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Financing in California : Real Estate Advice

  • All2K
  • Local Info95
  • Home Buying1K
  • Home Selling180
  • Market Conditions51

Activity 3,268
A few hours ago
Sheryl Arndt answered:
Hello Kateclavijo, most likely 30% down or less depending on your credit profile.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Yesterday at 3:28pm
Sheryl Arndt answered:
Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

An estimate can be provided for any and all programs you may be interested in so you can make an informed decision upon request to compare.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 7 answers Share Flag
Yesterday at 1:38pm
Sheryl Arndt answered:
Hello Venkatesh, yes, 90% LTV so 10% down up to 2.5m from a minimum 680 fico score. This is a full documented loan program.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 2 answers Share Flag
Thu Mar 23, 2017
Patt answered:
Having a good credit score will also give you better rates on your home and auto insurance.
0 votes 80 answers Share Flag
Wed Mar 22, 2017
Sheryl Arndt answered:
Hello orshi.corpos, it depends on if you owned it 5 years or more and if the home you are speaking of is a rental or primary residence. Scenarios can be discussed as to down payment programs choices and fico scores requirements so you can make an informed decision.

The purchase in 94534 zip code for a 3bd 2ba single family home start from 370k.


You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Wed Mar 22, 2017
Sheryl Arndt answered:
Hello Pjackgi2011, yes if you already have an FHA loan you can do a streamline refinance.

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
... more
0 votes 2 answers Share Flag
Wed Mar 22, 2017
Sheryl Arndt answered:
Hello Julie, we have 12-24 month bank statement programs if you are self employed.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 3 answers Share Flag
Wed Mar 22, 2017
Sheryl Arndt answered:
Hello Harvey, we can do FHA if the complex is approved or conventional if not. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Wed Mar 22, 2017
Sheryl Arndt answered:
Hello Harvey, we can do FHA if the complex is approved or conventional if not. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Mon Mar 20, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

I would need more details but we do have programs that actually go up to 100% ltv so there is probably a program for you.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
0 votes 2 answers Share Flag
Mon Mar 20, 2017
Sheryl Arndt answered:
Hello Grace, yes they do. Do you have down payment and closing costs or do you need down payment and closing costs assistance programs?

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in Los Alamitos start from 444k for 2bd 1ba condo. How much are you paying in rent now and what is the maximum payment you are looking to achieve? There may be other neighboring cities that are more affordable...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 2 answers Share Flag
Mon Mar 20, 2017
Sheryl Arndt answered:
Hello Sfconstruct, You may consider 12-24 month bank statement programs if you are self employed.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 5 answers Share Flag
Mon Mar 20, 2017
Sheryl Arndt answered:
You may consider 12-24 month bank statement programs if you are self employed.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist

REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 10 answers Share Flag
Mon Mar 20, 2017
Sheryl Arndt answered:
It will depend on the county, down payment assistance program choice, income, number in household, etc.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may go up to 600k in high cost areas and only 400k in others with the CalHFA. You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 5 answers Share Flag
Fri Mar 17, 2017
Rich Reed answered:
Hi, Paul. We speak Mandarin (Taiwan official language) and Cantonese. We have a loan broker in our office. You or your client can contact Annie @ 626 226 7862 for help and more information. Thanks! ... more
0 votes 1 answer Share Flag
Thu Mar 16, 2017
Donald D. Hensel answered:
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.


http://www.northcoastfinancialinc.com/hard-money-lenders-california/contra-costa-county-hard-money-lenders-loans/

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.
... more
1 vote 5 answers Share Flag
Wed Mar 15, 2017
Sheryl Arndt answered:
Medical debt is not counted with FHA so don't worry about that. You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

Do you have down payment and closing cost or do you need down payment and closing cost assistance? You may qualify to buy with minimal out of pocket expenses with down payment and closing cost assistance programs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 4 answers Share Flag
Mon Mar 13, 2017
Scott asked:
Our company - Schlesinger Associates conducts market research projects and for one client in particular we have a target audience of individuals that recently have gotten a home mortgage…
0 votes 0 Answers Share Flag
Thu Mar 9, 2017
Jonathan.brozek answered:
that's a toughie, I know CAP ONE used to go 90% to 2MM but I think the rates are on the high side, we cap out at 90% ltv/cltv to $900K. We can split into 2 loans, both 30 yr fixed or one loan. jonathan.brozek@usbank.com ... more
0 votes 36 answers Share Flag
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