Sal Rona Properties

Great Article from WINN Home Inspection on Carbon Monoxide Safety Check it out:

Carbon Monoxide Safety Understanding the risks associated with carbon monoxide (CO) and how carbon monoxide detectors work can help protect you and your home. Unfortunately, there’s a large level of confusion related to this dangerous gas and the tools that detect it. This leads to people thinking they’re protected w...

Happy Tuesday Facebook Family Here is a little info on conforming loans vs. jumbo loans.

February 2020
REAL ESTATE NEWS
Brought to you by Sal Rona

What's the skinny on jumbo loans?
decorative image
Let's talk about conforming loans vs. jumbo loans in the mortgage world.

The Guidelines
Each year in October, the Federal Housing Finance Agency, or FHFA, collects data on the national median home value and compares that number to October of the previous year. If there is an increase, the conforming loan limit will increase by the same amount.

In October 2019, the year-over-year median home value increase was 5.38%. Therefore, the conforming loan limit for a single-family home in 2020 will rise to $510,400, up from $484,350. The loan limits on multi-unit properties will rise to $653,550, $789,950 and $981,700 for a duplex, triplex and fourplex, respectively.

Should you apply for a jumbo loan?

Loan Differences
Loans amounts at or under these limits qualify as conforming loans. They "conform" to guidelines set forth by Fannie Mae and Freddie Mac. Conforming loans make up the majority of residential loans funded. Loan amounts that are above these limits are referred to as jumbo loans. With a conforming loan, lenders are able to sell the mortgage in the secondary market, replenishing their credit lines in order to make more loans. Jumbo loans have no such robust secondary market. When a lender approves a jumbo loan, it assumes the risk should the loan ever go into default.

Naturally, this makes it more difficult to qualify for a jumbo loan. The minimum credit score for most conforming loans ranges from 580 to 620. Jumbo minimums range from 720 to 740. Some jumbo loans can require a lower score, but the rates and terms are much more stringent.

Down payment requirements for jumbo loans are also much higher. A buyer can secure a conforming loan with a down payment of just 5% (or even 3% for special first-time programs) with the help of private mortgage insurance. Jumbo loans have no such insurance policies available and require a minimum down payment of 20% of the sale price of the home. Providing a down payment of 25% or more will make it easier to qualify.

Wondering if a jumbo loan is the right move? Reach out! I can help you find the right loan for your next move or investment.

Happy Tuesday All. Take a look at this cool Article from WiNN Home inspections talks about everything you should know when considering a remodel. Let me know what you think I'd love to hear back.

https://wini.com/articles/house-remodeling-what-to-consider/?utm_campaign=February%20Newsletter%20-%20Robert%20Vierra&utm_medium=email&_hsenc=p2ANqtz-9fMkxjjDbEU_-no8UeqTUSu1H8D7B5Rd1I4J20lDGjsqlRJiYFaXudG_L3tDV17JEyGwPKiSQNV-FJiGNwunwkMX1hIQ&_hsmi=83187711&utm_source=hs_email&utm_content=83187711&hsCtaTracking=4578008a-edb4-4259-b658-5038257007e8%7Cdfe56355-0e6a-4f46-a76e-9d9c5f4dae28

Spending my weekend by the beach. Come take a look at these spectacular condos steps away from Del Monte Beach

Friday 2pm.-4pm. 1 Surfway Apt #116 Monterey CA. 93940

Saturday 11am.-1pm. 125 Surfway Apt #433 Monterey CA. 93940

Who here believes you need 20 percent down payment to buy a home?🤔

Comment below with your thoughts.

Sal Rona Properties Send a message to learn more

JUST LISTED!
1889 Luxton Street Seaside, CA. 93955
2/1 1,034 sq/ft
Listed at: 515,000

Contact Sal through messenger or at: (831) 277-6098, [email protected]

Cute 2 bedroom 1 bath seaside home near David Cutino Park. Kitchen, bathroom, floors, and landscaping all redone by current owner in 2016. Off street tandem parking for up to two cars. Nicely landscaped up front, fruit trees in the yard. Lots of space including Living room, Family Room and dinning area.

makes sense!

When your company is # 1 in the U.S. with housing units sold, dollar volume and agent count, this makes perfect sense. Yes, the numbers speak for themselves...