Serving the San Gabriel Valley and the Inland Empire

Understanding the mortgage process and meeting lenders’ more stringent qualification requirements have become big obstacles for applicants, according to a survey by MortgageMatch.com.  More than 70 percent of recent buyers surveyed described the mortgage approval process as more difficult than they expected. A vice ...

An increasing number of state and local governments are now offering “down payment assistance programs,” grants, or low- and no-interest loans to first-time buyers or those who haven’t owned a house in a few years. One such program offered in California is the California Housing Finance Agency’s “School ...

Many lenders currently require down payments of 20 percent or more. One benefit of larger down payments is that the borrower owes less money and usually receives better terms on the mortgage loan. If the down payment is less than 20 percent, most lenders require the borrower to purchase private mortgage insurance, depending on the nature of the ...

Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings.  In the past, the FHA has resisted raising down payments or insurance premiums, ...