Financing in 91105 : Questions & Answers

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Bill Eckler-…, Real Estate Pro in Venice, FL
Bill Eckler-Florida, answered:
Is it easier to qualify for a loan by yourself or jointly if the other person has bad credit?
Conditions may vary depending on your individual details. To best understand your options, it would be advisable to consult several different lenders for their input.

Good luck,

B ... more
0 votes Share Flag Sun Aug 25, 2013 Financing in 91101
Dan Tabit, Real Estate Pro in Sammamish, WA
Dan Tabit answered:
I have a rental property with equity. I have 1st mortgage and an equity line. Can I get a second mortgage even if I don't have good credit.?
Ursolution,
Depending on how bad your credit is, maybe. There are two general sources for an loan secured by property, conventional bank lender and/or mortgage brokers are one source ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Pasadena
Francis Reca…, Real Estate Pro in Pasadena, CA
Francis Recalde answered:
What is the rule of thumb on monthly mortgage to net income?
Brian the range can go as high as 35% and will depend on the lender and loan program. I suggest you speak with an experienced loan broker to determine best scenario for you. I can certa ... more
0 votes Share Flag Sun Aug 25, 2013 Financing in 91101
Ron Takeuchi, Real Estate Pro in Pasadena, CA
Ron Takeuchi answered:
Does applying for a loan jointly with another person who has no credit history help or hurt getting approved?
Great Question, Brian! Generally, better to do the loan individually BUT I will defer to my trusted lenders who are the experts and can look at your specific situation in a Pre-Approva ... more
0 votes Share Flag Wed Jun 6, 2012 Financing in 91101
Dot Chance, Real Estate Pro in Burbank, CA
Dot Chance answered:
Home is not upside down. It's worth 1,600,000. I owe 567k fixed @ 6.375%. My FICO score is 802. Need interest rate reduced. Not Fred or Fan.
Are you SURE you will not qualify for a refi? I can refer you to a couple of lenders who may be able to help you. With so much equity in your home there may be a way. Contact me and we ... more
0 votes Share Flag Tue Dec 13, 2011 Financing in Pasadena
Glen Mitchell, Real Estate Pro in Half Moon Bay, CA
Glen Mitchell answered:
Lender requires property management agreement
Interesting, not sure how many property managers would be willing to take a place for less than a year, but everything is negotiable. Is property currently rented. What is your invest ... more
0 votes Share Flag Sun Aug 25, 2013 Financing in 91101
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg answered:
How many LLC members need to guarantee a commercial loan?
Ask the lender. They may ask to look at the agreement to see what it says about that. It is also up to the 4 members. If one or more do not have as good credit, they may be left off the ... more
0 votes Share Flag Wed Mar 17, 2010 Financing in 91101
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg answered:
Commercial Financing...is this a good deal?
That is not really a bad deal. Many people think they are going to get a 5% rate on a commercial loan, but that just doesn't happen any more. You may want to shop around though to ... more
0 votes Share Flag Wed Mar 17, 2010 Financing in 91101
Monique &…, Real Estate Pro in Los Angeles, CA
Monique & Joe Carrabba answered:
Is it possible to finance an all cash offer?
Hello Ken,

If you have interest in writing an offer that is all cash, make sure you have other contingencies in place (inspection for example) so you can switch to a loan as you woul ... more
0 votes Share Flag Thu Mar 18, 2010 Financing in 91101
Edward Uriar…, Real Estate Pro in Pasadena, CA
Edward Uriarte answered:
Lending to LLCs and LPs
One of the officers in the LLC needs to personally Guarantee the loan. It wouldn't be referred to as Primary contact but a personal Guarantee by that member. I hope your partner u ... more
0 votes Share Flag Tue Mar 9, 2010 Financing in 91101
Voices Member,  in
Voices Member answered:
Does future rent income count towards getting approved for a homepath loan to purchase a multi-unit home?
I would talk to your lender. Some may have a rental survey done at the time of appraisal, and you can get up to 75% of the fair market rent credited towards your income ratios.
0 votes Share Flag Wed Feb 24, 2010 Financing in Pasadena
Bentley Advi…, Real Estate Pro in San Mateo, CA
Bentley Advisors answered:
I'm self-employed, single mom, making $120k annually, credit ranging 690 to 735 among 3 bureaus, $200K cash for down payment, no credit card
Assuming you truly have $120k of documented income, have zero debt and a min qualifying credit score of 700, you might qualify for an $800k+ purch price. With your $200k down, the loan ... more
0 votes Share Flag Wed Jan 6, 2010 Financing in Pasadena
Ted Canto -…, Real Estate Pro in Los Angeles County, CA
Ted Canto - The Mobile Mortgage Pro answered:
Can I get approved?
Hi Fretter,

Don't Fret. It is a bit more difficult to qualify someone who has been out of the workplace for 2 years or more. However, there are situations that if explained an ... more
0 votes Share Flag Tue Dec 29, 2009 Financing in Pasadena
Rob Spinosa, Real Estate Pro in Mill Valley, CA
Rob Spinosa answered:
What's best way to obtain a mortgage broker? My agent is married to a mortg. broker and only recommends her.
R,

Since I believe that every person seeking home financing is unique and has his/her individual preferences, I'm never convinced that one person (your agent's referral, for example) ... more
0 votes Share Flag Tue Jul 21, 2009 Financing in Pasadena
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