Douglas Fujikawa

I'm a:	Real Estate Professional
Company:	Loan Officer
Location:	San Diego County
Web sites:	InShallowWaters Blog
Phone:	(858) 414-0990

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Douglas Fuji…'s Questions (0)

Douglas Fuji…'s Answers (28)

Has the 203K Rehab loan gone away?

Asked Sun Jun 29 2008, 22:18 by Amy Harrison - Thornton - Financing - 6 answers

Douglas Fujikawa answered:

Amy,
The 203 FHA loan is still around and I know Well Fargo Home Mortgage still offers it. In October, Fannie Mae will release their version of the FHA rehab loan and we will have it here at Chase. It will offer buyers and owners of distressed properties another option.
As far as your situation, depending on how much down payment your buyer has and if it will be an owner occupied residence or not, you may have options. From what it sounds like, you are on the right path thinking about this 203 rehab loan. Good luck!

Doug Fujikawa
(858) 414-0990 - Sun Jul 13 2008, 22:39

FHA or Conventional?

Asked Sun Jul 13 2008, 21:13 by Tony - All locations - Financing - 6 answers

Douglas Fujikawa answered:

FHA usually implies a "weaker" borrower or transaction. Buyers elect to go FHA financing for many different reasons however if you can qualify for conventional financing, that will most likely be looked as more favorable to the lender.
FHA financing takes a little longer to close and it gives the buyer a little more freedom with releasing contingencies. Both are not that attractive in the eyes of a seller. Your circumstance may warrant FHA financing over conventional or vice versa. Consult a reputable mortgage lender that is proficient in both.
Good luck!

Doug Fujikawa
(858) 414-0990 - Sun Jul 13 2008, 22:33

Hello... I'm probably not qualified for a loan, but do work and wondering how this home is to be financed.

Asked Sat May 24 2008, 21:05 by Joan Becherer - All locations - Financing - 2 answers

Douglas Fujikawa answered:

Joan,
One of the first critical steps is to sit with a mortgage professional and have this person review your credit and income. There are various first time home buyer loan programs and incentives that you may qualify for. As a general rule, recent credit history is given more weight than say bad credit 5 or 6 years ago.
When a loan file is put together, your loan officer will help structure the loan to maximize your chances of receiving a loan approval. Remember, banks and mortgage companies want to approve loans but in this environment will not take on any unnecessary risk. You have to give the underwriter a reason to approve your loan. This is where the loan rep comes in.
If you have at least 2 years of experience in your line of work, managed to save some money for a rainy day, and have relatively good credit you are a candidate. Talk with a professional and get some advice and help. Good luck!

Doug Fujikawa
(858) 414-0990 - Mon May 26 2008, 16:44

I'm looking for a good mortgage broker. Any suggestions where I can find one?

Asked Sun May 4 2008, 21:16 by Manuel Cruz - All locations - Home Buying - 2 answers

Douglas Fujikawa answered:

Manuel,
My suggestion would be to reach out to people you know that are homeowners that you trust and ask who they have used in the past. The next person I would ask would be an active Realtor in you area. Active realtors usually have one or two mortgage people that they can refer you to. Keep this in mind. Your mortgage person will need to know finances inside and out so you have to feel comfortable around that person as well trust them.

I will discourage you from looking "online", your mailbox, the radio waves, etc for a trusted mortgage professional. Sure it works for some, but a referral from someone that has used the mortgage officer's service will always be the best way to find someone. One last note, if you have a trusted CPA, financial planner, or insurance agent, ask them as well. Narrow the list down to two or three names and interview them over the phone or face to face. Good luck!

Doug Fujikawa
(858) 414-0990 - Sun May 4 2008, 21:38

Yikes! Now lenders want 35% down from Canadians. There's got to be lenders who are in a position to offer

Asked Sun May 4 2008, 11:38 by Vicki - Palm Springs - Financing - 10 answers

Douglas Fujikawa answered:

Vicki,
Foreign Nationals or international buyers have their own unique issues. Do you have a US social security number with a credit history? US denominated assets? US income? If you answered no to all of them, rest assured here at Chase we have programs that will go as low as 15% down (in California) but you will pay for it in a higher rate! Rates for a 30 year fixed will be from the mid sevens to mid eight percent range depending on a number of variables.

Have you spoke with any local Canadian banks? I here that interest rates in Canada are as low as 4%! Is that true? Otherwise, your best bet is to find a bank or mortgage broker that specializes in international borrowers or at least have worked on a few transactions like yours. Good luck!

Doug Fujikawa
(858) 414-0990 - Sun May 4 2008, 21:28

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