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Financing in Rancho Cucamonga : Real Estate Advice

  • All354
  • Local Info21
  • Home Buying129
  • Home Selling15
  • Market Conditions16

Activity 12
Thu Jul 9, 2015
Bill Cook answered:
With our special product, you can get it one day after a short sale or foreclosure provided you have a 660+ FICO score and 20% down payment you meed to put some skin into the game.
Not hard-money rates either.

Available for all west coast states, clong with AZ, CO.
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Thu Jul 9, 2015
What is it about this deal that makes it hard money? Is it the condition of the property or income? Do you need a no doc loan?
0 votes 7 answers Share Flag
Sat May 17, 2014
Von Bonilla answered:
Hello Rebecca,

What is your situation now? How did it play out?

0 votes 2 answers Share Flag
Thu Dec 19, 2013
Hi Doris, if you're over the age of 62 you should look into the FHA reverse mortgage program.
Jesse Gonzalez, Broker
NMLS MLO-278103
NMLS ID- 1075218
Ca. BRE-01855372
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Sat May 18, 2013
Patti Kane answered:
I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
0 votes 10 answers Share Flag
Mon Feb 6, 2012
The answer to this question is "Yes". I closed a home loan for a family like yours that they had grown out of their home. But in their case, they were needing to relocate to another area due to a job transfer over 100 miles away. Under these circumstances I was able to put them into a USDA RDL Program that requires a "$0 Down Payment". The USDA actually has a guideline provision that allows someone (due the needs of the family) to purchase another home outside what would be considered outside a normal or reasonable commuting distance. In any event, if that's not you your best bet is do a FHA 203b loan that does require a minimum down payment as mentioned below of 3.5%. But the down payment can be gifted.

Best of Luck!
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Fri Oct 28, 2011
To add to Shane's answer you must be relocating with a new or current employer, not voluntarily moving.

Excerpt from Mortgagee Letter 08-25
Relocations: The homebuyer is relocating with a new employer, or being transferred by the current employer to an area not within reasonable and locally recognized commuting distance. A properly executed lease agreement (i.e., a lease signed by the homebuyer and the lessee) of at least one year’s duration after the loan is closed is required. FHA recommends that underwriters also obtain evidence of the security deposit and/or evidence the first month’s rent was paid to the homeowner.
If you're simply moving to a different area then you'd have to conform to the departing residence guidelines as they are.
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Wed Mar 9, 2011
Raymond Geer answered:
They will not count it against you as a ratio factor.
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Mon Mar 7, 2011
Brenda Feria answered:

Ocasionally, if a closing does not happen due to no fault of the homeowner, a lender will extend the lock-in rate. I would ask if they will do that for you, unless of course you want out of the agreement which would mean that you would probably lose what you have paid for an appraisal and credit report. ... more
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Tue Oct 5, 2010
Banks are not in the business of selling or buying houses. They were simply forced into it and aren't exactly doing a great job.
So the siple answer is no, no bank would BUY your house.
Try lowering the price on your WI house or if that doesn't work, rent it out and buy a house here. If you have at least 30% of equity in your WI home, your rent can be counted towards income.

Good Luck!

Andrew and Elena Ollick
Amerivest Realty
Latest Post: Naples Luxury Home on Fire
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Mon Aug 31, 2009
Emily Knell answered:
In Rancho Cucamonga inventory is limited period. I don't think it has much to do with the tax credit, but rather the bank's and their SHADOW INVENTORY. Banks have plenty of inventory, but they're controlling the market place by holding on to homes that otherwise should be released & sold as REOs.

There are actually less short sales on the market too as more homeowners are attempting loan modification.
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