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Financing in San Ramon : Real Estate Advice

  • All859
  • Local Info44
  • Home Buying594
  • Home Selling14
  • Market Conditions45

Activity 35
Sat Sep 9, 2017
Robert Spinosa answered:
The real concern here is how do we preserve excellent rates and terms when the FICO score is less than 700 and you need a jumbo loan. There are several approaches we take:

1) One of our best-priced options (fixed and ARM) will go to a $3MM loan amount with a FICO score down to 680 and as little as 15% down.
2) Several of our other jumbo investors will even reach down to 640 on score, but at the expense of higher rates and more conservative loan-to-value (LTV) in most cases.
3) A few of our programs do not use the lower of the two middle FICO scores for joint borrowers. A few of our investors will use the middle FICO of the primary wage earner and one of our investors averages the scores.

With all of these scenarios, the devil is in the details. I am confident you can find a solution below 700, but when I see these files, my focus is preserving the terms for the consumer and if you think I can help, get in touch. I can cover all of California.

Thank you!
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0 votes 8 answers Share Flag
Thu Aug 24, 2017
Prosper Realty answered:
We used to send our clients to just 1 lender but for roughly the last year we've been sending them to Home Loans For All. It's sort of like LendingTree except your phone will not blow up with 100 different lenders calling you every hour on the hour. Home Loans For All has been really good at helping our clients find a lender(s) that could get them approved fairly quickly. I'll include a link to them. Just my 2 cents.

Best of luck!
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1 vote 53 answers Share Flag
Tue Aug 1, 2017
Jaredbaer25 answered:
I was told that I didn't have to pay a PMI being a disabled veteran. Here is the screen shot of the paperwork from the lender. Does this seem right to any of you? I thought I was able to purchase the home, for the price which was agreed upon. (Which was 121k), With a 4% fixed 30year. Why am I borrowing a total of 125k? This says that I am paying PMI. Any ideas?

Also, I looked up in my county I don't pay mortgage tax up to 170k dollar home, because of my disability. How do I take advantage of that on this form as well?
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0 votes 7 answers Share Flag
Tue Aug 1, 2017
Any private money lender/hard money lender should be able to work with a 65% loan to value. Private money rates are currently around 8-10% depending on the lender and situation. Much higher than conventional but the loans are easier to obtain and can fund much faster. ... more
0 votes 9 answers Share Flag
Thu Mar 16, 2017
Most hard money lenders are going to require at least 25%, especially if the property is going to be owner occupied which it sounds like it may be the case in this type of situation.

There are very few hard money lenders willing and able to do owner occupied hard money loans and the larger the down payment the higher the likelihood for approval.
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1 vote 5 answers Share Flag
Sun Feb 26, 2017
Hello Reggiesconstruction, It only takes a few dozen questions to qualify and go over your options depending on LTV. Do you want cash out too?

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
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0 votes 2 answers Share Flag
Mon Sep 19, 2016
We offer 3% down LPMI conventional financing for primary residences in all 50 states. We can compare LPMI vs. BPMI to determine what is the better option for you. I'd be happy to help.

Shane Milne | Lending in all 50 states | NMLS #81195 | 949-322-3616 direct
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0 votes 1 answer Share Flag
Tue Apr 19, 2016
Cacurakjohn answered:
I own my home 100% and its in an llc, I need a loan do to the fact im not working and plan on selling it to pay off said loan. its worth about 460k, located in Naples Fla. I am a realtor. Many back surgeries. ... more
0 votes 8 answers Share Flag
Tue Jan 20, 2015
Sandy Thompson Girolami answered:
If the loan is in the closing dept I sounds like you are almost there. Once the loan gets a clear to close and goes to the closing dept you should be able to close in a day or 2 if necessary. 4514 ... more
0 votes 6 answers Share Flag
Thu Aug 15, 2013
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 You can check us out at I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
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0 votes 5 answers Share Flag
Thu Aug 15, 2013
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 You can check us out at I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
... more
0 votes 5 answers Share Flag
Wed Aug 14, 2013

As already mention, lender paid mortgage insurance is an option; however, the interest rate will be higher. Single premium buyer paid mortgage insurance is another option, if you have the necessary funds.

Alternatively, there was once again options to do a 80% first and 10% second loan. The underwriting guidelines for the second are fairly restrictive (minimum 700 credit score, for example); however, the terms of the line of credit are very good.

I just did a refinance for a family member utilizing this program and it saved the borrower considerable sums over the FHA loan she had previously. The program is available for purchase and refinance options.

As always, the numbers speak for themselves...a comparison of all of your options is the first step.

All my best,

NMLS #279125
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0 votes 16 answers Share Flag
Sun Jul 28, 2013
Jessica Bateman answered:
$729,950 for FHA which allows a smaller down payment of 3.5% with a 580 or higher score.
0 votes 9 answers Share Flag
Sun May 12, 2013
Here is my oppinion.

First a knowlegable go get 'em loan officer is more important than the lender you choose. First of all all lenders go to the same place for the mortgage, second of all the biggest thing that influences what you will pay is the market movement.

In this market many lenders are taking 3 months or more to fund loans. I actually quit a job last June becuase the company I worked for started doing that. Here is the thing, you can only lock in the rate for so long, extensions cost money. So if they do not close the loan quickly you wont be getting the rate they quoted if rates go up. They seem to want to deliver that rate anyway if rates go down.

When shopping for a loan be sure to ask, "when can I lock that rate in?"

First of all many lenders do not lock rates. Second of all many lenders are just using bait and switch tactics. If they won't lock your rate for several weeks you are really rolling the dice to go with that lender. Also they can quote you any rate they think will get you in the door rather than the true and correct rate. I really wish the regulators would crack down on this, but for now they are turning a blind eye to it.

One of the new things happening are these large boiler room lending operations, you know who many of them are because many of them advertise non-stop on the radio. Lending Tree, Cash Call and Greenlight come to mind. They have a alot of people answering the phones and they need to make the phones ring, so they more often than not they cut corners by advertising rates that you are not likely to get.

The major banks BofA, Chase etc. have figured out that they can charge more and they do. Right now the are also known for taking a long time closing loans.

I would then say your best bets are: smaller banks, credit unions, smaller mortgage bankers and believe it or not many mortgage brokers are a great choice. I feel lucky to work for a smaller bank that has great rates low fees and closes quickly.

Finally, when you do apply for a loan, the lender will be asking you for a lot of stuff. Give it to them as quick as possible otherwise it becomes your fault the loan did not close quickly.
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0 votes 5 answers Share Flag
Sat May 11, 2013
Robert Chomentowski answered:

You have a lot of options. 10% down is the sweet spot I believe, as it is a lot less money than 20% down yet the mortgage insurance is much lower than 3% or 5% down options. Let me know if I can assist. I have written articles on my blog about how 10% down. ... more
0 votes 11 answers Share Flag
Thu May 9, 2013
Yes all lenders have them.

The no cost option always has a higher rate and so they are never free.

What you need to do is compare the monthly savings on the loan with closing costs to the loan without closing costs. The payment is always higher on the one with no closing costs so how soon will you save those closing costs if you select the lower interest rate option.

Then lets say you save 300 a month on a loan with $3000 in fees. (Hypothetical) then you break even in 10 months. Also some times you have to pay the fees to get the lower payment in order to qualify.

Right now for most people the math is working out better on the loans with no closing costs. This changes all the time and it depends on your situation. You need a good loan officer who will sit down with you go over the numbers so you can take the best loan of you.

Rich Littlefield
Pactrust Bank
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0 votes 5 answers Share Flag
Thu May 9, 2013
Grace Tam answered:
The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property). are you looking for home loan or can you be more specific. ... more
0 votes 1 answer Share Flag
Mon Apr 1, 2013
Vaioman answered:
these guys are slimy sales people. do not use them. i went with them and after 2 months of excuses and false advertising; i decided not to go with them. it is all about sales and the manager Dan Mason is very unresponsive. He hides behind the computer and does not address any concerns. ... more
0 votes 13 answers Share Flag
Mon Aug 27, 2012
grannygreat428 answered:
I am trying to buy a short sale home under 30 k with 10 k down payment . My credit score is 570.
What are my chances of getting the balance financed ?
0 votes 12 answers Share Flag
Thu Jul 21, 2011
Ben White answered:
Never sign anything that does not reflect what you are told!!!!!!!!!!!!!!!! This is certainly a RED flag if I ever saw one. The GFE should reflect what your closing cost should be and show all bank charges. If they differ from what you are told, back away and seek another venue for your loan. I would shop anyway, you will find someone who is honest. ... more
0 votes 18 answers Share Flag
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