Financing in Elk Grove : Advice

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ronaldswanso…, Other/Just Looking in Orem, UT
ronaldswanson55 answered:
what can i do if going through a divorce?
I would recommend getting a divorce attorney. Going through a divorce is stressful enough. Going through it alone is worse. Divorce attorneys are there to support you, and not only fi ... more
0 votes Share Flag Tue Jan 27, 2015 Financing in 95757
J.R. Thrasher, Real Estate Pro in San Diego, CA
J.R. Thrasher answered:
Can my ex close on a house before our divorce is final? Can I get half?
When you say "close on a house" do you mean buying or selling? If your are talking about your ex buying a house, probably not, but check with your lawyer. If you are talking about selli ... more
0 votes Share Flag Tue Sep 23, 2014 Financing in 95757
Jason Andrews…, Real Estate Pro in Sacramento, CA
Jason Andrews REALTOR answered:
Do you think we will be considered for a mortgage loan?
If have a Costco Card you can check your credit thru there company Idenity Guard. I believe it's a small fee. Also its give you calculator scenarios which can adjust your credit up or ... more
1 vote Share Flag Sun Jun 15, 2014 Financing in 95624
Joycelewis412, Home Buyer in Sacramento, CA
Joycelewis412 answered:
Refinance with 2 foreclosures on record?
There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out http://www.whywaitbuytoday.com
0 votes Share Flag Fri Apr 18, 2014 Financing in 95757
Jim Walker, Real Estate Pro in Carmichael, CA
Jim Walker answered:
Where can I get a equity loan or line on my rental property that I do not owe?
GSE guidelines for cash out refi limit your cash out to 70% on duplex property or up to 75% on a single family house. I expect the HELOC guidelines for most lenders to conform to that L ... more
1 vote Share Flag Fri Sep 20, 2013 Financing in 95624
Roy Bush, Both Buyer and Seller in Phoenix, AZ
Roy Bush answered:
I recently filed for chapter 7 bankruptcy; it was discharged July 2011. How long should I wait before attempting to purchase a home?
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allo ... more
0 votes Share Flag Sun Jun 30, 2013 Financing in Elk Grove
Voices Member,  in
Voices Member answered:
MIP and refinancing options. I purchased a fixer-upper with an FHA loan and would like to refi to conv as to stop MIP. Wondering what is involved?
You may still have to pay MI on a conventional if the LTV is greater than 80%. However, depending on the scenario, you wouldn't necessarily have to pay MI on your loan for as long as yo ... more
0 votes Share Flag Fri Jan 4, 2013 Financing in 95757
Bob Willett, Real Estate Pro in Sacramento, CA
Bob Willett answered:
Hi, PURCHASE - 5% down, owner carry at 1% interest only for a 5 year term. PREPAY entire term - Negatives? we pay closing.
Well the biggest thing is you can’t pick your date to refinance without paying the pre-pay penalty. You will have to having to refinance the loan in 5 years, and you don’ ... more
0 votes Share Flag Fri Jun 1, 2012 Financing in Elk Grove
Jim Simms, Real Estate Pro in Louisville, KY
Jim Simms answered:
FHA loan Q: Can the 2.25% FHA cost be paid as part of closing costs instead of adding to loan??
Yes it can be paid by any party to the transaction, buyer, seller or lender. But whoever pays it must pay all of it, so if you roll it into the loan, all of it must be rolled into the ... more
0 votes Share Flag Tue May 22, 2012 Financing in 95757
Morgan Larson, Real Estate Pro in Folsom, CA
Morgan Larson answered:
I have horrible credit but over 20% of down payment. Is it possible to still get a high risk loan?
Valid points and advice have been given. I think it is clear that your first step toward home ownership would be to speak with a reputable mortgage broker who specializes in credit repa ... more
0 votes Share Flag Fri May 6, 2011 Financing in Elk Grove
Steve Ornell…, Real Estate Pro in Fremont, CA
Steve Ornellas answered:
FHA loan refinance to conventional
Hi Dave,

You correctly state that FHA loans carry a mandatory 5-year MI period regardless of LTV percentage, and after this 5-year period the your original LOAN AMOUNT must be paid ... more
1 vote Share Flag Fri Apr 30, 2010 Financing in 95757
Jeff Marr, Real Estate Pro in Folsom, CA
Jeff Marr answered:
I want to refinance my current residence and make some needed repairs, then purchase another property; what impact will this have on my credit score
Fnmimah7 - I'll echo Barbara's response, and ask a question of you: have you spoken with a loan officer to yet to learn the relatively new rules regarding converting your prin ... more
0 votes Share Flag Fri Apr 2, 2010 Financing in 95757
Jeff Marr, Real Estate Pro in Folsom, CA
Jeff Marr answered:
Bought a home 5 months ago. Would lenders be ok to lend if I buy another one??
Dave - the advice you've rec'd from Jim and Roswell is correct.....you'll need to wait 12 months before a lender will allow another primary residence transaction.....the ... more
0 votes Share Flag Thu Apr 1, 2010 Financing in 95757
Lew Corcoran, Real Estate Pro in Easton, MA
Lew Corcoran answered:
For FHA loans, why MIP(mortgage insurance premium) is charged, in addition to PMI??
FHA charges mortgage insurance premiums for its loan products. But, they break up the premium in two parts to make owning a home more affordable. The best way to explain it is to compar ... more
1 vote Share Flag Tue Mar 23, 2010 Financing in 95757
Dave, Real Estate Pro in Folsom, CA
Dave answered:
Sticky mortgage scenario for a client
To answer Bill's query:
The question is for purchase of property from a relative.
Secondly, I'm not aware of 'gift of equity' process, especially in CA.

If the ... more
0 votes Share Flag Fri Feb 19, 2010 Financing in Elk Grove
Jeff Marr, Real Estate Pro in Folsom, CA
Jeff Marr answered:
I want to sell my rental home in Elk Grove to the renters for what I owe. They had a recent foreclosure. Any way to structure a assumption? Any ideas?
Marty - if your current loan is FHA or VA, then there's the potential for having a qualified buyer assume your loan (current borrowers would have to be VA enabled if you currently ... more
0 votes Share Flag Sun Dec 27, 2009 Financing in Elk Grove
Sue Archer R…, Real Estate Pro in Tampa, FL
Sue Archer Reynolds answered:
Earnest deposit for short sale
the purchase agreement states when the seller accepts. That is why it is imperative that a short sale addendum is included with a purchase offer on a short sale. ON that addendum there ... more
0 votes Share Flag Mon Jun 8, 2009 Financing in Elk Grove
Kellen Gracey, Real Estate Pro in 33304
Kellen Gracey answered:
FHA interest rate
Rates have been up and down over the last month or so, and took a huge spike last week. If you're looking to lock in a rate, you might want to move quickly to take advantage of the his ... more
0 votes Share Flag Mon Jun 1, 2009 Financing in Elk Grove
Voices Member,  in
Voices Member answered:
I am 19 years old and looking for a mortgage so I can buy my first investment property. Where shoud I start?
Jonathon,

I would avoid real estate as an investment until 30 year fixed rates are hittin on or near all time highs near 20%.

At that time home prices will be very cheap and tenan ... more
0 votes Share Flag Thu May 28, 2009 Financing in Elk Grove
Jim Walker, Real Estate Pro in Carmichael, CA
Jim Walker answered:
Is it possible for a client to charge a property on a credit card if they are buying a bank foreclosure?
I could write a visa check payable to cash (myself) deposit it to my checking account, ask my bank to draft a bank check (cashiers check) for the amount payable to the title company or ... more
0 votes Share Flag Sun Mar 29, 2009 Financing in Elk Grove
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