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94065 : Real Estate Advice

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  • Home Buying8
  • Home Selling2
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Activity 13
Tue Dec 27, 2016
Angelica P answered:
Hi,

I have emailed you regarding your concern.



Thank you for using Trulia!

Angelica
Trulia Consumer Care
0 votes 1 answer Share Flag
Thu Apr 21, 2016
costumesociety asked:
Fri Jan 18, 2013
carol hall answered:
Contact:
RMC Real Estate loans
Ph.650-401-3226

Carol Hall
Associate Broker
DRE# 01199038
650 286 3451
Clay Herman Realtor Inc.
251 Park Road, Burlingame, CA
0 votes 3 answers Share Flag
Fri Jan 18, 2013
John C. asked:
The only reason I need this is for refinance, for 20% of property value - which comes out to about $110K. I'm not really interested in peace of mind issues - I sleep well at night without…
0 votes 0 Answers Share Flag
Sun Nov 18, 2012
Gerard Dunn answered:
Elva is correct -

Are you an employee with a salary -or a contract employee? This will make a difference in how the underwriter views your file.

Get a good mortgage banker to give you advice on an approval.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, DC and Northern Virginia
... more
0 votes 4 answers Share Flag
Sun Nov 18, 2012
Robert Chomentowski answered:
You might be able to get the seller to extend your closing date. If you want to stay in the property more than 7 years, it is probably worth taking the time to get the 30 year fixed.
0 votes 5 answers Share Flag
Tue Aug 7, 2012
Tiffany Razo answered:
That is a good score. However, there are many factors that play into your approval. Quicken Loans is a good start.
0 votes 8 answers Share Flag
Thu Jul 28, 2011
Rudi Hofmann answered:
John,

I have originated many loans as this. I suggest you DO NOT say the $400K was a gift. A letter stating your wife has total access to the account would be much better. Since the loan will be in her name, your name Cannot appear on the Purchase Agreement. You can be on Title. You may want to consider if liquidating $400K for a down payment is a smart move. On my website I have a page devoted to Pledged Assets. This might be something you may wish to explore with a Nevada Mortgage Professional. If the property is in California, please contact me.

Happy funding, Rudi
... more
1 vote 4 answers Share Flag
Sun Feb 6, 2011
83sunset answered:
I have visited the Preserve community and found the floorplans extremely attractive. I did have a concern about the settlement and asked about it. I researched and found that Redwood Shores was originally filled in back in the early 1900's 1907 thru 1910 when it was used for salt flats and wheat fields. Then the area was further filled in with clay soil which is much more stable then the sand that was used for Foster City. Sand is a liquefaction nightmare. The Preserve community then added an addtional 4 to 5 feet of sturctual fill that settle 1.5 feet as designed before the builder even started building. The sales people are great there and they can give you all the information you need to make an informed decision, yes I did purchase at the Preserve, including the geotechnical reports to support the superpad design that was used during the process. The land was developed using the latest technologies as well as the homes were built using the latest technologies in foundation design and earthquake safety. Not to mention that The Preserve isgreen certified. An added bonus ... more
0 votes 3 answers Share Flag
Tue Jun 9, 2009
Net Chase asked:
Sat Mar 21, 2009
Jacqueline Clarke answered:
Dear Dominik,

FHA loans are more common now than in the past for just that reason, the low down payment requirement of 3.5%. All loans require at least 2 yrs employment, 2 yrs rental history, proof of income and money for your down payment. However, the FHA is known for a common sense approach to loan approval. The borrower does not have to fit into a specific box. Don't get me wrong, they're not doing funky loans or giving away free money but the guidelines are flexible enough to give a person who has no credit a loan if they have stable employment and savings, etc.

FHA loan rates are very competitive. In addition, a borrower can get their down payment as a gift from a relative or they can use down payment assistance from a governmental agency like SHIP.

Remember FHA loans are for primary residences only and borrowers can't use more than 1/3 of their income towards their mortgage.

FHA also requires appraisals from FHA certified appraisers. The heydey was due in large part to speculators and some unscrupulous appraisers, mortgage brokers and realtors. Most of those parties used conventional loans - interest only, no verifications, stated income - to keep the bubble going.

FHA loans were and continue to be less risky because of their approach to underwriting. Yes, it may require more paperwork, but the paperwork is to protect the consumer and the intergrity of the loan.

Patrick's experience sounds as if he was trying to get an FHA Spot Approval for a townhome or condo. Those are hard to come by and the lender should have disclosed to all parties that there is no guarantee if the complex was not FHA approved to begin with.

Best of Luck,
Jacqueline Clarke
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
... more
0 votes 5 answers Share Flag
Sat Nov 15, 2008
Martha Longhi answered:
Hello Ambrozic - I am a Redwood City Realtor and I'd be happy to assist you with your inquiry. Just email me directly at Martha@MarthaLonghi.com.

I'll be holding my Redwood Shores listing open tomorrow, 11/16, (479 Tiller Lane) from 1pm to 4pm, if you'd like to come by and meet me. We can discuss your real estate needs. ... more
0 votes 3 answers Share Flag
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