Home Buying in 92614>Question Details

Hanna Park, Home Buyer in Buena Park, CA

How can I get financed for a private sale home?

Asked by Hanna Park, Buena Park, CA Fri Jan 18, 2013

My boyfriend's parents had recently bought a new home and are willing to sell me their old house. I have a substantial amount for a down payment for the house however, I am having trouble getting the rest of the money because I only have a part time job that I have been working for a year. I have good credit, no debts, and large assets. How would this work? Does a lot change because it is a private sale? Any advice will help. I need help getting financed for this situation.

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Answers

9
It is crucial that you shop around for a mortgage broker that can explore all your financial options and advice you. Mortgage brokers have access to many banks, private lenders and different programs.
Choose one that can answer all your questions in the first meeting.

Best of Luck,

Maria Cipollone
Century 21 tenace

http://www.Flahomespecialist.com
5 votes Thank Flag Link Wed Jan 30, 2013
You might want to consider doing a refinance if your boyfriends' parents are willing to stay on the loan. After a year's time you will have enough seasoning on the loan and will be at your job for 2 years. Lenders typically require 2 year job history for part time employment, self employed income, etc. After that time, you could do another refinace and then take the parents off the loan completely at that time.

It's something to consider.
0 votes Thank Flag Link Thu Jan 31, 2013
I do know a lender who has done miracle for me. Try him and hope he will be able to help you.
His name is Abraham and his number is: 909-900-2584 If you do call him, let him know that MJ gave you his number. Good Luck
http://WWW.MsRealtyCalifornia.Com
0 votes Thank Flag Link Thu Jan 24, 2013
I suggest that you speak with a mortgage broker. I can recommend several outstanding individuals for you to interview. They will evaluate your finances, down payment, amount of the purchase, your assets, employment history, debts and credit history. After they evaluate these factors, they should be able to provide you with a definitive answer and if they are to provide you with a mortgage loan, should be able to provide some options for you to consider. I wish you all the best. Please contact me if you are interested in referrals, I'm happy to assist you.

Birgit O'Hearn
Windermere Real Estate SoCal
Birgit.homesales@gmail.com
0 votes Thank Flag Link Fri Jan 18, 2013
Brentwood Pacific has 20 yrs experience in help hard to finance homebuyers, just like yourself.

Brentwood Pacific Financial can walk you through the steps that are involved with a private sale.

All private sale are not the same cookie cutter formula but you can be sucessfull.

As you can well imagine there is just too much information to go over in this short message but you can get additional information by calling 800-316-5913 ext 2501..

Scott Fredrickson
Brentwood Pacific Financial
0 votes Thank Flag Link Fri Jan 18, 2013
Hello Hanna;
I am a mortgage and real estate broker for over 16 years. Your scenario is not for a conventional loan. Because you dont have two years at the job etc.... you are looking at private money loan. We have several different loan programs for you that I am sure you can diffenitly benefit from. We can close this purchase loan in less than 15 days and have you move in your new place. The fact that this is a private sale, has no effect in your loan or any thing else for that matter. Please give me a call at 949-5101955 to talk in more detail. I can go through all the different programs we have and give you your through numbers. You will not regret it.
Regards,
Shadi Kian
Broker
NMLS #248451
p.s. The different between us as a broker and the single bank is that they can only offer you their own limited programs, but I have a pool of banks and lenders that we work with, so your options are much more for lower rate and safer loan.
0 votes Thank Flag Link Fri Jan 18, 2013
Good morning Hanna,
Kinecta Federal CU is a local lender (the biggest credit union in California) we have different programs and portfolio loans.
At the same time you will be able to be member of Kinecta FCU and get all rebates and benefits that goes with the transaction.

The sale and transaction can be done without hassle i need answer to couple questions.

Please contact me

LQUINTERO@KINECTA.ORG
http://www.kinecta.org/lquintero

Libardo Quintero
nmls 380933
949.861.0367
0 votes Thank Flag Link Fri Jan 18, 2013
Morning Hanna,

Thanks for contacting us here on Trulia.

It can easily be completed, however you need to speak with a mortgage banker first. You have many choices, you can apply at your local bank whether its Chase/BofA/Wells Fargo these banks may take longer or my favorite banker Tony Bolanos at New American. Tony can close the transaction in 21 days once you have supplied all your documents.

Once your approved you'll need to open escrow and title ( I can help you with this).

Also if you'd like I can check comparable homes prices for you.

Let me know if you have any other questions, concerns or comments.

Please take a moment and see my reviews from my current & past clients.

Best,

Alex Vargas
Weichert Realtors
(714) 269-8775 Mobile

DRE# 01332235

http://www.AlexSellsSoCal.Com

AlexVargas2009@gmail.com
0 votes Thank Flag Link Fri Jan 18, 2013
I don't think much changes at all because it is a private sale. Have you been trying the bigger banks? I find people have better experiences with smaller, more local banks that specialize in writing mortgages. Banks like Annie Mac and Residential Home Funding. Do you know a realtor? Are you going to use a real estate attorney for the closing? Those are two places where you might be referred to a good mortgage lender. The part time job is probably the biggest problem, you have to show that you are able to make the payments every month. the assets should help somewhat but you would need to know the formula the bank uses in order to identify the problem and see if it can be solved.
0 votes Thank Flag Link Fri Jan 18, 2013
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