2. Upper conforming before JUMBO loans go from 417 loan amounts to max 546,250 currently in San Diego County. Rates are typically a bit higher on Upper Conforming.
3. Minimum down conventional SFR purchase 417K loan amount and under 3% - Condo 5%
4. There 5 different types of PMI for conventional—not just monthly.
5. FHA is min 3.5% down all can be gift and also NON Occupant co borrower allowed.
6. When taking a listing ask if paying off an FHA loan—if so has to fund at the end of the month to avoid seller paying interest all month.
7. When a buyer goes into escrow please make sure the Loan Officer gets a FULLY executed contract with all counters immediately to help expedite the appraisal process. Appraisers have to have to complete the appraisal. Please remove lock box so the agent will be there to meet and also make sure the CO2 monitors are on all levels of the home.
8. After a short sale the first loan a buyer can get is an FHA loan – 3 years after the final sale of the home.
9. If you have a change in COE or a credit from the seller we need the Addendum fully signed ASAP to update the file and the appraisal.
10. No personal property that is removable to be on the contract. Deal with outside of escrow, please.
Call Michelle Morris 619-850-3600 with any questions!
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