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Financing in Cupertino : Real Estate Advice

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  • Local Info26
  • Home Buying101
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Activity 5
Wed May 30, 2012
Claudia Muller answered:
Any of the major banks are very good at this.
You may want to try to stay with a local bank as they use local appraisers.
0 votes 2 answers Share Flag
Sun Dec 12, 2010
Robert Lei answered:
Hi Bruce,
I had a client who was in the same situation (owned a percentage of a corporation that showed operating losses and had a separate gig that paid him a salary.) It's going to be a challenge for you to get a traditional loan, especially in this lending environment. ... more
0 votes 10 answers Share Flag
Wed Feb 18, 2009
Tony Grech answered:
Great answers so far. It seems like you will have options outside of jumbo financing shortly. On a side note, I know our jumbo pricing is extremely good right now compared to 2008 when it was around 7% most of the year.

One thing I'd like to add is that no way,no how will you ever know if you're at the bottom. It seems Uncle Sam is trying to do all they can to "force" mortgage rates down, however there is a lot of resistance anytime we get around 5% or so. I think this is because the lending industry has laid off thousands of workers the last year and quite frankly there is not enough manpower to handle all the flood of new mortgage applications right now. Lenders are letting the old law of supply and demand dictate rates to some degree. My advice is that if you can lock in a good rate that will save you money then do it, because you never know where rates will head tomorrow. Like they say, hindsight is 20/20.

Good luck!
... more
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Fri May 23, 2008
John Souerbry answered:
These new restrictions are harsher versions of policies that have been in place with many lenders for years. The typical maximum number of mortgaged properties was formerly 10 with many national lenders. Some lenders allow a borrower to have an unlimited number of total mortgages, but cap the number that they will make to a single borrower.
I have a client who owned 45 investment properties with 29 mortgages and 3 home equity lines of credit when I helped him buy a rental property in Hawaii last year. The lender we arranged the loan with did so because the borrower had less than 5 existing loans with that lender.
If you are an investor who buys high end homes with jumbo loans and 5+ unit properties, you are probably not going to be drastically effected by the new Freddie Mac policy. If you are buying smaller single family homes and condos, you may find yourself borrowing more from portfolio and private lenders in the future.
John Souerbry
John A. Souerbry & Associates
Serving Investors and Estates
john@jsrealproperty.com
... more
1 vote 1 answer Share Flag
Thu Dec 27, 2007
Stanton Homes answered:
Depending on the finishes, square footage, whether the home is one or two stories, how many bathrooms, how large the kitchen is, etc a custom builder can start at about $100/sq ft in my area when there is no land cost or real estate fees involved. There would be additional costs to remove the old structure.

I'd go to the Home Builder's Association for your area, look up custom builders/general contractors (as production builders don't do this type of work), and start to get some bids for your area. You may want to have in mind the type of structure you are looking for, ie an "1800 sq ft two story 3 bedroom 2 bath" home, and get some ball park initial estimates using the same basis.

If you're looking for home plans, Frank Betz Associates online is a great resource.
... more
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