Blog

Reverse mortgage keeps senior couple in their home of 35 years

Loan officer: John Holmgren Property: Single-family home in Oakland Property value: $950,000 Loan amount: $393,514 Financing terms: FHA HECM adjustable rate reverse mortgage at 3.276 percent. Backstory: Holmgren’s clients had been in their Rockridge home for almost 40 years. While they had purchased the home for only $35,000 in 1977, they had borrowed against their equity for home repairs and to fund their business as foreign language book dealers. One option was selling, but their existing home was perfect for them because of close proximi...

April 3rd, 2018 | Just Approved, Reverse Mortgage, Bay Area, Reverse mortgage keeps senior couple in their home of 35 years

Reverse mortgage and conventional refinance enable home exchange

Mortgage Adviser: John Holmgren Property types: Single-family homes in Berkeley Price: Loan structure avoided tax reassessment Loan amount: FHA HECM reverse mortgage $319,000 4.2% Conventional 30 year fixed refinance $679,650 4.125% No points Backstory: John’s clients, father, and son, each owned single-family homes in Berkeley. The father’s home, a large family home, was larger than he needed and more than he could afford on his fixed income retirement benefit. In addition, his divorce settlement required him to make a substantial equity payment to his e...

March 30th, 2018 | Just Approved, Home Purchase, Reverse Mortgage, Reverse mortgage and conventional refinance enable home exchange

Client family care requires fast home purchase turnaround

Mortgage Adviser: Sheila Perez Property type: Single-family home in Antioch Price: $353,000 Loan amount: $346,606 Loan terms: FHA 30 year fixed at 5.125% with $6100 lender credit for closing costs Background: Sheila’s client, a construction worker who is a single father with two young children and also takes care of his mother and brother, had been living in an Oakland home for several years when he learned that his landlord was planning to sell the property. With no luck finding a suitable replacement rental home and with very little time, at Sheila’s suggestion he ...

March 27th, 2018 | Just Approved, Home Purchase, Client family care requires fast home purchase turnaround

Advance planning enables jumbo VA home purchase

Property type: Single-family home in Dublin. Price: $1.052 million. Loan amount: $824,087. Loan terms: 30-year fixed at 4.00 percent. Background: Rick Weber’s clients wanted to purchase a new home in Dublin and take advantage of all the benefits of the Veterans Administration loan program. With limited resources available to the borrowers for a down payment, the low down payment/no mortgage insurance aspects of the VA product were the perfect solution to making a serious bid in a competitive market. A complicating factor in the financing was that o...

March 8th, 2018 | Just Approved, Home Purchase, Advance planning enables jumbo VA home purchase

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2018 A division of Finance of America Mortgage LLC | Equal Housing Lender | NMLS ID #1071 (www.nmlsconsumeraccess.org) | Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act

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