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Financing in 94506 : Real Estate Advice

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Activity 4
Thu Nov 24, 2011
Michael Abram answered:
Hello Hb2011,

It is definitely possible to go 10% down on this scenario. Take a look at my blog for further details about this particular program, http://www.trulia.com/blog/michaelabram/2011/10/jumbo_loans_to_90_ltv. Best of luck to you.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
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Mon Nov 30, 2009
Steve Mohseni answered:
Gigi,

There is nothing wrong with making your primary home to a rental/investment property. You have no obligation to tell the bank and so long as you make your mortgage payment on time and carry a hazard insurance on your property, your lender most likely have no issue to talk to you about.

Let us know if we answered your questions. Best of luck!
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Wed Oct 7, 2009
Bob Georgiou answered:
GIgi,

Don't be. If the loan is older that 12 months old it is considered seasoned and the stipulation that the home be occupied (as you put on your loan application) is considered satisfied and you are free to use the property as you see fit. Even if it was less than 12 months there are circumstances where it is acceptable but an attorney would have to provide the details. ... more
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Tue Oct 6, 2009
Dick Barnes answered:
Hi Gigi,

An open equity line of credit on any property these days is hard to come by. A lot of lenders have closed these lines down for fear of the falling values in homes. I'm unclear if you moved or if you're rental property has changed? You may want to make this more clear.

In general, both you and the property have to qualify for an equity line of credit. You need sufficient capacity to pay the loan should you draw on it and the property needs suffieicent equity to support the credit line.

If you still own the rental property and just changed your primary residence, you should be fine. I would discuss this with your lender or mortgage broker if you are unclear.

I hope this helps. I live and work in Danville and hope you are enjoying this gorgeous fall weather.
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