Financing in Walnut Creek>Question Details

Jim B, Home Buyer in Walnut Creek, CA

Just relocated to the East Bay Area recently

Asked by Jim B, Walnut Creek, CA Tue Jan 13, 2009

My wife and I just relocated to the East Bay area and we are looking for a reputable Mortgage Lender/Broker. All credit scores are excellent, have minimal debt. Would love to go the 80.0%, 10.0%, 10.0% route for financing and avoid PMI as our AGI is too high for the tax write off.

Any and all help is greatly appreciated.

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Answers

8
80/10/10 Loan still exist, as do Lender Paid PMI loans.

I am down in Orange County.

I am a mortgage broker. If I can be of further assistance, please let me know.

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Sat Jan 17, 2009
Jim,

If you're shopping for a house nowadays, you are probably going to want to buy a foreclosure or short sale. As such, most banks will require that you have a pre-qualification through their lending arm, because they want to make sure you're a "real" buyer. You should probably get two different pre-approvals, one through a mortage broker and one through one of the large money center banks like Wells Fargo, B of A etc.
0 votes Thank Flag Link Sat Jan 17, 2009
Hi Jim,
I use a wonderful person that happens to be in our J. Rockcliff office in Walnut Creek, although she is independent, Yvonne Hemmingsen with Diversified Capital, yhemmingsen@divcap.net, 925-426-8383. Please let her know that I referred you. Are you also interested in a bank contact? I advise my clients to check out both just to have a basis of comparison.
Good luck with your purchase,
Suzanne Looker
0 votes Thank Flag Link Thu Jan 15, 2009
Tim Soldati at First Priority Financial http://timsloans.com/

Tim always puts the client's interests first.

Weekly, in-depth market reports at the link below
0 votes Thank Flag Link Wed Jan 14, 2009
Jim,

I suggest that you speak with Clay Selland at Signet Mortgage in San Ramon. Clay is trustworthy, reliable, and tenacious. He went the extra mile for us when we moved in Danville, and I'm sure he'd do the same for you. By the way, I don't work for the company, or have anything to gain from this. Just passing along my experience. Their website is signetmortgage dot com.

Scott L.
Danville,CA
0 votes Thank Flag Link Tue Jan 13, 2009
Jim... I also wanted to mention that the 80/10/10 financing option is rarely, if at all available these days. I'm not a loan officer so I don't know all the specifics... but I do know that just prior to these programs going away many people were opting to go with a single loan and pay PMI because the interest rate on the second mortgage is much higher. Often times, paying PMI with a single loan results in a lower overall payment with the opportunity to remove the PMI when you have enough equity.

Again... Dylan could definitely explain everything more clearly than me!
Tara

Tara Steinke
San Diego Real Estate Specialist
Residential Sales and Appraisals
619-384-6014
mysandiegoagent@gmail.com
0 votes Thank Flag Link Tue Jan 13, 2009
Hi Jim,

Although I live and practice real estate in San Diego, I know an excellent lender out of Sacramento (Roseville to be more specific). The brokerage is Whitman Metropolitan and I recommend Dylan Whitman, one of the founding loan officers. He is excellent and is not shy at all when explaining all aspects of the loan clearly and honestly (something that's very important to me when referring clients to a lender). They also charge absolutely no junk fees and are willing to take much less on the back end rebate than most loan officers, ensuring you get the lowest rate they can possibly offer.

Email me at the address below if you would like his contact information.

Best of luck! I have friends living in Walnut Creek and have heard very good things.

Tara

Tara Steinke
San Diego Real Estate Specialist
Residential Sales and Appraisals
619-384-6014
mysandiegoagent@gmail.com
0 votes Thank Flag Link Tue Jan 13, 2009
An advantage I could talk with you about would be whats called Lender paid PMI. Its actually financed into your rate. This would allow you to put down 10% and still have a full tax advantage. (Of course you should speak with a tax preparer as well)Feel Free to contact me should you like assistance.
0 votes Thank Flag Link Tue Jan 13, 2009
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