Financing in Oakland : Advice

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Kamal Randha…, Real Estate Pro in California
Kamal Randhawa answered:
Does the Calhfa program include the purchase of owner occupied multi-unit properties or only single family homes?
Hello Ruth :)

While FHA Loan Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and ... more
0 votes Share Flag Sat Nov 27, 2010 Financing in Oakland
The Chris Fr…, Real Estate Pro in Alameda, CA
The Chris Freck Team, CMPS answered:
I am interested in getting a 203k FHA loan with down payment assistance. Any ideas? Is this possible?
FHA does not allow any secondary financing behind 203k loans, most lenders are now requiring 640 minimum.
0 votes Share Flag Sat Nov 27, 2010 Financing in Oakland
Maria Sincla…, Real Estate Pro in Oakland, CA
Maria Sinclair answered:
HAMP refinance wont grant me a refinance, what should I do next?
Unfortunately, the current climate for non-owner occupied properties is dismal. Unless yo have substantial equity in this triplex, refinancing will be difficult. If possible, wait un ... more
0 votes Share Flag Mon Nov 1, 2010 Financing in Oakland
Richard Matus, Real Estate Pro in Oakland, CA
Richard Matus answered:
I am thinking of doing a rent-to-own option on a dulpex. The duplex has a market value of about 370,000, and the rent on the apartment I would be
Kimbereley,

I've never done a rent-to-own but here are the questions I would have.

- What happens to my deposit if I can't get the loan when it is time to buy? ( won� ... more
0 votes Share Flag Mon Mar 14, 2011 Financing in Oakland
Patrick Thies…, Real Estate Pro in Elmhurst, IL
Patrick Thies SFR, CNC answered:
Is this legal?
If your monthly payment includes your taxes as part of the payment, then it's very likely that your payments will increase each year as taxes tend to go up each year. Usually the ... more
0 votes Share Flag Wed Jul 28, 2010 Financing in Oakland
Frank Ruzicka, Real Estate Pro in Saint Louis County, MO
Frank Ruzicka answered:
I was quoted a FHA streamline refinance for 4.75%, but the APR is 5.78%, does this look right? I am financing the fees into the loan.
Without knowing all the specifics of the deal I would say it sounds a little high. Based on a very generic scenario my FHA streamine 30 year fixed at a rate of 4.75% has an APR of 5.324 ... more
0 votes Share Flag Sat Jun 5, 2010 Financing in 94607
Barbara Van…, Real Estate Pro in California
Barbara Van Duyn answered:
Does anyone know any wholesale lender still doing full 203k's?
Hi Gilbert ~ try these whosesale lenders

Plaza Home Mortgage
Suelynn Russell, AE
916-870-2870
susan.russell@plazahomemortgage.com

and

Venta Financial Group Inc.
Steve Co ... more
0 votes Share Flag Wed Mar 10, 2010 Financing in Oakland
Elva Wormley, Real Estate Pro in San Jose, CA
Elva Wormley answered:
Looking for a lender that REALLY knows 203k loans (Full, not streamline) I am an agent with a buyer obtaining a 203k loan on a 4 unit in W. Oakland.
Hi Sarah,

What lender are you working with?

There are a couple that are REALLY slow right now, but it would delay the process even more if you move the loan.

Feel free to give ... more
0 votes Share Flag Thu Mar 11, 2010 Financing in Oakland
Voices Member,  in
Voices Member answered:
I have a house that is worth $200,000 less than the loans we are paying on it. I would like to purchase another house
You can buy a new home, but you will have to qualify for the full payments on both of the homes.
0 votes Share Flag Wed Mar 3, 2010 Financing in Oakland
Troy Staten, Real Estate Pro in 94501
Troy Staten answered:
Any advice on getting a new loan on a house that's underwater?
If you have not already done this talk to a good mortgage broker he/she might be able to help. Also talk to your existing lender sometimes they might be willing to work with you. The ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Oakland
Cameron Platt, Real Estate Pro in 94610
Cameron Platt answered:
I am a Professor with an income of 85k in the Oakland, CA area. But - I have 20K in credit card debt and 85 k in student loan debt that I have been
Have you spoken to a lender yet? Your best bet is to sit down with a lender (in person or over the phone) and talk it out with them. If you need a referral to a trusted lender, please ... more
0 votes Share Flag Thu Mar 18, 2010 Financing in Oakland
Gerard Dunn, Real Estate Pro in Potomac, MD
Gerard Dunn answered:
I have two loans; mortage and HELOC that total $600.000. At the moment my home is worth $360.000. What are my options?
Pay or walk away is the simple answer.

There are obvious ethical issues with walking away.

There are practical issues too....your credit will be shot - at least for 3-5 years.

... more
0 votes Share Flag Wed Jan 25, 2012 Financing in Oakland
Carl Snyder, Real Estate Pro in San Diego, CA
Carl Snyder answered:
I was speaking with a mortgage broker who told me that consumers cannot get the wholesale rates direct from banks. Is this true?
Yes. What he is telling you is that the bank is able to offer the broker a wholesale rate, which helps the bank do more business while allowing the broker to offer a competitive price ( ... more
0 votes Share Flag Fri Jan 8, 2010 Financing in Oakland
Al Akerman, Real Estate Pro in New Jersey
Al Akerman answered:
We want to get a 2nd home. Do we qualify for the $6000 tax credit if we don't want to sell our first home? Our earnings are under the limit.
You would qualify for the $6,500 tax credit if you are in contract before May 1, 2010 and complete the purchase before July 1, 2010. You do not have to sell your current home but you ha ... more
0 votes Share Flag Tue Dec 22, 2009 Financing in 94607
Tonya Brobeck, Real Estate Pro in Everett, WA
Tonya Brobeck answered:
Does anyone know what favorable terms for a seller-financed subordinate loan looks like?
Generally speaking when I have seen or closed deals involving seller financing the rate varies 7.5-10%. Of course that is my own experience. I've seen it higher, although, I haven& ... more
0 votes Share Flag Wed Dec 30, 2009 Financing in Oakland
Dp2, Other/Just Looking in Virginia
Dp2 answered:
What are the pros and cons of seller financing?
Yes, I've seen it before. You'll have to determine which option works best for you.
0 votes Share Flag Wed Dec 2, 2009 Financing in Oakland
Rachelle Osb…, Real Estate Pro in Folsom, CA
Rachelle Osborne answered:
Why is the interest rate on a conventional mortgage loan higher than on an FHA loan?
Typically FHA is actually a little higher, but not much, then a conventional bank or brokered loan. However, you are stating 10% "seller financing". Seller financing is typi ... more
0 votes Share Flag Wed Dec 2, 2009 Financing in Oakland
Sean Dawes, Other/Just Looking in Philadelphia, PA
Sean Dawes answered:
I’m a waiting buyer for an FHA appraisal on a pre 30’s $240k functional fixer, tough seller. Can I improve my chances for loan success some how?
So you were going regular FHA and now think it might be better to go 203k?

All depends on your lender and how quickly they can move. Have you asked them this? They should have thoug ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in Oakland Ave/Harrison St
Don Mcbride, Real Estate Pro in Fort Myers, FL
Don Mcbride answered:
can i get the $8k tax credit even not with FHA loan? if yes, what to do? i'm a first time buyer by the way.
Yes you can get the tax credit without an FHA loan. When you go to get financining ask your lender for a 5405 form. Complete the form and send it to the IRS.
0 votes Share Flag Fri Jul 31, 2009 Financing in 94602
Liz Stevens, Real Estate Pro in Berkeley, CA
Liz Stevens answered:
Are we getting a good rate for our credit?
You can get a lower rate, but you will probably pay points (1% of the loan or 1.5% of the loan) upfront in order to get a better rate. 6% is a good rate with 0 points. All the best.
0 votes Share Flag Fri Jun 26, 2009 Financing in Oakland
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