their application. This would include their spouse.
You have to meet a minimum amount of rehabilitation to use the FHA 203k mortgage. That minimum requirement is $5,000 for eligible improvements on the existing structure. It is true minor repairs are unacceptable, but it is possible to include them once you meet the $5000.
Now there are some restrictions. You have to begin the work within 30 days of signing the agreement and the work must not stop for no more than 30 days. You also must stick to the original budgeted amounts. You cannot ask for an increase in your mortgage just because the costs went up. So make sure you get your estimates in writing and that the contractor will honor his estimates.
Of course you can be your own general contractor if you are actually qualified to do the work. You still have to complete the work in the specified time frame. But you cannot be paid for your labor. Only can be reimbursed for the materials.
So, if you are looking at a foreclosure and are wondering if you can finance the repairs, then consider the FHA 203k mortgage. It may be a perfect fit for you!
Article Source: