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Financing in Altadena : Real Estate Advice

  • All27
  • Local Info3
  • Home Buying7
  • Home Selling3
  • Market Conditions0

Activity 6
Mon Nov 27, 2017
Neldajgoodman answered:
ADU developer consults / consulted a background of government and partnership. Owner of the home can build health and flexible building. . ADU doing address systemic policy challenges locally and globally. Back door revaluation provides plan for work. Must inform ADU plan are exist or inside the city. Information response about home informs on restrictive municipal regulations ... more
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Mon Apr 25, 2016
I would be more than happy to get you pre-approved.

I do not check replies, so if you have a comment or question email me here:

Alex Greer
Loan Officer
NMLS #1056079
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Tue Aug 10, 2010
Chris Richter answered:
It depends. If you're talking about enough extra down payment where it changes the PMI or rate on the loan, then sometimes an increased down payment is the better path.

If it doesn't change the PMI or rate, then it effectively made zero change. Then you might have been better off buying down the rate.

A third option can sometimes be better. Cash reserves are "cool" again.

Given Price, Loan Amount, Credit Score, and the amount of "Extra" money, you should be able to get the pro's con's of each program over time.
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Sat May 9, 2009
Marty S answered:
Several Mortgage Broker sin California, including myself, that can help. Drop one of us a line....

I am a mortgage broker. If I can be of service, let me know!

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Sun Aug 17, 2008
Delores Weaver answered:
Hi Jasmine,

It is true that if the property is not on FHA's approved list, it will not qualify for a purchase. Unless there is something specifically wrong with the structural frame or build of the home, then there will not be a conventional lender out there that will finance the property. However, you might want to mention to your agent that a NON-CONFORMING LOAN may be the way to go on this transaction. Non-conforming loans have always been around at least for the past 20 years that I've been in the business, and they are here to stay. A non-conforming loan is a loan that does not meet conventional guidelines and is not sold to the secondary market. What does that mean? Simply this, the lender (maybe Chase or U S Bank) that must be selected has to be one that is a "portfolio lender" meaning they will not sell the loan to an investor. Anyway, it's a long story that can best be told with further detailed discussion--if you're interested. To make a long story short, a non-conforming loan would mean that you would have to come in with a large down payment--approx. 35-40%. If I can be of assistance don't hesitate to contact me.
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Tue Apr 1, 2008
Keith Sorem answered:
There are numerous ways that buyers can back out of a purchase duringi the 17 day contingency period. In the current market, it is just as important for the PROPERTY to appraise as for the buyers to qualify. GIven the shifting market as long as the buyer's qualifications don't change (such as losing their job), then the appraisal and inspections need to pass also. Lenders are being very careful on homes that they loan, so a positive wood destroying pest inspection report and physical inspection report will help. I am guessing in Valencia your home is newer, so that should not be a problem. In some older homes, for exanple, if the roof is nearing the end of it's life, the lender might require that prior to the close of escrow the roof be replaced.

Going back to what I had mentioned at the beginning, buyers have any ways to back out of a purchase. Your Realtor's job is to monitor the buyer's progress and make sure that they are performing as agreed. You say you have two offers, is one a backup? Then it is even more important for the Realtor to monitor the buyer's progress and be aware of any issues in the process. You Realtor will no doubt be in touch with the buyer's lender directly to check on their progress, as well as checking on the appraisals and facilitating the other inspections. The main thing to know is that every time a new report is given to the buyers, a new three day recission period kicks in, meaning they have three days to cancel.

That means that you and your Realtor should do everything you can to have all the disclosures prepared as soon as possible for the buyers to review and acknowledge.

Good luck, hope it goes well for you
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