Before you begin your search for a home loan to purchase or refinance....start collecting!  Yep, its best to be well prepared if you are looking for a mortgage.

The following information or documentation will be required to complete your loan application:

1) Your Residence History

• Your previous addresses for the last 2 years and how long you lived at each
• If you currently rent, your landlord’s name, address and telephone number to
• verify the most recent 12 month rental history

2) Your Employment History

• Names and addresses for all your employers for the last 2 years
• Dates of employment for each employer
• Letter explaining any gaps in your employment in the last 2 years
• Pay stubs for the last 30 days
• Most recent 2 years W2’s
• Most recent 3 years 1040’s
• Year-to-date profit and loss statement and current balance sheet (if self employed)
• Award letter and copy of most recent check for retirement, Social Security or disability income

 3) Savings, Checking & Investment Accounts

• Checking/Savings Accounts - 3 most recent monthly statements
• Stocks/Mutual Funds - 3 most recent monthly statements
• 401K/Retirement Accounts – most recent quarterly statements

 4) Miscellaneous (if applicable)

• Complete Bankruptcy papers including discharge
• Complete Divorce papers

 5) Additional Information (if Refinancing)

•  Copy of most recent property tax bill
• Copy of most recent homeowner’s insurance bill
• Copy of most recent mortgage statement or coupon book

QUICK TIP...Scan these legible documents into a PDF format to easily share via email or DROPBOX

Get from flat to fab with a POP, really now...are you serious?

These are some of the common mistakes that may hinder the loan process.  Before applying for a loan and during the loan process:

1. Don't pay off bills

Your loan consultant will advise  you if it's necessary to pay off bills to help you qualify for a loan.

2. Don't change jobs

Changing jobs before or during the loan process can create a real problem in getting qualified

3. Don't move your money

It's best to keep your money right where it is until your loan has closed

4. Don't make major purchases

Adding a large monthly payment for a new car or furniture can affect the amount of home you can qualify for and can make it harder to get your loan approved.

It's vital to the purchae of your home to communicate with your loan consultant and realtor.  If anything changes -- good or bad -- pleae let your team know.  Never hesitate to ask questions.  This is one of the largest and most exciting purchases of your life; you'll feel confident about your decision if you stay informed throughout the process.

Lets connect and schedule the time to discuss the four things to avoid before buying  your new home!  Feel free to contact me anytime Ric Dizon, iMortgage Long Beach (714)396-6829.

Here's the cure for those homes for sale that are ugly...err...visually challenged. This FHA loan can help a buyer alter the appearance of any home, inside and out!

• Up to $35,000 for repairs and rehab (simple / non-structural)
• Additional $2,000 allowed for energy efficiency items (windows, etc.)
• Final loan amount is limited to 110% of after-improved value
• No FHA consultants required
• Less than $15,000 in repairs -- no final inspection required
• Not limited to FHA required repairs
• Replace ugly paint, flooring, windows and buy new appliances!
• Work must be completed by licensed contractor(s)
• No minimum repair cost
• Work must be started within 30 days after closing
• Work must be completed within 6 months after closing.
• Contractors will be paid in two installments -- 50% upfront with final payment at completion.
• 10% contingency may be required

Buyer's process will go like this:

1. Get a home under contract.
2. Identify desired/necessary improvements.
3. Get bids and homeowner/contractor agreements from contractors.
4. Lender provides list of repairs and bids to FHA appraiser.
5. FHA appraiser determines after-improved value.
6. Loan is underwritten and closed.

Lets connect and schedule the time to see how this FHA program can change an ungly home to a beauty!  Feel free to contact me anytime Ric Dizon, iMortgage Long Beach (714)396-6829.

While the Up Front Mortgage Insurance Premiums (UFMIP) remained the same, the monthly payment on an FHA loan will rise again for all case numbers ordered on or after April 18, 2011 with the new higher annual premium.    See all the new factors below and how to calculate payments.

Example: 

$300,000 sales price @ 5% interest rate fixed for 30 yrs with a 3.5% down payment (96.5 % LTV)

$300,000 - $10,500 = $289,500 Base Loan Amount

$289,500 x 1% = $2,895 UFMIP

$289,500 + $2,895 = $292,395 Total Loan Amount

$289,500 x 1.15% ÷ 12 = $277.44 Annual Mortgage Insurance (paid monthly)

Monthly Payment Calculation on $292,395 Total Loan Amount

Principal and Interest     $ 1,570

Annual Mort Ins                   277

Taxes (estimate)                 313

Hazard Ins (estimate)           84 

Total Monthly Payment  $ 2,244 

>> 3 First Time Homebuyer Programs You Must Know in California <<

Lets connect and schedule the time to see how this change affects you!  Feel free to contact me anytime Ric Dizon, iMortgage Long Beach (714)396-6829.

Did you know the City of Buena Park offers first time homebuyers up to a maximum of $100,000 for the purchase of a home?  It is absolutely true and little if no one is taking advantage of this opportunity.

Listen, interest rates and home prices are at a all time low.  Affordability couldn’t be any better.   So if you are looking for a home in the Center of the Southland, Buena Park may just have the answer.

City of Buena Park First Time Homebuyer Program

The City of Buena Park is pleased to offer a First Time Homebuyer for the purchase of a single-family home or condominium/townhouse in the City of Buena Park.  The program provides assistance to first time homebuyers through a deferred 30 year second mortgage loan of up to a maximum of $100,000, at 3% simple interest.

• Homebuyer that have not owned / held interest in principal residence in the prior three years
• Income can not exceed 80% of the median house-hold income based on family size
• Contribute a minimum of three percent (3%) of the purchase price as down payment, may be a Gift
• Primary, single family residence, condo/townhouse
• Homebuyer Education & Counseling course is required

Maximum Sales Price:

$516,800 for single family residence and $399,000 for a condominium/townhouse

Household income cannot exceed the following:

* Based on the 2010 U.S. Department of Housing and Urban Development(HUD) income limits

There are many lenders that are not aware or choose to say, “there are no programs available” or “we can’t do those programs”   So, keep in mind, it’s important  to work with a lender that is approved and has knowledge of qualifying individuals for these programs.

Lets connect and schedule the time to see how this program can you help you!  Feel free to contact me anytime Ric Dizon, iMortgage Long Beach (714)396-6829.