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Financing in Pleasanton : Real Estate Advice

  • All344
  • Local Info38
  • Home Buying179
  • Home Selling24
  • Market Conditions11

Activity 25
Mon May 23, 2016
Goesmoo101 answered:
I would not do any loans with AIMLoan.com as they will adjust your Impound amount and then charge you a late fee for not submitting the changed amount and send you to collections. Yes, collections called and said they are "trying to collect a debt". Really? My impound account is a debt now and not a account to pay my taxes and insurance? What a scam.

We missed adjusting our autopay but still paid enough to cover the Principal and Interest and most of the impound. I was short in in funding my impound account, which is way over what is ever paid out from and is not in risk of being short.

I had many loans with other companies and was never charged a late fee nor taken to collections for shorting the impound account. I have 3 loans with them and will never do another loan with them again.
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0 votes 8 answers Share Flag
Thu Nov 19, 2015
answered:
Hi I am a lender and can answer this question.
You may obtain FHA financing three years after your short sale has been deeded to the new owner.
You may obtain conventional financing after four years.
If you are looking for financing a loan amount over $625k, which would be considered a Jumbo loan, you will need to wait 7 years (per the present guidelines).
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0 votes 28 answers Share Flag
Mon Jan 27, 2014
Ali Qureshi answered:
It will be very difficult to qualify for conventional financing. FHA has easier guidelines and you maybe able to qualify on an exception basis, though very unlikely.
0 votes 7 answers Share Flag
Sun Sep 1, 2013
lendersnetwork answered:
Yes you do qualify now for a new program for FHA by HUD for people in your shoes you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements. ... more
0 votes 4 answers Share Flag
Sun Sep 1, 2013
lendersnetwork answered:
Yes you do qualify now for a new program for FHA by HUD for people with a BK you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements. ... more
0 votes 3 answers Share Flag
Sun Sep 1, 2013
lendersnetwork answered:
Yes you do qualify now for a new program for FHA by HUD for people with a short sale you just need 12 months from the date of the short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements. ... more
0 votes 2 answers Share Flag
Wed Jul 10, 2013
Grace Tam answered:
non-recourse debt is typically limited to 50% or 60% loan-to-value ratios.
call me if you have more questions.

Grace Tam
Loan Officer
925-718-3000
www.graceloan.com
0 votes 3 answers Share Flag
Mon May 27, 2013
answered:
Ashok - the main question is whether you can approved without having rec'd a paycheck, and as Darren pointed out below, is there continuity of employment with your job change?

What I can confirm is you won't pay a higher rate due to your situation, UNLESS your scenario appears your purchasing a rental property (doubtful)....

And the only way you'll be able to get approved without showing the lender a paycheck during escrow is if your new employment contract is guaranteed and irrevocable (also doubtful)..

Let me know if I can be a further resource for you!

Best of luck, Jeff
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0 votes 5 answers Share Flag
Tue May 7, 2013
Grace Tam answered:
foreclosure is 7 yrs and short sale is 2 yrs. If you want to find out more about this you can call me. I do need to know more about your loan scenario.
0 votes 4 answers Share Flag
Sat Mar 16, 2013
John Juarez answered:
If you go to three different lenders and each approves you for a $100,000 purchase, could you add them together and buy a $300,000 house? NO!

You cannot buy a $160,000 if you cannot qualify to buy a $160,000 house. ... more
0 votes 2 answers Share Flag
Sat Sep 29, 2012
Mandeep Singh answered:
Really long time and its not always worth it. Banks like Wells often just bundle everything into a new loan including back payments and late fees. I would say to go for a short sale.
0 votes 9 answers Share Flag
Wed Nov 16, 2011
answered:
Hello Jack,

During any housing market volatility, that can be caused by one of several reasons such high rates, declining values, tightening lending guidelines, people will always find ways of selling their homes which include: owner-carried financing known as wrap arounds, PacTrusts, Land Contacts, etc. This can be a good way for a owner of a property to sell or market their home when values are going down. And for buyers who have experienced either recent or past credit issues, a change in occupations, or a number of possible roadblocks causing them to not qualify for traditional financing. This can be a viable method of getting into a home without having to jump through number of hoops. I do caution you however, I personally experienced a problem a few years back when I entered into a owner-carry contract. Seems the seller did not keep his word and continued to borrow on the HELOC (Home Equity Line of Credit) 2nd mortgage that was on the property. Therefore increasing the payoff to increase and technically breaching his contract regarding further incumbering the property. Long story short, if you decide to pursue this type of transaction, please go into in it eyes wide open. I would advise you to consult with a Real Estate Attorney who can explain all the dos and don'ts along with the snares and traps that lay in waiting. Remember you can never be too cautious.

As a side note: Maybe you're wanting to purchase a home using this method because you think it's the only option that is available to you. If you haven't done so already, contact a lender before you move forward and see they have to say. You may have more options than you think.

Best of Luck!
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0 votes 7 answers Share Flag
Mon Nov 14, 2011
answered:
We have programs for foreign nationals like you. You don't need to hae any US credit either although having some would be very beneficial. Interest rates are not going to be the same as a conventional buyer but nothing above 8%. Can you provide verification of employment in Singapore and also when you arrive? If so, then we have something for you. My email is marylou@diversifiedmg.com, my number is 925-398-0211 or let me know what your email is and I can forward you complete details. Marylou ... more
0 votes 6 answers Share Flag
Wed Feb 23, 2011
Gilbert Richards answered:
California lending policies are from different than those in Texas. So yes I can comment on the possibility of financing, As far as closing the deal is contingent to the quality of the file ... more
0 votes 8 answers Share Flag
Wed Aug 11, 2010
answered:
If you haven't found anyone I can help you with unlimited amount of properties as long as the loan is over $300k at 60 to 70 percent of value. This is not hard money. Rates in the 5% range. .... Happy funding, Rudi ... more
0 votes 8 answers Share Flag
Thu Mar 11, 2010
Jane Grant answered:
Rebates benefit the lender as well. They do give some of it back to you but they do actually make money of of the higher rate themselves. Ask yourself if it is worth it to you to get your costs rolled into the loan and pay interest on those rolled in costs for the life of the loan. An amortization schedule can tell you how much extra interest you will be paying on that HIGHER rate for the life of the loan.

If you are keeping the home for over five years, or think you will then opt to pay your own costs and get the lower rate.
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0 votes 8 answers Share Flag
Mon Feb 22, 2010
Erica Starkey answered:
JI,
Generally non recourse loans are only those that are purchase money loans and for homes that are owner occupied. I would consult an experienced agent or lawyer if you are in a short sale situation. Many times you cana negotiate out recourse clauses in short sale agreements.
Best,
Erica

Erica Jones Starkey
Broker, Co-Founder
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs
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0 votes 9 answers Share Flag
Sun Jan 24, 2010
answered:
Avoid any scams and contact your lender directly. If it was transferring they will have the information for you. Most likely its just a transfer of servicing and either Fannie Mae or Freddie Mac own the note. If so you are eligible for unique refinancing programs.

If you have further questions I would be happy to assist.

Brian
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0 votes 8 answers Share Flag
Thu Dec 3, 2009
John Juarez answered:
Excellent answers from industry pros John Dutra and John Shellington
0 votes 5 answers Share Flag
Tue Sep 22, 2009
Ms. K answered:
Steve from Fremont gets kudos for actually listening to the PRIMARY question that Raj asked. You'll see Steve's answer near the BOTTOM of these string of posts regarding FICO scores. ... more
0 votes 11 answers Share Flag
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Financing in Pleasanton Zip Codes

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