Financing in 95823 : Advice

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Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
What are the pros and cons between working with a mortgage broker versus a mortgage lender?
I think you get a variety of loan products offered to you at your fingertips, so you have wider choices. I know that my mortgage broker has some leniency with borrowers, too, so for exa ... more
0 votes Share Flag Mon Jan 17, 2011 Financing in Sacramento
Chris Blasic, Real Estate Pro in Murrieta, CA
Chris Blasic answered:
Financing a second home
Unfortunately you need the 20 percent down if it is an investment but if your going to upgrade to a larger primary residence you could go with a smaller downpayment program assuming you ... more
0 votes Share Flag Tue Jan 11, 2011 Financing in Sacramento
Roswell Moore…, Real Estate Pro in Scottsdale, AZ
Roswell Moore, CMPS answered:
new rental income calculations
Hi Hollie,

If you purchased a new property in July of this year, you have not had a chance to file your 2010 tax returns with your new rental, so Underwriting will look at your lease ... more
0 votes Share Flag Thu Dec 2, 2010 Financing in Sacramento
Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
Follow up question about refinance of underwater home (Not wasn't clear how to use this program as email string, so I'll start with
I doubt it. Banks aren't that creative. But it is possible that it might rewrite your promissory note and not the deed of trust. You might ask about an interest rate reduction on y ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in 95833
William Alst…, Real Estate Pro in Sacramento County, CA
William Alston answered:
Any suggestions for refinance of underwater home?
The first question I always ask my clients is why do you want to do this?
or in other words "what is your intended long range and short range objectives.

Asking a technical que ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Sacramento
Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
what happens to my second lien if both my wife and i are on the second lien and she filed for chapter 7 bankruptcy? will they go after me now?
You really should seek legal advice because it is highly likely that you are personally responsible for that loan. If you cannot afford a lawyer, try Legal Aid or ask a lawyer to help y ... more
0 votes Share Flag Mon Nov 22, 2010 Financing in Sacramento
Andrew & Ele…, Real Estate Pro in Naples, FL
Andrew & Elena Ollick answered:
I need to know how to get my lender to allow me to do the refinance part of this loan. They are stating our investors are not participating.
I do believe that since you're doing a simple refinance, you should be able to acomplish that with your investors. Maybe you're scarying them with the "short payoff" ... more
0 votes Share Flag Thu Oct 7, 2010 Financing in Sacramento
Gregorio Den…, Real Estate Pro in San Diego, CA
Gregorio Denny answered:
What to pay a mortgage broker if you don't end up using them?
If he is ethical, he cannot accept your money. A broker cannot be compensated outside of a closing. If you liked his / her work, refer your friends to them. Don't feel guilty about ... more
0 votes Share Flag Thu Aug 29, 2013 Financing in Sacramento
Mary Willett, Real Estate Pro in Sacramento County, CA
Mary Willett answered:
Please advise on FHA streamline refi!
The short answer is that the difference between the refund of your old MIP and the 2.25% new MIP will be the only cost of the refinance if your lender is truly picking up all the closin ... more
0 votes Share Flag Sun Jun 16, 2013 Financing in Sacramento
Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
I have an private investor financing my new real estate venture. What type of negotiating power (savings) does an all cash offer bring?
You get a significant edge when buying a fixer, especially a bank-owned fixer. Cash is also helpful in situations in which an appraisal may be difficult. But generally when a buyer' ... more
0 votes Share Flag Sat Sep 11, 2010 Financing in Sacramento
Anthony Lomb…, Real Estate Pro in 95605
Anthony Lombardo answered:
I have a private investor to fund my new real estate venture. He has offered to finance my deals. How do i set that up..with a real estate attorney?
Buy an hour with Anthony Geraci (attorney). I saw him speak at a hard money conference and he knew everything from private money financing to setting up hard money mortgage pools. I h ... more
0 votes Share Flag Mon Jan 10, 2011 Financing in Sacramento
Glen Mitchell, Real Estate Pro in Half Moon Bay, CA
Glen Mitchell answered:
Have to refinance b/c of divorce, but I'm upside down on this house
You sound like you might be a good candidate for the making home affordable program. http://makinghomeaffordable.gov/

It's not a quick process, but you have a hardship. Loo ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Sacramento
Jim Swanson, Real Estate Pro in Sacramento, CA
Jim Swanson answered:
I have already 3 properties under my name.Each of them listed as primary residence when I applied for the loans.Now I am buying another one to help a
For starters, you are calling this your primary residence, and it is not. I'm not a lawyer, but I believe that any lie on the loan application could be considered loan fraud.

I ... more
0 votes Share Flag Sun Jul 4, 2010 Financing in Sacramento
Jim Swanson, Real Estate Pro in Sacramento, CA
Jim Swanson answered:
I have an investment property in Sacramento, CA with a good amount of equity. Can I get a second mortgage or equity line of credit? Where?
I believe the wit time is more like 6 months to refi. The problem will be in getting an appraiser to agree with your determination of value. I'd suggest contacting a loan broker an ... more
0 votes Share Flag Thu Jul 22, 2010 Financing in Sacramento
Lew Corcoran, Real Estate Pro in Easton, MA
Lew Corcoran answered:
Looking for Residential Rehab loan bank other than the big banks - I have heard that debt to loan ratio expectations for big banks are much stringent
There are two loan programs you may wish to consider.

One is the Fannie Mae HomeStyle Renovation Mortgage program. To learn more, go to https://www.efanniemae.com/sf/guides/mtgprod/ ... more
0 votes Share Flag Mon May 17, 2010 Financing in Sacramento
Emelia Sanch…, Real Estate Pro in Ontario, CA
Emelia Sanchez answered:
I have been turned down for loan modification twice with B of A. They are saying the investor will not modify. What can I do?
Hello Dodie,

Your home is owned by a private investor and not willing to modify the terms of the loan. Your choices if you want to keep the house is to make your payments as you had ... more
0 votes Share Flag Tue Apr 20, 2010 Financing in Sacramento
Grace Morioka…, Real Estate Pro in Sunnyvale, CA
Grace Morioka (408-426-1616) answered:
Pro City got my balance reduced by $65,000 as a prt of the modification. Will I owe any taxes?
Hello Barry and thanks for your post.

To obtain the best answer for your circumstance, please contact a qualified tax professional or CPA. Unfortunately, as Realtors, we do not have ... more
0 votes Share Flag Fri Apr 9, 2010 Financing in Sacramento
Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
name any lenders that are doing 90% LTV loans on single familly non owner occupied purchases
None that I know of. Sorry. In fact, most want 25% down to offer an attractive rate.
0 votes Share Flag Tue Mar 30, 2010 Financing in Sacramento
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