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Home Buying in 92116 : Real Estate Advice

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  • Home Buying6
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Activity 5
Sat Jun 22, 2013
David Rudd answered:
Hello Matty,

The short answer is, it depends. While many lending programs will allow approvals with foreclosures as recent as 3 years ago, they will be looking at your current credit history.

The best place to start is with a pre-approval. I always recommend a local mortgage expert over the big banks (for too many reasons to list).

If the foreclosure was the only issue that is on your credit report, you may very well be in the position to buy.

Best of luck!

David Rudd
Kindred Real Estate
... more
0 votes 9 answers Share Flag
Sun Jun 20, 2010
Matt Puzz answered:
An FHA loan just requires that the property if structurally sound and all the mafor components of the house are "functional" as the appraiser/FHA inspector. I am in Arizona a about 80% of my loans are FHA loans, our company that is a mortgage banker was the 2nd highest originator of FHA loans in Arizona in 2009 next to Wells Fargo and we only have 130 Loan Originators compared with how many Loan Originators at Wells Fargo.
The reason an FHA inspector looks for things that are wrong with the home is for your protection, they do not want you buying a home and within the first 60-90 days have to replace the roof. Hard money lenders have huge up front fees most of the time and will not lend on 95% Loan to Value. Conventional lending will require at least 20% Down payment and a 680 FICO score to avoid Mortgage Insurance and the lower the FICO score and the lower the down payment the HIGHER the Mortgage Insurance Factor. The FHA loan is a great way to go these days in California and the faster most realtors embrace the FHA loan the more home sales you will make, granted there are "money pit" homes out there and you want to stay away from those if you have limited funds anyway. If you have any questions on the FHA mortgage and would like a brief overview of how it works and why it is such a great option right now, I am happy to discuss this with any of you on this site. Besides think of this, what if we are not at the bottom of this housing crisis and home values go down another 10-20% and the money people just sunk into their homes has just vanished, then what??? I qualified many buyers so they could go shopping for homes in 2005, incurring an expense of $50 or so per buyer; when it came time to buy their house they paid cash with their money that they had from selling or refinancing their California home. They were advised to pay cash by the realtor because they would get the offer accepted and they could close faster (the realtor got paid faster, too) now the home is worth 40% of what they bought it for and the realtor is no longer in the business. I can assure you with a professionally written letter by the lender and a 50% down payment, they would have still got the loan and would not been so upside down with their home now. Too bad for them and also too bad that the realtor has left the business.
FHA is a great loan and a valuable tool to use and make more money.

Matt Puzz
Amerifirst Financial
602-410-9333
A Mortgage Banker Lending in AZ, CA, and NM
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Fri Jun 18, 2010
Phil answered:
On the cheaper side is Allied Gardens, which is part of 92120, very central and somewhat isolated from any bad areas. On the more expensive side but always in demand is nothern Kensington in 92116. ... more
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Sun May 24, 2009
Beatrice Flannagan answered:
Hello Karch,
I'm a broker/and mortgage consultant in San Diego. Many agents are simply too lazy to contact their favorite lender to check FHA approved condo projects at time they list the condo. I am responding from home, but have a list in my office I'll be happy to send you on Tuesday if you like.

If you still need the information, email me a request and I'll get it to you on Tuesday.

Beatrice Flannagan, Broker
Real Estate and Mortgage Consultant
(since 1978 in San Diego County)
3940 Hancock ST. #114
San Diego, CA 92110
Tel. 619-224-9898
E: bflannagan@bigplanet.com
... more
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Fri Sep 19, 2008
Jackie Pulcano answered:
Hi Kelly

Please feel free to give me a call anytime. I am a direct lender and will be able to let you know how much you qualify for based on your situation. (credit, income, debts, etc)

Best of Luck and have a great day.

Jackie Pulcano, SVP
United Mortgage Corp
800-462-4862
... more
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