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Financing in Murrieta : Real Estate Advice

  • All420
  • Local Info24
  • Home Buying137
  • Home Selling9
  • Market Conditions7

Activity 13
Sun Nov 19, 2017
Frank S. answered:
Hello Unspecified, you may need 20% down for constructions loans. You may consider 5% down jumbo if constructed up to 1.5m with a minimum 720 fico score and from 10% down jumbo from a minimum 680 fico score up to 2.5m.

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 purchase.
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Mon Sep 11, 2017
m willingham asked:
My wife and I are looking to purchase a home in Murrieta/Winchester. We both have a fico score over 720. My wife has been at the same job for over 3 years and makes roughly 41k. I have been…
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Mon May 13, 2013
Robert Chomentowski answered:
Yes if you get a conventional loan your wifes credit will not be run and her past foreclosure will not be an issue. If you got a FHA or VA loan, the lender would run a joint report, and they would ask if you were living in the house at the time of foreclosure. We you on the title as a owner? ... more
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Sat Feb 2, 2013
Some great answers below, but if I could add my 2cents, if you want to come up with little or no money down, you will have to wait until March of this year which doesn't leave you much time to get your ducks in row if you plan on buying ASAP. First and foremost you need to work on your credit. No matter what you hear you really need a credit score of 640+ in order to qualify for most low down or $0 down programs in the local area. My best advise is to call a credit specialist to analyze your credit and put you on a path to homeownership. I have written several blogs that explains what you can do on your own, or simply feel free to contact me and I can walk you through it. Most Loan Officers will refer you to a credit cleaning company, but if you follow some simple procedures, you won't need to do that unless your credit report is littered with late payments that are within the last 12 months.

Best of Luck!
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Fri Jan 18, 2013
Kevin and Julie McLaughlin answered:
Good answers below from George and Brad - as usual -

Congratulations on your decision to purchase. It is a great time to buy. Please let me know if we can help you find the right place for you.

Kevin McLaughlin, Broker Owner
Berkshire West Realty
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Thu Nov 29, 2012
Lisa Delzompo answered:
Hello Donna,

I am a local mortgage broker who has helped a lot of military families get VA loans in Murrieta and surrounding areas. We work with numerous lenders, finding the one that can best do whatever scenario is involved: some who take lower credit scores, etc.

I'd be happy to do a prequalification for you. Feel free to contact me at your convenience.

Thank you,
Lisa Delzompo
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Thu Jun 14, 2012
Garrigus Real Estate answered:
FHA loans require owner occupancy, and when buying a rental property you will no doubtedly be required to put more down than 3%.
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Tue Jan 31, 2012
Kevin and Julie McLaughlin answered:
Ronee - A Short Sale is simply a sale of a property where the mortgage lien holder (BofA, Wells Fargo, etc...) agree to a sales price that is short of what they are owed.

Check for more info ... more
2 votes 10 answers Share Flag
Mon Aug 22, 2011
I know this is an older question, but I think it's important to clear up some misconceptions regarding buying after a short sale as this question comes up all the time. First John Burke's answer is 100% correct, as far the others go, well... I'll leave it at it that. I am very successful in helping homeowners currently going through a short sale as well as people who have a past short sale get back into another home. How do I do it? Simple, 20 years experience doing government loans. I have learned exactly what can and can't be done. Unlike others, who only know what someone told them, I have taken the extra steps and have gone to the highest authority to get final word on what is the shortest waiting period for buying a home after a short sale for each loan program. My most recent success story is a couple who had a short sale two months ago and believe or not, their credit report listed their 2nd as a $108,000.00 charge off. They are locked in at 4.25% on a 30 year loan, they are coming in with less than 1% down and we are set to close once the home they have offered on get it's final short sale approval from the seller's current lender. Ironic isn't it? A buyer with a past short sale buying a short sale property. I have another client who had multiple delinquent payments as recent as one year ago, and they were approved. I have lots of success stories of people in the same boat you are in, please take the time to read my article below and please contact me if you have any further questions.

P.S. Maybe the Realtors who commented on this question should contact me so I can educate them on how not to lose business. Just a thought.

Best of Luck!
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Sat Jun 4, 2011
Barbara Van Duyn answered:
Hi Gramdacious -

Brad and Shane have given you great information. You have learned that as long as you are buying an REO, FHA's 90 day flip rule does not apply so you don';t have to wait to make an offer. BTW ... FHA's flip waiver expires December 31, 2011.

If you change your mind and decide to make an offer on a home sold by a "regular" seller here are some tips. A "regular seller" is often an investor who bought the home at auction and flipping it. If this seller has been on title for less than 90 days and their profit will be greater than 20 percent, FHA requires the buyer to perform 2 appraisals and a home inspection. FHA also says the buyer can NOT pay for the second appraisal. Your Realtor needs to negotiates who will be paying for the second appraisal (usually its the seller). Since two appraisal are needed, make sure to take the max 17 days to remove inspection/loan contingencies to you give yourself plenty of time to get both done.

Some lenders want a second appraisal even if seller has been in title for less than 180 days. Its really important to work with a loan officer who has experience doing FHA flips. This means they know which lender they will send your loan to and what their underwriting guidelines are. This experience is priceless. They will also be able to tell you and your Realtor how long of an escrow to ask for when making offers. Your loan officer's experience and the lender they use for flips will determine your level of success.

All the Best!
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Wed Feb 3, 2010
Jane Grant answered:
Chapter 8 of the DRE Handbook has the code in the ESCROW guidelines and procedures. Her is the link.

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Wed Mar 18, 2009
Isaac Bensussen answered:

I gave you the telephone number of one of the loan officers that I use because I sensed urgency in your question. I do not get a cut from anybody. This is against Real Estate rules. ... more
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