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Financing in Pasadena : Real Estate Advice

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  • Local Info8
  • Home Buying56
  • Home Selling12
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Activity 19
Tue Mar 28, 2017
answered:
Hello Kateclavijo, most likely 30% down or less depending on your credit profile.

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 1 answer Share Flag
Wed Aug 3, 2016
ryniciaw asked:
Hello, I need assistance with refinancing my loan. I am on an income based repayment plan. My husband and I have a good income, and good credit, but we have a lot of student loan debt. The…
0 votes 0 Answers Share Flag
Wed Jul 6, 2016
answered:
I can use either Freddie or Fannie,

Rich Littlefield
Sophisticated Financial
714-968-2500

License 287206 Equal housing lender
0 votes 1 answer Share Flag
Thu Nov 21, 2013
Gregorio Denny answered:
WOW, I apologize for all the answers you have received, the clearly don't understand your question or delayed financing.

Your answer is yes.

If you cash out on your current mortgage to purchase an investment property with all cash, you may use the delayed financing to secure a mortgage on the investment property , however you will be required to use these funds to pay down your mortgage that you cashed out.

From Fannie Mae:

"If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the HUD-1 for the refinance transaction must reflect that all cash- out proceeds be used to pay down, if applicable, the loan (unsecured or secured by an asset other than the subject property) used to purchase the property. Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction."

Please contact me if you need more information.
... more
0 votes 6 answers Share Flag
Sun Aug 25, 2013
ryateslenders answered:
There are several factors to consider and a simple 25% of your income is not enough. Some people have a lot of monthly debt (auto loans, credit cards or student loans) others do not. Lenders look at debt to Income and typically like to see the total monthly debt to income be below 45-50% after factoring in your morghage payment. ... more
0 votes 9 answers Share Flag
Sun Aug 25, 2013
ryateslenders answered:
If someone has bad credit, chances are they will not be allowed on the loan. Both the signer and co signer must have acceptable credit to be on the loan, lenders go by the lowest score.
0 votes 8 answers Share Flag
Sun Aug 25, 2013
Irina Karan answered:
I liked what Lou wrote below - more downpayment (if possible), actually accepting this condition and signing up with the cheapest property management company, getting an experienced investor on board as a silent partner would make the purchase possible.

You can get rid of the property management company in a year, writing them off as your expense.
You can also learn from them - so that you gain the experience you need for the future.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 10 answers Share Flag
Thu Aug 15, 2013
Jim Enright answered:
Lots of responses - Thierry Abel has the most accurate answer. There is a time limit on delayed financing though. Call Thierry.
0 votes 17 answers Share Flag
Thu Aug 15, 2013
answered:
You are probably looking at a new first with cash out. The lenders who did 2nds pretty much got wiped out a couple of years ago.

Rich Littlefield
Mortgage Banker
949-297-1207
NMLS 287206 ... more
0 votes 4 answers Share Flag
Wed Jun 6, 2012
Rene' De Blanco, MBA answered:
If you can qualify on your own, do so. Less potential headaches than adding a non-occupant co-borrower.

Hope this helps!

jdeblanco@kinecta.org
0 votes 12 answers Share Flag
Tue Dec 13, 2011
Joshua Rabinovitz answered:
Thu Mar 18, 2010
Tommy Lee answered:
newinvestor,
Looks like you have mixed answers. Basically two agents hit on the right answer. The contract you sign is the guide. If you say all cash up front and then try to switch during escrow the sellers could always say "breach of contract". That would apply with the bank or the homeowner. A homeowner could say, "breach of contract" and push to have the house put back on the market. That means they get to live in the house another month, probably without making mortgage payments. On the bank side, it could go back to the negotiator and then it would delay the process while the negotiation was going on, probably in some other state.

Also, with most listings, in the agent private remarks. will be a request proof of funds for an all cash offer. If you do not have proof of funds, they will question it.

Normally, lenders will require 6 months for seasoning before they allow you an equity line. You might find a less reputable lender that will allow you to take out cash sooner but beware of the fine print.

To be competative, there are several things you can do to move yourself to the front of the line. Please give me a call or email me and I will be happy to explain them to you.

tommy lee
323-821-2292
tommy.lee@dilbeck.com
... more
2 votes 7 answers Share Flag
Wed Mar 17, 2010
Edward Uriarte answered:
Minimal one, but it all depends how many are needed to qualify.

Edward Uriarte
(310) 463-2270
1 vote 2 answers Share Flag
Wed Mar 17, 2010
BOB Khalsa answered:
What about prepayment penalties and is there any lock out period? These are important in case you want to refinance. Otherwise the terms look fairly good. As regards the DSCR or Debt Service Coverage Ratio being 1.4, if you are a first time investor getting a commercial loan and have not managed commercial properties earlier, then the ratio is OK. A sophisticated investor should be able to get a lower DSCR but it would also depend on the vacancy rate for the area, condition of the property and where the rents are sitting today as compared to the market.

Lastly do remember that if you are planning a long term hold, when the interest rate adjusts after 5 years, you could be in for a shock since LIBOR is expected to go up. During the last recessionary period LIBOR touched 9% in 1989-90, so even if it goes say to 7% you are than looking at an interest rate of 9.75%. Sure you don't want to look at a longer term fixed rate product? If you are planning on a hold of 5 years or less and the prepayment penalty extinguishes earlier then the short term fixed rate is OK.

Bob Khalsa, CCIM
President & Broker
United America Realty
661-513-4433
... more
1 vote 4 answers Share Flag
Tue Mar 9, 2010
Gerard Dunn answered:
I would ask for this in writing. Most servicers put the loan on ALL the borrowers credit. If you are dealing with a smaller local bank - this may be correct.

Better to be sure in advance - get it in writing!

Good Luck!
... more
0 votes 2 answers Share Flag
Wed Feb 24, 2010
M.D.J answered:
The answer to whether future rent can be counted on a 1- 4 unit rental purchase when currently vacant is actually "YES".

Surprisingly though I heard plenty of "Noâ™s from underwriters before I heard that yes so you can get different answers based off of the different lenders.
One such example that closed: Triplex (all vacant) if the buyer would have been hit with the whole payment without any rental to offset the payment the buyer would not have been able to qualify and yes it was a regular conventional loan. Applies to both owner and non-owner purchase.

So actually the answer can be YES or NO depending on who is doing your loan.

Hope that helped.

Good luck.
... more
0 votes 10 answers Share Flag
Wed Jan 6, 2010
Joanna Jensen answered:
Hi Looking to Buy
I think now is a fantastic time to buy.
I am a realtor and my husband is a loan officer. I know some people are thinking of waiting untill the bottom drops out, but, how will we know when that happens?? Of course, it is when prices go back up and we say, we should have bought.
right now what we are seeing is when nice homes are coming on the market there are multiple offers. However, the prices are right. this is a great time to buy, and definately buy what you can afford. What I would say if dont spend more than 35% of your gross income on housing. You definately want to budget for a rainy day and being a singly mom you will be buying shoes and paying for school luches and clothes and shopping. You have a significant down but I would save at least 5 months worth to keep as savings. That is just my advice.

I would think you could buy a home for about $600k approx. Remember there are alot of short sales out there. So if you buy a home today for $600 - $650 your buying what someone paid 2 -3 years agot $800 - 900k. That is not bad.

I would definately play it safe depending on your line of work. If your commission and your income varies I would spend a little less. A lot of us were making significantly more two years ago and are now making 2/3 of that range. So I would play it safe.

Interest rates are fantastic. There are lots of foreclosures and short sales you can find. You may even be able to do a lease option. In your position I would get prequalified now and just start looking to find the areas you like. First time tax credit are supposed to continue and may even raise to $10k . Remember, the asking price may be $600 buy you could always offer $525k.

Best of luck,
Have fun Shopping
JoAnna Jensen
Realtor
Legal Assistant
Chris Jensen
Loan Officer
... more
0 votes 18 answers Share Flag
Tue Dec 29, 2009
Robert Chomentowski answered:
What is the reason you were out of work? Are you in the same business prior to the 2 year gap?
0 votes 5 answers Share Flag
Tue Jul 21, 2009
Nancy McSween answered:
The reason your agent recommends their spouse is because if any financial issues come up, their spouse can circumvent any problems for you. That is a PLUS!!! However, if money is an issue, remember you can always tell your agent that if the mortgage broker charges 1point, you can let that agent know that you would feel more comfortable pursuing the best rate and points. If the agent insists on their spouse, tell them you would be happy to have their spouse do the loan if he pays the POINTS! ... more
0 votes 6 answers Share Flag
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