Conventional Conforming, Hi-Balance and Jumbo Loans

 

SAN DIEGO: 2017 LOAN LIMITS 1 UNIT 

CONVENTIONAL CONFORMING: $424,100

CONVENTIONAL CONFORMING HI BALANCE: $636,150

JUMBO: OVER $636,150

 

Home with keys

LOAN ITEMS TO REMEMBER:

Lenders need FACTS.

  • Disclose if you have pulled your credit within 90 days.
  • Letter of Explanation is required on all new credit.
  • Pay-off credit cards or balances to qualify 60 days prior to loan application.
  • Try not to pull credit during your loan application period.
  • Updated pay-stubs and bank statements are needed past 30 days.
  • Call your loan officer with questions!

Determine your pre-approval prior to shopping for a home. The maximum debt-to-income ratio for lenders is 38/43. The back end is your total debt with housing payment. MAX 43%.

FHA- Maximum debt-to-income ratio 55%, VA can sometimes exceed 55% depending on the findings and if the lender will accept it. 

HOME is where the HEART is.

Purchasing a house is one of the single biggest investments you will ever make. Turning a house into a home that you love takes time, effort, money and sometimes lots of elbow grease.  From DIY projects to home baked goods, to cleaning with low cost everyday items that save you time and money, our Home Life section can assist you after your keys are in hand and you're ready to make your house a home.

According to HGTV, replacing roofs and windows return 80% on resale. Items such as a kitchen and bathroom remodel are still high on a buyers list, however don't always return your money dollar for dollar. (HGTV, 2015)

Rome was not built in a day. Take your time. Budget. Buying a home can take a lot out of us financially. Some steps to consider:

  • Set goals. What can you accomplish and what needs a professional?
  • Set a budget with a pad. Putting this in writing will help to maintain your finances. A typical pad is 10-15%.
  • Create a timeline. House projects are on-going, however setting a timeline to your project will assist you in staying on track, in budget and feeling accomplished after it's done!
 

Mortgage Loan Paperwork

  • 1 month pay-stubs
  • 2 months bank statements
  • 2 years W-2's
  • 2 years tax returns
  • Itemized credit/personal debts

Application

  1. Personal Information
  2. Employment History
  3. Bank Account Information
  4. Creditors
  5. Sign and Date

CONTACT:

TRU FINANCIAL SERVICES, INC.

OFFICE: (619) 520-8810