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Financing in Palm Springs : Real Estate Advice

  • All451
  • Local Info27
  • Home Buying155
  • Home Selling16
  • Market Conditions27

Activity 18
Wed Apr 19, 2017
Lindacsturgill answered:
I want to build a Western Home on a property I own in Fresno.
Who would be able to do a construction loan?
0 votes 24 answers Share Flag
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0 votes 25 answers Share Flag
Fri Jun 6, 2014
Jennermicheal_loaninc answered:
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0 votes 14 answers Share Flag
Mon Nov 4, 2013
anthony.venturi answered:
I am a mortgage banker that does single close construction loans in CA. Our loans have options that allow as little as 3.5% down. The loan can be used to purchase the land pay for fees and of course pay the builder.

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0 votes 8 answers Share Flag
Sun May 19, 2013
Neiltrulia answered:
Homeowners still retain title and ownership to their home during the life of the loan, and can choose to sell the home at any time. As long as the borrower continues to live in and maintain the home and property taxes and homeowners insurance are paid, the loan cannot be called due.
... more
8 votes 4 answers Share Flag
Mon Feb 18, 2013
linpohloanfirm answered:
Dear Investor's/Loan Seeker's,

You are welcome to Lin Poh Loan Firm! We are a private Investor /Lender, We Offers Private, Business, Project, Investment and Personal Loans etc with low Interest Rates within 1 to 20 years repayable duration period to any part of the world.We give out loans of any amount you requested. Our loans are well insured for maximum security which is our priority.

We are project finding's and we offer loan from the range of $5,000 to $500,000,000 and also mainly in any currency USD, CAD, KWD, OMR, SGD, GBP, AUD, MYR, EUROS ONLY. Interest rate is 3% annually. You are advise to contact us via the below e-mail addresses and your requested loan amount will be granted to you.

If you are interested in securing a loan with us, you're advise to get back to us and the Loan Application Form will be send to you as to enable us proceed! Our mission is to assist and render help to people that need financial assistance. All over the world. We issue out both short and long term funding in different categories. Contact E-mails:


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... more
0 votes 2 answers Share Flag
Thu Nov 29, 2012
Harcourts Desert Homes answered:
I would reach out to Ryan Gray at So CAL Direct Lending. He has worked effectively with many of my lease land Buyers.
1 vote 7 answers Share Flag
Thu Jul 28, 2011
tj schroeder - GRI, e-Pro answered:
You have a number of answers here, Grant, with conventiona wisdom, and there may still be one more possibility. Have you considered a "hard money" lender? Do you know what this is?

Generally, they are willing to take more of a risk than convensional lenders, and of course, will adjust the terms accordingly. That is, may increase the interest rate or adjust the length of the loan, or request a higher equity position.

Just a thought.
... more
0 votes 8 answers Share Flag
Wed Jan 5, 2011
Vicky Spiva answered:
I guess my first question would be do you have a Resident Alien Card? If so, then there should be a bank that would help you. Have you tried US Bank? Our company has a broker relationship with them and it doesn't say in the guidelines that you have to be a US Citizen. ... more
0 votes 2 answers Share Flag
Fri Sep 17, 2010
Hi Cja,

Thank you for the clarification on your intentions with the property. With that, I will change what I said in my earlier response to you (at the bottom of this post) which addressed a 2nd home purchase.

I can see why you may be confused from all different answers to your question that you are receiving.
While some lenders may be capped at 30% down, we only require 20%, although if you can afford it, 25% will give you better terms. Unlike other lenders, we will not require you to have 30% equity in your current primary residence in order for you to include your rental income to offset your debt-to-income ratio (DTI), making it easier to qualify for your loan. Even if you only put 20% down, we will still include your rental income to offset your DTI . Being a long distance owner, you will want to have a local property management company taking care & marketing your property.

Again, there are many details that I cannot go into here, so please feel free to contact me directly if you have any further questions.

All the best,

Roswell Moore, CMPS
DIRECT 480 422 5095

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund our own loans, on time. NMLS ID 263779 | AZ BK 0903725
... more
0 votes 16 answers Share Flag
Wed Feb 10, 2010
Jane Grant answered:
Gerald: Hopefully your contract had a "loan contingency", in it stating that if you were unable to obtain financing you would get your deposit back.

Usually deposits are only kept by the seller if the buyer chooses to leave the transaction without a reason, such as non-qualification.

Good Luck!
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0 votes 2 answers Share Flag
Fri Oct 16, 2009
Jeannette Karis answered:
There is a new and improved FHA 203K streamline program where the borrowers can borrow up to 110% of the appraised value providing quotes for the items they want to address (some limitatations like no structural changes but can be used for just appliances). Quotes need to be accurate as only these amounts will be paid even if final invoice is more. The lender keeps the additional funds and pays out on work completed. My buyers are replacing an really old furnace with asbestos in it, was really painless as no general contractor required. ... more
0 votes 3 answers Share Flag
Fri Jul 24, 2009
Jessica Sulliman answered:
US Bank is the only one I know of still offering financing to Canadians. They don't advertise. 75% ltv, full doc.
0 votes 9 answers Share Flag
Mon Jun 8, 2009
Elaine Stewart answered:
Be careful with some of these loan modification companies, make sure you check them out and don't give any money up front.
0 votes 5 answers Share Flag
Sun Mar 15, 2009
Dana Schuster answered:
You would have to finance this in the same way you would a car. if you are not purchasing the land along with the mobile,it is considered moveable property,not real estate. you cannot get a mortgage unless the mobile is permanently attached to the land. ... more
0 votes 1 answer Share Flag
Sun Jun 15, 2008
Elaine Stewart answered:
Sun May 4, 2008
Elaine Stewart answered:
Here are the requirements from my preferred lender here in the Palm Springs area. Let me know if you need a referral.

Second Homes Only Purchase only SFR, Condos or PUDs ok 65% max loan to value/ 35% down required. no US SS# or credit required.

6 months reserves housing payment required in a US Bank account prior to final approval.

All Source of funds for down, closing costs and 6 months reserves must verified from the borrowers own funds. Letter from CPA stating income for 2006, 2007 and YTD Gross.

They will ask how long you have been in same job, what you do etc.

The rates are in the low to mid 6's right now.
... more
0 votes 8 answers Share Flag
Thu Apr 24, 2008
Michel Brisebois answered:
As a Canadian from Vancouver looking at PS and Phoenix properties and thinking the same thing, it all depends what you want to do.

If you plan to live as "Snow Birds" immediately, then I would bleed the equity in your Canadian properties through a Secured Line of Credit or conventional mortgage and pay cash for your US property. Then the USD/CAD currency issue is no longer a problem as you are financing the property in CAD. I would also put USD savings in a US bank for later use, IF the CAD were to drop precipitously.... buying and accumulating USD as the CAD gets over par, my preference is at around 1.02, as that covers the bank charges for the USD purchase rendering into a straight across swap. A couple of pennies may look insignificant, but on 300-400K purchase, it's a lot of money to pay just to get some bank clerk to shuffle a few papers across a desk. I have a USD account in Canada where I accumulate USD on weakness.

On the other hand, if you plan to buy in the US and rent the property out, I suspect the best plan of action would be to get a US mortgage. For an investment property, US mortgages are easily available to Canadians but you need 30% down (you can get from a SLoC on CAN prop.), and I've only found 30 year fixed US mortgages, and at much higher rates, but it requires very little paperwork. I've been thinking if I buy a US property for rental (until I need it), it might be a good idea to incorporate... for liability protection. You will have to pay US income tax on the rental income, so US deductions are helpful in mitigating the US tax bill. There is a "free-trade" agreement between CAN and US that help mitigate double taxation, when repatriating currency. I would keep my US investments in US; and keep CAN investments in CAN; both in separate pots.

I’ve seen this kind of market before up here in the early 80s during the last commodity bust, and it takes several years to work out the problems… most people pay mortgages monthly, so it takes a while before trouble sets in. So there is no rush in buying anything. Take your time and do your homework. That’s what I’m doing.
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0 votes 6 answers Share Flag
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