How to determine USDA property eligibility for California homes

manufactured home

Buying a home can be an exciting milestone – but for many new and budget-conscious buyers, it can seem like a goal that’s simply out of reach. Fortunately, there is a government-backed home financing program that allows low- to moderate-income borrowers to purchase a home with zero money down. This program is supported by the United States Department of Agriculture (USDA) and are aptly named USDA Rural Development Guaranteed Housing Loan Program – or just USDA loans for short. These loans can make homeownership a much more affordable and accessible option for first time buyers and buyers on a smaller budget. The caveat to this no money down program is that the home must be located in a USDA-eligible area, typically an area that is considered rural or less developed by the USDA’s standards.Read More

Buying a Home in Clovis

backyard meal

Known as the “Gateway to the Sierras” and Fresno’s next door neighbor, the city of Clovis, CA boasts a multitude of attractive features. From a quaint historic district to a diverse local economy to a variety of fantastic shops, restaurants and other attractions, Clovis has plenty to offer its residents and visitors alike. If you’re considering buying a home in this city, you’ll be happy to know that Clovis’ home values have held fairly steady over the last several years – even growing by 4.1% in the past year! And with the median rent at more than $1,400 per month, owning can certainly be more affordable than renting in this particular part of the state.

What Mortgage Options are Available?

In today’s marketplace, there are several possibilities for Clovis home buyers. From conventional fixed rate mortgages to government-backed loans to jumbo financing and more, there’s likely a home loan program that will work for your needs and budget. Rather than overwhelm you with the many options, let’s focus on some of the most popular loans for buyers in the Clovis area. If you don’t see something that will work for you here, keep in mind this is only a partial list of home financing opportunities. Talk to one of our home loan consultants for information on our entire selection of mortgage options.Read More

30 Year vs 15 year Mortgage – Which one is right for you?

comparing price and value of homes

To determine whether a 30 year or a 15 year mortgage is the right one for you, let’s take a look at the benefits and disadvantages of both.

Fifteen year mortgages do have higher monthly mortgage payments for the homeowner but can also provide substantial savings. Mortgage rates for a 15 year fixed rate mortgage are almost always lower than rates on longer term loans. With lower interest rates on the 15 year mortgage, less interest on the mortgage accrues each month, saving the borrower on overall interest throughout the life of the loan.Read More

CalHome Mortgage Assistance – First Time Buyer Program in Fresno

house in hands

The City of Fresno is a participant in the First Time Homebuyer Assistance Program currently funded by the United States Department of Housing and Urban Development (HUD) and the California Department of Housing and Community Development. Resource Lenders is a qualified participating lender for the program.

The Homebuyer Assistance Program (HAP) provides down payment and mortgage assistance loans to qualified homebuyers. The purpose of the program is to enable eligible low and moderate income families to purchase their first homes.Read More

Buying A Rental Home as an Investment in Greater Fresno

smaller size - couple in front of house for rent

There are a multitude of reasons to invest in rental property, especially in the current Fresno market. Fresno’s rental market is robust; renters make up more than 47% of the housing market with vacancy rates on rentals at only slightly above 8%. In fact, rental vacancy rates are the lowest in 30 years throughout California. The lower vacancy rates in rental property indicates a higher demand for rental housing, a lack of rental property inventory, or both. Couple that with home appreciation up almost 13% since last year and Fresno paints an attractive picture for investing in the rental property market.Read More

The Growth of San Joaquin County

row of houses

There is no doubt, San Joaquin County is booming! The recently released Quarterly Census of Employment and Wages for the Fourth Quarter of 2015, documented San Joaquin County with an over 4% increase in employment. This positioned San Joaquin County as 27th best among the 343 largest counties in the United States. The release also provided data showing San Joaquin County gaining over 7% in weekly wages which ranks the county as 28th best among those 343 largest U.S. counties. San Joaquin County was the ONLY California county ranking that high in both wage and job growth which positioned the county in the top 10% among large counties in America.Read More

4 Steps to Prepare for the Mortgage Pre-Approval Process

young couple with loan officer

Getting ready to begin the mortgage process? You’ll likely want to get started by getting pre-approved. Being pre-approved for a home loan is beneficial in several ways. It gives you a solid idea of what you can afford, thereby helping you narrow down your home search, and it shows sellers that you’ve already taken the necessary steps to secure financing, which makes you a stronger buyer. But how can you best prepare for mortgage pre-approval success? Simply follow the steps below and you’ll be well-prepared for getting your pre-approval letter. Read More

Exploring Fresno New Home Communities Starting Under $350K

map of fresno, ca with pin

Are you searching for a new, affordable home in or around Fresno? The recent improvements in the national and local economy, plus higher builder confidence in the market, has paved the way for developers to create new communities, making this an exciting time to be a home buyer in the Fresno area! In today’s post, we’ll explore some of these new home communities and offer insight into different financing options that may be available.Read More

California Real Estate Trends in 2016

New Home 2488 X 1648

California’s real estate market made good progress in 2015, and according to recent data, is poised for further growth this year.

According to the 2016 Market Forecast from the California Association of REALTORS® (CAR), the state’s housing and real estate industries should anticipate continued gains in demand, along with higher home prices.

What are the driving forces behind this robust growth? The national economy, for one. Not to mention the California jobs market.Read More

Rent in Fresno and why it may be time to buy

box of money

Across the nation, housing demand continues to outpace supply, making it tougher for would-be home buyers to find property for sale. The lack of inventory in the real estate market has given a boost to the rental housing market – which has, in turn, caused rental rates to spike in many places throughout the United States. But what about here in Fresno? What is the average rent in Fresno? And is it more or less expensive than a typical mortgage payment?Read More