Financing in San Jose : Advice

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RAVI, Home Buyer in Pittsburg, CA
RAVI answered:
My agent wants to remove loan contigency without loan has been approved. The tital company has taken my deposit. How come I get my money back?
I AM BUYER AND HAVE PRE APROVAL FOR LOAN HOUSE INSPECTION IS DONE APPRAISAL IS DONE WAITING FOR FINAL APROVAL FROM BANK SELLER AGENT PUSHING FOR REMOVAL OF COTIGENCY WHAT IS THAT ME HOW ... more
0 votes Share Flag Tue Oct 12, 2010 Financing in 95129
Julie Conlon, Real Estate Pro in Concord, CA
Julie Conlon answered:
Want to cash out the investment property with the owner owned more than 4 properties? all properties are positive cash flow. will go with full docs.?
Hello Andy,

If it's a conforming loan amount, we can handle this transcation. While it is true that FNMA/FHLMC will not allow cash out on investment property when a borrower own ... more
0 votes Share Flag Thu Sep 30, 2010 Financing in San Jose
Joe Lanzilot…, Real Estate Pro in Orlando, FL
Joe Lanzilotti answered:
Wondering - is there a limit to the number of homes I can buy for conventional loan? I am just exploring and would like to weigh in the risks/risk
Fannie / Freddie conventional loans will usually only allow 4 open residential mortgages. Exceptions can be made, but having compensating factors, liquid assets, etc are a must.
0 votes Share Flag Tue Sep 14, 2010 Financing in San Jose
Roswell Moore…, Real Estate Pro in Scottsdale, AZ
Roswell Moore, CMPS answered:
203(k) streamlined REfinance - need a broker near San Jose with EXPERIENCE. Have existing straight FHA loan (203b), looking to improve home for $20k
Aemoa,

We are a Full Eagle FHA direct lender very familiar with 203(k) loans. We issue the first check to you directly so you don't have to wait for the "servicing bank&quo ... more
0 votes Share Flag Wed Aug 18, 2010 Financing in San Jose
Gilbert Rich…, Real Estate Pro in Santa Clara County, CA
Gilbert Richards answered:
Does anyone currently offer a home equity loan for a 90-95 ltv?
No. Hard money won't do it. As far as what you're looking for on your first that is easy to do right now.
0 votes Share Flag Thu Jul 22, 2010 Financing in San Jose
Matt Puzz, Real Estate Pro in Phoenix, AZ
Matt Puzz answered:
does BOA allow a loan recast if we pay sizable amt towards principal for a 30 year fixed loan?
Mini,
I agree with all 3 professionals before my comments.
Eric is right that it is written in your promissory note, or the paper will just say NOTE in the middle of the page about ... more
0 votes Share Flag Thu Jul 22, 2010 Financing in San Jose
Hollie, Home Buyer in Tracy, CA
Hollie asked:
buyout statement from mortgagee We are buying a short sale. The lender ask us to 'Provide written buyout statement from current mortgagee for terms of short sale'. What does it mean?
0 votes Share Flag Wed Jul 14, 2010 Financing in San Jose
Gregorio Den…, Real Estate Pro in San Diego, CA
Gregorio Denny answered:
Is there any minimum gap between two refinances in State of California?. I just refinanced last week but now the rates have dropped by 0.375.
And once again I will say, that on a conforming Jumbo, aka high balance conforming, aka super conforming loan, you cannot refinance it for 6 months. You will not get a DU / LP approve u ... more
0 votes Share Flag Mon Jul 12, 2010 Financing in San Jose
Gregorio Den…, Real Estate Pro in San Diego, CA
Gregorio Denny answered:
is 5/1 ARM @3.62 or 30 year fixed @4.87% better for loan amt of 452K? Loan re-finance costs are same for both loans
And I stand by my post that you should close neither because if there are closing costs associated; it's too much. This is a refi, not a purchase. The idea of refinancing is to imp ... more
0 votes Share Flag Wed Jul 7, 2010 Financing in 95129
Ruth & P…, Real Estate Pro in 95030
Ruth & Perry Mistry answered:
refinancing-offer at 4.875% -30 yr fixed - agent offers $2400 credit - asks $450 appraisal fees - will be credited. believable ?- other advise?
Hi Mini:

It is believable.

Go to www.bankrate.com or www.amerisave.com to name a few and you will be convinced.

Best Regards
Perry
0 votes Share Flag Fri Jul 2, 2010 Financing in 95129
Rudy R. McDo…, Real Estate Pro in Bloomfield Hills, MI
Rudy R. McDowell answered:
Any new news about the first time home buyer federal tax refund being offered again? How about the CA refund being extended or offered again?
Hi, M

Unless you're actively serving in the military overseas, to date there is no solid signs of the tax credit being extended beyond its July 30th deadline. However, specula ... more
0 votes Share Flag Mon May 24, 2010 Financing in 95111
Blake2010, Real Estate Pro in Atlanta, GA
Blake2010 answered:
Are there still any lenders that offer a 2nd mortgage (HEL) or cashout refinance for 90, 95, or 100 LTV ratios?
There are lenders that offer cash out up to 90%. Of course you are going to pay for this through your interest rate, but if you need the cash, there is a way to do it!
0 votes Share Flag Mon May 24, 2010 Financing in 95111
Allyson Ales…, Real Estate Pro in Santa Clara County, CA
Allyson Alessandrini answered:
VA Loan expert in San Jose.
Hi Ryan,
I have had success using Scott Hill at Cedar Mortgage Co. @ 3190 Bascom Ave. Ste. 100 San Jose, Ca 95124. Phone # 408-626-0394 or Email Scott@ScottHillTeam.com.
It is VERY im ... more
0 votes Share Flag Mon May 17, 2010 Financing in San Jose
John B, Real Estate Pro in Studio City, Los Ang...
John B answered:
If I am looking for a loan amount of $800K, can I structure my loan so that I have essentially 2 loans,
Talk to the seller, maybe he will do a seller financing.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good ... more
0 votes Share Flag Mon May 17, 2010 Financing in San Jose
Bill Mccord, Real Estate Pro in San Jose, CA
Bill Mccord answered:
two loans
Hollie,
If you actually qualify for both loans there is no reason to use 2 different Lenders.
If not ,you are considering mortgage fraud which is a felony. Do you really want to do t ... more
0 votes Share Flag Mon May 17, 2010 Financing in San Jose
Sam Shueh, Real Estate Pro in San Jose, CA
Sam Shueh answered:
loan modification
the state statue prevents any lawyer charging fees up front. This is the time for anyone to get into a loan mod program. You only pay when it is completed. However, if you walk out this ... more
0 votes Share Flag Mon May 17, 2010 Financing in San Jose
Andrea Wince…, Real Estate Pro in San Jose, CA
Andrea Wince ~ Lic. 01439761 answered:
I have a credit score of 830, but have a lot of credit card debt. How eligible am I for a home loan?
Hi Alan, there are so many "variables" involved in your personal situation, it is impossible to provide you accurate advice .... other than to advise that you sit down with a ... more
0 votes Share Flag Sun May 16, 2010 Financing in 95134
Infinity Rea…, Real Estate Pro in Saratoga, CA
Infinity Realty Network answered:
i would like to have $396000 loan for my first time buyer home after 25% down; my score: 660.
With that fico you will be looking at a conventional loan vs a FHA loan. Both have great 30 yr rates at the moment in that range, but a conventional might be your best bet as FHA loan l ... more
0 votes Share Flag Tue May 11, 2010 Financing in San Jose
Rudy R. McDo…, Real Estate Pro in Bloomfield Hills, MI
Rudy R. McDowell answered:
Under RESPA 2010 - if you do not charge a fee for transfer tax but it was required and later the borrower requests an increase in the loan amount
The transfer tax is determined by the sale price. If you have an addendum or revised PA with the increased sale price that dated after your original GFE and TIL, effectively altering ... more
0 votes Share Flag Wed Apr 28, 2010 Financing in San Jose
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg answered:
How soon can you buy a home after a shortsale?
One of the major lenders just came out with guidelines on waiting time after a short sale. I posted a blog on it yesterday, so you can search for that and you will get the details. Kee ... more
0 votes Share Flag Mon Apr 19, 2010 Financing in San Jose
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