Home Mortgage Solutions for Teachers

As Bay Area home prices keep going up, home ownership is becoming harder and harder to attain for many of our teachers. They don’t know how to buy a home with no way to save for the down payment needed. A new program by Landed.com is offering a unique solutions for our dedicated educators. They are offering to provide teachers with 50% of their downpayment in exchange for sharing in 25% of the appreciation of the home you buy. This can make a dramatic difference in the timeframe needed to buy a home along with potentially lowering your monthly homeownership costs. If you have questions, feel free to ask me. I’m Karen, your Mortgage Genie, helping you find the home of your dreams.

Jumbo Mortgage Loans

In the Bay Area, many of us hear the term, “Jumbo Loan” due to the high cost of buying a home. However, most individuals and families do not understand what this term means. In the US, there are two main entities (Freddie Mac and Fannie Mae) that provide mortgage lenders with security, like a guarantee, where they purchase mortgages. These groups provide a cap in the Bay Area for such protection up to $636,150. Such loans are considered “Conforming”. Any loan amounts above this are viewed as Jumbo Loans. Thus, with the average price of homes in the East Bay approaching or exceeding $1 million, it is very common for many individuals to use a Jumbo Loan to obtain their home and even “Super Jumbo Loans”. Such mortgages can come with higher interest rates, larger down payments, and greater credit scrutiny. If you have questions, feel free to ask me. I’m Karen, your mortgage genie whose helping you find the home of your dreams.