Scott Dovala Santa Rosa Mortgage and Home Loans

With less than 30 days left until April15th, many Novato homeowners are scrambling to get their paperwork together for their tax preparer appointment. In all the frustrated and anxiety filled moments before the meeting, many homeowners may forget a few of the tax deductions they may be allowed. As a reminder, here are just a few that may help you with your income taxes this year. Be aware that before you make any of these deductions, you need to speak with a tax professional first before doing so.

1. PMI - Private Mortgage Insurance is an extra insurance that lenders require when a homeowner puts less than 20% down payment on a home. in essence, lenders would prefer an 80% Loan-to-Value, however those borrowers with an LTV higher than 80% must pay an insurance premium each month. But the good news is that Congress extended the deductions for PMI through 2010. The one restriction to this deductions is that you must have purchased or refinanced your home after January 1, 2007 and have an adjusted gross income of less than $110,000.

2. Points Paid - Deducting points that you may have paid to get a lower rate must be treated differently whether you purchased a home or refinanced. If you purchased a home last year, the points you where charged at closing are deductible on your income tax for that year. Even if the seller paid all or only some of your points you may be eligible to deduct those points also. If you refinanced last year you might be able to deduct those points also. However, you will have to deduct the points over the life of the loan, meaning a 30 year fixed loan, the points will have to be deducted over 30 years.

4. Real Estate Taxes Both State and Local - Both of these are deductible in the year actually paid.

5. Mortgage Interest - The interest that you pay on your home mortgage is usually tax deductible. Check with your tax adviser, but normally it is fully deductible for that year paid.

There are others that deal with home offices, health related improvements, capital gains, moving expenses, vacation homes and home improvements. Again, you should talk with a professional tax advisor before attempting any of these deductions.

Scott Dovala Branch Manager Ascent Home Loans

With less than 30 days left until April15th, many homeowners are scrambling to get their paperwork together for their tax preparer appointment. In all the frustrated and anxiety filled moments before the meeting, many homeowners may forget a few of the tax deductions they may be allowed. As a reminder, here are just a few that may help you with your income taxes this year. Be aware that before you make any of these deductions, you need to speak with a tax professional first before doing so.

1. PMI - Private Mortgage Insurance is an extra insurance that lenders require when a homeowner puts less than 20% down payment on a home. in essence, lenders would prefer an 80% Loan-to-Value, however those borrowers with an LTV higher than 80% must pay an insurance premium each month. But the good news is that Congress extended the deductions for PMI through 2010. The one restriction to this deductions is that you must have purchased or refinanced your home after January 1, 2007 and have an adjusted gross income of less than $110,000.

2. Points Paid - Deducting points that you may have paid to get a lower rate must be treated differently whether you purchased a home or refinanced. If you purchased a home last year, the points you where charged at closing are deductible on your income tax for that year. Even if the seller paid all or only some of your points you may be eligible to deduct those points also. If you refinanced last year you might be able to deduct those points also. However, you will have to deduct the points over the life of the loan, meaning a 30 year fixed loan, the points will have to be deducted over 30 years.

4. Real Estate Taxes Both State and Local - Both of these are deductible in the year actually paid.

5. Mortgage Interest - The interest that you pay on your home mortgage is usually tax deductible. Check with your tax adviser, but normally it is fully deductible for that year paid.

There are others that deal with home offices, health related improvements, capital gains, moving expenses, vacation homes and home improvements. Again, you should talk with a professional tax advisor before attempting any of these deductions.

Scott Dovala Branch Manager Ascent Home Loans

On the heels of the Federal Housing Administration's increases in the maximum loan amounts for Sonoma County, both Fannie Mae and Freddie Mac have released their increases today March 7,2008. Following the lead of FHA, the new conforming rate for Sonoma County will be $662,500. Although this increase is currently only temporary until the end of the year 2008, it should help many families to refinance out of their high interest rate adjustable rate loans.

For those who have been waiting to refinance out of their current adjustable rate mortgage, the time is here. For example, if your current adjustable interest rate is 7.5% with a $500,000 loan amount, your current P & I is $3496.07. However, if you refinanced into a 30 year fixed at the current rate of 6.00% your monthly P & I would be $2997.75. That would be a savings of $498.32 a month or $5,979.84 a year. Let's say your interest rate is 8.5%. Your current P & I monthly payment would be $3,844.57. If you refinanced into an FHA 30 year fixed at the current rate of 6.00% your savings per month would be a whopping $846.78 or $10,161.36!

For those looking to purchase a home, this should spur the market into leveling out and possibly increasing slightly. Either way, it should stop the decreases in home prices and start building a base.

If you are looking to refinance or purchase a home, call us today at 707-494-8532 or toll free 877-392-0674 and our mortgage professionals will help you to realize your dream of owning your own home, or helping you and your family to refinance so you can afford the home you have already come to love.

Scott Dovala Branch Manager Ascent Home Loans Santa Rosa CA

With the mortgage crisis in full swing, a temporary reprieve has finally come from the Federal Housing Administration. As of March 05,2008 the FHA maximum loan limits for Sonoma County have been raised from $362,000 to $662,500. What this means for both current borrowers and future home-buyers is a short term chance to either refinance out of your high interest rate adjustable mortgage, or for those that have been waiting to once again be able to purchase a home with less than a 700 credit score. As an added bonus, most of the time the FHA interest rate is lower than the standard conforming Fannie Maw or Freddie Mac rate.

For those who have been waiting to refinance out of their current adjustable rate mortgage, the time is here. For example, if your current adjustable interest rate is 7.5% with a $500,000 loan amount, your current P & I is $3496.07. However, if you refinanced into a FHA 30 year fixed at the current rate of 6.00% your monthly P & I would be $2997.75. That would be a savings of $498.32 a month or $5,979.84 a year. Let's say your interest rate is 8.5%. Your current P & I monthly payment would be $3,844.57. If you refinanced into an FHA 30 year fixed at the current rate of 6.00% your savings per month would be a whopping $846.78 or $10,161.36!

For those looking to purchase a new home, you will benefit also. FHA is much more forgiving when it comes to less than perfect credit. Unlike Fannie Mae and Freddie Mac, an FHA underwriter will take into account any extenuating circumstances that may have lowered your credit score. Do not assume that because your credit score is less than 680 you will not be approved. I have closed 100's of FHA loans and have seen many approve with a manual underwrite with credit scores of 520- 580. Now, do all of these types of loans approve? No, but the key to getting approved is having someone with many years of experience with FHA loans handle your submission.

Below are just some opf the reasons to apply for an FHA loan.

Competitive Interest Rates: FHA loans have always been competitive with conforming loan pricing. The majority of the time they are even lower than conforming loan rates. Call today for a quote, you may surprised at what the current rate is.

Lower Down Payment: Currently FHA requires only a 3% down payment which can come from several sources. If you are having trouble with the down-payment or closing costs, you can get 100% of the down payment and closing costs gifted to you by a family member.

Chapter 13 Bankruptcy: After 1 year of being in Chapter 13 you can apply for a home or refinance.

Declining Markets: Unlike conventional loans, declining markets do not affect FHA mortgages.

Closing Costs: A seller can help you by paying up to 6% of your closing costs.

Qualifying for an FHA Loan: It is much easier to qualify for an FHA loan than most people think. Because the federal government is backing the FHA loan, those with less than perfect credit or have extenuating circumstances may still get approved. Do not assume your situation will cause you to be turned down for approval. Call today to see if you can qualify.

Remember, due to the high median home prices over the last several years, many loan officers in California have never originated an FHA loan. I have already received phone calls from curious borrowers who have spoken to these inexperienced loan officers and have been given wrong information. Yes, even by some of the mortgage lending giants. Be careful when choosing.

Scott Dovala-Branch Manager Ascent Home Loans 707-494-8632 or 877-392-0674

Scott Dovala has lived in Sonoma County, specifically the Santa Rosa area for over 17 years. Formally a Regional VP of Operations and National Director of Operations for three national mortgage companies, Scott is now a Branch Manager with Ascent Home Loans in Santa Rosa CA. Scott utilizes his 10 years of experience to tailor each and every loan to both his client's current and future needs. But more importantly. Scott delivers the quality customer service he would expect if he himself were applying for a loan. Both borrowers and Realtors realize quickly the commitment Scott makes to each and every one of his clients.

As a National Mortgage Banker, Ascent Home Loans has provided innovative lending solutions for over 10 years. With our state of the art technology, I can give you quick loan decisions when you need to refinance, or fast pre-approvals that will give you that edge when negotiating for a new home.

At Ascent Home Loans of Santa Rosa CA, I want to help you make the right choices when it comes to selecting the correct mortgage for you and your family. How do I do this?

I listen to my clients. With the right questions being asked, a client can provide a wealth of information on their future home loan and investment needs.

I unlike other lenders, help you choose the right loan program that best fits your needs, not ours. Now, I can be like other every other mortgage company and tell you we have 500 lenders and 1000's of programs to choose from, but all of us in the mortgage industry do. What separates myself from all the others is my 10 years of experience helping borrowers with every possible type of credit situation, document type and loan amount. I am a First Time Homebuyer expert, along with being one of the very few mortgage professionals here in California that has years of experience with FHA loans. On top of that, I will make sure that you get the best rate possible for your situation. My experience will also help to make sure that the loan process will be effortless and easy.

Loan Programs

Here is just a sample of the loan programs available through Ascent Home Loans

• Free Pre-Approval/Quick Loan Decisions
• First Time Homebuyers to the Savvy Investor
• Purchase, Refinance
• Stated Income, No Ratio, Limited Doc,No Doc,No Income/No Asset
• Fixed and Adjustable including Option Arms and Interest Only
• FHA / VA
• Fannie Mae Refi Plus (Up To 105% LTV)
  
• Jumbo Loans to $2,000,000 / Cash Out to $2,000,000
• 100% LTV (VA)
• All Credit Types / Excellent Credit to Clients with Past Credit Difficulties
• Home Equity Lines of Credit
• Debt Consolidation / Bankruptcy Programs
• Small Commercial Loans both full doc and stated up to $1,500,000

Whether you have excellent credit or have been turned down in the past, Ascent Home Loans may have the solution to your financing needs.

Call me today at 707-494-8532 or 877-392-0674 or click on Quick Application and fill out the short form to find out whether you pre-qualify for a loan. Take a moment and visit my Website or click on Apply Online and go directly to my secure 1003 appliciation. If you have a question, please click here and you will receive an answer in 24 hours. If you would like to know more about my background in the mortgage industry, please click here.

A

Sincerely,

Scott Dovala
Branch Manager

Ascent Home Loans CA Customer Referrals

Scott, Thanks for the great job you did closing our loan. Lisa and I could not have been happier with your service. It was tough enough moving from Salt Lake to Santa Rosa, but you made the loan process easy. TM Carey

John and I couldn't be happier in our new home. I don't think anyone else would have taken the time to walk us through the loan process as you did. Although this is our first home, we now know what to expect when we decide to sell this one and buy our next. Of course, we will call you when that time comes. J & E Gavin Santa Rosa Ca.

What a vast improvement in service over the last company I used. Thank you. J Klineman Santa Rosa Ca

I was nervous wreck buying my first home. You had a very calming effect on me through the whole process. It seemed so easy. PG Riverside CA

We tried to get approved by another company, but they did not take the time you did to help us with our credit report. You got us approved and now we are enjoying our new home. Thank you so much. J Alvarez Santa Rosa Ca.

Why is it so many mortgage companies make it so difficult when applying for a loan and you made it so easy? Both Barbara and I thank you and have referred you to several of our friends and family. T Darmour Petaluma, Ca.

Thanks for helping us refinance our home. You worked long and hard on our credit problems and both Jack and I appreicate it. K Baes Santa Rosa, Ca.

I never thought it was possible, but you said you could get my commercial deal done in 45 days. You not only kept your promise, but closed it in 30 days. My bank took 6 months when I apllied with them. Thank You! P Lemist Santa Rosa Ca.