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Home Buying in 95834 : Real Estate Advice

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  • Home Buying23
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Activity 23
Wed Apr 26, 2017
Melvin List answered:
Sounds like FHA or VA will be your best bet. I would love to help but I only lend in Florida.
0 votes 23 answers Share Flag
Tue Jun 28, 2016
Randall Ortiz answered:
Yes you can use a co-signer for FHA loans. I'm a loan officer in Sacramento, contact me if you still need help with your loan.
0 votes 13 answers Share Flag
Sun Nov 8, 2015
Jim Walker answered:
Let me clarify the words "same exact". You said you are in the same field of work. It does not have to be exactly the same position. For example, if you were an assistant chef at an Applebees in Utah, and took a job as a head chef with a TGI Friday in Brick, New Jersey - that is not exact, but it is cool with the lender.
Underwriters like to see income stable or increasing.

As far as the student loan, your required monthly payment on that will be considered into your debt ratio and that could reduce the amount you qualify for. If you are delinquent on the student loan that would disqualify you. Having an approved deferment, though, is okay.

The monthly amount that you will have to pay after the deferment ends will still be figured into your debt ratio.

On a related matter, investigate buying flood, wind and hurricane insurance. Homeowners in Brick suffered millions of dollars of flood damage from hurricane Sandy. Those without flood insurance suffered considerable economic loss. Many of those people had to get long term, low interest loans on top of the mortgage they already had, to repair their damages.
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0 votes 3 answers Share Flag
Tue Apr 21, 2015
Jennifer Keith-Weaver answered:
Hi Jamie,
So many factors go into each loan scenario! Using your father-in-law as a cosigner would help by lowering your combined debt-to-income ratio but we do have to use the lowest represented credit score which would be yours. FHA loans at 620 are not uncommon but do come with a few extra requirements. We can take a look at your overall situation and come up with the best plan! Maybe there's an easy way to get that score up! If we can get it up to 640, you'll do better with rate and fewer requirements. Also, you'll then be eligable for many down payment assistance programs that are out there! I have a credit tool that allows me to see what we can do to raise the score the most, using any cash on hand for the best result. Feel free to call or email if I can be of any assistance!
Jennifer Keith-Weaver
jennifer.keithweaver@academymortgage.com
916-257-7919
DBO 1249090
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0 votes 5 answers Share Flag
Sun Apr 5, 2015
Jeri Patrick answered:
I would contact a local lender to see what your loan options are. Best of luck
0 votes 1 answer Share Flag
Fri Jan 17, 2014
Andrew Martinez answered:
It depends on the Type of BK that was filed.

Chapter 7 the wait period is 2 years after discharge

Chapter 13 the wait period is 1 year. There can be no late payments on any debts for 12 months after the BK was discharged. You must also receive approval from the Trustee or Judge.

I hope this helps Kawatha
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0 votes 13 answers Share Flag
Sat Jan 11, 2014
Bobby Seffens answered:
if this is in California, I used a program called CHDAP. A program through the State that dependant on your income, can lend you 3% down toward a down payment. And when using an FFA only means you need to put down 0.5% to a home. While it puts you from a 30 day close to a 45 day close, it is great. And it is basically a second loan which there is no monthly payment for. You pay it back when you re-finance, sell the home, or after 30 years. And even if I get to the 30 years, , it is only just less than twice the initial loan amount once the interest (over 30 years) is applied. I recommend CHDAP if your in CA. ... more
0 votes 10 answers Share Flag
Fri Oct 18, 2013
Vinh Hoang answered:
A few questions come to my mind: are his parents currently receiving any kind of government assistance such as medical and/or medicare? Do you anticipate his parents to be moving into a nursing facility that will require goverment"s subsidy? If the answer is "yes" to any of these questions, my first advise is for the parents to consult with a representative at the Social Security Administration Department. These answers alone will determine whether or not it is a good idea to have his parents to co-sign on a loan.

Please call me if you still need my assistance.


Gwen Cao @ SVCF
916-812-1814
dre #01220501
NMLS# 274715
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0 votes 15 answers Share Flag
Tue Jun 11, 2013
Sue Archer Reynolds answered:
Making a plan is the first step and a lender would know best how fast you can qualify and for what amount.

I might also suggest that you work with Heather at Blue Water Credit to have her advise you on the fastest way to build your credit history. She can be reached at (916) 315-9190 or heather@bluewatercredit.com.

You may find that investing your proceeds, and paying rent WOULD actually work in your favor so there's more analysis to do on that topic. Don't rule it out, but consider all options.

good luck to you!
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0 votes 11 answers Share Flag
Mon Jun 10, 2013
Eddie Martini answered:
0 votes 7 answers Share Flag
Mon Apr 22, 2013
George Raymondo answered:
This is tricky for some lenders, but we can manually underwrite files. That means we don't have to have a AUS Approval (automated underwriting system) in order to fund a loan. Also, keep in mind that a co-borrower for a FHA does not have to live with the borrower. It's something very few people know. Please do not fall prey to some lenders who say this is an easy deal. These are complicated and we have to tackle some key issue upfront so you don't blown out of escrow. Please make sure you choose an experienced Loan Officer with a history of happy customers. FYI, there are some pretty cool programs out there, especially if you are going to buy in CA as your zip code indicates. We are licensed in 18 states.

Best of Luck!

http://www.trulia.com/blog/george_raymondo/2011/08/california_giving_away_free_money
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0 votes 6 answers Share Flag
Sun Dec 23, 2012
Bud Zeller answered:
I would suggest you contact a local lender for suggestions for your best loan type.
0 votes 9 answers Share Flag
Mon Dec 17, 2012
Claudia Muller answered:
...a borrower with no credit can go through FHA with a coborrower. However, it will require what we call a manual underwrtie. The file will need to be reviewed start to finish by an underwriter.
The ratio guidelines for this type of underwriting is (with no exceptions) 31/43.
Your total housing ratio may not exceed 31% of your combined income. Your total debts (housing plus nonoccupant coborrower rent and debts) cannot exceed 43%.
Husband's unemployment will not be counted as income.
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0 votes 4 answers Share Flag
Mon Dec 17, 2012
Trevor Curran answered:
Good afternoon adamandbella,

Lenders require a minimum credit score of 640 to qualify for mortgage financing; a cosignor is not to be used to make up for a deficit in credit. It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
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0 votes 6 answers Share Flag
Mon Dec 17, 2012
Cindy Davis answered:
To be absolute sure of the answer, I strongly encourage you and your cosigner to go to a local lender and complete the loan application. Only by going through the process will you be assured of an accurate response. ... more
0 votes 2 answers Share Flag
Wed Oct 3, 2012
Vinh Hoang answered:
There is no benefit of having your son/daugher on the loan. He/she has no income. He/she might complicates the processing of the loan. If you meet all of the criteria, it is best that you should be the sole purchasers/borrowers for the next property.

Good luck
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0 votes 6 answers Share Flag
Wed May 30, 2012
Micah Baginski answered:
There probably is no standard because the T.I. allowance is so integral to the overall lease attractiveness. Doing some research on your competition is the best way to find out how aggressive you need to be when negotiating that point. Depending on your spaces' needs you may not have to give much. Standard allowances include HVAC, bathroom, and an allowance for finishes. The value of these items would need to be ascertained by a general contractor. I would be happy to help. ... more
1 vote 1 answer Share Flag
Fri Sep 17, 2010
Bob McClure answered:
good afternoon...as kyle mentioned below....the tax credit has expeired...also, if you were on a mortgage (whether you lived in the home or not) you were also on title, if you were a co-borrower...if the loan was paid off over three years ago, then there is a chance you could have qualified..
best regards
bob mcclure
mortgage one
brighton, michigan
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0 votes 6 answers Share Flag
Sat Mar 20, 2010
Jim Walker answered:
0 votes 4 answers Share Flag
Sun Mar 14, 2010
Dianne Hicks answered:
Krish321
Your lender has full knowlege of your situation regarding what you owe and what your percentage balances are for your card so they would be best to listen to.

Take VERY important attention to what Barbara said about not closing your accounts. That will really hurt you!!!

Good Luck!!!
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0 votes 4 answers Share Flag
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