tough! most lenders req condo certification which involves a list of questions on litigation, rental vs owner-occupied ratio, delinquency, etc. only a handful of lenders don't ask for condo cert.... more
I believe the VA limit for Orange County is $668,750. VA will fund loans over that amount but will require you to have cash down. If you'd like to talk more feel free to give me a call. Barbara 714-875-9763.... more
I have a freind/associate in your neck of the woods:
I recommend him very highly; he is listed on Trulia, he helps a lot of people here.
You can find by looking for the icon FIND A TRULIA VIP, enter Mission Viejo, or his name, Shane Milne, or you can e-mail him at firstname.lastname@example.org
I think you will be Okay, but I'm just a Realtor.
Good luck... more
I am a direct lender here in Southern California and handle FHA loans for purchase or refinance. Many banks do not arrange FHA loans so it is no surprise that you have had some challenges locating one.
FHA streamline refinances are the simplest of any FHA loan. There is no qualifying, no appraisal, and far less paperwork in most cases. The main criteria is that you must improve (lower) your monthly payment in a beneficial amount compared to any fees charged for the new loan. This requirement is placed upon lenders to protect consumers from paying high fees for little payment reduction. Also, the borrower must be current on their mortgage payment.
Another aspect about FHA refinances to be mindful of is it is best to close your refinance loan at the end of the month. FHA receives a full month's interest on the mortgage being paid off regardless of the day of closing. Example, if you closed your new loan on the 15th of the month you would pay interest on the old loan through the end of that month in addition to being charged interest on your new loan from the day of its funding to the end of that same month.
It is important to make sure your lender of choice can close you new loan on time. If your funding does not happen until the 2nd of the month, you will double pay that entire month!
Feel free to contact me direct, if I can be of further assistance.
Wishing you all success.
Sr. Loan Officer
First Nations Home Finance... more
Please send more information. I am always interested in alternatives for clients who have challenges qualifying for more traditional loan options. In fact, this seems to occur most with prospects originating from Trulia.
I will email you,,,, I just want to be clear on what your looking for, however you said ARV,,, has work already been done?
Looks like your just looking for a Hard money Loan to 75% to buy it then your going to flip, correct?
Is $692K the sale price or loan amount your looking for?
Sr. Loan Officer
NMLS ID# 255097
Progressive Loan Funding (A Direct Lender)
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One thing that you didn't clarify is this. Does the listing agent of the property you are targeting tell you that you must be pre-approved by either or both of those sources? If so, especially if the property is an REO or a short sale, you would be wise to follow the listing agent's demand.
You are also able to obtain financing from someone you choose, but the lender(s) that the listing agent demand MUST be included in the eventual approval process.
If that is not the case ( Listing agent demand.) then you should be free to use a lender of your choosing, with one proviso. They SHOULD be a direct underwriting lender - able to do the complete loan within their own office.
This is an important question for a prospective lender, and unfortunately, if they are not a direct lender, some of them try to make it sound as if they are. ( Just like some Realtors will try to convince you that they are familiar with the neighborhood you want to sell or buy a house in - when they really don't have a clue.)
Good luck with your decision making.... more
WIth a 720 you should deffinelty qualify for a home loan as long as your DTI, Debt to income ratio is not to high. Mortgage lenders determine your capacity to repay the mortgage loan by looking at your DTI. Usually you can spend up to 35% of your gross month income on the housing and no more than 50% of your gross monthly income should include your Housing, PITI and all monthly payments reflected on your credit report. Some people possibly you pay your bills ontime but have alot of back end debt. For examps someone might have a few car payments, and credit card bills that take up 50% of the gross monthly income. If you have alot of monthly obligations say 35% then that would eat up your housing exspense.... more
The $8,000 tax credit does not apply when a property is being transferred from parent to child. Adding your name on the title will not entitle you to the tax credit.
Hope that helps.
Beverly Realty... more
Elemento, I responded to your other post, with this information. My preferred lender can easily and inexpensively do the refinance you are looking for. I have linked his website below. He has more than 34 years of lender experience in Orange County. Contact him now and get yourself refinanced while rates are low.... more
Since there is no actual loan as yet you could not do a "Loan Modification" that is typically for people who are struggling to make their current mortgage payments.
I suspect your rate is already "locked" but you should contact your lender or Loan Broker and ask what their policy is.
Best of luck!
Broker & Realtor
Irvine, CA... more
Per my mortgage broker, today's rate for a 5/1 LIBOR, Jumbo Conforming mortgage is 5.375%, 5.875% on a 30 year fixed rate. Your mileage may vary.
At least it looks like they are finally starting to act the way they are suppose to.... more