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Financing in Modesto : Real Estate Advice

  • All431
  • Local Info39
  • Home Buying143
  • Home Selling25
  • Market Conditions16

Activity 13
Tue Jul 22, 2014
Annette Lawrence answered:
You bet! If you are not making a down payment of 20% or more, the LENDER will require that you purchase mortgage insurance to eliminate their risk. The majority of those defaults of recent history, were insured. The bank got their money! ... more
0 votes 5 answers Share Flag
Thu Jan 17, 2013
Rocky G.H. Hawrysz answered:
If your not currently working with a Realtor, you may want to consider select one to work with. But don't select just any agent. Check for credentials, designations and testimonials. Most Realtors
understand these programs and understand the drawbacks and benefits.

Best Regards,


Rocky G.H. Hawrysz
Prudential California Realty
(209) 444-6610 - Office
(209) 915-6209 - Mobile

"Committed to your success!"
... more
0 votes 2 answers Share Flag
Thu Sep 27, 2012
Good morning James,

Typically to qualify for mortgage financing we want to see a minimum of 2 years Self-Employed income and prefer 3 years. Your Mortgage Banker will average your net income for the past 2 years tax returns to determine the qualifying income.

So to bluntly answer your question, "No," you would not qualify for mortgage financing at this time.

I do recommend meeting with a Mortgage Banker to review your entire qualification process so you can prepare for buying a home and obtaining a mortgage in the future.

Trevor Curran
NMLS #40140
... more
0 votes 2 answers Share Flag
Thu Nov 11, 2010
Tom - based on the numbers, the CLTV may be too high for Brian to get a second mortgage.
0 votes 6 answers Share Flag
Thu Aug 12, 2010
Jonathan Blackwell answered:
The Homestyle is still available. It's cheaper than the 203K and more flexible than the Homepath.
0 votes 3 answers Share Flag
Tue Feb 16, 2010
Harold Sharpe answered:
Hi Lura
2 years tax returns
2 years w-2's
a couple pay stubs
2 months bank statements showing down and closing money
and if that doesnt work
your first born
your right arm and your left leg.

Harold Sharpe
So Cal Homes Realty
(951) 821-8211
... more
0 votes 4 answers Share Flag
Sat Jun 13, 2009
Almond Farmer answered:
I have included the HUD handbook guidelines that were emailed to me as I ran across this myself. If you need more info, call Summit Mortgage Corporation. They just did my loan and those guys are awesome.

Non-Purchasing Spouse
Chapter 2
Mortgage Credit Guidelines
Page 2-08
A credit report, which complies with HUD Handbook 4155.1, Rev-5, Paragraph 2-4 is required on a non-purchasing spouse residing in a community property state or when a property to be insured is located in a community property state. A valid and reliable verified credit profile of the non-purchasing spouse must be established and their debts included in the borrower's ratio unless the lender can document, as regulated by state law, that the obligations may be excluded.

Although the non-purchasing spouse's credit history is not to be considered a reason for denial, it must be obtained in order to determine the debt-to-income ratio of the borrower. If there is an indication or discrepancy regarding the non-purchasing spouse's social security number or credit status the lender, remains responsible to exhaust all possible means to resolve the issue through direct contract with the Social Security Administration, a service provider with direct access to the Social Security Administration and/or the credit reporting agency.

The spouse's release to order and receive a credit report must be obtained by the lender. If the non-purchasing spouse refuses to provide authorization for the credit report, the lender would be unable to establish the borrower's liabilities, thereby making the loan uninsurable if it is not closed in accordance to FHA's rules, regulations, policies, procedures, and guidelines.

Please see: HUD Handbook 4155.1, REV-5, CHG-1, Paragraph 2-2d.

Good Luck!
... more
1 vote 2 answers Share Flag
Tue Jun 9, 2009
Ben Balsbaugh answered:
I am not familiar with this company, but I would be leery of any offer made through an internet company. The close ratio from internet lending institutions is not good.
You as a seller can ask that the buyer gets pre-approved from a local lender. In fact, you can require them to use a specific lender...although most are simply requiring the buyer to get pre-approved from a local lender then allowing them to use lender of their choice. ... more
0 votes 1 answer Share Flag
Sun May 24, 2009
Will answered:
Unfortunately not. You would need to utilize the program to purchase the home.

Will Addo is a Renovation Specialist with Wells Fargo Home Mortgage. We finance 1 in every 4 home in your Market. While having no Best Sellers to his name, he's really a decent chap for all intensive purposes. By email, Will can be reached at By phone, he can be reached directly at 770-497-6006 ... more
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Thu Mar 26, 2009
Hannah Fliegel answered:
Dear Halley,

I hope you find my answer helpful. You will want to first decide how much house can you afford. This is best done with a budget. Can you afford a mortgage payment of $1,500. per month and does this allow you a good quality lifestyle that you can live with? Can you afford half that amount or double that amount. Next, you want to make sure that you have excellent credit so that you can obtain the best financing, what I can Cheap Money. A good 30 year fixed loan so that in the future you can own your home free and clear someday. You can always refinance but you don't HAVE to refinance. Then you decide how much of a down payment you have, this budgeting and work done in advance will provide you with a price range that you can afford and be comfortable with. Then you can set yourself up for success long term in a home and a mortgage you can afford in order to achieve long term homeownership! Good luck to you!
Hannah Fliegel
The Credit Restoration Expert
... more
0 votes 6 answers Share Flag
Thu Mar 26, 2009
Brian Demello answered:
The House appraised for 420,000 2 weeks ago and he bought it for 410,000 and is willing to sell it to me for 410,000. If there is no profit involved, Is this considered a flip??
0 votes 3 answers Share Flag
Thu Dec 11, 2008
Jesse Madison answered:
Rates are very good now and as long as you have good credit and equity you should be able to take advantage of the current situation. Its worth a call. Let me know if you need me to refer a good lender! ... more
0 votes 10 answers Share Flag
Thu May 24, 2007
John Brasil answered:
I highly reccomend Karyn Watson with Wells Fargo Bank: 209-604-0235 or Sonny Nguyen with Century 21 Mortgage (PHH): 209-534-7211.
0 votes 4 answers Share Flag
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