Financing in Santa Clara County : Advice

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Mark Overhol…, Real Estate Pro in Clovis, CA
Mark Overholtzer 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?
The federal tax credit seeems like it is pretty much over. All signs point to that program being finished, and now they are pushing forward with the HAFA program.
The Ca Tax Credit pr ... more
0 votes Share Flag Mon May 24, 2010 Financing in 95111
Jerry Kussy, Real Estate Pro in Park Ridge, IL
Jerry Kussy answered:
Are there still any lenders that offer a 2nd mortgage (HEL) or cashout refinance for 90, 95, or 100 LTV ratios?
Most lenders are only going to a 85% Loan to Value Ratio (LTV) for a cash-out refinance, which would not work in your case with only 15% equity. Home Equity Line of Credit (HELOC) loans ... more
0 votes Share Flag Mon May 24, 2010 Financing in 95111
Scott Godzyk, Real Estate Pro in 03109
Scott Godzyk answered:
Will refinance increase my house assessed value and consequently increase my property tax?
Refinancing your house has nothing to do with your assessed value. It will not affect it in any way. Towns and cities on average have to re-assess your property every 5 years/ The asse ... more
0 votes Share Flag Sat Oct 16, 2010 Financing in 95051
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
I have a credit score of 830, but have a lot of credit card debt. How eligible am I for a home loan?
The middle number is the one used. You have a 837 score. That is excellent.
If you are grossing about $7,500 a month and have only $500 a month in debt payments that is a very small d ... more
0 votes Share Flag Sun May 16, 2010 Financing in 95134
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg 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
You may be in trouble for not disclosing transfer tax originally if the borrower is obligated to pay it. Sorry to tell you that, but the new RESPA is brutal. Although an need for an in ... more
0 votes Share Flag Wed Apr 28, 2010 Financing in San Jose
Kent Gagon, Real Estate Pro in Tempe, AZ
Kent Gagon answered:
Can a 15% down payment still get a jumbo non-conforming loan (say around 850-900K loan) in today's market?
Beep,
You need to consult with a qualified loan officer or banking institution for the best advice. But typiclly yes you will be able to get a loan with that type of down payment on a ... more
0 votes Share Flag Wed May 20, 2015 Financing in 95050
Patrick Thies…, Real Estate Pro in Elmhurst, IL
Patrick Thies SFR, CNC answered:
How soon can you buy a home after a shortsale?
A short sale can stay on your credit repor for about 3 years. Ask your lender if it's possible for you to buy this soon after your short sale.
0 votes Share Flag Wed May 5, 2010 Financing in San Jose
Jared, Home Buyer in
Jared answered:
CA First Time Home Buyer Credit
I believe the information you gave is correct.

This goes to show that free money isn't fair money. I'm sorry for you bad timing but I believe that you should get the Fed ... more
0 votes Share Flag Thu Jan 22, 2015 Financing in Sunnyvale
Michael Russ…, Real Estate Pro in 75006
Michael Russell answered:
Does PMI terminate if my mortgage balance is paid down to less than 78% of my original balance?
In my experience, Marc, mortgage companies have two tracking spreadsheets for your loan, one is the scheduled payments and one is the actual. When you pay on time and the balance become ... more
0 votes Share Flag Mon Apr 12, 2010 Financing in Gilroy
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
Hello! Like many in California, I was part of the sub-prime bubble and now I have a year left on my ARM loan before a huge payment increase.
I would find a local office of Princeton and go there and talk with someone.

Also, just because you have an ARM, it does not mean it will go up. As a matter of fact, the LIBOR index ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Campbell
Jerry Kussy, Real Estate Pro in Park Ridge, IL
Jerry Kussy answered:
Home equity fixed second loans and the new GFE
All Federal Home Loans have to have a GFE. You have to list all fees in your origination charge even if you are crediting them back. Here is the question and answer from HUD's webs ... more
0 votes Share Flag Fri Apr 2, 2010 Financing in San Jose
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
My loan rate is 5.75% and will adjust in 2012; my house is upsidedown, what are my options. Mortgage payment are current. for now...
First, do NOT stop making payments. That is the worse thing you can do.

Rates on the adjustment right now would actually take your rate down. As long as short term money remains lo ... more
0 votes Share Flag Sat Apr 3, 2010 Financing in San Jose
Jacob Varghe…, Real Estate Pro in San Jose, CA
Jacob Varghese answered:
I am looking for hard money lenders and investors I can flip deals to in San Jose, CA. Any advice out there? Recommendations?
We work with a couple of hard money lenders.

Jacob
0 votes Share Flag Mon Mar 22, 2010 Financing in San Jose
Kevin Tran,  in San Jose, CA
Kevin Tran answered:
Can foreign nationals (not living in the US) qualify for a mortgage (in California)?
Yes, wells fargo can offer this. Needs 40% down. However, they can only finance ONE property in the US.

Please feel free to contact me if you have additional questions.

Thanks ... more
0 votes Share Flag Tue Mar 16, 2010 Financing in San Jose
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
Can my wife's German parents help us cosign for a home loan for a house???? And can being a disabled Army Vet help us out with the Financing???
Getting a medical discharge means you have an honorable discharge. That means you can get V.A. financing with 0% down.

Below is a house price prediction site.
http://www.housingpred ... more
0 votes Share Flag Wed Mar 10, 2010 Financing in 95110
Tom Matthews…, Real Estate Pro in Boston, MA
Tom Matthews & Joanne Taranto answered:
what is good? to buy points on mortgage ? or to pay that money towards principal in the beginning?
Home Buyer:

The answer to your question depends on your monthly cash flow and how long you plan to be in the home. Most people that buy down points are doing this to have a lower mo ... more
0 votes Share Flag Mon Mar 22, 2010 Financing in San Jose
Marc C. Yu, Real Estate Pro in San Francisco, CA
Marc C. Yu answered:
two years landlord experience.
Hollie,

That's not true... Banks will use your rental income if it's income regardless. The only thing is that only a certain percentage is used though and it's typi ... more
0 votes Share Flag Fri Jan 22, 2010 Financing in San Jose
Barbara Q., Other/Just Looking in Bergen County, NJ
Barbara Q. answered:
How is the LTV determined for refinancing?
Loan Amount divided by current appraised value=LTV
$80,000 Loan Amount divided by $100,000 current appraised value =.80 or 80%
0 votes Share Flag Sat Mar 20, 2010 Financing in Santa Clara
Mark Burns, Real Estate Pro in Cupertino, CA
Mark Burns answered:
Is there supposed to be a transfer tax when you do a re-fi in Santa Clara county (Calif)?
No. Transfer tax is for what its name implies. When there is a transfer or change in ownership.

If you add other names or change names on title, then you WILL trigger a transfer tax. ... more
0 votes Share Flag Wed Jan 13, 2010 Financing in San Jose
Bradley Gill, Real Estate Pro in 95120
Bradley Gill answered:
Advice on refinancing a 5/1 ARM to 30 yr fixed with no equity left and possible hardship due to job loss
The most practical advice that I can offer is to start by talking with your lender. Ask them if they will reconsider your loan modification, or even if you may qualify for a "makin ... more
0 votes Share Flag Wed Jan 13, 2010 Financing in San Jose
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