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Financing in Costa Mesa : Real Estate Advice

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  • Home Buying54
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Activity 4
Wed Nov 23, 2016
Sheryl Arndt answered:
Hello Vince, yes that is possible. Is your wife working and has had an income for atleast two years? If so you may need her income to qualify for more. The purchase in 92626 zip code start from 375k for 3bd 2ba condo and the single family homes start from 600k for 3bd 2ba home.

You may consider conventional financing from 3% down with a minimum 620 fico score up to 417k. You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score.

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. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Do you have down payment and closing costs or do you need down payment and closing costs assistance? If the home prices you are considering are below 417k then you may even consider down payment assistance programs.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score.

You would have to run your wifes credit and include any debt payment on an FHA loan and have to go by the lower fico score of the both of you...

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

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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Thu Mar 26, 2015
Sheryl Arndt answered:
Hello Karen, you can not qualify for conventional financing yet. You may qualify for FHA so do you need cash out as well? It only takes a few dozen questions to qualify and go over your options. 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 Thank, Link or Best Answer.
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Thu Dec 17, 2009
Other answered:

There are many lenders that say they are CalPERS Certified but have never closed a CalPERS loan. I would recommend using a direct CalPERS Lender and specifically someone who specializes in PERS loans. Preet Kalirai has been in the business for over 15 years and has helped thousands purchase and refinance. You can reach her at 1.888.415.2000 or . She is not in Orange county but can assist you from Sacramento if you are ok with that. I do know a good direct lender there as well if you want to meet in person. Just let me know.

good luck!
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0 votes 5 answers Share Flag
Mon Nov 23, 2009
Connie Bramble answered:
Hi Don,
Before you refinance and pay all those costs, call your present lender and see if they can do what is called a STREAMLINE on the loan you already have. It basically reduces the interest rate to the going rate for a far lower costs than a full out refinance. Like maybe aobut 30% of what a refI would cost you. It is worth a try. Depends on the type of loan you have now. Call your present lender first.
Connie Bramble
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