Get Your Mortgage Phil: California: San Francisco

  Are you looking for a show/play?   Here's one that I think everyone would enjoy.

Jake's Women is a play by Neil Simon. It centers on Jake, a writer with a struggling marriage. Jake talks to many of the women he knows, both in real life and in his imagination, as he works to save his marriage. Jake, suffering with psychosis and seeing representations of his daughter at age 12, his late wife Julie and recently divorced wife Maggie, is dealing with the inability to write productively and must resolve these issues before he does so.

This fantastic show will be held at St. Ignatius College Prep High School located in the Sunset District of San Francisco.  Tickets are $10 at the door or online at 

http://www.siprep.org/performingarts/fallPlay/FallPlay1.cfm

Come out and support the High School and enjoy a wonderful show.   Showtime is 7 pm Oct 27th through Oct 30.  Don' t miss out!

Stop by a say hello. I'll be running the concession stand.

Have a great day!

Jim Light

Are you looking for a San Francisco mortgage? Congratulations, San Francisco is a beautiful city. I am a mortgage broker just south of San Francisco, in Burlingame, and can help most people with their San Francisco mortgage needs.

The conforming loan limit for a San Francisco mortgage is $417,000 for one unit, $533,850 for two units, $645,300 for three units, and $801,950 for four units. A homeowner or home buyer can borrow up to 90% of the property value for a primary residence. An investor can borrow up to 80% for a San Francisco mortgage on a rental property. Hopefully your loan amount falls in the conforming category because the rates are generally the best and qualifying is easier than for jumbos.

A conforming loan means that the loan is eligible to be purchased by Freddie Mac or Fannie Mae. However, Freddie Mac and Fannie Mae now offer what are called "agency jumbo" loans. Listed below are the agency jumbo limits for a San Francisco mortgage.

The limits for an agency jumbo loan for a San Francisco mortgage are $729,750 for one unit, $934,200 for two units, $1,129,250 for three units, and $1,403,400 for four units.  There are several benefits of agency jumbo loans over jumbo loans.

First, you can borrow up to 90% of the value for a single family primary residence. Second, automated underwriting is allowed, which sometimes requires less documentation for a San Francisco mortgage. Finally, debt-to-income ratios can generally go higher than for a jumbo loan.

If you need to borrow more than $729,750 for a San Francisco mortgage, than you are in the jumbo category. We offer jumbo loans up to $10 million (more by exception). Here in August, 2009, there are more lenders entering (or re-entering) the jumbo loan market. Generally speaking, the down payment requirement will be at least 20%. Debt-to-income ratios generally can not be more than 45%. 

Some of our jumbo lenders have some unique niches for a San Francisco mortgage. One of them does not require any asset verification. A small bank we have a relationship with is extremely fast because they only accept business from a small number of brokers - RMC Real Estate Loans being one of them.

I am here to help you with your next San Francisco mortgage.

How Can I Help You?

Phil Caulfield
Office (650) 401-3239
Cell    (650) 222-0386

Are you thinking about getting a reverse mortgage in San Francisco, CA? Well, you should first learn about an alternative called the Nestworth agreement.

The Nestworth agreement is a no upfront cost, debt-free alternative to a reverse mortgage. You are able to get paid up to $10,000 per month in return for a share of the equity when the home is sold. Anyone who is looking for a reverse mortgage in San Francisco, Ca should consider the Nestworth agreement side by side with a reverse mortgage to see which program would be of greater benefit.

The Nestworth agreement is very flexible. You choose the term of the payments you want to receive. The term can be from ten years to twenty-five years. The shorter the term, the more income you can receive. A reverse mortgage in San Francisco, CA would be much more rigid in its payment term.

Another nice benefit of the Nestworth agreement is that you can stay in the home the rest of your life, even after the agreement is completed. If you obtain a reverse mortgage in San Francisco, CA, when you move out there are stipulations in the contract that requires the home to be sold in a certain period of time.

Is the Nestworth agreement always better than a reverse mortgage? No, like any financial tool, one may be a better fit than another. However, it is nice to have an alternative. So if you are considering a reverse mortgage in San Francisco, Ca, you might want to consider both options!

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Jumbo Loans

Getting a jumbo loan for homes in San Francisco has been difficult this year. Many of the lenders have either gone out of business, or have dropped their programs.

Finally, some lenders are offering a jumbo loan program, which should help San Francisco home buyers buy homes in this expensive city.

Now in July, 2009, we are offering a jumbo loan up to $1,500,000 as long as the loan-to-value percentage is less than 70% for San Francisco homes. A 10% second mortgage is allowed. So, for a home purchase of $2,000,000, a home buyer could put as little as 20% down. A 720 credit score is required. The debt-to-income ratio can be no more than 40%.

This jumbo loan program is available for single family residences, as well as properties up to three units (there are a lot of multi-family properties in San Francisco). It is also available for condominiums. Second homes and investment properties are not eligible for this program.

Many lenders require two appraisals on loan amounts above $1 million. This jumbo loan program only requires one appraisal in San Francisco, which saves the client money!

Several types of mortgages are offered: 30 year fixed, 5/1 LIBOR, and 10/1 LIBOR. The LIBOR loans also offer an interest-only payment option.

With more jumbo loan products coming on the market, San Francisco real estate will hopefully thrive!

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