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93230 : Real Estate Advice

  • All28
  • Local Info0
  • Home Buying19
  • Home Selling1
  • Market Conditions0

Activity 22
Fri Sep 11, 2015
Sheryl Arndt answered:
Hello A Franco, a foreclosed home is one that has been repossessed by the bank and is offered up for sale as an R.E.O., real estate owned, home.

You will need to obtain financing by submitting documentation to qualify such as one month paytstubs/income documentation, two months bank statements, last two year tax returns, W2's, 1099's, all schedules, copies of drivers license and social security cards for each applicant.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. 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 FHA from 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 from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

The purchase in Hanford 93230 zip code start from 60k for 1bd 1ba condo and the single family homes start from 61k which is as low as $305 down payment with a minimum 640 fico score @61k.

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
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

If my response was helpful, consider clicking Thank, Link or Best Answer.
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Fri Aug 21, 2015
Karen and Paul Catania answered:
You will have to ask the listing agent if they have any information about the well for starters but a well test should be preformed to get the true current numbers and bacteria count, ect. The cost will be at your expense but if you don't like what it is you can cancel the escrow and move on. There isn't any way to know for sure until you have it tested. ... more
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Fri Aug 21, 2015
Jrhoades asked:
It looks like the place is abandoned. Just wanted to know for sure.
0 votes 0 Answers Share Flag
Thu Aug 6, 2015
USMortgageRanger answered:
Hi Jose,

Yes you can qualify for a FHA home loan with 10% down when the score is less than 620 and you would be in a better position than renting.
I would be delighted to provide you with some mortgage options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation. My Office hours are 08:00 AM-08:00 PM Mon-Fri and Fri and Sat 08:00 AM-06:00 PM CST.

Lowell Sterling
Mortgage Banker
NMLS 968898
Capital One Bank
Phone (469) 315-1709
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Wed Jul 2, 2014
Anna M Brocco answered:
If you are a for sale by owner the post is not allowed; if and when you do list with an agent, he/she can post it for you, ask; or consider any flat fee realty company that feeds into the site. ... more
1 vote 4 answers Share Flag
Fri Feb 14, 2014
Brian Nguyen answered:
Hi Jenae, There are a few things you have to consider when you are beginning to buy a house and you are already touching on it with your concerns of credit score. There are different types of loans and these different loans have different credit score minimums. But the absolute lowest I have been able to give out a loan for was for a credit score of 580. Also, the down payment depends on the loan as well. For example an FHA only requires a 3.5% down payment, a conventional can require 10%-20% down, and if you are a veteran you can apply for a VA loan that doesn't require any down payment. The first step is to speak with a lender to get pre-approved. This can take 1-3 days depending on your lender. We will look at different aspects of your finances including credit score, income, expenses, debt, assets, liabilities, employment, down payment etc. There are lenders like myself that would be glad to speak with you. I am based out of California and I have done plenty of loans throughout the state. So if you need a loan or need help getting started, I would be happy to help. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
0 votes 9 answers Share Flag
Fri Oct 25, 2013
Walter 'Skip' Kersten answered:
You can get pre-approved for a loan on the new home contingent upon selling the existing property. The first house will need to cloe escrow before the second house. Your Realtor will be able to coordinate all of this for you.
Good luck,
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Sat May 18, 2013
Robin Jerome-Boyer answered:
I see you own a home in Hanford, CA.
Homes in Hanford are in high demand at this time.
There are a lot of factors to consider.
Several key questions to ask yourself are:
Are you currently renting the house?
What do you owe on it?
Do you have to vacate the home to show and sell it?
Do any repairs need to be made?
Will there be other financial consequences if you sell later versus selling now?
A Comparative Market Analysis can be done quickly and give you an accurate picture of your house in the market today and what you can expect for a return on the property.
As a full time Property Manager and full time Realtor there are additional considerations if you currently have the house rented.

I'd be happy to speak with you anytime.
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0 votes 5 answers Share Flag
Sun Oct 28, 2012
Luke Allison answered:
Patti-
First off let me tell you that there is not a minimum score requirement for an FHA loan. Yes, many lenders have implemented such requirements internally but this is not the case for everyone. Currently Bank of America Home Loans does not have a minimum score requirement for either FHA or VA loans. That is not to say that having a higher score doesn't help tremendously but only to say that we don't lump everyone into the categories of either Good or Bad. Everyone has their own individual circumstances which are looked at individually when qualifying a loan.

So that being said. Yes, your daughter can absolutely be on the loan with you when buying a home with an FHA loan. Her credit score is fine in my opinion but I would have to see it more detailed to tell you for certain. Plus, I am not sure what your scores are. Any loan product will use the lowest middle score of any of the borrowers.

As for the VA loan, your daughter cannot cosign on that as it is is limited to the veteran and their spouse. However, VA would probably have a lower payment since there is no monthly mortgage insurance so that may be a viable option.

I hope all of that helps. I know qualifying for a mortgage can be frustrating.
If you have any questions, please feel free to give me a call.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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0 votes 2 answers Share Flag
Sun Oct 28, 2012
Luke Allison answered:
I don't have to have any particular credit score to qualify a VA loan and no, there is no requirement to "pay" for the decreased score. A VA loan can be a bit more scrutinized on the credit qualification though so you will want to have a clear, concise explanation for any derogatory items that exist on the credit report, regardless of the score.

If you have any questions, you are welcome to contact me.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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1 vote 2 answers Share Flag
Sun Oct 28, 2012
muni sukhu answered:
Hi Mario
A cosigner sure helps but lenders have a tendency to give higher interest rate Please call me @559-362-2873 so I can better assist you
0 votes 1 answer Share Flag
Sun Oct 28, 2012
Claudia Muller answered:
If you could be more specific on why your credit is bad, it would be better to answer this question for you.
For the most part, lenders look at the credit scores of the borrower with the lower score, however, if the rest of the loan has positive compensating factors, it may work.
Definitely need more details to answer best!
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0 votes 4 answers Share Flag
Sun Sep 9, 2012
Robin Jerome-Boyer answered:
Under the Notice of Default the Seller still owns the property and must be approve the sale, as well as the lender. This would be a short sale if what is owed on the property is more than it is worth.
Be sure it is a Notice of Default and not a Notice of Trustee Sale as you would have less time to purchase and get approval under a Notice of Trustee Sale.
An licensed Realtor with short sale experience can help you provided the seller is willing to cooperate.
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0 votes 5 answers Share Flag
Sun Feb 12, 2012
Christopher Pagli answered:
One good reason is that it's never done until it's done and they want to show in case the deal falls apart. some sellers can request no more showings but it's always wise to have a back-up plan.

Chris
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0 votes 14 answers Share Flag
Sun Jan 8, 2012
Janis Johnson, Realtor answered:
First, all the advice given to you can be summed up with - talk to your agent and read your contract. If you can't get an answer from your agent that you understand, talk to the broker. However, more importantly, why aren't you "performing". You receive a notice like this because you are not meeting contract deadlines. That fact needs to be discussed with your agent. Don't ask Trulia, or your aunt, or your cousin, or your best friend. none of them, or those of us monitering questions on Trulia, can be useful. Because we do not know the facts. You have an agent and a broker. Go talk to them and, since they are working for you, expect them to tell you the truth. Then cooperate, if you have not been getting your papers to your loan officer on time, you are not available to release inspection contingencies, or sign papers, make sure you understand these, by contract, have due dates. Your goal- buy a house. Not cooperating will keep you from achieving your goal. Your agent, your lender and the escrow officer are all trying to help you achieve that goal. Don't leave your agent's office until you know the answer to your question. ... more
0 votes 5 answers Share Flag
Thu Dec 1, 2011
Ron Thomas answered:
All FHA is concerned with is HEALTH and SAFETY.
Carpet is neither.
All the Bank is concerned with is AS-IS,
They ask us, "What part of AS-IS do you not understand?

Supposedly, the CONDITION of the house is taken into consideration in the pricing.
Supposedly.

Good luck and may God bless
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0 votes 6 answers Share Flag
Tue Aug 31, 2010
Rene Duffield answered:
to the date of Aug, 19, 2010, I understand the tax credit reservations are full and limited to new homes only and that is ify.
0 votes 5 answers Share Flag
Mon Jul 20, 2009
muni sukhu answered:
Fri Jul 17, 2009
Steven Ornellas answered:
Hi Patti, this site provides a good overall explanation:
http://www.thetruthaboutcreditcards.com/rapid-rescoring/

As far as timing, a "Rapid Rescore" allows you to update all three credit agencies within about 72 hours, but this will cost you upwards of $150+ per tradeline (credit account). As you can see, depending on how many accounts you are updating, this can quickley get costly. After the 72 hours you can then immediately pull your credit again.

Other than the "Rapid Rescore" option, most accounts are updated the beginning of each month, and a 3-6 mo window is needed to see the natural effect of any changes when the rapid rescore method is not used. Your actual scores are generated by looking back 2 years; however, dependent on individual underwriting guidelines, items that fall into the derogatory section (bankruptcy, foreclosure, etc..) of your credit report can influence an approval decision up to 10 years too.

The algorithms for FICO scoring are not static and move to rules that change as your credit profile changes. Fair Issac, the creators of the "predictive analytics" credit scoring model do not want anyone to know how it "ticks" so it is not possible to "engineer" one's score.

This document will provide a good overview of what makes up your score - please review the "Do's and Don'ts" section of this document: http://docs.Steven-Anthony.com/SAR-YourCredit.pdf
Aside from this, you optimally want to keep your balances at
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1 vote 1 answer Share Flag
Fri Jul 17, 2009
Patti asked:
your credit? This is insane, this is how I found a fraudulent account in my report.
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