Home Buying in Loomis>Question Details

Gwenvalerie, Home Buyer in Loomis, CA

Do you know of any mortgage loans for a person with disabilities? I own a two story condo now and need a single story to live in. thank u

Asked by Gwenvalerie, Loomis, CA Sat Nov 21, 2009

I recently got a loan modification so now I could rent my condo. I recently went on SSDI . I need to live in a single story home. I love the Loomis area. I would like to have a small kitty care grooming and stay over
.
for a small business. Looking for a 3/4 bd and 2 bath. My dream would be a pool for exercise.

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Answers

4
Heads up on the loan modification.
If the modification is for the next 30 years and the full balance, you are good to fund a new loan.
If you loan balance was modified, you may not be eligible for new financing. Look into that
0 votes Thank Flag Link Fri Dec 28, 2012
Gwenvalerie - Teri brought up some good points, all valid potential issues that would need to be resolved in the qualfication process....

also, buying another home while converting your current home to a rental will require that you have 12 months of housing payments as reserves, in addition to coming up with the down payment and closing costs on your new property....this newer lender requirement keeps most borrowers from being able to move up these days......

Feel free to contact me if you'd like me to fully review your situation!
best regards,

Jeff Marr
Stanford Mortgage
916-947-1312
0 votes Thank Flag Link Wed Mar 31, 2010
My first question for you would be what were the terms of your loan modification? Are you required to keep the home as your residence?

Loans for rentals are different than loans for owner occupied, so if you got your current loan stating you were going to live there you may have an issue. You should seek legal advise to determine if you can proceed. Another consideration is that in order to purchase a 2nd home you will need to have enough equity in home #1 to even qualify for a loan on home #2.

I also noticed you posted a question about a mobile home park, probably would not work for your small business needs- most parks would have rules against that.

Teri Andrews-Murch, Realtor, SRES
Lyon Real Estate
Ca DRE # 01734030
530-798-0215
0 votes Thank Flag Link Sat Nov 21, 2009
Gwenvalerie

Have you heard of Disability.gov?
This is what the Gov says about their site...

"Disability.gov provides quick and easy access to information about disability programs, services, laws and benefits. You will still be able to search by topic, such as “Housing” or “Education” and, if you need local information, you can use the site’s new “Information by State” drop-down menu to learn about your State’s programs."
http://www.disability.gov/

You may wish to check it out, another site that might interest you is the Gov site for all their current loan programs. You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
http://www.govloans.gov/govloans_en.portal?_nfls=false&_…

Good luck, Dunes
0 votes Thank Flag Link Sat Nov 21, 2009
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