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Financing in Fremont : Real Estate Advice

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  • Local Info66
  • Home Buying485
  • Home Selling42
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Activity 51
Wed Dec 27, 2017
Rob Spinosa answered:
This post was written in 2011, and a lot has changed since then, especially due to the Dodd-Frank Wall Street Financial Reform Act (Dodd-Frank). Dodd-Frank states that in order for a loan to be a qualified mortgage or "QM," the debt-to-income (DTI) ratio may not exceed 43%. Please note that conforming and government loans are exempt from this requirement.

So if you're attempting to get a jumbo mortgage and you are working with most of the large banks, who will deal only in QM, you will be held to a 43% DTI. Note that every lender has its own way of calculating payments on your liabilities and calculating your gross monthly income.

This is the backdrop for my intended answer. Today, as we end 2017 and start 2018, we offer several well-priced jumbo options that will allow your DTI to go above 43%. One of our investors will permit a 49.99% debt ratio, for example. If you find yourself stuck and need a really strong mortgage in CA, but have a DTI above 43%, get in touch and I'll be happy to explain what's possible.

Thank you!
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0 votes 7 answers Share Flag
Sun Oct 29, 2017
Frank S. answered:
There is a portfolio loan which is ONE DAY after a foreclosure, short sale or deed in lieu. Check out the web reference below...
0 votes 3 answers Share Flag
Sun Jul 9, 2017
Robert Spinosa answered:
I realize this question is dated, but here in 2017, the answer is certainly, "yes." We can do 10% down jumbo financing up to a purchase price of about $1.9MM for a non-permanent resident alien on a valid work visa so long as the following are met:

*Established US credit (generally this means two years and multiple credit "tradelines").
*US tax returns filed for the last two years.
*All other qualifying criteria applicable to US citizens and permanent resident aliens.

We have helped many buyers in California with these scenarios and the rate/terms are very comparable to what one might otherwise find as a citizen.

Let me know if I can be of service any time. Thank you!
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0 votes 5 answers Share Flag
Sun May 7, 2017
Susie Kay answered:
I would suggest that you pick up the phone and call a lender or two.
0 votes 3 answers Share Flag
Sun Apr 2, 2017
Greer_la answered:
We have a care which is only in my husbands name. He suddenly become incapacitated by a desease. I want to sell our car, can I sign for him?
0 votes 12 answers Share Flag
Sun Apr 5, 2015
Louisdicostanzo answered:
Tue Feb 3, 2015
Yes. The Lender needs to be listed as a lender loss payee or as a first mortgagee clause.

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
Fri Sep 26, 2014
Valli Williams answered:
In short, yes. Should not be a problem. Lots of long answers here, but to compare, I closed a purchase for a Bravo TV star who only had 6 months of verifiable income as self employed and was W2'd on a different job completely prior to that. If your income makes sense and you have compensating factors like the 20% down, I not only have closed a scenario like yours but can do it again and fast with no points.

Call me if you are still having trouble.

Valli Lopez
NMLS 980530
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0 votes 6 answers Share Flag
Wed Sep 24, 2014
What I typically do in your case is a 1st loan of 80% and a 2nd loan or HELOC for 10% of the value. So, the total is 90CLTV. If your current 1st is at a good rate, keep it and just do the 2nd. ... more
0 votes 2 answers Share Flag
Sun Sep 7, 2014
Huey Nguyen answered:
Hello maescoupon,

Yes, if you sign as a co-borrower to a home, this will be a debt on your credit report affecting your ability to purchase a home of your own in the future.

There are rules and regulations used by banks to qualify as a first-time homebuyer. I know of one lender that qualifies first-time home buyers as people who have not purchased a home within the last 3 years... you should speak to a loan officer to discuss different disadvantages, advantages, and requisites of being a first-time home buyer and being a co-borrower now before becoming a co-borrower on a home loan.

Good luck,

Huey Nguyen
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0 votes 5 answers Share Flag
Wed Jul 23, 2014
Ali Qureshi answered:
There are some programs out there. You should be fine, depending on over all scenario
0 votes 4 answers Share Flag
Wed Jul 23, 2014
Ali Qureshi answered:
It is probably for the county records and to update the information.
0 votes 1 answer Share Flag
Tue Jun 3, 2014
I wonder if you have taken care of this, but what this is is a FHA program you have to take a free class before I can take a loan application.

contact me if you need help finding one of the class providers in your area. ... more
0 votes 7 answers Share Flag
Mon Mar 24, 2014
Well it definitely sounds like you aren't getting good communication from your loan officer or this "associate". The associate may be feeling embarrassed (for the other loan officer) and didn't want to get involved/"throw them under the bus" so they just sent you a simple reply. You are correct, if I order an appraisal today (early enough in the day) usually the appraiser reaches out the same day to make an attempt to schedule the inspection. The good news is the appraisal inspection is scheduled for tomorrow, and hopefully the appraiser will be quick to complete the report afterwards (normal is 48 hours after inspection, but I've seen many be completed the day after inspection). Hope that the rest of the process goes smoothly for you. Let us know if you have any questions after you receive your conditional loan approval.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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1 vote 10 answers Share Flag
Sun Mar 9, 2014
The Medford Team answered:
Great answers below - bottom line, it will affect your ability to get credit down the road and, if there are any delinquencies, your credit rating will also be affected.
0 votes 7 answers Share Flag
Tue Nov 26, 2013
Ali Qureshi answered:
Lender is charging a higher interest rate to cover your fees. Every loan transaction involves closing costs such as Title and escrow charges, Pre-paid interest and miscellaneous costs. These costs can be either paid by you at closing or incorporated in the loan term such through a slightly higher interest rate. ... more
0 votes 8 answers Share Flag
Tue Nov 26, 2013
Ali Qureshi answered:
One of the driving factors behind home appreciation across california in the past year was low interest rates. Buyers compare the amount of rent they pay with mortgage payments. As a result of this surplus demand home price across the board appreciated. ... more
0 votes 6 answers Share Flag
Tue Nov 26, 2013
Ali Qureshi answered:
If you have a genuine hardship you should talk to the builder first. Generally, they don't want a bad reputation in the market because they're selling a community and not just one house. If this option doesn't work well, then I would recommend speaking with an attorney. ... more
0 votes 9 answers Share Flag
Sat Jun 15, 2013
Jim Rosa answered:
What a deal? If you ever have to use this insurance they will nickle and dime you, charge you a huge deductable and then raise your future rates! Thats the order! The banks love this insurance if your property is destroyed they can salvage more from it! The stove refrigerator and others are considered part of the unit that belongs to the bank! Realitors just want to make a commision on the sale and you just want to buy the unit! We as the owners have no choice! Lets put it that way! If you want to buy its required! Just think of how much money the insurance agencies make selling this to all! Now imagine how many claims are actually paid! It's a cash cow, and only one person wins!
Don't buy in to these stories, and when you talk to insurance sales people, they always have stories about how some guy somewhere won big on a claim!
To sum it up for what it is! You are required to buy and they are not required to pay out but love the money you send them!
a home home owner
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0 votes 5 answers Share Flag
Thu May 9, 2013
Grace Tam answered:
I have a similar experience by one of my client's refi. Lender will ask for documentation to verify. And you may need to find out from Fremont City.
0 votes 27 answers Share Flag
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