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Financing in Orange County : Real Estate Advice

  • All330
  • Local Info10
  • Home Buying180
  • Home Selling26
  • Market Conditions5

Activity 196
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
Tue Jul 14, 2015
Bill Caiazzo answered:
I have worked with several investors, and have hard-money lenders to provide financing. Terms of these loans vary, but the best terms I've found are: 90% LTV on the purchase price (not ARV), and either 10% interest rate with 2 points up front, or possibly 11% with 1 point up front. I can connect you with a lender if you would like to ask some questions. If you need assistance in either acquiring or selling your flip homes, don't hesitate to contact me. I've been selling real estate in the Orange County area for about 19 years. I hope this helps! Don't hesitate to contact me for further information. ... more
0 votes 1 answer Share Flag
Tue Jul 7, 2015
Tony Grech answered:
Hi Mike
Anything over 4 units would be considered commercial property and thus would fall under different guidelines than financing a home for example. You'd need to speak to a bank that offers commercial financing as opposed to residential.

Unfortunately I don't have anyone to refer you to for that
Tony
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0 votes 3 answers Share Flag
Wed Jul 1, 2015
answered:
There are some ways to do it. But each would require special circumstances. For example if you are over 62 there is a loan, there are hard money loans etc.

The best thing is to work on your credit and see if we can improve it. I do it all the time, no charge.

714-968-2500
... more
0 votes 2 answers Share Flag
Mon Jun 29, 2015
Gregorio Denny answered:
I could actually use a hard money lender that will assist borrowers with their owner occupied TDs. The problem is that most out there are operating in violation of the S.A.F.E act which requires an individual NMLS # to originate these.

I see your company is licensed, but you personally are not. Your DRE license isn't good enough to do what you are doing so I suggest you get your NMLS license if you plan to continue soliciting mortgage originations.

If you are only offering investment property financing for business use only, then disregard; but you should specify that so there is no confusion about what it is you are doing.
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0 votes 4 answers Share Flag
Thu Jun 25, 2015
Brian Nguyen answered:
There are lenders out there, like myself, that can do alternative document loans. In this case, lenders like myself would not ask for tax returns, but instead a CPA letter. This is something you should definitely consider. If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
0 votes 9 answers Share Flag
Thu Jun 25, 2015
Sheryl Arndt answered:
Hello Irmalmorales, yes there are many choices of loans such as stated income, bank statement programs which are from 30% down.

It only takes a few dozen questions to qualify and go over your options. 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.
... more
0 votes 16 answers Share Flag
Thu Jun 25, 2015
Sheryl Arndt answered:
Hello Lenora, you may qualify ONE DAY after a short sale, foreclosure or deed in lieu with 20% down and a minimum 620 fico score. It only takes a few dozen questions to go over your options. 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.
... more
0 votes 2 answers Share Flag
Thu Jun 25, 2015
Jamie Tian answered:
Hi John,

Please contact me directly and I can send you some contacts for hard money lenders.

Feel free to contact me anytime via phone/text at (310) 717-1321 or via email at JamieTian@RodeoRE.com.

Best,
?
Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
www.JamieTian.com
BRE #01920120
... more
0 votes 2 answers Share Flag
Tue Jun 23, 2015
Jason Whitehead answered:
West End Mortgage Group is one of the ONLY companies still doing home loan financing for condos with Litigation and Low Owner-Occupancy issues. We do them all day, every day and have been closing them for several years.

20% Down Owner Occupied
25% Down 2nd Home

Let your sellers know that the sale of their condo is no longer limited to finding the "needle-in-a-haystack" buyer who is willing to buy their condo AND who has all cash. Financing is available.

Call us! We can close your escrow!
(619) 861-7126 or (619) 203-5811

West End Mortgage Group
www.mycalifornialoan.com
nmls#236176 bre#01370625


*Serving San Fransisco, Los Angeles, San Diego and surrounding areas.
437 9th Avenue downtown, San Diego, CA 92101 (619) 398-3500
... more
0 votes 13 answers Share Flag
Thu Jun 4, 2015
answered:
It is sounding like the underwriter is a bit overbearing to me. But you may want to just answer the questions and close your loan.
0 votes 2 answers Share Flag
Mon May 11, 2015
Andy Brown answered:
We have 95% jumbo financing available up to $850k loan amount or just under $900k purchase price.

abrown@guildmortgage.net
760-607-6401
0 votes 6 answers Share Flag
Sun Apr 19, 2015
Justin O'Connor answered:
Regardless of what the rational might be, this is a bad practice that could result in tolerance cures to consumers who obtain loans through the Credit Union.

Only services that are going to be required for loan approval and for which the consumer can shop may be listed in Block 6 of the Good Faith Estimate. If the agencies meant for it to be a worst case scenario they would have called it that and said anything over the quoted fees would require a refund to the consumer. If the Credit Union lists fees in Block 6 that are not required and they later decide that the fee will be required, they will have to use $0 for the HUD-1/GFE comparison and may have to eat anything over the 10% aggregate tolerance in the form of a refund the consumer.

You may want to direct your Loan Officer to take a quick look at Appendix C of the Real Estate Settlement Procedures Act for instructions on completing the Good Faith Estimate. There is no exemption in the law for services that you MAY require. That is what changed circumstances are for.
... more
0 votes 12 answers Share Flag
Mon Apr 13, 2015
Sheryl Arndt answered:
Hello lylith, no but if you are still in escrow you can ask the seller to reduce the price to fix it or buy it with 203k financing to do the repairs in the loan. You may qualify from a minimum 580 fico score and 3.5% down payment.

It only takes a few dozen questions to go over your options. 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.
... more
1 vote 3 answers Share Flag
Thu Mar 26, 2015
Sheryl Arndt answered:
Hello Karen, you can not qualify for conventional financing yet. You may qualify for FHA so do you need cash out as well? It only takes a few dozen questions to qualify and go over your options. 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.
... more
0 votes 1 answer Share Flag
Wed Mar 25, 2015
Melvin List answered:
Yes, I would contact someone that is familiar with the Homestyle Renovation Mortgage. If you are adding square footage to your home then it will be worth more once you are finished. The loan will be based on the value of your home after improvements. Would love to help but I only lend in Florida.

Thank you,
Melvin List
Licensed Mortgage Loan Originator, NMLS# 243087
American Mortgage Services CO NMLS# 259805
Cell: 813.629.5478
www.flbestrate.com
... more
0 votes 5 answers Share Flag
Wed Jan 28, 2015
Jamie Tian answered:
Hi,

I would be happy to recommend a great lender to you to answer all of your questions about this if you would like. Just email me at Jamietian@RodeoRE.com and I will forward his information to you.

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
www.JamieTian.com
BRE #01920120
... more
0 votes 4 answers Share Flag
Sun Jan 11, 2015
Richard Vu answered:
What are the terms and conditions are you offering to our investors?
0 votes 1 answer Share Flag
Sun Jan 11, 2015
Caroline Gerardo Barbeau answered:
Chris I have a couple programs please call me
(949) 784-9699
0 votes 4 answers Share Flag
Fri Jan 2, 2015
answered:
There is a question of whether you are buying in Santa Ana or NJ.
But on FHA there is an up front cost of 1.75% that is added to the loan amount. So if you borrowed $100,000 you would need to put up $3,500 and so $96,500 + 1.75% = $98,188.75. The there is a 1.35% annual fee paid monthly or $1325 which comes to about $110 a month.
Furthermore I have a loan program that will lend you most of the down payment. So you would only need to come in with $500 not $3500. I can only lend in California not New Jersey.
If we get a good realtor, then we can have him / her ask the seller to pay your first month's interest, tax and insurance impounds. You can move in with only .5%. up to 417,000.
So about $2085 will move you in.
I have to say most people bring me their cousin the realtor who knows everything and yet can't write the offer to include this stuff properly and so they turn it into a nightmare. They need to work with me when they write the offer to get it correct. I have realtors who I can refer you to .
So if you are buying in California and want this program, I can help you.
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
SophisticatedFinancial@gmail.com
Licensed by the CA Department of Real Estate License 01080071 NMLS License 287206
Equal Housing Lender
... more
0 votes 4 answers Share Flag
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