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Financing in Oakland : Real Estate Advice

  • All872
  • Local Info78
  • Home Buying342
  • Home Selling53
  • Market Conditions32

Activity 57
Tue Feb 21, 2017
UpNest answered:
Good question. This is a very specific situation. The best way to get the answers to your specific questions is signing up to www.UpNest.com. The platform allows you to consult with realtors in the NYC area and ask them the specific questions about salary in commission and mortgage qualifications. Hope this helps! ... more
0 votes 2 answers Share Flag
Fri Feb 17, 2017
Donald D. Hensel answered:
You will need to find a hard money lender who is willing to do a 2nd loan for you which is unlikely since you are looking for 100% financing and won't have any equity in the deal.
http://www.northcoastfinancialinc.com/hard-money-lenders-california/alameda-hard-money-lenders-loans/ ... more
1 vote 3 answers Share Flag
Sat Jan 16, 2016
Eastcoastrealtor4321 answered:
It's always worth it 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.
3 votes 5 answers Share Flag
Tue Mar 24, 2015
Smita Patel - Lender answered:
It really depends on the Lender, I work with a few some of whom have a clause that the property cannot be sold within a period of time. Reason: these lenders typically charge higher interest rates for NOO construction loans. ... more
0 votes 4 answers Share Flag
Tue Dec 2, 2014
Cindy Davis answered:
Typically, there is a benefit offered by the seller for using a preferred lender. However, you must do your diligence..explore the rates, costs, and basic competence of that company or individual. You must be comfortable using the entity for your mortgage. ... more
0 votes 1 answer Share Flag
Mon Apr 7, 2014
Sebastian Manivanh answered:
Hi Scott. If you and the Mrs. are serious about purchasing, I would start to gather up all of your financial documents, and have a real live mortgage broker help you with analyzing your scenario, to see what is possible. Ultimately, an underwriter from the lender will be reviewing your file, so it is best that you take care of any issues early on. The key is to submit a clean file once. If you need referrals to a few outstanding mortgage brokers, feel free to reach out to me: sebastian [at] wllending [dot] com. ... more
0 votes 18 answers Share Flag
Thu Apr 3, 2014
Craig Beard answered:
I have a rental property In Las Vegas, NV that is underwater and has an interest only loan until 10/15 and not owned by fannie mae or freddie mac. We have never been late on a payment and have an excellent credit score. I have talked with the mortgage company and they asked if I am in a hardship and I am not. I am going to retire next year and want to take care of this before they start taking out on the principle, we don't have the funds to pay this down. Any suggestions.

Thanks Craig
... more
0 votes 11 answers Share Flag
Tue Mar 18, 2014
Claudia Muller answered:
There is a loan called "The All in One".
www.cmgfi.com/brochures/all-in-one.pdf

Checki it out.
0 votes 2 answers Share Flag
Wed Nov 6, 2013
Claudia Muller answered:
Thu Aug 15, 2013
Alexander Greer answered:
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
... more
0 votes 10 answers Share Flag
Fri Jun 14, 2013
Thierry Abel answered:
There are low down payments programs with either 15, 10 and even 5% that have no MORTGAGE INSURANCE, you want to find out if the property and you qualify for any of these programs.
1 vote 10 answers Share Flag
Fri Jun 14, 2013
answered:
Earnest money is a deposit made to show that you are serious about buying the property in question. It is not unusual to to see this amount be $1.

However, the more you put down the seriously your offer will be taken. I am not too sure about the laws in NY so I would tell you to get a good agent to help you, as the rules are not the same in all states. I think in NY it is a lot easier to lose the money than in California. ... more
0 votes 4 answers Share Flag
Thu May 23, 2013
Sami Elabed and Anissa Burnley answered:
Sterling Bank is lending on case by case in Oakland,Ca. You might want to find out which bank (Sterling or NCB) is financing the other units in the building in which you are interested this will indicate you which one of the 2 banks in the US might finance your loan. Or hard money lending can be an other option. Good Luck ... more
0 votes 3 answers Share Flag
Sat Apr 27, 2013
Pacita Dimacali answered:
Your agent can provide you with a guide on what to offer....

By doing a CMA, you can find out the market value of the home
By doing a report on what listed and sold in the area you're interested in, you'll also see the pricing strategy(ies) employed by the seller(s).

Finally, in this seller's market, there are ways to make your offer shine. Cash offers don't always win, What type of listing is it? If it's a short sale, there are terms and conditions that are important to the seller and seller's short sale lender.

Think of how offers are rejected even when they are higher than list price.
http://activerain.com/blogsview/3294865/why-was-my-offer-rejected-though-it-was-higher-than-list-price-

Hope this helps.
... more
0 votes 4 answers Share Flag
Wed Apr 3, 2013
Jason Schwager answered:
Many experts say about 10-15% more in costs, but that is quickly regained with the savings in energy costs. Since energy costs are accelerating everywhere and buildings are built for the long run, when you do comprehensive accounting, the green building is way cheaper.

Remember, it's not just materials, it's how they are used. For example, concrete poured over an insulated bed and positioned so the sun heats it in the winter and it's shaded in the summer provides highly effective energy absorption when you need it. And the sun is free. Concrete is still concrete, but in this case it's used wisely.

By the way....you ought to look up Gigacrete. Anyone who does...be prepared to be amazed. I've turned architects on to this. Many of them have never heard of it.
... more
0 votes 3 answers Share Flag
Sun Mar 31, 2013
Robert Spinosa answered:
Karen,

There are a number of considerations for a non-permitted addition --- some have to do with the lender/loan and some have to do with the property itself. I'd be happy to help you sort this out at your convenience. I'm in Marin and available on the weekend too. There's no need to take an application at the outset so there's no cost or obligation at all.

Rob Spinosa
rspinosa@rpm-mtg.com
415-367-5959
... more
0 votes 5 answers Share Flag
Thu Mar 14, 2013
Antoine Pirson answered:
What does traditional mean? As an owner occupant you may have to put less down and have a better interest rate. As an investment , count on 25% down. In either case, make sure you understand your exit strategy whenever that is. The holding period income and the exit strategy will determine your return on investment, even if you live in one unit. It takes a little bit too long to explain in an email about the different issues when selling an owner occupied or regular investment property. You can make an appointment. You need to speak with your CPA for tax consequences of each option. ... more
0 votes 5 answers Share Flag
Thu Jan 24, 2013
Helen Yuen answered:
Thu Sep 13, 2012
The Medford Team answered:
Q: At what point should I get the good faith estimate from my potential lender?
A: As stated below, a lender can only give you a concrete GFI once you’ve identified a specific property.

Q: It seems confusing, as the load details are based on my offer for a home.
A: Correct.

Q: So, if I get preapproved for 500 k, and get a GFE for a 500k loan, but then bid on a home for 450k, does the GFE for 500k still apply, or does the lender need to provide one for 450k?
A: As long as you are using the same type of loan, it’s the same type of property (as an example, with no HOA fees, which vary from development to development) and is in the same city (city transfer tax rates vary from city to city), then … yes. You can expect your closing costs to be marginally lower for a lower loan amount.

Q: If not, should I just wait to get the GFE based on my offer? Seems pretty late in the game. What's the right timing/strategy for evaluating loan providers and costs? If I'm considering multiple loan types, should I get a GFE for each version of the loan?
A: A suggestion: get a Good Faith Estimate from your Realtor – we are not bound by the same regulations as lenders and, quite frankly, can usually produce a list of estimated closing costs that is far closer to reality than many I’ve seen from lenders. As an example, many lenders don’t know the correct costs for inspections, HOA fees for a specific address, even accurate title and escrow fees. A quick phone call to the lender gives me a synopsis of fees that I need for any specific loan or lender.

We provide Estimated Closing Costs for buyers all the time and are usually extremely close – we deliberately use conservative numbers so that the amount at closing is always a tiny bit less than we’ve projected. Additionally, we only show fees that you will be expected to pay as a buyer – the new government-mandated GFEs lenders provide can be extremely confusing because they also show fees paid by the seller.
... more
1 vote 10 answers Share Flag
Mon Aug 13, 2012
Claudia Muller answered:
The appraiser will use the MLS listings (which are much more comprehensive and usable) then the tax records.
The appraiser must measure the home for the 'footprint' of the property. That footprint will demonstrate the number of rooms, etc.
You may never get the county to correct. They are slow.
... more
0 votes 3 answers Share Flag
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