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Financing in Palm Desert : Real Estate Advice

  • All222
  • Local Info19
  • Home Buying59
  • Home Selling6
  • Market Conditions18

Activity 11
Slampman, Home Buyer in New York, NY
Thu Mar 31, 2016
Slampman asked:
I have a 10 year. $32,000 11 1/2 % mortgage on a floating 2 bedroom lock off Starwood time share that I'd like to refinance for a much lower interest rate.
0 votes 0 Answers Share Flag
The Holland &…, Real Estate Pro in Palm Desert, CA
Thu Oct 22, 2015
The Holland & Gaertner Group answered:
We have a great property just listed in south Palm Desert. Our office is in Palm Desert and we would love to come by your home and give you a free, no obligation value of the home you are planning to sell.

Call us today!

Thank you

The Holland Gaertner Group
... more
0 votes 2 answers Share Flag
Rocco Fording, Both Buyer and Seller in Orlando, FL
Thu Aug 20, 2015
Rocco Fording answered:
Check out this guide to help you make a US property purchase:
0 votes 13 answers Share Flag
Rocco Fording, Both Buyer and Seller in Orlando, FL
Thu Aug 20, 2015
Rocco Fording answered:
Check out this guide to help you make a US property purchase:
0 votes 17 answers Share Flag
Yanni Raz, Real Estate Pro in los angeles, CA
Tue Jan 7, 2014
Yanni Raz answered:
Hello Laurent,

As per FHA guidelines you can have two owner occupied investments, under two certain circumstances.

One if your relocating for work or two if you're expanding a family.

In this case, this situation is possible, please give us a call we can help you.

Luis or Yanni, 818-266-1194
... more
0 votes 9 answers Share Flag
John Arendsen, Real Estate Pro in Leucadia, CA
Tue Mar 12, 2013
John Arendsen answered:
A lot depends on a couple of things. Was the home built before June 15, 1976? If it was it's a Pre HUD mobile home in a rent/lease park/development it could be quite difficult to find any reasonable financing.

Most chattel lenders would probably only be willing to lend on a very low percentage of your purchase price, for a very short time period, usually no longer than 10 years if your lucky and they would charge you a premium on interest.

If it's a HUD Manufactured home in a rent/lease park/community you may be able to get a higher LTV, better interest rate for a longer period of time but it would still be a chattel loan.

If it's a newer HUD Manufactured Home, say less than 10 to 15 years old and it's in a Condo Conversion, subdivision, planned unit development or on a private parcel where you also own the real estate you could most likely qualify for a 30 year fully amortized conventional real estate loan providing the home was never moved from its original site.
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0 votes 3 answers Share Flag
Trevor Curran, Real Estate Pro in Great Neck, NY
Thu Sep 27, 2012
Trevor Curran answered:
Good afternoon Liz,

FHA program requires waiting 3 years before you can qualify for new mortgage financing. But my take on this guideline based on my 23 years experience as a mortgage professional is that many Lenders will be reluctant to lend to someone with a foreclosure as recent as 3 years, regardless of the FHA guidelines.

I'd recommend you take the time to put your financial house in order.

1. Save up a large down payment, at least 20% of the purchase price

2. Pay your rent on time every month and pay by check or ACH online transfers to your Landlord. Have that proof of payment for 24 months handy when you buy your home.

3. Be sure your credit is perfect. Pay your bills on time and keep your credit balances low relative to the limit. Use your credit conservatively.

4. Live within your means. Keep to your budget and take on the important financial responsibilties at hand before you consider undertaking another mortgage and home.

Trevor Curran
NMLS #40140
... more
0 votes 8 answers Share Flag
Michael Doyle, Real Estate Pro in Indio, CA
Sat Sep 22, 2012
Michael Doyle answered:
I have answered this before, but, I have several lenders who loan on the type home you are interested in. I do not know which park you are interested in, but if you will, please send me additional info and I will provide some additonal help and steer you to the right lenders. ... more
0 votes 17 answers Share Flag
Annette Levi…, Other/Just Looking in New York, NY
Sat Sep 22, 2012
Annette Levinson answered:
Was the mortgage only in your father's name? If so it is due upon his death. If the mortgage was assumable, you still have to qualify for the mortgage. This would not be done until the title of the house goes in your name (I am assuming that you are the only heir).
I suggest that you speak to your attorney on when the title witll be transferred.
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0 votes 4 answers Share Flag
Leslie, Home Buyer in Santa Clara, CA
Tue Jan 5, 2010
Leslie answered:

As I stated earlier, we were denied the loan due to the HOA funding in part the restaurant at the country club. We checked with another lender and had the same issue. Here is a link which explains a bit of the rules and why it is becoming a problem on existing properties which have been approval in the past.

Item 8 in the table is the item which is causing the issue.
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0 votes 5 answers Share Flag
Daniel Casta…, Real Estate Pro in Forest, VA
Mon Oct 5, 2009
Daniel Castagna answered:

the short an is probably not. But if you will be receiving Socical security, you might qualify using that income. Since you are 62, you might qualify for a reverse mortgage. You dont need a job for this type of financing, just a good chunk of equity. You might want to check it out. ... more
0 votes 3 answers Share Flag
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