I know a direct lender who will help to get the loan that meet your criteria with low interest rate, if you are looking for Homes in San Lorenzo, Ca. I have so many listings to assist you to find the perfect for you.
I am assuming that you are going with FHA financing because you need to, meaning that you cannot qualify with conventional financing. There are several areas where FHA is more lenient. For example, you can buy with a foreclosure that is only 3 years in your past with FHA, yet the waiting period for conventional is 7 years. The reason FHA requires mortgage insurance is because they tend to be more lenient. It protects them.
If you can go conventional financing, do that, as you will not have to pay mortgage insurance with 33% down.
If you have questions, feel free to contact me. Otherwise, good luck with your home purchase!
You should be just fine with a Freddie Mac conventional loan.
Do not hesitate to give me a call to further discuss
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
NMLS 304353 - DRE 01380701
A new listing just came up for $474,950, in addition to current listings at $499K amd $499,950.
Like other Bay area cities, we are seeing a resurgence of buyers competing for the few houses that come up for sale.
So you should go ahead and speak to your mortgage lender right away to know your options -- what you can afford, what kind of loan you can get and at what interest rate, what is required for your mom to co-sign, and how much you will need for down payment and closing costs.
Because once you see a property you like, it won't take long before it will be in contract.
I have a short sale listing for $430K, and I am receiving multiple offers at significantly over the list price.
So be prepared to act fast, and to compete in this market.
Let me know how I may help you
510 205 2992 (text, too)
You have good answers already from the mortgage brokers.
I just wanted to let you know that I just got a new listing in 94578 zip code in San Leandro yesterday.It is listed for $474,950.
To see a virtual Tour on this listing click on the link:
It will also be open this Sunday from 1-4 PM.
I have a portfolio loan product available on a 30 year fix or 15 year fix where you can go as little as 5% down and there is no PMI on the loan. The catch is that you have to qualify by making sure you do not exceed the income limit for the county you are buying in or the property itself is approved in a census tract allowed by the lender.
If I can be of assistance, please let me know.
RPM | Los Angeles
Direct: (310) 574-7766
Cell: (310) 995-0975
On an FHA loan, to avoid having to pay the annual/monthly MIP (it's called "MIP", for "Mortgage Insurance Premium", on FHA loans because they are self-insured,and "PMI" means "Private Mortgage Insurance") you'll need to put at least 22% down and take a 15-year term or less. However starting on June 3rd 2013 even with those parameters FHA will start charging annual MIP in the amount of .45% of the loan amount per year (i.e. on a $330k loan amount it'd equate to $123.75/mo).
However did you know that you can use conventional financing and your mom can so-sign and be able to use her income to qualify? There are two primary forms of conventional financing - Fannie Mae & Freddie Mac. Fannie Mae programs WON'T allow an occupant borrower & non-occupant co-borrower to combine their income to qualify however Freddie Mac loan programs will. Since you & your mom both have excellent credit, then I strongly recommend you look into using a Freddie Mac loan program to purchase rather than FHA financing as it'll save you more money.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct