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Financing in Orange County : Real Estate Advice

  • All330
  • Local Info10
  • Home Buying180
  • Home Selling26
  • Market Conditions5

Activity 196
Thu Jan 26, 2017
Sheryl Arndt answered:
Hello Bkwstylist, yes you could qualify as we have Jumbo options from 4 years after a BK and up but you will need a minimum 680 fico score to qualify. You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

These are full documented loans. You will need to gather some documentation for each applicant.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Fri Jan 13, 2017
Sheryl Arndt answered:
Hello, you may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 18 answers Share Flag
Wed Dec 21, 2016
Sheryl Arndt answered:
Hello Charles, your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 636k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score and up.

If you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040s, 1099s, W2s and all schedules, copies of drivers license/ID and social security card for each applicant.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in Mission Viejo 92692 start from 410k for 2bd 2ba condo and up...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Wed Nov 23, 2016
Sheryl Arndt answered:
Hello Vince, yes that is possible. Is your wife working and has had an income for atleast two years? If so you may need her income to qualify for more. The purchase in 92626 zip code start from 375k for 3bd 2ba condo and the single family homes start from 600k for 3bd 2ba home.

You may consider conventional financing from 3% down with a minimum 620 fico score up to 417k. You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Do you have down payment and closing costs or do you need down payment and closing costs assistance? If the home prices you are considering are below 417k then you may even consider down payment assistance programs.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score.

You would have to run your wifes credit and include any debt payment on an FHA loan and have to go by the lower fico score of the both of you...

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 3 answers Share Flag
Thu Aug 25, 2016
Morcos Azer answered:
Realty World Classic Estate have helped a lot of commercial clients with their loans. Here is their #: 562.694.1999
1 vote 1 answer Share Flag
Thu Aug 25, 2016
Essex Mortgage Bank answered:
We can provide financing with 30% down payment -- I am a manager for a mortgage bank (Essex Mortgage Bank in Santa Rosa.Ca - as well as a partner in a private money "Hard Money" mortgage fund.Most hard money lenders in town can lend up to 60% of value,however we are unique in that we will go to 70% loan to value and 75% loan to cost .Our fees are very reasonable and we have two options a six month pre-payment or for a higher rate no pre-payment penalty .Our interest rates range from 10.99 - 12.99%.....we are not interested in any loans smaller then $100,000 should you have a complete package we can fund within 7 days period,Jeffrey Martino Young - http://www.Ourfundsonline.com ... more
0 votes 4 answers Share Flag
Wed Jun 29, 2016
Pportoff answered:
There aren't many lenders who would do that. In fact I've only found one that will go up to that LTV. However, at above 500K loan amounts I think they take it on a case by case basis. I was able to finance one of my properties with them recently in the same price range.

1-855 4087694
... more
1 vote 13 answers Share Flag
Tue Jun 28, 2016
Susie Kay answered:
I would suggest that you talk to your agent and ask for suggestions. Then have you agent talk to the builder.
0 votes 2 answers Share Flag
Fri Jun 24, 2016
Derek Jones answered:
Check out their website https://www.fanniemae.com/singlefamily/homeready. It goes over requirements such as credit score of higher than 620 etc.
0 votes 2 answers Share Flag
Wed Jun 22, 2016
Martinanguiano answered:
Thu May 5, 2016
Natalie Middleton answered:
YES! I work with International Home Buyers and Foreign Investors to purchase property here in the US with a mortgage loan. There are special very well established International and USA banks that handle these loans. I have have worked with International second home buyers, embassies and ambassadors, diplomats, and parents of foreign students to purchase properties and many of them are getting mortgages to purchase the properties. You may contact me directly if you would like more information and the right persons to contact at the 3 main banks that I have found most easy to work, helpful and ready to lend.

I look forward to assisting you,
Natalie Middleton,
Broker Associate, Realtor
Remax
240-464-3117
WhatsApp +1 240 464 3117
International Dial +1 240 464 3117
WhatsApp +1 240 464 3117
nmiddleton@remax.net
... more
0 votes 11 answers Share Flag
Tue May 3, 2016
Johnny Flynn answered:
I think a reasonable cost would be in the $150 per square foot range, although you might be able to get it done for a little less (maybe in the $125 range).

Our research indicates that the cost should be between $130 psf and $200 psf:
http://home-builders.promatcher.com/cost/anaheim-ca-home-builders-costs-prices.aspx

I hope that this has been helpful.
... more
0 votes 1 answer Share Flag
Wed Apr 27, 2016
answered:
I can give you 100% first mortgage on a 1-4 units. (Rate between 4% to 5.25% depending on several factors.) Not a line of credit, but depending on your needs it may work.

Otherwise a personal line of credit up to $250,000 try www.1stratecredit.com

Give me a call if you would like 0 down or creative financing on any property at 714-968-2500

license number 287206

If you are a mortgage broker / lender and would like to offer 100% financing even on investor properties( NOO purchase is 95% LTV refi is 100%) .
... more
0 votes 2 answers Share Flag
Mon Mar 14, 2016
Alexander Greer answered:
Yes.


I do not check replies, so if you have a comment or question email me here:
AGreer@TheMortgageOutlet.com

Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com ... more
0 votes 1 answer Share Flag
Sat Jan 16, 2016
Info answered:
It's always worth it to at least attempt an FHA Streamline Refinance if it's going to give you any benefit whatsoever. Your best bet is to talk to Home Loans For All. I will include a link to their website. ... more
4 votes 7 answers Share Flag
Wed Jan 6, 2016
Claudia Muller answered:
Actually there is a 'bank police' that monitors your loan for 12 months after closing the transaction.
Welcome to the computer age.
FNMA, Freddie Mac and GNMA (and all other investors) monitor the names that are hooking up the utilities. They monitor the address on the checks that pay the mortgage of the account from which the auto payment is coming.
The Note that you are signing states that it is your intention to occupy this property from the time of the inception of the loan for a minimum of 12 months.
Should the lender discover that this is not the case, the loan will be 'called' due an payable within 30 days of the discovery.

It is best to listen to the professionals in these cases. "Lying" as stated below to a lender constitutes mortgage fraud and that could get you in trouble...

The mortgage meltdown of the past few years has opened the eyes of the lenders.
... more
0 votes 9 answers Share Flag
Tue Dec 8, 2015
Claudia Muller answered:
As a lender:
The MIP must be shown as a charge to you. It will be offset as a cost to close by the increased loan amount.
MIP will be on the charge to you side of your closing statement.
You will then see the large loan size on your credit side of statement.
These will balance out.

A really great lender will point this out to you at the beginning of your purchase transaction through both the new TRID initial disclosure and a detailed conversation at the time of loan application.

If you are reading this answer and considering a loan officer make sure they are explaining every line of the TRID and steps of the loan process in detail.
... more
0 votes 3 answers Share Flag
Thu Oct 8, 2015
Cindydavisbroker answered:
Just call them and tell them you got a better deal elsewhere. No one will feel offended. This happens every day.
0 votes 1 answer Share Flag
Mon Sep 28, 2015
Golda Savage answered:
Over 55? California Property Tax Relief

Proposition 60 and Proposition 90

It does not pertain to every county.

If either yourself or if you have a spouse who is over age 55 (when your primary home is sold), PROP 60 allows replacement of a primary residence with a new home of equal or lesser value within the same county and transfer of the Prop 13 assessed valuation from the old home to the new property. This is allowed once in your lifetime, and a spouse who has done it before 'taints' both spouses, meaning between both spouses, it can only be done once.

Please read at CA. Gov: http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm
And please get advice from a legal tax advisor.
... more
0 votes 5 answers Share Flag
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