Looking for a mortgage broker with expertise in SOMA work/live loft refinancing.

Asked by Daniel Morris, San Francisco, CA Tue Dec 4, 2012

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7
Jed Lane, Agent, Petaluma, CA
Tue Dec 4, 2012
This is another example of the unintended consequences of good intentions. The live/work loft idea as well as residential-over-commercial transit villages that the City has deemed solutions to housing issues are running into resistance in the lending world.

Since the latest fiancial meltdown Fannie and Freddie are by far the largest buyers in the secondary morgage market adn they've decided to limit their exposure to deed restricted properties. This limits the buyers access to loans which obviously decreases the competition for the properties and therefor the values.

It seems that the national agencies don't understand the various needs different areas have. This is just the latest wrinkle in property ownership here.
1 vote
Jackie Cuneo,…, , San Francisco, CA
Tue Dec 4, 2012
SInce Fannie Mae changed the rules about funding loans on properties classified as Live/Work, the choices for financing lofts have been reduced. We do have a source for financing Live/Work.

One tip: to check whether the property you like requires special financing, look at the Preliminary Title Report. If there is a recorded "deed restriction", you must get a copy to see exactly what it says.

If there is no deed restriction that specifies an owner must have a business license or conduct work or art-related activity to own the unit, you may be able to use conforming (regular Fannie Mae) financing, which will usually carry the best rates and more choices for loan types.
1 vote
Paul Hwang, Agent, San francisco, CA
Sun Dec 9, 2012
email for some good guys to work with. paul@skyboxrealty.com
0 votes
Marc Dickow, Agent, San Francisco, CA
Tue Dec 4, 2012
You can contact Debbie Stedt at Guarantee Mortgage. She is great to work with and has a variety of sources to make deals happen. You can reach her at 415-861-2825 or dstedt2825@aol.com.
Good luck with your refi.
0 votes
Kathleen Gil…, Agent, San Francisco, CA
Tue Dec 4, 2012
http://www.natashalovas.com 415-694-5544 Natasha@GMwest.com. please tell her Kathleen Gilheany sent you! She is simply the best.
0 votes
Kathleen Gil…, Agent, San Francisco, CA
Tue Dec 4, 2012
Natasha Lovas is your gal...
0 votes
Oggi Kashi, Agent, San Francisco, CA
Tue Dec 4, 2012
Try contacting Brandon Hoyles. He is well experienced in live/work financing and a pleasure to work with:


RPM Mortgage
Mr Brandon Hoyles
bhoyles@rpm-mtg.com
415-713-6938 mobile
415-738-7050 office


Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference:  http://www.oggikashi.com
0 votes
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