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Financing in San Mateo : Real Estate Advice

  • All202
  • Local Info18
  • Home Buying79
  • Home Selling15
  • Market Conditions3

Activity 8
Thu Sep 14, 2017
Robert Spinosa answered:
We do a lot of 10% down jumbo financing in CA, but especially in the San Francisco Bay Area. We can presently go to a purchase price of $1.9MM with as little as 10% down so buyers who have the income but may not have yet saved the full 20% do have a shot at purchasing today, even in a highly competitive market.

The answer to your question about buying now or waiting can be modeled out mathematically and we are happy to help with this calculation. It does involve some projections, of course, so I find it helpful to "bracket" the analysis by doing best and worst case. Upon review, the answer becomes pretty clear but there is no best single answer that fits all. Everybody earns and saves at a different rate, all markets experience value change differently and then, of course, there is always a buyer who may have access to a gift or other source of game-changing funds.

In short, we're here to help if you think a 10% down payment is realistic and worth looking into. Thank you!
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Thu Sep 14, 2017
Robert Spinosa answered:
This is a common concern but in all my years of lending (about 16...) I have never seen any material harm to a borrower's score just by way of a credit pull --- assuming that the bigger items are in order. They are:

Bills paid on time (35% of your FICO score).
Balance to limit (30% of your FICO score).
Length of credit history (15% of your FICO score).

New credit inquiries touch only 10% of the overall score and that does not mean that they are always perceived negatively. If you need to get pre-approved, don't let the inquiry stop you.

Lastly, once a mortgage lender pulls your score, you have a window of approximately 45 days during which any other number of mortgage inquiries count as just a single inquiry.

Let us know if we can help any time with your mortgage or credit questions. Thank you!
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Fri Sep 25, 2009
Daniel Pryce answered:
Hello Jason,
I hope your day is treating you well. If you are still looking around for a loan officer to guide you through the homebuying process take some time to visit my website below where you can find out a little about me. I am a direct lender as well as a mortgage broker and have a ton of financing options avaiable.

Now really is a great time to buy…
Here are some facts to think about!

• HOME PRICES ARE DOWN Home prices have fallen as much as 40% in some Bay Area counties.

• DOWN PAYMENTS ARE AFFORDABLE Down payments as low as 3.5% with FHA!

• INTEREST RATES ARE LOW Rates are the lowest they’ve been in more than 35 years, and are not expected to stay at this level when the economy starts to improve.

• LOAN PROCESSING TIMES HAVE IMPROVED We can close your loan in 30 days or less! Now that the rush of refinances has passed, lenders’ turn times have improved.

• BUYING CONDOS WITH FHA IS GOING TO CHANGE Condo guidelines for FHA loans are changing as of October 1, 2009. After that date, it will become more difficult - act now before gridlock starts!

• THE $729,750 LOAN LIMIT IS TEMPORARY Congress passed an emergency measure allowing loan limits up to $729,750 in high cost areas. Congress may not extend into 2010.

• BAY AREA HOME PRICES HAVE BOTTOMED OUT According to the San Francisco Chronicle and other area newspapers, home prices appear to have bottomed out in the Bay Area - look for prices to increase and possibly even bidding wars over properties.

• $8000 TAX CREDIT IS EXPIRING The first time homebuyer credit is only available until November 30, 2009. Congress may not extend it into 2010. Additionally, using it before the end of the year means you can take credit on your tax return in just a few months.

I hope this information helps!
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Tue Aug 25, 2009
Sunny Sun answered:
Total Mortgage Services:
Thank you for taking time to shed the light. I've just locked the loan with the REO bank that was acting as seller so that I would be able to remove the loan contingency in time for the closing of escrow. Especially the bank was also willing to waive some fees to give me some discounts with a compable rate that my local credit union is offering. Again, I am grateful for all your insightful advices in order for me to clock my loan in time and hopefully close the escrow sucessfully. ... more
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Mon Aug 17, 2009
Julie Rice Thall answered:
Congratulations on your decision to buy a new home!

If you are planning to buy a condo, the project which the condo is a part of must be approved, regardless of the down payment being made. If you are planning to go with an FHA loan (which is advisable if you are putting less than 20% down), then you can get a spot approval, as you mentioned. If you can put at least 10% down, and want to pursue conventional, Fannie Mae financing, then the project must be approved by the bank that you are taking the loan out with. Once upon a time, Fannie Mae approval was all that was needed. In today's market, the physical lender will want to approve the condo project personally.

First, let me give you the big picture. The lenders, FHA or otherwise, are concerned with protecting their collateral...which is the condo you wish to buy. Since condos are part of a HOA, the lender is very concerned with the HOA and the project, and how it is run. Here are a few things of the many things that can make a lender not approve a condo project:
a) More than 15% of the HOA dues are deliquent
b) More than 51% of the units are being occupied by renters rahter than the owners
c) There is pending litigation against the HOA
d) There is not adequate reserves available to perform unexpected, but necessary repairs

So first, decide on what type of financing makes the most sense for you and get lender pre-approved. Second, find a condo you wish to purchase. Third, let your lender do the work to discover if the condo project is approved, or will be approved by the lender. And just know that if the lender does not approve the condo project, they are doing you a favor by discovering deficiencies in your property that would eventually effect your future property value. If the lender will not approve the project, you probably do not want to buy into that proect anyway.

Good luck!
Julie Thall
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Tue Aug 4, 2009
Daniel Pryce answered:
I am available to accomodate TIC Financing in San Francisco. Best way to contact me is via email with your scenario and I will look into the options I have available. I look forward to speaking with you.
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Thu Aug 21, 2008

As a broker, this is why I left Zillow. There are a bunch of cons there who quote the lowest thing possible in order to bait and switch. I however, try to disclose all fees up front.

I would love to help! Email me, and let's discuss!


I am online now!
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Mon Feb 11, 2008
Jim Walker answered:
Yes they can.
1. They may have gotten their numbers from Countrywide on different days or even a different hour on the same day. That is the most common reason for rates or fees to differ.
2. They may be quoting different programs such as one might be quoting full documentation (better rate and fees) the other might be quoting lighter documentation.
3. Someone may have gotten it wrong, or purposely jumped the gun. . Lets say the loan was $450,000, One broker might accidentally or intentionally (but incorrectly for the moment ) quote a conforming loan rate and another correctly quote a Jumbo rate.

However with loan limits set to change very soon, the loan may fall within the conventional rate structure soon anyway. The broker quoting the Jumbo rate will seem higher because he is conservative and not willing to quote something that has not been signed by the president yet, nor implemented by the GSE's. The broker quoting a conventional rate, may be willing to take the risk of quoting you a rate for a program that your loan size will probably conform to in 45 to 60 days, even if the ink is not dry yet.

4. Finally it is possible that the brokers have their own fees that do not match up with each other. Or someone calculated something differently, or some one made a mistake for the good, or someone else was being conservative (higher) with their estimate. Or that one made an improbably low estimate to get your business.

5. Picking the lowest quote, does not guarantee that you will get what they quote. nor does it mean you are any more likely to get a better deal from the lower quote. A quote is just an offer to do business.

6. A written good faith estimate gives you a little more to go on, since it is writing., but is still only an estimate, and is not binding on the broker or the lender.

7. The closest you can come to knowing what your rate and fees will be is when you lock in the loan rate.
Yet locking in the loan rate more than 30 to 45 days away from the expected close of escrow can be much more expensive than allowing your rate to float, especially when interest rates are falling.

The best broker to go with is the one who can explain all of this to you. one that seems to know what they are doing, one that asks you a lot of questions. A really good broker may even discuss loan programs that you did not think of that might save you more money than the one you asked for.
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