Financing in Oakland : Questions & Answers

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Smita Patel -…, Real Estate Pro in Aliso Viejo, CA
Smita Patel - Lender answered:
Construction Loan OO requirement.
It really depends on the Lender, I work with a few some of whom have a clause that the property cannot be sold within a period of time. Reason: these lenders typically charge higher int ... more
0 votes Share Flag Tue Mar 24, 2015 Financing in 94610
Cindy Davis, Real Estate Pro in San Diego, CA
Cindy Davis answered:
For a developer, what are the benefits for using a preferred lender on a condominium project? What are the downsides?
Typically, there is a benefit offered by the seller for using a preferred lender. However, you must do your diligence..explore the rates, costs, and basic competence of that company or ... more
0 votes Share Flag Tue Dec 2, 2014 Financing in Oakland
Sebastian Ma…, Real Estate Pro in San Francisco, CA
Sebastian Manivanh answered:
Isn't the point of a prequalify to get a sense of how much home you can afford?
Hi Scott. If you and the Mrs. are serious about purchasing, I would start to gather up all of your financial documents, and have a real live mortgage broker help you with analyzing you ... more
0 votes Share Flag Mon Apr 7, 2014 Financing in 94612
eyes00000, Home Owner in 89145
eyes00000 answered:
what if your home not owned by fannie mae or freddie mac or a fha. Is help still available?
I have a rental property In Las Vegas, NV that is underwater and has an interest only loan until 10/15 and not owned by fannie mae or freddie mac. We have never been late on a payment ... more
0 votes Share Flag Thu Apr 3, 2014 Financing in Oakland
Claudia Mull…, Real Estate Pro in Fremont, CA
Claudia Muller Gravelle answered:
I would like to know if anyone has come across an inexpensive mortgage that requires a single annual payment
There is a loan called "The All in One".
www.cmgfi.com/brochures/all-in-one.pdf

Checki it out.
0 votes Share Flag Tue Mar 18, 2014 Financing in 94612
Claudia Mull…, Real Estate Pro in Fremont, CA
Claudia Muller Gravelle answered:
Looking for Portfolio Lender for a Duplex, non owner occupy for a manufactured Duplex in Oakland, CA. Client will put 25% down, 780 Fico
Donnie: Have portfolio for duplex.
Email me more info.
0 votes Share Flag Wed Nov 6, 2013 Financing in Oakland
Alex Greer, Real Estate Pro in California
Alex Greer answered:
Any advice on getting a new loan on a house that's underwater?
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Oakland
Thomas Young, Home Buyer in Phoenix, AZ
Thomas Young answered:
Is it worth it to do an FHA Streamline on an existing FHA loan?
Purchase new home or renovate your old one with 203k loan.
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k proce ... more
0 votes Share Flag Sun Jun 16, 2013 Financing in Oakland
Thierry Abel, Real Estate Pro in California
Thierry Abel answered:
What is a low down payment?
There are low down payments programs with either 15, 10 and even 5% that have no MORTGAGE INSURANCE, you want to find out if the property and you qualify for any of these programs.
1 vote Share Flag Fri Jun 14, 2013 Financing in Oakland
Richard Litt…, Real Estate Pro in Orange County, CA
Richard Littlefield answered:
What is "Earnest Money" and how much should one set aside?
Earnest money is a deposit made to show that you are serious about buying the property in question. It is not unusual to to see this amount be $1.

However, the more you put down the ... more
0 votes Share Flag Fri Jun 14, 2013 Financing in Crestmont
Sami Elabed, Real Estate Pro in 94607
Sami Elabed answered:
TIC loans in Oakland, CA
Sterling Bank is lending on case by case in Oakland,Ca. You might want to find out which bank (Sterling or NCB) is financing the other units in the building in which you are interested ... more
0 votes Share Flag Thu May 23, 2013 Financing in Oakland
Pacita C Dim…, Real Estate Pro in Alameda, CA
Pacita C Dimacali answered:
How does one determine the initial offer for a new home?
Your agent can provide you with a guide on what to offer....

By doing a CMA, you can find out the market value of the home
By doing a report on what listed and sold in the area you' ... more
0 votes Share Flag Sat Apr 27, 2013 Financing in Crestmont
Jason Schwag…, Real Estate Pro in Oakland, CA
Jason Schwager answered:
Does building a "green" home necessarily mean a more expensive home (material-wise)?
Many experts say about 10-15% more in costs, but that is quickly regained with the savings in energy costs. Since energy costs are accelerating everywhere and buildings are built for th ... more
0 votes Share Flag Wed Apr 3, 2013 Financing in Oakland
Rob Spinosa, Real Estate Pro in Mill Valley, CA
Rob Spinosa answered:
Will lender give buyer a loan if a garage is converted into room without permit?
Karen,

There are a number of considerations for a non-permitted addition --- some have to do with the lender/loan and some have to do with the property itself. I'd be happy to help ... more
0 votes Share Flag Sun Mar 31, 2013 Financing in 94603
Antoine Pirs…, Real Estate Pro in Alameda County, CA
Antoine Pirson answered:
if i buy a 4 family house, do i have to live in one of the units to qualify for a traditional loan?
What does traditional mean? As an owner occupant you may have to put less down and have a better interest rate. As an investment , count on 25% down. In either case, make sure you under ... more
0 votes Share Flag Thu Mar 14, 2013 Financing in Oakland
Helen Yuen, Real Estate Pro in San Francisco, CA
Helen Yuen answered:
Is it possible to change contractors midway through a 203k (streamline)? I am getting bad feeling on the person I have used.
Yes, I would like to recommend www.urbanbotanics.net
0 votes Share Flag Thu Jan 24, 2013 Financing in Oakland
Carl Medford, Real Estate Pro in Fremont, CA
Carl Medford answered:
Right time to get a Good Faith Estimate?
Q: At what point should I get the good faith estimate from my potential lender?
A: As stated below, a lender can only give you a concrete GFI once you’ve identified a specific ... more
1 vote Share Flag Thu Sep 13, 2012 Financing in Oakland
Claudia Mull…, Real Estate Pro in Fremont, CA
Claudia Muller Gravelle answered:
How are refi appraisals affected by pub record errors w/# rooms,SqFt?Title Co comps show smaller homes,lesser values.Halt refi til corrected w/County?
The appraiser will use the MLS listings (which are much more comprehensive and usable) then the tax records.
The appraiser must measure the home for the 'footprint' of the property. T ... more
0 votes Share Flag Mon Aug 13, 2012 Financing in 94605
Sstephens, Home Buyer in Hixson, TN
Sstephens answered:
can i buy a house with a itin # in texas 77038?
Seriously?????? You arn't going to need to worry about these issues when you are residing in prison. Unbelievable.........what some people try to do and some actually get away with. ... more
0 votes Share Flag Mon May 14, 2012 Financing in 94610
Simone Hoover, Real Estate Pro in Berkeley, CA
Simone Hoover 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?
Hi Tyrone

Short Sale – To hold a short sale on your property is if both the primary lender and the HELOC lender agree. Part of the short sale agreement will probably be requi ... more
0 votes Share Flag Wed Jan 25, 2012 Financing in Oakland
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