2020 Riverside County Conforming Loan Limit

Bill LewisMortgage Basics, Mortgage News

Loan Limits in California have gone up

2020 Riverside County Conforming Loan Limit GREAT NEWS for residents of Riverside County, CA! The 2020 Riverside County Conforming Loan Limit is now $510,400 (up from $484,350 in 2019, $405,950 in 2018 and $379,500 in 2017). 2020 California Conforming Loan Limits Conforming loan limits have been increased for 2020. The Federal Housing Finance Agency (FHFA) announced the new loan limits … Read More

Things to Avoid After Applying for a Mortgage

Bill LewisMortgage Basics

things to avoid after applying for a mortgage

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your … Read More

2019 Riverside County Conforming Loan Limit

Bill LewisMortgage Basics, Mortgage News

Loan Limits in California have gone up

2019 Riverside County Conforming Loan Limit ________________________________________________ Update – Click here to see the increased 2020 Riverside County Loan Limits ________________________________________________ GREAT NEWS for residents of Riverside County, CA! The 2019 Riverside County Conforming Loan Limits is now $484,350 (up from $405,950 in 2018 and $379,500 in 2017). 2019 California Conforming Loan Limits Conforming loan limits have been increased for … Read More

Important Facts about Credit Reports and Credit Scores

Bill LewisMortgage Basics

credit scores

So now that I know my Credit Score, what does it mean? When evaluating a borrower for a mortgage loan, we look at all three credit bureaus (Experian, Transunion and Equifax). We call it a “Tri-Merge” report. The underwriter will use your middle credit score when evaluating your file for approval. For example, if you have a 720 score with … Read More

Credit Re-Establishment Periods for Mortgages

Bill LewisMortgage Basics, Mortgage Guidelines

Short Sales

Required Credit Re-Establishment Periods for Mortgages after derogatory credit: Short Sales (Deed in Lieu of Foreclosure) Loan Type Waiting Period Conventional (Fannie Mae, Freddie Mac) 4 years FHA 3 Yrs from Sale Exception: No Wait – If No Lates Prior to Short Sale & no lates on installment debts for prior 12 months VA 2 years from sale if borrower … Read More