Financing in Orange : Questions & Answers

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Larry Webb,…, Real Estate Pro in 92694
Larry Webb, REALTOR, PhD, MBA answered:
We owe more than our house is worth and would like to get a lower interest rate to lower monthly payments. Excellent credit rating, no missed payments
Hi Cindy, The market has gone up quite a bit in price since your original post and you may no longer be under water...so, please contact me below and I can put you in touch with a great ... more
0 votes Share Flag Thu Mar 27, 2014 Financing in 92867
Grant Fawcett, Real Estate Pro in Orange County, CA
Grant Fawcett answered:
should i change my investment property from an FHA to a conventional loan?
Monica:

I'm a mortgage banker. There are a lot of items to consider when evaluating a refinance. Would it make sense to refinance? It depends on your current rate, how long you ar ... more
0 votes Share Flag Mon Jun 17, 2013 Financing in Orange
Kawain Payne,…, Real Estate Pro in Long Beach, CA
Kawain Payne, Realtor, Notary answered:
How long should short refinance stay on your credit report?
Hello Kwaku710,

It will stay on your credit report for 7 years.

Think of 7 as "the number of completion". This goes back to Old Testament days, and has been carried over for thou ... more
0 votes Share Flag Wed May 29, 2013 Financing in Orange
Tony Warfield, Real Estate Pro in Torrance, CA
Tony Warfield answered:
Is it possible to get a conventional loan for a NOO home/condo with 5% down?
Wouldn't that be wonderful for all our investors? Let's us know if you find one that comes close 10 or 15%
0 votes Share Flag Tue Apr 30, 2013 Financing in Orange
Richard Litt…, Real Estate Pro in Orange County, CA
Richard Littlefield answered:
Is the FHA funding fee considered a closing cost? If it is I would like to use the sellers credit to pay for it instead of adding it to the loan.
While it really is a closing cost, most loan officers do not quote it as one. I looked this one up and from what I could find t here really was no reason why you could not do that. But ... more
0 votes Share Flag Mon Apr 15, 2013 Financing in Orange
Richard Litt…, Real Estate Pro in Orange County, CA
Richard Littlefield answered:
90% owner occupied loan for purchase of a duplex in california
Yes it is a bit crazy but really you must go with an FHA or VA loan on this. It is one of those things left over from the mortgage meltdown that does not make any sense really. I am in ... more
0 votes Share Flag Mon Apr 15, 2013 Financing in Orange
Richard Litt…, Real Estate Pro in Orange County, CA
Richard Littlefield answered:
Should I refinance and convert my FHA loan to conventional so I can get rid of MIP (PMI)?
What you need to do is go over the math, and ask these questions:

1. How much will it cost to refinance.
2. How much will you save per month.

Then divide the cost by the amount ... more
0 votes Share Flag Thu Mar 7, 2013 Financing in Orange
Jovan Simon, Real Estate Pro in Santa Ana, CA
Jovan Simon answered:
Lenders that will do 5% down conventional?
Hey CPbronco,

Your best bet is to work with a local trusted lender, and I can help you out. With 5% down on a conventional loan you will have MI(Mortgage Insurance), if this multi u ... more
0 votes Share Flag Sat Sep 8, 2012 Financing in Orange
Jaleesa Pelu…, Real Estate Pro in Laguna Beach, CA
Jaleesa Peluso answered:
I am a first time home buyer and a single mother trying to find 100% financing to buy a home in Riverside county (cheaper) have no idea where to start
Thanks for asking this question on Trulia! Although it has been quite some time since 2011... This is still a really relevant questions since I meet so many first time homebuyers with t ... more
0 votes Share Flag Thu Jan 13, 2011 Financing in Orange
Jenny A. Le, Real Estate Pro in California
Jenny A. Le answered:
What is a "closed end deed of trust"?
First, a deed of trust is a document that evidences a lien on property given as security for a debt. Deeds of trust require the use of a trustee and vary from state to state.

Second, ... more
1 vote Share Flag Tue Feb 23, 2010 Financing in Orange
Bob Phillips…, Real Estate Pro in Coto de Caza, CA
Bob Phillips - (949) 887-5305 answered:
What is the Jumbo limit for FHA? I thought that it was increased to 417K but my lender says that the jumbo
The new FHA maximum loan limit, for Orange County, as of 1/1/09 - tomorrow - will be $625,500. I have some excellent lenders to recommend if you need assistance.
0 votes Share Flag Wed Dec 31, 2008 Financing in Orange
ScottSchang, Real Estate Pro in Orange, CA
ScottSchang answered:
Is getting a 6.875% FHA with 3% downpayment and $10000 closing costs inclusive of prepaid/non-recurring items
And they don't require 3% down, they max out at 95% LTV but have silent second mortgages - 4% for Orange county. I do a lot of these loans.
0 votes Share Flag Thu Aug 7, 2008 Financing in Orange
Victoria Alw…, Real Estate Pro in Yorba Linda, CA
Victoria Always answered:
Hi-I am looking into an FHA loan which I believe we would qualify for based on me and my husband's gross
Dear Selina:
I am certified to demostrate the differenr downpayment programs available today. Some of these programs you may not have to repay. Please call me with any questions you ... more
0 votes Share Flag Tue Jul 22, 2008 Financing in Orange
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