I have run up against, unfortunately, many sellers and agents that I consider ignorant of current VA and FHA loans.... and who are old-fashioned prejudiced against them. I agree with Neil Case that educating the sellers/agents can often help (I just closed a VA loan this month, and the lender Land Home Financial calling and convincing the Listing Agent of their experience and confidence about closing VA was a pivotal issue in them finally choosing us.)
Unfortunately, with a FHA or VA loan you are often just going to run into old prejudices. I suggest you use a lender local to where you are buying (NOT 1-800 loans) which will be a big factor in assuaging the fears of the listing agent. I also suggest you use a Realtor confident and experienced in closing FHA and VA loans. Not because those loans are so terrible (they arent!), but because your agent may need to be able to convince the listing agent of that fact.... more
You don't need an FHA loan. You need a Manufactured Home Lender, which is a specialty. There are a not as many as you have for "normal" houses but there are quite a few. You are probably going to need to put more money down (10-30%) than you would on a "normal" house, and your interest rate will likely be higher (5-15%), and the loan term shorter (22 years) -- but because the overall loan is likely much less money, your payment will be much less than you would think with that interest rate. The last Manufactured Home Loan that I did was with Mobile Magic and Mark Barlow. We were very pleased with him and he did indeed work magic for my clients buying a mobile home in Pacheco CA. Good luck!... more
I am so sorry this happened to you, and I am glad that you have a lawyer on contingency! There is no question that the lawyer will give you much better advice than any online forum. Title and Escrow's JOB is to ensure clear transfer of Title (not just "hold the money") which I am sure will be pursued by your lawyer in court. As I said, I am so glad that you already have an attorney (hopefully a very competent real estate attorney) and this is a perfect example of why I believe people should have their own independent Realtor represent them in transactions -- to make sure things are in YOUR best interest. I really hope this ends up well for you!... more
You might be able to locate her in the "Find a Pro" section. There's a tab at the upper right hand corner of the page.
I agree with you, too, about quality pictures. Frankly, no agent should be using a smart phone to take listing pictures. Period. And most agents don't know enough about photography to be taking pictures in any case.
Martinez is a small friendly community. If you go close to downtown, homes are older and smaller. There are lots of newer homes along HWY 4 and closer to Pleasant Hill borders. I would recommend looking in Pleasant Hill and Concord too. Walnut Creek is a nice town, but pricer.... more
Absolutely they can. The lender should have been doing this long ago. Many owners when they move up (especially in this area) keep their first condo's investments and buy up with savings or good financing. This was very prevalent in the boom where 100% financing was rampant. Now that the market has "corrected" many entry level associations have been devastated or are at risk. IT's the at risk associations that the banks are worried about. By limiting FHA buyers to healthy associations, the government is putting pressure on those sellers with equity in thier starter home/investments to cash out and force owner occupancies up.
It is widely belived that high owner occupied associations are percieved to be nicer overall proeprties. In this area I don't necessarily agree but its the people in Washinton that make the rules.
Nothing, really if they are paying all cash. It is adviseable to open a checking or savings account and consulting an accountant proficient in international accounting but not mandatory. She will have to be here in the US for the closing, unless that law changed and have some form of valid ID for a notary which is will be a challenge within itself.
Disclosure: The only transaction I did was pre 9/11 Patriot Act.... more