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Financing in Ventura : Real Estate Advice

  • All169
  • Local Info14
  • Home Buying52
  • Home Selling4
  • Market Conditions11

Activity 11
Sat May 18, 2013
Steven Ornellas answered:
Hi Yury,

RE: "To be approved for a loan: what documents I need to submit to mortgage lender?”

What you need to provide is based on your income sources; see the following Buyer's Document Checklist at http://docs.Steven-Anthony.com/BDC.pdf

-Steve
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Fri Apr 26, 2013
Robert Chomentowski answered:
Thu Feb 21, 2013
Scott Cary answered:
There is plenty of information below, although just so it's clear...you can qualify with the builders lender although you are not required to use the builders lender! The builder may offer you an incentive, although talk with your (previous lender), he may be able to match the pricing.

Nevertheless, your credit score will not be effected by having tow inquiries in the 30 day period, so you are safe. Just get the ore-approval in writing from both lenders.

In the event you do not end up buying the new home after getting approved by them, you will now have extra 'ammo' at the bargaining table when you write another contract to purchase. I personally like to see more than one per-approval letter from a buyer because it really reinforces the buyers ability.

Many times I have seen lenders provide a letter that was not substantiated and the sale would fall apart weeks later, so two opinions are better than one!

Good luck!

Scott Cary -Broker Associate
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Wed May 2, 2012
Rob Weber answered:
Having worked for all but a Credit Union, bankers/brokers have the most flexibility whereas the credit union can sometimes do some nice out-of-the-box lending to their members.

As was stated numerous times here, have a trusted loan officer review your credit then make a decision how to proceed. With the exception of major credit problems a large % of potential borrowers are within reach, they just need 1-6 months to fix up their credit. ... more
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Sun Jul 31, 2011
Barry Shapiro answered:
Hello Michael,
Just checking back to see what you decided concerning your Ventura condo. The government is working with lenders to help alleviate the affects of a free-falling marketplace. It may be time for you to look again at your current options. ... more
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Thu Feb 3, 2011
Rudi Hofmann answered:
If your employer is on this list, they will not be contacted directly. https://verify.theworknumber.com/cgi-mv/twndatabase_secure.asp

If your employer is not on that list your H.R. department will fill out a form. It's a little more involved than what has been previously mentioned.

Happy funding, Rudi
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Wed Feb 2, 2011
Rudi Hofmann answered:
On a purchase, today almost any source can fund your loan in 30 days. Providing you are responsive in providing your underwriting conditions in a prompt manner.

You may wait for your short sale approval for several months. Te refi boom is almost over. A lot of banks will reduce a good portion of their operations staff. In 3 to 4 months it may be an entirely different story.

Also on 4/1 risk based adjustment fees will rise. Who knows were rates will be.

What you need to do is relax and wait to see if your offer is even accepted. When you're excited, months pass very slowly.

Happy funding, Rudi
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Wed Dec 29, 2010
Vicky Spiva answered:
You can try to get a copy of 1 of the credit reports and see if the lenders can use that one initially until your offer has been accepted. We all have the same requirements for a mortgage credit report and I have used other lender's credit reports to issue pre-approval letters for the customer. Usually it is me supplying the bank with my credit report to get them to write the letter and then my customer uses me to do their loan.

If each lender requires their own credit report, it could have a negative effect on your credit scores. Inquires count for only approximately 10% of your total credit score..

I hope this helps but if you have any other questions, please feel free to call me at 877-933-3330
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Fri Feb 19, 2010
Barry Shapiro answered:
Hello again Gayle,

This is an excellent question.

The USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in California and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

To be eligible for A USDA Rural Loan in California, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval.. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area (see link below) Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance


USDA Rural loans are based on both INCOME eligibility:
http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11
AND PROPERTY eligibility guidelines:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11

These two websites should answer most of your questions.
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Fri Feb 19, 2010
Dan Chase answered:
A similar question is below. Look at it. Maybe it will give you what you need.
http://www.trulia.com/voices/Financing/Applied_for_a_USDA_rural_loan_should_have_approva-200726
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Mon Aug 31, 2009
Michael Humphreys answered:
unfortunately if your loan is not owned by freddie or fannie you are out of luck. Check your arm and see what it could adjust to. I know alot of people right now are actually adjusting down. As always contact your lending they may be willing to lock the rate for a longer period of time rather then have another house go into foreclosure. No matter what your payment will be going up, the time has come to start paying principal along with the interest ... more
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