” First time home buyers may not be the only ones eligible to use this program. The veterans may also be able to use the program under the Heroes Earnings Assistance and Relief Tax Act. This program will give veteran the same opportunity as first time homebuyers. For those that need help with a down payment, there is a California Homebuyer’s Down payment Assistance program. This program will provide either a down payment of three percent or the closing costs.

As with all programs, there are certain requirements that have to be met before one can be eligible for the program. For Example: The first time homebuyer must meet the income limits. Next, the home they are wishing to buy must be within the FHA’s loan limits and HFA’s sale price limits. Credit score requirements must be met as well as the debt to income ratio and last of all the homebuyer must complete the HUD education program. To find out if they are eligible for this program, the homebuyer must go to a HFA lender to apply.

As MortgageDaily.com reports (subscription required), the change is part of a spate of positive news:

“Mortgage insurance companies are easing guidelines, increasing loan amounts and eliminating declining market status for many metropolitan areas. The relaxed standards are emerging as the sector is seeing improved conditions.”

Other areas removed from the list included Chicago, Los Angeles, New York City, Boston, Seattle and Washington, D.C.

The Federal Reserve Bank of San Francisco describes Private Mortgage Insurance (PMI) as “extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.”

Here at Frost, we’re happy to see positive changes in the market that will make it easier for qualified buyers to access this invaluable resource.

If you are looking for a home loan for your next life move, please call us today and let us help you.

We’re pleased to present some photos from the event, which was a big success:

You may also be interested in photos of some of Lancaster’s other events: http://frostmortgage.com/events/#0610Lancaster

For both our partners and potential borrowers, the great news is that our geographic reach has grown to national proportions. In addition to our home base of New Mexico (including Albuquerque and in fact the whole state), our Branches are now serving buyers from (click anywhere to find a loan officer in one of these locations) California (both northern California and other areas such as Santa Rosa, Irvine, Laguna Hills, Solana Beach, Santa Ana, Westlake Village and Lancaster), Florida (Miami and Jupiter), on up to Virginia (Winchester) and Maryland (Abingdon and Upper Marlboro), then back to the middle of the country in states such as Texas (Dallas and Lewisville), Ohio (Lancaster), Illinois (St. Charles), Missouri (Ofallon) and Colorado (Greenwood Village). With all these locations, it’s likely we can help you as you look for your next home. What’s more, we’ll respond quickly.

So please, call us today and learn more about why Frost Mortgage doesn’t just close loans–we open doors.

“The median price paid for a home rose 14% in March to $285,000 from a year earlier, according to MDA DataQuick. Higher-priced coastal markets saw more activity, and fewer foreclosures were for sale.”

Our loan officers and Branch Partners can help you wherever you’re looking for a mortgage in California. Please, give us a call today and learn more about why we don’t just close loans–we open doors.