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Home Buying in 90049 : Real Estate Advice

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  • Local Info2
  • Home Buying6
  • Home Selling1
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Activity 5
Mon Feb 27, 2017
Susie Kay answered:
Sat Sep 21, 2013
Gail Mercedes Cole answered:
Dear Patty,

I would ask the mortgage lender these question rules change all the time. To my knowledge:

1. Opening one bank account and closing another does not affect credit score but lenders want to see a trail. In other works. Closing one account with $50,000.00 and opening another bank account transferring $50,000.00 but adding additional $50,000.00 = $100,000.00 lenders will question where addition $50,000.00 can from.
2. Money in bank account has to be seasoned. It maybe 2 months or longer. Verify length of time with direct lender. If there is a gift from parents of $100,000 which is total down payment verify with lender if is acceptable may appear like parents are purchasing property.
3. Again there has to be a money trail if transfer $50,000 from bank A to bank B funds from bank A have to be seasoned.
In all scenario verify with direct lender for valid professional mortgage lending answers.

Gail Mercedes Cole
EXP Realty
310.853.9933
... more
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Thu Jun 13, 2013
Gail Mercedes Cole answered:
Yes there are apartment for rent in Brentwood. Additionally, check for single family home and condominium rentals. Check for rentals in Trulia, Zillow, Westside Rentals and Craigslist.

Gail Mercedes Cole
EXP Realty
310.853.9933
... more
0 votes 8 answers Share Flag
Tue Jun 11, 2013
Gail Mercedes Cole answered:
There is no problem financing a duplex FHA buyers primary and renting tenant unit if loan amount is within FHA guides. Attached is general information on FHA financing. Check with direct FHA lender for confirmation of rates and terms. Be sure with an offer you have pre-approval for loan and source of funds from prospective buyer. As back-up I like to check validity of FHA pre-approval before seller accepts offer.
General Guide FHA Financing: http://www.westlaestates.com/general/fha-financing-opportunity-for-buyers-315/

Gail Mercedes Cole
EXP Realty
310.853.9933
... more
0 votes 8 answers Share Flag
Thu Aug 23, 2012
Kawain Payne answered:
Hello,

Congrats on completing your college education!!

Now that you are a young professional, buying a home of your own is a great idea.

Here are some things you need to do:

1. Get pre approved for a loan. The process will inform you how much money you qualify for.
You will know how much you need for a down payment, closing cost, and what your monthly mortgage payment will be.

2. Think about what type of home you want, area, size,,schools ect

3. Select for yourself a buyer's agent. One who will be willing to take the time needed to guide you in this very important process.

4. Make sure you are focused and engaged in the process. Ask plenty of questions of your agent and lender. Make sure you are clear on EVERYTHING!!!

* now, the areas you listed are on the high end. Prices are actually on the rise overall. Too bad you are not interested in Orange County, we have some great middle class areas that offer great quality of life, low crime, great schools and entertainment.

Best of Success to You!!!!!
Kawain Payne, Realtor
... more
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