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Financing in Gilroy : Real Estate Advice

  • All102
  • Local Info16
  • Home Buying25
  • Home Selling1
  • Market Conditions2

Activity 14
Thu Jul 4, 2013
Gregorio Denny answered:
" I see that this is 2009 -- in 2012 you'd not be very likely to get a loan self-employed"

Carla, what are you talking about? It's this type of nonsense misinformation that cripples the housing market and confuses borrowers. Getting a mortgage with self employment income is very easy; all you have to do is claim it and pay taxes on it and it's just like any other income.

Please stop spreading misinformation!
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0 votes 11 answers Share Flag
Wed Jul 3, 2013
Debby Bright answered:
This is a good question and I'd have to refer you to a good mortgage broker for a complete answer. Call Ted Oberson of Evernote Bank, 408.910.4833.

Debby Bright
Real Estate Broker
CA DRE #00957311
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0 votes 10 answers Share Flag
Wed Jul 3, 2013
Debby Bright answered:
I wouldn't touch the 401K. Unless you're 59years old (I think) there will be tax consequences of taking cash out of your retirement savings. Besides, you're going to need that when you retire!. However, you could withdraw the closing costs if you absolutely wanted to without having to go on the loan. ... more
0 votes 13 answers Share Flag
Mon Sep 24, 2012
Stu Carson answered:
Dad333, Just saw your clarifications. They raise more questions. You believe you are on title, but we can quickly double check that if you provide me your names and the address.

If you are on title, the next key question will be how? There are multiple ways for married couples to hold title, each with different implications.

You say you were "served" for foreclosure, send me a copy of that document. Many times people think they've been served when they haven't. You may or may not have been. If you don't have a way to scan it as a pdf and attach to an email, fax it to me at 888-885-7284.

And I assume the reason just she was on the refinance was because your credit at the time was inadequate? And I assume that like most divorce's your credit has got worse since then? Is that true?

Regardless of what we find out, I still have the same fundamental question, "what do you want from the bank?". What is your objective? Having been through a divorce myself the past 5yrs I know that even the answer to that question can be fairly complicated because it may involve a combination of factors... finances & emotional. You need to talk with someone you can trust. Make that decision asap. Happy to be that person.

P.S. I'm on my 4th divorce attorney and have been referred to several others that if/when needed I can refer you to. Ditto when it comes to real estate attorneys. I empathize with you, before you go pay someone $350-$450/hr... let's see what we can figure out together.

Stu Carson
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0 votes 14 answers Share Flag
Fri Jul 6, 2012
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
And if your "friend" has an attorney then they need to do some work.
0 votes 12 answers Share Flag
Thu Jun 28, 2012
Ken Robertson answered:
I don't know where you can find a partner, but if you want to keep it, and need funding, I may be able to help you with that part. Or, if you find a partner who needs funding, we can help them with that as well. For more info, you can email me at ... more
0 votes 7 answers Share Flag
Mon Apr 12, 2010
Steven Ornellas answered:


Private Mortgage Insurance And The Homeowner's Protection Act of 1998
By Jacob I. Rosenbaum of Arter & Hadden LLP

The Homeowner's Protection Act of 1998 (the "Act") became effective July 29, 1999. The Act was adopted in response to numerous complaints about lenders not releasing requirements for private mortgage insurance ("PMI") when borrowers built up equity in their property. Currently, industry practices and regulatory requirements require borrowers to purchase PMI in connection with loans having a loan to value ratio ("LTV") in excess of 80% (e.g., there is less than 20% equity in the property). The premium for PMI is paid monthly with borrower's regular payment of principal, interest and escrow amounts. Lenders have not been uniform in their policies about releasing borrowers from the PMI requirement. The release of this requirement has the effect of reducing the borrower's monthly payment.
The Act only applies to single-family residences (but not vacation homes), investment properties and multi-family dwellings. Essentially, the Act requires that a lender must release the borrower from the obligation to purchase PMI when the balance of a loan is reduced to an 80% LTV, if the borrower so requests. When the LTV reaches 78% of the property's "original value", automatic termination is required. Release of the obligation to furnish PMI is not required if the borrower does not have a good payment history. Even where PMI is retained because of the borrower's unfavorable payment history, however, when the loan has been reduced to 50% of the original amount of the loan, and provided the borrower is then current on the loan, the Act requires a final termination of the PMI requirement. Notwithstanding these general rules, there are certain "high risk" loans which are not subject to the Act.

The Act also requires certain disclosures at loan closing. These disclosures differ depending on whether the mortgage is a fixed rate mortgage, an adjustable rate mortgage or a high risk loan. Certain annual notices are required in certain cases. Additionally, notices are required upon cancellation or termination of the PMI requirement and upon denial of termination, whether requested by borrower or automatic.

The Act prohibits any charge or other cost to be assessed against the borrower for compliance with the Act. Regulation Z (Truth in Lending) now requires that the payment schedule required (Section 226.18(g) of Regulation Z) reflect the consumer's PMI payments until the date on which the creditor must automatically terminate coverage under applicable law, even though the borrower may have a right to request that the insurance be canceled earlier.

[End Quote]
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0 votes 6 answers Share Flag
Thu Oct 15, 2009
If you are putting 20% down then you could still finance the same amount, however it would be subject to PMI now. Rather than asking the builder to reduce the price altogether you could ask them to pay your PMI for two years (in terms of seller concessions or covering some closing costs) and then you could get it re-appraised in a couple years and drop the PMI then ... more
0 votes 7 answers Share Flag
Thu Oct 8, 2009
Dallas Texas answered:
If you want short sale or foreclosures be prepared to keep submitting offers unless your agent knows how to work opp's for their buyers. We are successful with winning bids, however many buyers want submit offers 50% or more below list price buyers never get anywhere off those offers.

Rework a contract for what? Speak direct with your buyers agent determine answers to all your questions.

Home can only sale for appraised value or less never over lender won't issue a loan

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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0 votes 7 answers Share Flag
Wed Jun 17, 2009
Marc Perkel answered:
It turns out that indeed Bank of America's PMI terms violate federal law.
0 votes 5 answers Share Flag
Sun Apr 19, 2009
Linda Remington answered:
Hi Marc
You've had some good answers....and across the country there are varying practices and in the mortgage side of the real estate industry things are changing on a daily basis. There is a lot of confusion between pre approval and pre qualification. If the broker just ran your credit and reviewed information you provided you are most likely pre qualified not pre approved. If however, the information you provided was verified (this can take a week) and by verified I mean looking at copies of tax returns if you are self employed, pulling the full credit, possibly even verifying your rent history, then you are pre approved as a buyer.
On to the next step....once you find a home and successfully negotiate a purchase contract, then the property must be approved....if you are prequalified, your preapproval process starts then to get the full package ready for underwriting. The pendulum has swung to the very conservative and underwriters and appraisers as well as the mortgage brokers are all covering every little scenerio to document that your purchase is a valid purchase and not a scheme to profit or flip (with your down payment investment into the property common sense would indicate that isn't the case...but common sense went out the window with the current credit crisis)
My husband and I have been self employed for 30 years as well. We've built relationships with local banks and still find that in today's market the lending process has changed drastically. If your Realtor and the Mortgage Broker and communicating with you each step of the way, you are probably in a normal mortgage process and might want to be patient a little longer in the process....or check out options before pulling the plug on this application.
Good luck....a few years ago they were "giving" away even credit worthy borrowers are having to really work and document to get through the process.
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0 votes 5 answers Share Flag
Thu Apr 16, 2009
1stfinagroupltd answered:

Saw your posting online. I am a private lender willing to work with you. Flexible repayment terms and a timely closing schedule.We offer at typical rates of 4.7% APR. Get back via email for details.

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0 votes 9 answers Share Flag
Tue Apr 15, 2008
Matt Lee answered:
everybody situation is different...including a person credit score, income, and downpayment....I am a mortgage broker and can probably answer your questions more specifically. Call me at 408-456-0825..

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0 votes 3 answers Share Flag
Wed Mar 26, 2008
Wert - the new 'conforming-jumbo' loans are currently available, though for the most part, they're not pricing any better than the regular jumbos. Looks like it might be a few months before lenders and the marketplace starts welcoming these new loans!

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0 votes 6 answers Share Flag
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Financing in Gilroy Zip Codes