I realize this post is dated, however the topic still comes up very frequently here in 2017, especially in the San Francisco Bay Area of California. If you need to purchase in jumbo price points and have only 10% down, you have several very strong options. The most desirable and best-priced is often an "80-10-10" or "piggyback." We will approve these on homes being sold for up to $1.9MM. The first mortgage can be fixed rate or ARM, and the second is typically a home equity line of credit (HELOC). Also note that an 80/10/10 is not the only way available and additional options exist.
I know this segment of the finance market extremely well and have many online testimonials (Yelp, etc.) to support success stories of offering and winning with 10% down. If you need help, get in touch any time.
Hello, we have a down payment assistance program that allows up to 5% of the loan amount which can be used for down payment and closing costs. Contra Costa County income limit is $158,080. Contact me if you are still in the market for this request.... more
You can take upto 80% cash out on an owner occupied loan and do whatever you wish with the funds.
You should check with an accountant, but as far as I know, you are not going to be taxed on capitals gains on that money until you sell that property.
The 1031 rules are for homes that you sell and need to reinvest the proceeds.
I might be inclined to save those funds until the market shifts...lets talk!... more
This is a loan that will need to be manually underwritten. Most loans will use the decision of the automated underwriter. Once your credit score is under 610, FHA and VA are going to require that a underwriter carefully review the file.
In this case, the credit report is going to be carefully scrutinized. "Why is the score so low?" Are there recent lates? Is the credit maxed out?
If the credit piece passes the underwriter's questions, then the rest of the file is reviewed to see what strengths it brings to the file. Are there major cash reserves? Is the debt to income ratio well under the allowable maximum??... more
HI, Getting a loan on a co-operative unit in Rossmoor from most lenders is difficult as the lender will always want the first lien position. Because of the way the co-ops are set up in Rossmoor, the Mutual who owns the buildings and common space are, in fact, the holders of the first lien. Therefore, the only lender I have found who will make a loan and take a second or junior position lien is National Co-operative Bank (NCB) out of Ohio.
No, in fact the loan officer that reviewed your file should have been able to tell if you could qualify without him. You do not necessarily have to go somewhere else if you are happy with your current lender. Just ask him to see what you qualify for on your own :).... more
Tim, And, I would encourage you to contact Jayne for any future financing needs. Obviously, she not only knows her "stuff", but is ethically bound to doing it right...every time. There are many times over the past few years that I have not always been "proud" of the mortgage industry. However, I know there are many, many mortgage professionals who are ethically committed to serving our clients with respect and honesty. I just wish more people would reward the talents like Jayne (and several others here on trulia) instead of shopping for the lowest possible rate. An 1/8 point saved is often the beginning of a nightmare such as you have endured. Best to you!... more
I see many Loan Modification Companies advertise Short Pay Refinances, but I have yet to see any of the Lender's offers such a program. I posted the question in order to determine if anyone has had success in doing a Short Pay Transaction. I am skeptical that the Loan Modification companies advertise the service, but have little success. When I ask the Loss Mitigators, they tell me they don't offer such a program.... more
I'm not quite clear what Wells is saying. It sounds like they were just talking about an equity line possibly. The 203k loan is designed to lend on future value of the improvements. Please give me a call when it's convenient for you so we can discuss it further.
Hello again James, the trigger that "dings" your score is the action of pulling a new credit report outside of the 30 day period, nothing more. Having said this, there is such a thing as a "supplemental report" that takes off errors, but this does not update the score. In some cases, you may want to actually re-pull the credit report if errors have been removed, or positive pro-active action has been exercised to improve your score.
For more information on credit scoring please see the link below.
Doug, my primary mortgage broker is in Walnut Creek. His name is Bob Cooley. I have been working with him for over 20 years and he is the best in the business. His office phone is (925) 906-8166. Good luck.... more