Financing in Daly City : Questions & Answers

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Tony Grech, Real Estate Pro in Michigan
Tony Grech answered:
I have a conventional mortgage. NOT owned by Freddie Mac or Fannie Mae. My mortgage is UNDERWATER. So, far no one has been able to help. Any help???
Unless your current lender would be willing to modify your mortgage, or unless you can bring money to closing, then you are probably stuck right now. Currently the HARP refinance progr ... more
0 votes Share Flag Tue Mar 19, 2013 Financing in 94015
Vicki Moore, Real Estate Pro in San Mateo, CA
Vicki Moore answered:
Property tax / transfer tax for adding an owner during refinance... Daly City
Hi - Will your brother be on the loan as well?
0 votes Share Flag Wed Feb 20, 2013 Financing in Daly City
Claudia Mull…, Real Estate Pro in Fremont, CA
Claudia Muller Gravelle answered:
FHA Coborrower Buyout?
FHA loans are fullly assumable.
Call your current mortgage servicer and ask them to send you an assumption package for the loan.
You will need to be occupying the property.
An apprai ... more
0 votes Share Flag Tue Mar 19, 2013 Financing in 94015
David 'TAP'…, Real Estate Pro in Burlingame, CA
David 'TAP' Tapper answered:
I am an oversea citzen in Hong Kong but I have relatives living in San Francisco.
Hello Nympoon,

If you don't show your income here in the U.S. It might be difficult for you to get a loan here. Maybe you can supply the down payment money to your relative and they ... more
0 votes Share Flag Wed Jan 30, 2013 Financing in Daly City
Michael Abram, Real Estate Pro in Los Angeles, CA
Michael Abram answered:
I have a conventional mortgage and I'm underwater. My LTV ratio is 115%. Can I qualify for a refi? Thanks.
It is possible to qualify up to 125% on a Fannie or Freddie relief loan, but your loan has to be serviced by a particular lender. Otherwise, most lenders will cap the qualification at ... more
0 votes Share Flag Sat Jul 7, 2012 Financing in 94015
Ron Kahn, Real Estate Pro in San Mateo County, CA
Ron Kahn answered:
H1 status, and i make 60000k /years, what types of fiancing out there right now that will suitable for my status?
Good evening Raylan,

The answer to your question requires more information than just income. You need to take into consideration what you might owe such as car loans, credit card de ... more
0 votes Share Flag Tue Mar 19, 2013 Financing in 94015
FHA 203k Mor…, Real Estate Pro in California
FHA 203k Mortgage Lender answered:
Can my buyer get a loan on REO property that are missing all appliances and light and bathroom fixtures (shower head, bath tub)?
Yes, with an FHA 203k loan a property can be financed in it's "As Is" condition.

Best of luck on your REO property.
0 votes Share Flag Tue Apr 26, 2011 Financing in Daly City
Brent Kluge, Real Estate Pro in District of Columbia
Brent Kluge answered:
FHA vs. Property disclosures / termite inspection
Currently, the only requirement for a termite report for an FHA loan, is when the Appraiser calls for it. However, if there is ANYTHING in the loan file that shows a need for treatment ... more
0 votes Share Flag Mon Feb 7, 2011 Financing in Daly City
Shawn Sidhu, Real Estate Pro in San Jose, CA
Shawn Sidhu answered:
FHA vs. No permits / unwarranted conversions???
Mahar,

Yes, its possible to get financing for an unpermitted garage to bedroom conversion which is quite common in many part of the Bay Areas. As long as the work is done in a workma ... more
0 votes Share Flag Mon Feb 7, 2011 Financing in Daly City
Luke Allison,  in Asheville, NC
Luke Allison answered:
Is it possible to avoid escrow in California if I have a >20% down payment?
Yes, typically if you put 20% down you have the option of waiving the escrow requirement. However, there are a few things to note:
* Your credit and overall application profile will d ... more
0 votes Share Flag Fri Jul 13, 2012 Financing in 94015
Steve Ornell…, Real Estate Pro in Fremont, CA
Steve Ornellas answered:
I see several banks offering mortgage rates like 5.6%, etc (specific #s). Is this the real rate?
Hi Greg, these are typically "best case scenario" rates meant to entice you to get on the phone and call.

There are 26 criteria that must be known before quoting a reliable rate, as ... more
0 votes Share Flag Sun Sep 27, 2009 Financing in Daly City
Lisamarie JC…, Real Estate Pro in The Woodlands, TX
Lisamarie JC Sheck answered:
How many different lenders should I go to for a pre-approval?
3 lenders. In the home loan process- your credit will be checked of course....everytime your credit is checked it actually lowers your score. If you are shopping lenders, you can have ... more
0 votes Share Flag Tue Jun 30, 2009 Financing in Daly City
Grace Morioka, Real Estate Pro in Sunnyvale, CA
Grace Morioka answered:
Can I obtain a lower mortgage rate if I take out the loan with my parents. How much will it be lower by?
Hello Greg and thanks for your question.

Actually, I have many clients who 'team" with their parents to purchase property, and if you don't have much down payment or less than sterli ... more
0 votes Share Flag Wed Mar 3, 2010 Financing in Daly City
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