Chacha, New American Funding

01/14/2025

Understand The Differences: HELOC vs Cash-Out Refinance

In just two minutes, you'll get a clear idea!

HELOC vs Cash-Out Refinance Whats The Difference

01/09/2025

FHA Loan Limits in 2025.

You need 3.5% down payment for a FHA loan while for a conventional loan, you may need 3% down payment only.

Many people still think you need a minimum of 3.5% down payment to buy a home. In fact, for some first time homebuyers, they may even be qualified for no down payment loan (down payment assistance program) OR for $0 down payment for VA loan for eligible veterans and surviving spouses. Of course, if you want to buy a very expensive home, you will more likely need a lot more down payment.

It's good enough to know what's available. You may not need to get into all the details. If you find a loan officer you trust, he/she will do all the work for you. Let him/her do the job for you. You may always ask what your loan options are and they'll be able to explain to you the different options, what they recommend you to go for and why they suggest so.

Choose wisely and your road to getting the home loan will be a hassle-free. No surprises. No stress.

01/08/2025

Understanding Mortgage Rates in 2 minutes.

Understanding Mortgage Rates

01/04/2025

NEW Conventional Loan Limits for 2025.

In 2024, with 3% down payment, you can buy a home (1 unit property, i.e condo, town home or single family home) up to $790,257; it's now increased to $831,443 with 3% down payment since the maximum conforming limit is $806,500.

For those of you who want to buy a higher price home (hence, you need higher loan amount), you'll need a minimum 5% down payment. In 2025, you can buy up to $1,273,421 purchase price with 5% down payment as the maximum loan is $1,209,750 for 1 unit property!

Things are getting more expensive each year; home prices are higher each year too - which can reflect in the increased loan limits each year to make home purchase more practical for home buyers.

If buying a home is in your plan, you can start the pre-approval to understand how the mortgage loan process works and know what you can buy within your budget. If you find out, you're not so ready, I can help you figure out what to do to be ready to buy in a year or two.

I'm here to help! Just call me at 936.362.8954. Please do not message me in messenger as they get missed out and my responses may be delayed.

Happy new year to you and your family!

-Chacha
call/text: 936.362.8954
email: [email protected]

10/29/2024

📌📌📌Just for a perspective if you are to buy $800K - $1M home with 20% down payment at different interest rates. 📌📌📌

💰When rates are considered high, many buyers are on the fence and will wait until rates are lower.

💰When more buyers are out hunting for homes as rates are low, they bid at higher and higher to get the houses.

Many people obviously want to buy at the lowest possible interest rate and some people are even waiting for the market crash. I'm not sure if this will happen. And even if there'll be a real estate market collapse, real estate is still proved to be long term wealth generating assets. Prices may go down for a short period of times but historically they will go up after market improves.

♦️On average, home prices are historically 3-5% higher each year in different areas in the US.♦️

Please remember, when you buy a home, you're not married to the mortgage loan. You can refinance after making 6 months of payments and there is no prepayment penalty.

10/09/2024

📬 Attention California Homeowners! 🏡

Property tax bills are officially out in many counties across California! If you do not have an impound account, it’s essential for you to make your payment on time to avoid any penalties. The due date for the first installment is December 10th! ⏰

Make sure to check your mailbox for your property tax bill and take note of the amount due. 💰✨

If you have any questions or need assistance with your payment options, feel free to reach out!

10/09/2024

🏡 Why Every Homebuyer Should Get Preapproved! 🔑

Are you thinking about buying a home? Here’s why getting a mortgage preapproval should be at the top of your to-do list:

📌Know Your Budget: Preapproval gives you a clear idea of how much you can borrow, helping you set a realistic budget for your home search.

📌Strengthen Your Offer: A preapproval letter shows sellers that you are a serious buyer, making your offers more attractive in a competitive market!

📌Faster Closing: With much of the paperwork already done, having a preapproval can significantly speed up the closing process once you find your dream home.

📌Spot Potential Issues Early: The preapproval process allows you to identify and address any financial hurdles before you start house hunting, saving you time and stress.

📌Increased Negotiation Power: Sellers are often more willing to negotiate with preapproved buyers, knowing that they are more likely to close the deal.

Don’t let uncertainty hold you back! Get preapproved today and take the first step toward owning your new home. 🏠✨

Ready to start your journey? Let’s connect!
📞 Chacha 936.362.8954

09/20/2024

Our 5-year pledge allows homebuyers to buy now and save later when refinancing their homes.

Be strategic in today’s housing market. Buy when you find the home for you, knowing you can refinance without repeat lender fees with our 5-Year Rate Protection Pledge!

09/19/2024

For individuals who own a home in California and hesitate to move because of potential higher property tax payment, it's good to understand about Proposition 19 and see if you're qualified or will be qualified.

I'm a mortgage loan consultant who can help you connect with great local real estate agents and help walk you through the home buying process. Together, we work with your best interest in mind.

Contact me to get pre-approved or for mortgage loan consultation via
☎️ 936.362.8954
📨 [email protected]

Credit: Old Republic Title Company

09/18/2024

In advance of the expected increase, New American Funding is pleased to offer a higher conforming loan limit as reflected below.

2025 NAF Temporary Conforming Loan Limit:

Units Contiguous US Alaska, Hawaii
1 $802,650 $1,175,000
2 $1,000,000 $1,500,000
3 $1,200,000 $1,800,000
4 $1,500,000 $2,250,000

If you are currently limited by the 2024 loan limits to purchase the home you really want, you may reach out to me. We'll see how much we can help increase your purchase price.

Call me at 936.362.8954.

08/24/2024

New American Funding Regional Meeting

07/18/2024

Good news! Let's get started now. By the time you find the right home, it could be perfect timing for the rate cut.

'Traders Now 100% Certain the Fed Will Cut in September
Jerome Powell's comments that the Fed wouldn't wait for inflation to get all the way down to its 2% target rate before cutting....'.

Credit: Ryan Schoen, Sr. Insight Analyst at New American Funding

07/10/2024

As the Asian American population continues to increase, their homeownership rate is expected to keep rising. Here's why.

05/20/2024

Think of your loan officer as your own personal home-buying guide.

They not only determine your eligibility and analyze your finances, but they also share ways to improve your chances of approval, resources for improving your credit score and reducing debts, and airtight documentation.

We're here to guide you through each step of the homebuying process.

Ruthchaya (aka Chacha)
Loan Officer, NMLS #1165509
cell: 936.362.8954

-approval

05/10/2024

Loans that many people are skeptical about

Let’s hear from a reverse mortgage expert with over 30 years in business.

Maggie is an area manager in Reverse Mortgage Division at New American Funding where I’m working. Contact us if you, your family or friends want to explore this financing option, whether to buy or refinance a home.

04/29/2024

💰When to refinance:

1. When the interest rate is lower than your current rate.
2. When you need money.
3. When you want to shorten loan term.
4. When you have an adjustable rate mortgage and it's almost due.
5. When you have a FHA loan. Refinance into conventional loan.
6. When you have PMI. Refinance to remove PMI when possible.

💰 What are the good reasons to refinance cash-out when interest rates are high:

1. To pay off credit card debts (which have much higher interest rates).
2. To consolidate all or some of debts into one much lower lumpsum payment - this makes it more affordable as it's spread over longer term.
3. To open a business.
4. To invest in higher yield alternative investment.
5. To have emergency funds or take care family's needs.
6. To buy a new home to live or to buy an investment property.
7. To remodel/update your home as necessary.

💰What is needed to refinance:

1. Income
2. Credit
3. Assets to show you have reserves (most likely for jumbo loan or non-QM loans)
4. Equity

You cannot wait until you're laid off to refinance to get an emergency fund (until you find the next job opportunity).

You cannot wait until you have been late on your payments for many months and your credit becomes so low that you cannot refinance.

You don't want to wait until you run out of reserves (when you have pulled out all your liquid assets) and call mortgage loan officer to cash out (for Jumbo and non-QM loans).

You may not be able to refinance when your comparable sales prices in your area are declining that you don’t have sufficient equity to refinance OR at least you won't get the best possible deal/term when the home prices are not at its peak.

Just for you to see the picture. I have talked with borrowers earlier this year who need to refinance and there were almost like no options for them because they have waited way too long before contacting me. When it reaches this point, the loan is very very hard to get and it become more expensive for them to refinance (they have to pay higher rates and potentially higher fees to make it work).

Let me know if you have any questions or know someone who may need my help.

04/23/2024

🏡💰 Your tax refund can be the key to unlocking your dream home! Here are 5 ways to make it happen: 1️⃣ Put it toward your down payment 2️⃣ Use it for closing costs 3️⃣ Apply it to taxes and insurance 4️⃣ Tap it to cover moving expenses 5️⃣ Add it to your emergency fund. Don't let this opportunity slipaway! Start building your future today. 🌟✨

03/27/2024

📍 CASH OUT REFINANCE is on the rise! 📍

It accounts for >30% of the loan applications.

For those who have piles of credit card debts with high interest rates of 18-24%, refinancing their homes from 3% to 7% can make a perfect sense!

The cash out from your home equity helps paying off current debts and provide you some emergency funds. You know that down the road when your finances are well-shaped up, you can always refinance for a lower rate especially FED announced they will be cutting rates three times this year. All in all, it's not always about 'interest rates', it's more about the 'affordability' - how this can help you afford your monthly mortgage payment and your other financial obligations BETTER or MUCH BETTER THAN NOW.

In some cases, Home Equity Line of Credit (HELOC) may work better. No one knows until you have a discussion with a loan officer to assess your situation and see what you qualify for.

Do not be like one of my clients who contacted me too late. It's a lot harder or become impossible when you wait until there are late payments in your credit histories.

We have '5 year rate protection pledge' that you do not pay for appraisal and lender's fee when you refinance again with us!

Call me to discuss options at 936.362.8954.

Ruthchaya 'Chacha' Thitinavakun
Licensed Loan Officer, NMLS #1165509