topanga canyon real estate mortgage brokers

Home Loan Pre-Approval with a Local Mortgage Broker

Find a mortgage broker near me in Topanga! Coming to Bankers Group has likely saved you thousands of dollars.

Topanga Canyon real estate is unique. Each enclave here has a flavor unto itself, yet it’s still very Topangan. Finding a mortgage broker who understands the needs of a Topanga homeowner isn’t hard now that you’ve come to Bankers Group. Dorothy Reik has lived in here since the 1970s and has owned her mortgage broker business since 1980. She is Topanga mortgage savvy.

 

For rates and terms and loan to values that work for the Topanga homeowner, please contact Dorothy Reik directly 310-291-1300 CalBRE Lic #01233829, NMLS Bankers Group ID #294230 to get your home loan pre-approval today.

 

Conventional Loans

In general, the government sponsored entities GSEs, Fannie Mae and Freddie Mac, set the loan limits for conventional loans. The single family loan limit is $484,350. These are conventional loans that are within the conforming loan limits.

 

Bankers Group conventional home loans include:

  1. First mortgages 
  2. Second mortgages,
  3. Adjustable rate Mortgages (ARM)
  4. 15 year fixed rate loans
  5. 30-year fixed loans
  6. 40-year amortization loans

The new ceiling for the loan limit for one-unit properties in most high-cost areas is $726,525 — or 150 percent of $484,350. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes. The current loan limit applies to all conventional mortgages delivered after January 1, 2019.

 

Jumbo Loans

Loans which are larger than the limits set by Fannie Mae and Freddie Mac are called jumbo loans. Because jumbo loans are not funded by the above GSEs, they usually carry some additional underwriting requirements and have unique tax implications. This type of loan is not eligible to be securitized, guaranteed or purchased by Fannie Mae or Freddie Mac. 

 

Jumbo loans are loan structures designed for luxury real estate or highly competitive local real estate  markets. The lender requirements are more stringent, such as a credit score of 700:or more and a very low debt-to-income ratio (DTI). A borrower’s DTI ratio should be no more than 43% but preferably 36% with only 28% going toward a mortgage or rent.

 

For rates and terms and loan to values that fir he needs of the Topanga homeowner, please contact Dorothy Reik directly 310-291-1300 CalBRE Lic #01233829, NMLS Bankers Group ID #294230.

High Balance Loans

The high-balance loan requirements apply to mortgage loans with original loan amounts meeting the high-cost area loan limits established by the Federal Housing Finance Agency. (FHFA). For Los Angeles County a high balance loan is $726,525. Bankers Group has options to meet the needs of the high balance loan borrower. 

High-balance mortgage loans must meet all standard Fannie Mae eligibility and underwriting requirements, including:

  1. Loans must be conventional first-lien mortgages only.
  2. Loans must meet the LTV, CLTV, and HCLTV ratios as outlined in the Eligibility Matrix
  3. All borrowers must have a credit score. 
  4. All loans must be underwritten through DU.

 

High LTV Refinance Option

The high loan-to-value (LTV) refinance option is designed for Fannie Mae borrowers who are making their mortgage payments on time, but whose LTV ratios exceed the maximum allowed for standard limited cash-out refinance transactions.

The following table provides requirements for the existing loan that is to be refinanced under the high LTV refinance option.

The existing loan must….

 

be a first lien, conventional mortgage loan owned or securitized by Fannie Mae.

 

have a note date on or after October 1, 2017.

 

have seasoning of at least 15 months – meaning at least 15 months have passed from the note date of the existing loan to the note date of the new loan.

For example, if the note date on the existing loan is January 1, 2018, the note date of the new loan must be no earlier than April 1, 2019.

Note: Loans that are part of a risk-sharing structure (for example, credit risk transfers) are eligible to be refinanced under the high LTV refinance option.

Conversely, the following loans are not eligible for refinance under the high LTV refinance option:

  1. existing DU Refi Plus TM or Refi Plus TM loans;
  2. loans that are subject to outstanding repurchase demands; or
  3. loans that are subject to recourse, repurchase agreement, indemnification, or another negotiated credit enhancement required at origination for eligibility purposes are not eligible unless
  4. the new loan is also subject to a credit enhancement that meets eligibility requirements, or
  5. such credit enhancement is not required for eligibility purposes on the new loan.

 

We work for the local Topanga homeowner to find the best mortgage rates for your home loan needs.

 

For rates and terms and loan to values, please contact Dorothy Reik directly 310-291-1300 CalBRE Lic #01233829, NMLS Bankers Group ID #294230.