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Financing in 94117 : Real Estate Advice

  • All34
  • Local Info1
  • Home Buying10
  • Home Selling2
  • Market Conditions4

Activity 4
Sun Feb 8, 2015
Jessica Bateman answered:
You can get an FHA loan with 3.5% down most conventional loans need 20%. I have client's who have got approved and received a good rate at The Lenders Network I would check them out they can give you some options.. ... more
2 votes 48 answers Share Flag
Sun Mar 13, 2011
Lance King answered:
We deal with TICs all the time, and unless something new has happened very recently NCB and Sterling are the only ones doing individual fractional loans.

The other assets are great, but no security for the bank. I would need to know why you are refinancing and what you are planning to do before being able to advise you.

If you have a loan that is going to adjust badly you can always consider selling. Although TICs are tough, priced right they still sell.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
... more
0 votes 4 answers Share Flag
Fri Sep 10, 2010
Michael Novia answered:
Hi Jill,

This is a great question and one that most buyers are asking nowadays. It's obviously impossible for any of us to know where home prices will be 5 years from now, but you can do a few things to hedge your bet a little. First and foremost, make sure you are buying in a great location. If the neighborhood(s) you are looking in are full of "REO's" or in "transition" you may be better off looking in a more established neighborhood. Five years is not a very long time in "real estate years". Is the home you are looking at in need of repairs? If so, do you have the money to make them? Also, take a look at how long the property has been for sale. Has it been on the market 2 weeks or 6 months? If it's been on for a while try to determine why. Was it simply over priced or are there other issues - why it hasn't not sold?

As far as the down payment percentage. Take a look at the loan terms. If you put less down will you get penalized with a higher rate, mortgage insurance, higher upfront costs? My suggestion is to way the pros and cons of each and put down as little as you can.

Best of luck to you!
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0 votes 10 answers Share Flag
Fri Sep 11, 2009
David Tran answered:
Jason you hit the nail on the head and I will definately have to talk to the lawyer that created the TIC agreement.

The property is definately below market value, appraisal Monday.

So far, it sounds like I should avoid this one.
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1 vote 6 answers Share Flag
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