Best Rate Finance and Realty

TODAY'S TIP = Basic condominium guidelines: Owner occupancy should be 51% or more. For FHA and VA loans, the condo complex must be HUD approved. The annual budget must include a significant amount of reserves held for possible repairs. There should be no litigation pending against the condo complex.

TODAY'S TIP = 2019 FHA LOAN LIMITS are: Riverside, San Bernardino, Ontario counties etc.. 1 unit = $431,250 2 = $552,050... 3 = $667,350 4 = $829,350 Los Angeles, San Francisco, etc 1 unit = $726,526 2 = $930,300 3 = $1,124,475 4 = $1,397,400 San Diego 1 = $670,000 2 = $883,300 3 = $1,067,750 4 = $1,326,950

TODAY'S TIP = A borrower who has a debt, on which he/she co-signed for, may not be responsible for that debt if the borrower is not the primary obligor, the debt has been paid in a timely fashion, and we have evidence that the primary obligor is making the payments.

TODAY'S TIP = In order for alimony or child support to be considered as acceptable stable income, it must be documented that the alimony or child support will continue to be paid for at least three years after the date of the mortgage application. A copy of the divorce judgment, age of the child, and receipts of payments are needed.

TODAY'S TIP = Proceeds received from a sale of personal assets are an acceptable source of funds for the down payment, closing costs, and financial reserves as long as the individual purchasing the asset is not a party to either the property sale transaction or the mortgage financing transaction.