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92692 : Real Estate Advice

  • All17
  • Local Info0
  • Home Buying6
  • Home Selling2
  • Market Conditions0

Activity 14
Wed Dec 21, 2016
Sheryl Arndt answered:
Hello Charles, 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.

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 may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 636k. 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.

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 and up.

If you want to buy 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. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040s, 1099s, W2s and all schedules, copies of drivers license/ID and social security card for each applicant.

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.

The purchase in Mission Viejo 92692 start from 410k for 2bd 2ba condo and up...

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
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Sun Jun 5, 2016
Sheryl Arndt answered:
Hello Rachelle, the rentals in Irvine start from $1,350 for a studio condo, $1,499 for 1bd 1ba condo, $1,900 for 2bd 2ba condo, $2,400 for 3bdf 2ba condo and the single family homes start from $2,400 for 2bd 2ba home.

The purchase in Irvine start from 233k for 1bd 1ba condo. You may qualify to buy with minimum out of pocket expenses which would be less than first, last and security of rentals...

I don't do rentals but will give you the contact information to call and go directly to any of interest. 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.

You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.

You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.

If you decide to buy you will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

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.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down. You may consider a 3%-5% Sapphire Grant down payment program up to 417k from a minimum 620 fico score which does not have to be repaid.

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

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ 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
... more
0 votes 5 answers Share Flag
Wed Jun 1, 2016
Mark Priegel answered:
Call me Mark Priegel, Keller Williams Realty, 9496339494.
0 votes 2 answers Share Flag
Wed Jul 22, 2015
UpNest Top Realtors answered:
Hi Cindy,

Trulia doesn't allow FSBO homes listed manually. You would have to pay a premium for a flat fee listing service. The NAR states that FSBO homes typically sell for an average of $184,000 compared to agent assisted homes at $230,000. That's a big difference! So selling with an agent will usually get you more money in the end, and it will sell faster with less hassle on you.

We created our service (http://www.upnest.com) for home sellers looking for the best deal possible. Agents will compete against each other to earn your listing, so you're more likely to receive a great commission rate. You'll also be able to compare agents so you can select the best agent possible! There's no risk to try us out, and it's completely free for you!

http://www.upnest.com

Good luck!
... more
0 votes 6 answers Share Flag
Wed Jul 22, 2015
Art Welch answered:
Look up the HOPA rules, the way I read it an adult community is exempt. The fact that a person is in a wheel chair does not give them the right to break the HOPA rules.
0 votes 1 answer Share Flag
Wed Jul 22, 2015
Art Welch answered:
How did you do your calculations the 10% down should be a higher rate? The 20% has no MI did you look at all the closing costs 10 vs 20? Also you might look at 20% down but a fixed at 7 or 5 years. The extra payment made on the interest savings might help a great deal. Are you planning on staying there more than 7 year? ... more
1 vote 5 answers Share Flag
Fri Jan 2, 2015
answered:
Not if the lender knows what they are doing. I have had to prove to underwriters that they also do not count FHA, Va or private money loans. Each lender may have their own guideline on this though.

Keep in mind, they will count it against their ratios.

If you need a lender to help you with this, I typically work on the more complex scenarios.

Sophisticated Financial
Rich Littlefield
Mortgages / Business Funding/ Real Estate
9555 Warner Av. D Fountain Valley Ca 94708
office 714-968-2500
cell 714-421-1037
Fax 714-844-9202
Licensed by the CA Department of Real Estate License 01080071 NMLS License 287206
Equal Housing Lender
... more
0 votes 2 answers Share Flag
Sun Jan 5, 2014
Larry Webb, Ph.D., MBA answered:
I do know BoA offers this for Doctors and Dentists. It is a special program with limited availability. Let me know if you qualify as a medical professional I will put you in contact with my banking partner. I also know of a lender that will do a 80/10/10 to avoid the PMI - Open to most others. Does that also interest you? Let me know.

Dr. Larry Webb, MBA
Broker Associate - REALTOR
Century 21 Fine Homes and Estates
Ladera Ranch
CalBRE: 01413405
(714) 222-1465
Website/Video Biography: www.DrLarryWebb.com
www.LaderaRanchHomeSales.com
... more
0 votes 11 answers Share Flag
Thu Sep 12, 2013
Moka answered:
My office has a FSBO deal that I think you might like, Please go to our website , www.OCflatfeemls.com and see what we can offer you to get the best possible marketing and your property viewed by over 20,000 agents.
I would love to help you with setting this up if you think this is a avenue that would benefit your sale of the home, which I believe is a very inexpensive but very valuable way to reach potential clients.
You will also stop getting calls from agents asking to list your property once you have used this process.

Let me know if this is something I can help you with? Please feel free to call Sean Rees Or Moka at 714-944-9618 with questions .

Best of luck ,

Moka
... more
0 votes 6 answers Share Flag
Thu Jul 4, 2013
Jill Murty answered:
While prices have risen in the last several months, you may still be able to buy an investment property in Chandler for an affordable price. I'm sure there are some great agents on this site who cover Maricopa County who will happily assist you. If you'd prefer for me to refer an agent, I will gladly do so. ... more
0 votes 1 answer Share Flag
Mon Aug 6, 2012
Shannon Adams answered:
You definitely need to know the comps first, because if it is a short sale listing agents usually list below market value to attract alot of buyers, but that doesn't mean it will sell at that price. The reason being the bank will send out an appraiser prior to accepting an offer to make sure they are getting close to market value. If you really love and know the factual value, then you should write a strong offer with no regrets. The market is stablizing, and take advantage of the great rates. We may never see these low rates again. ... more
0 votes 7 answers Share Flag
Thu Mar 8, 2012
Shannon Adams answered:
It will show your payments are on time, but your loan balance is going to go up. Typically loan mods are interest only, and some are negative amoritization, which means your payment will not even pay all the interest due. So your balance will actually increase. But that's OK for some of us, if it keeps you a house you love, and children in the same school. Just be prepared that at the end of 3-5 years they readjust the payment back to a fully amoritized payment which could cause it to increase dramatically. If you pay on time and improve your credit, after a year you could fully refinance and have a great new loan with low interest rate. Hang in there! ... more
0 votes 10 answers Share Flag
Tue Sep 7, 2010
Leslie Eskildsen answered:
Yikes - this is a super old question (based on the date that Karie first posted it in May of 2008) - but since the market and the banks' processes have changed so much in these two years, an update may help other people who have the same question TODAY.
Let's start at the very begnining, since a foreclosure can have multiple meanings. If a home is "in foreclosure" this may mean that the owner has missed a couple of mortgage payments and a Notice of Default (NOD) has been filed. An NOD is a matter of public record, and many people watch the NOD lists regularly to identify potential opportunities. Some investors may actually solicit the home owner who has received an NOD directly, offer to buy the home to get him/her out from under the mortgage burden. Many Realtors today solicit NOD recipients - to see who may benefit from selling their home as a Short Sale. In fact, this home may never come on the retail market. The owner may bring the payments current, or may negotiate a Loan Modification.

If a home has "been foreclosed" that means the owner's bank followed the foreclosure process all the way through to the end and the home either sold at auction on the local court house steps, or reverted to the bank's possession. Either way, the owner has lost the house, a sad state of affairs, for sure. If it did revert to the bank's possession, they will either list it immediately into the retail market through a local REO listing agent, and it willl pop onto the local MLS as a Bank Owned home or REO. The timing on this can be tricky. If the former owner left any personal propety deemed to be worth more that $300 at a garage sale, then the bank is legally requiered to post a Personal Property Eviction notice to give the former owner an opportunity to re-claim their property. The bank cannot allow the REO agent to list the home for sale or market the home during this period.
Once the PPN has expired, the Listing Agent completes a lentghy and detailed Broker Price Opinion report for the Asset Manager at the bank. Most banks include an opportunity for the Listing Agent to recommend repairs that should be made to help the bank net a higher amount upon the sale of the home. Paint, carpet, appliances, and water damange are the most typical repairs I have see the banks pay for prior to listing. What I know about Asset Managers it this: they all have targets they are trying to make, they all have preferenes in their approach to repairs and list prices. It really annoys me when people say "the bank did this" or ""the bank did that." My preference is to focus on the person at the bank who's responsibility it is to make assessments and decisions. I have had Asset Managers from the same bank make completely different choice in repairs and pricing. They are human beings with different buttons and they have the latitude to make their own decisions. Some are conservate, some are agressive. And to top it off, they work with homes all over the county - they have to rely on the Listing Agents local expertise. The Asset Manger is the person who determines the list price of the home. While all REO homes for sale are listed in AS IS condition, the Asset Manager relys on the Listing Agent's recommendations, then makes their own decisions. So that's the "been foreclosed" answer. Hope it helps. Oh - regarding how hard it is to buy one, not really hard at all in today's market. The Home Buyer Tax Credit has expired, and buyer demand has receeded. Usually it takes 2 - 5 business days to get an answer from the bank on an offer to purchase an REO. Then another 3- 5 days to get final approval and open escrow. Most banks today are requiring a 30 day escrow, shorter for cash buyers.
In the case of a Short Sale, many lenders, like Bank of America have implemented automated systems to streamline an expedite the Short Sale process - a big improvement over the overburdened Short Sale processing staffs on board at most banks in 2008. The process is typically 2 - 5 months from initial offer to approval to open escrow. And the banks will ususally as for a 30 day escrow upon approval. The tricky thing in the current market is that buyers are making multiple offers, since the outcome is so unsure. So many times when the bank renders a decision, the buyer is no longer interested.
Again, hope this helps bring this thread up to date!

Leslie Eskildsen
Realtor, Altrea Real Estate
Mission Viejo, CA
939-678-3373
http://www.whatagentsfeartellingyou.com
Guest Blogger in the Orange County Register Sunday Real Estate Section:
http://www.ocregister.com/articles/short-263934-bank-sale.html
... more
0 votes 21 answers Share Flag
Tue Jun 22, 2010
Bob Phillips answered:
This property, actually spelled PalaNca, was offered at $500k, and the listing agent put it on status "B" on 4/18, six days after it was listed, and 5 days after the initial question was posted.

Here we are 2 months later, and we don't know whether there were multiple offers submitted, or whether one of those offers will either be accepted by the lender, or counter-offered, closer to actual market value. ( recent sales.)

So, Brij? Are you the successful bidder, waiting for the lender's response?
... more
0 votes 7 answers Share Flag
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