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Financing in Contra Costa County : Real Estate Advice

  • All65
  • Local Info5
  • Home Buying37
  • Home Selling3
  • Market Conditions1

Activity 117
Thu Mar 16, 2017
Donald D. Hensel answered:
Most hard money lenders are going to require at least 25%, especially if the property is going to be owner occupied which it sounds like it may be the case in this type of situation.

There are very few hard money lenders willing and able to do owner occupied hard money loans and the larger the down payment the higher the likelihood for approval.
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1 vote 5 answers Share Flag
Sun Feb 26, 2017
Sheryl Arndt answered:
Hello Reggiesconstruction, It only takes a few dozen questions to qualify and go over your options depending on LTV. Do you want cash out too?

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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0 votes 2 answers Share Flag
Tue Feb 21, 2017
Valli Lopez answered:
VA loan about 3%, FHA loan 3.5% or conventional is 20%. Construction to perm loans are pretty easy, just need to have a licensed contractor give a bid on the construction.

Call me and I can give you a quote.

Valli Lopez
NMLS 980530
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0 votes 1 answer Share Flag
Sat Jan 14, 2017
Cschwartz answered:
This isn't about hurt feelings. Do you realize that it costs a lender about $3,500 in expenses (not including the loan officer's commission) to close a loan? When the borrower signs initial disclosure documents, one of the documents they sign is an intent to proceed. As soon as you sign that document the lender relies on your word that you really do intend to proceed. They begin writing checks to: The processor, title company, fraud investigator, compliance team, doc providers and a dozen other people. When you order a lock, the lender is going to put aside the cash to fund your loan. In JB's case I think the lender is going to set aside over $600,000 and pay interest on that money while he waits for JB's transaction to close. This isn't funny or trivial. How'd you like to be paying interest on $600k when the borrower is playing games like this?

Running two transactions at the same time and not disclosing that fact right up front to both lenders is straight up unethical
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1 vote 51 answers Share Flag
Fri Oct 21, 2016
Danny Ponder answered:
Hello, we have a down payment assistance program that allows up to 5% of the loan amount which can be used for down payment and closing costs. Contra Costa County income limit is $158,080. Contact me if you are still in the market for this request. ... more
0 votes 3 answers Share Flag
Mon Sep 19, 2016
Shane Milne answered:
We offer 3% down LPMI conventional financing for primary residences in all 50 states. We can compare LPMI vs. BPMI to determine what is the better option for you. I'd be happy to help.

Shane Milne | Lending in all 50 states | NMLS #81195 | 949-322-3616 direct
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0 votes 1 answer Share Flag
Thu Aug 18, 2016 answered:
A loan consultancy can help you in this regard. I know a company, who can help you a lot.
0 votes 2 answers Share Flag
Thu Jul 7, 2016
Darlene asked:
How do I determine whether or not doing a reverse mortgage is right for me?

Are taxes different in doing a reverse mortgage?
0 votes 0 Answers Share Flag
Tue Apr 19, 2016
Cacurakjohn answered:
I own my home 100% and its in an llc, I need a loan do to the fact im not working and plan on selling it to pay off said loan. its worth about 460k, located in Naples Fla. I am a realtor. Many back surgeries. ... more
0 votes 8 answers Share Flag
Sun Apr 3, 2016
Claudia Muller answered:
Hi Chris,
You can take upto 80% cash out on an owner occupied loan and do whatever you wish with the funds.
You should check with an accountant, but as far as I know, you are not going to be taxed on capitals gains on that money until you sell that property.
The 1031 rules are for homes that you sell and need to reinvest the proceeds.
I might be inclined to save those funds until the market shifts...lets talk!
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0 votes 1 answer Share Flag
Tue Mar 15, 2016
Alexander Greer answered:
It should say "Taking this loan could end any state law protection you may currently have against liability for unpaid debt if your lender forecloses on your home. If you lose this protection, you may have to pay any debt remaining even after foreclosure. You may want to consult a lawyer for more information."

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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0 votes 1 answer Share Flag
Tue Mar 8, 2016
Five Stars answered:
As of the spring 2016 - we offering the following options:
1 loan up to $850,000 - 95% financing, no monthly PMI.
Combo 1st and 2nd mortgage up to $1,000,000 - 95% financing. No PMI
90% financing up to 1.5 mil
680 credit score needed.

These programs are full documentation (assets and income) We offer other solutions for reduced documentation, investor and vacation homes has well, please contact us below to discuss the details.

Five Stars Mortgage
National Jumbo Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
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0 votes 7 answers Share Flag
Wed Dec 2, 2015
Claudia Muller answered:
This is a loan that will need to be manually underwritten. Most loans will use the decision of the automated underwriter. Once your credit score is under 610, FHA and VA are going to require that a underwriter carefully review the file.
In this case, the credit report is going to be carefully scrutinized. "Why is the score so low?" Are there recent lates? Is the credit maxed out?
If the credit piece passes the underwriter's questions, then the rest of the file is reviewed to see what strengths it brings to the file. Are there major cash reserves? Is the debt to income ratio well under the allowable maximum??
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0 votes 3 answers Share Flag
Fri Jul 3, 2015
Margaret Price answered:
HI, Getting a loan on a co-operative unit in Rossmoor from most lenders is difficult as the lender will always want the first lien position. Because of the way the co-ops are set up in Rossmoor, the Mutual who owns the buildings and common space are, in fact, the holders of the first lien. Therefore, the only lender I have found who will make a loan and take a second or junior position lien is National Co-operative Bank (NCB) out of Ohio.

Let me know if I can help you!
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0 votes 5 answers Share Flag
Fri May 15, 2015
Soniajanki answered:
s we’ve mentioned countless times, the VA home loan program comes with a laundry list of benefits, from purchasing with no money down and caps on what borrowers can pay in closing costs to incredibly competitive interest rates even for those with lackluster credit.

Veterans United also offers the Lighthouse program, which helps veterans improve their credit free of charge.

But there’s another big one that sometimes gets swallowed up in all the talk about purchasing without a down payment: The lack of private mortgage insurance (PMI). Avoiding any kind of mortgage insurance saves VA homeowners from forking over thousands of dollars in mortgage insurance during the initial stretch of their mortgage term.

VA borrowers don’t have to worry about coming up with a wad of cash to close. In fact, borrowers in some cases can secure a home without spending a dime up front. One thing all VA borrowers have in common is they’re able to save money each month that other homeowners miss, allowing them to pay down debt, cover regular expenses or pay down their principal, which can shave years and thousands of dollars in interest from their mortgage.

Veterans who secured a VA loan last year will save $19 billion in private mortgage costs over the life of their loans, according to VA estimates.

The no-down payment mortgage will and should remain the VA Loan Guaranty program’s signature benefit. But it’s important that PMI doesn’t get lost in the shuffle. Something to remember when the time comes to evaluate your lending options.

Click Here :
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2 votes 5 answers Share Flag
Mon Mar 16, 2015
Sheryl Arndt answered:
Hello Jfaber, your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will also need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7 or

If my response was helpful, consider clicking thumbs up or Best Answer!
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0 votes 4 answers Share Flag
Tue Jan 20, 2015
Sandy Thompson Girolami answered:
If the loan is in the closing dept I sounds like you are almost there. Once the loan gets a clear to close and goes to the closing dept you should be able to close in a day or 2 if necessary. 4514 ... more
0 votes 6 answers Share Flag
Thu Dec 18, 2014
John Connor answered:
I am pretty sure they take before deductions because I am unsure if I could have gotten the loan with deductions. I really hate having so many deductions. ... more
0 votes 9 answers Share Flag
Tue Nov 18, 2014
anwarcharlie answered:
Call Jeremiah at 4152384357.Tell him Anwar sent you. He works for the largest Title1 lenders in the country.
0 votes 2 answers Share Flag
Thu May 1, 2014
BofA_Help answered:
Hi Caden, I work for Bank of America and would like the opportunity to help with your appraisal concern. For privacy reasons, we are not able to provide service through this site. We would like to speak with you one-on-one to learn more. Please review our Trulia profile for information on how to contact us. ... more
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