Tag Archives: Franklin Loan Center

FHA Approved Condos In Palm Springs

fha approved condos in palm springs ca

My buyers want to get an FHA loan to purchase a condo in Palm Springs, and asked me, today, which condo complexes are approved for FHA loans. Since I get this question, quite often, I thought I would share the answer here, for other buyers.

Unfortunately, there are very few. In fact, according to one of our local lenders, Bradley Mullen, with Franklin Loan Center, there are only 9 complexes in the city of Palm Springs, currently approved for FHA financing. See flyer, above, for Bradley’s contact information. FLC also does conventional, VA and other loans.

The 9 FHA Loan approved condo developments are:
Biltmore Colony
Los Pueblos Assn.
Palermo
Palm Oasis
Palm Springs Country Club Phase V
Riviera Gardens
Sagewood
Sunrise East Condos
Sunrise Villas

Please contact me today, at the number listed above, to make an appointment to see any condo currently listed for sale in one of these complexes, or any other condo complex in the city of Palm Springs.

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January 2016 Home Loan Interest Rates

franklin loan center palm desert interest rates

As the first month of 2016 comes to a close, interest rates on home loans are still at historic lows. At the same time, home and condo prices in the city of Palm Springs continue to rise. If you wait until interest rates also rise, then it may be too late to purchase your Palm Springs dream home.

If you need help getting pre approved for a home or condo loan, contact Bradley Mullen at Franklin Loan, or your own local lender.

Then give me a call to see any property listed for sale in the city of Palm Springs. Call 760-537-5153 or email stevestewartrealtor@gmail.com

CLICK HERE TO SEARCH PALM SPRINGS HOMES AND CONDOS FOR SALE ON THE MLS

10 Tips To Keep Your Mortgage Approval Intact

Stuart Snipper, a Senior Loan Officer with Franklin Loan Center, here in the desert area, shared these Mortgage tips with me and I am sharing them here to help buyer’s avoid losing a great home because of one of these mistakes.

Getting a mortgage approval can be tough. Once your have one, then, you want to make sure you keep it.

There is no “complete list” of Dos and Don’ts for mortgage applicants, but there are 10 no-nos which stand out (and which continue to ensnare mortgage applicants nationwide).

Keep this list handy. It will help ensure that your mortgage application process goes faster, more smoothly, and with a lot less stress.

1. Do NOT quit your job or change jobs. Employment stability is a major factor in the underwriting process. Quitting or changing jobs, or even positions within the same company can greatly endanger your loan approval. If you are likely to quit or change jobs during your application process — even for a promotion — consult your loan officer immediately.

2. Do NOT make any large purchases immediately before, or during, the loan approval process, either with cash or credit. In addition to cutting into the money available for your down payment, you may add to your monthly expenses and income ratios.

3. Do NOT have your credit pulled. Too many inquiries during a certain time period can negatively impact your credit ll create extra work for yourself. Most underwriters will ask for a letter of explanation about the inquiries made.

4. Do NOT obtain and/or deposit unusually large sums of money without notifying your loan officer. Remember “cash” is looked at very closely by an underwriter. Unusual deposits outside of normal payroll deposits are often required to be documented and sourced.

5. Do NOT open, close or transfer any asset accounts without first consulting your loan officer. Similar to your employment history, it’s better when your banking history shows stability.

6. Do NOT open, abnormally increase nor abnormally decrease your credit balances. Although it may seem ridiculous, paying off an account can actually do more harm than good.

7. Do NOT stop making payments on anything. For various reasons, some people “skip” their mortgage payment while in the process of refinancing; or otherwise choose to dispute a bill. Be very careful about intentionally withholding payments to creditors. Continuing to pay every obligation is critical.

8. Do NOT start that long overdue home improvement project you’ve been thinking about for a few years. This is especially important when the home improvement project requires you to take out a loan.

9. Do NOT co-sign on a loan for anyone. Even if you’re not supposed to be responsible for monthly payments, co-signing on a loan can increase debt-to-income ratio and reverse a mortgage approval.

10. Do NOT fudge any of the facts on your application. Underwriters live in a world that’s black or white. They don’t take application errors lightly, even the unintentional ones.

In addition, here are some bonus tips :

1. Do NOT finance cosmetic or elective medical procedures. Delay such work until after your closing.

2. Do NOT solicit mortgage advice from people who aren’t actual loan officers. Your friend who had her real estate license in 2001 is not a mortgage market expert.

3. Do NOT start a loan just before leaving the country unless you will be reachable by phone and email.

4. Do NOT become obsessive about how the credit card balances on your mortgage application fail to line up exactly with the actual, living balances on those accounts.

These fourteen tips — 10 tips + 4 bonus — will help you keep your mortgage loan on-track. It’s good to be prepared

Stuart Snipper, Senior Loan Officer
Franklin Loan Center | FHA | VA | Conventional | Jumbo
Office: 760.779.8169
BRE# 01847230 | NMLS# 275529

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Nearly 50% Of Palm Springs Homes Sell For Above Asking Price!

My lender colleague, Stuart Snipper, with Fanklin Loan Center, here in the desert, recently sent me the article below. The dramatic statistics were not a surprise to me, but they are to many home buyers, so I thought I would share it with readers.

Nearly half of the homes sold so far this year in California went for more than their asking price. Such sales usually result from so-called “bidding wars” when multiple sellers submit competing offers. The California Association of Realtors® (C.A.R.) reports that the 49.5 percent of homes that sold over list in 2013 is almost double the number of such sales in 2012 (25.9 percent) and triple the 16.6 percent share in 2011. The 20-year average for above-list price sales is an 18 percent share.

C.A.R’s released this and other data from its 2013 Annual Housing Market Survey. The Survey also found that the tight inventories in the state led to multiple officers in more than 72 percent of sales compared to 57 percent in 2012. This was the highest incidence of multiple officers in at least 15 years and for each home that sold at a higher amount there were an average of 5.7 offers compared to 4.2 offers last year and 3.5 in 2011.

You can reach Stuart Snipper, Senior Loan Officer with Franklin Loan Center at these numbers: Office: 760.779.8169 or Mobile: 760.702.6949 (BRE# 01847230 | NMLS# 275529)

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