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Financing in Santa Barbara : Real Estate Advice

  • All242
  • Local Info19
  • Home Buying72
  • Home Selling9
  • Market Conditions12

Activity 7
Thu Apr 27, 2017
203k loans come with strings attached and your situation may not fit their criteria. A hard money lender may be an option.

It may even be a little difficult to find a hard money lender willing to provide a loan on a property in the middle of construction.
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Thu Feb 26, 2015
Bill Cook answered:
We lend throughout California and Santa Barbara is ideal with our portfolio jumbo programs
0 votes 11 answers Share Flag
Sat Sep 1, 2012
Miguel Avila answered:
Best Lender to go to is Prospect Mortgage It is a National Direct lender,for English call Catherine Dishion 30 years Expert Office Ph 805-898-4234 Cell 805-705-5773,para Espanol llamar a Velia Razo Office,805-898-4201 Cell 805-698-2305. ... more
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Tue Jul 27, 2010
Jeffrey Schlossberg answered:
If you or someone that you know really well and trust has a relationship with a lending professional, that's probably a good place to start. By and large, mortgage brokers can offer better prices than retail outlets.

Don't rely on rate quotes: the best quote is not worth the reliable delivery of a funded loan at a competitive price. If you don't ask the right questions, you won't get the whole truth.

Santa Barbara has many great loan agents. Collect all your stuff; proof of income (pay stubs/tax returns) assets (bank, brokerage, retirement accounts) and always confirm the lock period of the rate quote. A 15 day lock will sound great, but cannot be delivered within 15 days of your contact.

One last thing: your qualifications must be reviewed before any quote can possibly mean anything. Good luck!
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Tue Jun 1, 2010
Ken Doss answered:
Hi Jerry J., You had mentioned that the house is unfinished? How long will it take for the house to be completed? This might be the biggest issue pertaining to your strategy about locking your rate.

Ken Doss
Community West Bank
Santa Barbara
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0 votes 8 answers Share Flag
Fri May 22, 2009
Will answered:
Hi G,
Yes, we do still offer construction to perm loans and FHA203k loans. Let me know if I can assist you.

Will Addo is a Renovation Specialist with Wells Fargo. We finance 1 in every 4 homes in your Market. While having no Best Sellers to his name, he's really a decent chap for all intensive purposes. ... more
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Tue Nov 25, 2008
Robert Chomentowski answered:

Lori gave you a good answer. I think you are talking about the debt-to-income ratio. That is the ratio when you divide you gross income by the PITI on the mortgage + your cosumer debt monthly payments (auto loans, credit cards, student loans etc...).

Lenders will go above the standard ratios if you have compensating factors (good credit, money in the bank, long time on job). The ratios can get up into the high 50% with compensating factors. But even if you can get approved at high ratios, really think deeply whether that housing payment is something you can afford comfortably month after month.

Warm Regards,
Rob Chomentowski
Sr. Loan Officer
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