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Financing in Moreno Valley : Real Estate Advice

  • All357
  • Local Info33
  • Home Buying104
  • Home Selling6
  • Market Conditions8

Activity 13
Tue Jan 24, 2017
Sheryl Arndt answered:
Hello Ktrial, yes definitely you can refinance 2 years after a CH 7 BK with a 657 fico score depending on the LTV. Your value and qualifications can be determined and you can make an informed decision. You could most likely pull cash out and still save on your mortgage payment.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Tue Dec 16, 2014
Kevin and Julie McLaughlin answered:
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Sat Nov 29, 2014
Nicole Fedorchek answered:
Hi, Ken!
You can do a concurrent close with a land purchase. Basically, you would put your home on the market, and then seek out a land purchase. The purchase agreement on the land would be contingent on selling your current property.

I would love to help you out! I noticed your home is not yet listed with a Realtor. I looked up the current value of your home, as well as your mortgage debt, and you are in a great position to make this happen! The equity in your property will allow you to comfortably purchase land!

In addition, my office does have a lot of land listings, so I can assist you in finding the right parcel for you!

I look forward to working with you, and being your Realtor of Choice!

Nicole Fedorchek, Realtor
Tarbell Realtors
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Tue Jan 7, 2014
Yanni Raz answered:
Call me, Yanni Raz, If you wan't to see your options in regards to financing with an ITIN. We can do it but through private financing, which can be a better option for you, possibly. 310-619-5557. ... more
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Thu May 10, 2012
Bill Triplett answered:

Generally speaking, no. I would need more particulars in order to give you a more complete answer. However, my first question would be, where did you get your credit score? If you need to make some credit corrections, I can refer you to someone that specializes in credit restoration. Not repair, restoration

If you would like to pursue this further please contact me.
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Sat Feb 25, 2012
Garrigus Real Estate answered:
Check out the California Dept. of Child Support Website. Here's a good place to start:
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Wed Apr 20, 2011
Paul Rinde answered:
Yes I beleive that is correct. You have to be current with your child support to qualify for VA benefits. If you would like me to put you in touch with a local Loan Officer I use for VA loans give me a call. Just click my profile for contact info.

Good Luck!
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Wed Apr 20, 2011
Gregorio Denny answered:
Wed Apr 20, 2011
Gregorio Denny answered:
I'm with George. I think the people saying "yes you can" may have good intentions but poor information. If your mid score is actually 550, your chances of a VA guaranteed loan are slim to none.

Give me a call if you would like me to take a look for you.
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Wed Oct 13, 2010
Jeri Creson answered:
Imaging is where the documentation on your submission is literally scanned and uploaded into a short sale servicer's system so that it can be made available to those who have access to the system, like negotiatiors, for review and consideration. 30 days in imaging is a little excessive... I'd start asking some pointed questions.

It isn't uncommon for a file to require additional information after the initial submission, in fact it's uncommon for it NOT to. But there really shouldn't be any one stage, at this point in the short sale game where a file sits unmoved for 30 days without something happening. That cries out to me of a file that needs somebody to push it along a little harder. I notice that a lot of agents have gotten accustomed to short sales taking forever, so they just sit back and wait. I believe, and see daily, that the squeaky wheel gets the grease. Make a little noise : ) but be respectful about it. Firm - but steady pressure gets the job done.
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Sat Oct 9, 2010
Gregorio Denny answered:
With no information, no one can tell you what you "would" get, only what you"could" get if you meet the criteria. Assuming you otherwise qualify, 4.0% / 4.413% APR
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Mon Mar 29, 2010
The Hagley Group answered:
Wed Sep 17, 2008
Adrian Huntington answered:
Fannie Mae and Freddie Mac and the FHA have caught on to this practice. They set new guidelines effective August 1, 2008.

Borrowers who currently own their home typically have three options when they decide to purchase a new principal residence. They can
• sell the current residence and pay off the outstanding mortgage,
• convert the property to a second home, assuming they can qualify with both the existing and new mortgage payments, or
• convert the property to an investment property and provide documentation that they will rent the property and use the income to offset the mortgage payment.

In order to ensure that borrowers have sufficient equity and/or reserves to support both the existing financing and the new mortgage being originated, Fannie Mae is updating the policies for qualifying borrowers purchasing a new principal residence and converting their existing principal residence to a second home or investment property.

Both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction.

6 months of PITI for both properties is required to be in reserves. Lender may consider reduced reserves of no less than 2 months for both properties if there is documented equity of at least 30 percent in the existing property (derived from an appraisal, automated valuation model (AVM), or Broker Price Opinion (BPO), minus outstanding liens)

Fannie Mae will continue to permit up to 75 percent of the rental income to be used to offset the mortgage payment in qualifying if there is documented equity of at least 30 percent in the existing property (derived from an appraisal, AVM, or BPO, minus outstanding liens).

The rental income must be documented with: a copy of the fully executed lease agreement; and the receipt of a security deposit from the tenant and deposit into the borrower’s account.

If the 30 percent equity in the property cannot be documented, rental income may not be used to offset the mortgage payment. Both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction; and 6 months of PITI for both properties is required to be in reserves.

FHA guideline requires

3 months PITI, Excellent Credit, Letter of Explanation regarding the decision to rent out property. "Not going to walk away." Form 1007 rental comps or current market rents from appraiser. Lease agreement. Copy of cancel check for security deposit and proof that it was deposited by property owner.

The new home must be worth more then your previous residence. If you can meet the Fannie Mae, or FHA guidelines you can buy the new home. If you short sell, or give the house back to the bank, you will not be able to qualify for a loan through Fannie Mae, or Freddie Mac for four years.

See a Real Estate Lawyer about your options as far as giving the house back to the bank. You have three options.


Adrian Huntington
Welcome Home Real Estate & FInance
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