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Financing in Riverside : Real Estate Advice

  • All527
  • Local Info23
  • Home Buying190
  • Home Selling23
  • Market Conditions15

Activity 23
Djkat33, Home Buyer in Farmington, NM
Sat Aug 20, 2016
Djkat33 answered:
I need help refinancing my 2008 Karsten home, where I'm paying rent on land and the company raises the rent claiming that we're considereal to be like a mobile home park. 21st mortgage won't refinance us because we don't own the land. But they hold our mortgage. Please help us, Double wide, 1860 sq. Feet. 3bdr, 2 bath. Chef kitchen, sunken livingroom. Master bedroom is 15x21'. 9 foot recessed ceilings in 3 rooms. Ceiling fans in every room except kitchen. Nice entryway. We designed it. ... more
0 votes 15 answers Share Flag
Kenji Inui,  in Irvine, CA
Fri Jul 10, 2015
Kenji Inui answered:
Boris Aivazi…, Other/Just Looking in Glendale, CA
Fri May 8, 2015
Boris Aivazian answered:
We do ARV rehab for investors min. 100,000 ARV, visit www.myHardMoneyCenter.com or call me at 818-384-9072
0 votes 3 answers Share Flag
Joycelewis412, Home Buyer in Sacramento, CA
Sat Aug 24, 2013
Joycelewis412 answered:
Short sales previously held a waiting period of 2 years. Now, the waiting period is 2 years with a 20% down payment or 4 years with a 10% down payment.



Check if you qualify for a mortgage. Try www.whywaitbuytoday.com ... more
0 votes 7 answers Share Flag
Alexander Gr…, Real Estate Pro in San Jose, CA
Thu Aug 15, 2013
Alexander Greer answered:
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
... more
0 votes 10 answers Share Flag
Andy Brown, Real Estate Pro in Carlsbad, CA
Tue Apr 16, 2013
Andy Brown answered:
I have financing for 1 day after a short sale or foreclosure. See more info at my site:

http://www.homeloansbybrown.com/short-sale-financing

Andy Brown
CFS Mortgage
0 votes 7 answers Share Flag
ahmed, Home Buyer in 95631
Mon Aug 20, 2012
ahmed answered:
I had a short sale and my credit score went from 769 to 680. Now 3 years later it is up to 716. Some of my credit cards were closed by the issuers when they ran a periodic credit card checks. Now I usually get accepted with most of my credit card applications.

I also refinanced my current home with no issues just a little after the 24 months waiting period and I got a good rate. That was a little trickier since not all lenders were willing to refinance me.

Just don't believe those who tell you that your credit score will drop 300 points. In my case , I did a short sale on my first mortgage. The second mortgage was settled for less than the amount owed.
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0 votes 4 answers Share Flag
RelocationPro, Real Estate Pro in Las Vegas, NV
Fri Aug 3, 2012
RelocationPro answered:
This is customary in today market. It prevents the seller from getting into escrow with a buyer that is truly NOT qualified. Unfortunately not all loan officers are equal and due a thorough inspection of Buyer's complete profile. This can cause a lot of wasted time, effort and lost sales for sellers and agents involved. Imagine being in escrow for 3 weeks or so to find out Buyer is not truly qualified. The seller has missed other offers and selling the property.

You can ALWAYS have your agent write into offer that upon acceptance you will gladly go to their lender. Many of the sellers I represent do request this and I understand it completely. I have seen a transaction fall apart from both sides when buyer was not APPROVED (not qualified) correctly upfront.

It is a great protective measure for ALL parties involved.


Rakeisha
Realtor
www.motionproperties.com
... more
0 votes 10 answers Share Flag
Janet Nation,…, Real Estate Pro in Baldwin, NY
Tue Oct 11, 2011
Janet Nation, CBR answered:
The reason you are seeing conflicting information because the answer is not down to a specific science. I agree with Deborah that a foreclosure reporting stay on your credit reports for 10 years. You will always have to disclosure the foreclosure on any future mortgage application, no matter how many years it is from now, and it may impact your terms. To be eligible to repurchase again after a foreclosure is typically 7 years. ... more
0 votes 11 answers Share Flag
Shane Milne, Real Estate Pro in South Jordan, UT
Sun Sep 4, 2011
Shane Milne answered:
Not having regular forms of credit, called traditional credit, isn't always a show-stopper to being able to qualify for a mortgage. Like has been mentioned, if you have forms of alternative, or non-traditional credit, then that can be used as a substitute for the traditional credit (car loans, credit cards, student loans, etc.). I explain what non-traditional credit is, how much non-traditional credit is needed to be considered sufficient, and how to verify non-traditional credit all in the "web reference" below.

However I was reading back to your other posts in the past - 2 years ago - and you mentioned at that point your husband got a loan to start help building up his scores. How long has he had that loan for and is it paid off? Was the payment history all on time? How long ago was it paid off? It sounds like it may have been paid off awhile ago (perhaps over 6-12 months ago) and there hasn't been much/any activity since. If so, then he may just need to open up a credit card and make a payment on it in order for him to get credit scores again (called FICO scores).

The minimum requirements for someone to generate a FICO score are:

1. At least one account that has been open for six months or more (this could be his credit union loan he got 2 years ago)
2. At least one undisputed account that has been reported to the credit bureau with in the past six months (this would be the brand new credit card he'd open - it may have to be a "secured credit card" if he does not have any credit scores reporting. A secured credit card is where you put some money down and the bank gives you a credit card with that amount as it's credit limit - I am very certain your credit union offers this)
3. No indication of deceased on the credit report (if your husband is alive, he meets this already)

Having a credit score will greatly improve your financing options, so if you do not have a need to buy a home at this exact moment in time (like your lease is up, or you are being forced to move, etc.) then I'd recommend he does something to generate a credit score so you won't have as tough of a time trying to qualify for a mortgage.
... more
0 votes 5 answers Share Flag
George Raymo…, Real Estate Pro in Fort Worth, TX
Fri Aug 5, 2011
George Raymondo answered:
I have a program for you. Please see my blog:

http://www.trulia.com/blog/george_raymondo/

Best of Luck!
0 votes 6 answers Share Flag
Doug & Bud Z…, Real Estate Pro in Placerville, CA
Wed Jan 19, 2011
Doug & Bud Zeller answered:
Tracy has a great answer, "You need legal advice. It doesn't sound right to me. If you can't afford an Attorney, look for free legal services in your area."
0 votes 6 answers Share Flag
Mr Thomas Le…, Both Buyer and Seller in USA, Mobile, AL
Wed Jan 12, 2011
Mr Thomas Lee. answered:
Hello,

Do you need a loan to pay off your bills or to start a new business? if yes then fill this loan application and get back to me with it so that we can process further with the transaction ok,please reply to this email:thomas_loanfirm@hotmail.com

If interested, Please provide the following:

Name:
Amount Needed:
Duration of the loan:
Phone Number:
Country:
Purpose of loan:
Occupation:
Monthly Income:
Sex:

Thanks
Mr Thomas Lee.
... more
0 votes 5 answers Share Flag
Wayne L. Bro…,  in San Diego, CA
Fri Mar 19, 2010
Wayne L. Brown answered:
It has to debt service. That determines the loan amount on any loan over 4 units.

Find a broker who is familiar with Apartment financing.

Good Luck
0 votes 3 answers Share Flag
The Hunter G…, Real Estate Pro in Riverside, CA
Fri Mar 19, 2010
The Hunter Group, Demarco & Marisa answered:
This question has only one obvious answer.... don't do it! Not worth it.... But seriously, what kind of question is this to ask? If a Realtor were to give poor advice and tell their client to "fudge", we would be considered unethical and liars (rightfully so). So why is it ok for a buyer or seller to do it? Don't you as a Seller have a fiduciary duty to act with honesty and integrity in your business dealings with the bank? I'm sorry I have to vent a little.... I am tired of Realtors always getting the bad rap when many times, it is the Seller or Buyer that is fully aware of what they are doing when they are doing it. If you make the wrong decision, you can't blame anyone else when (and it's when) it comes back to bite you in the butt. ... more
2 votes 3 answers Share Flag
Cecilia Rodr…, Real Estate Pro in Riverside, CA
Sat Mar 13, 2010
Cecilia Rodriguez answered:
Hi David, Whether banks can come after you and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them.

State law in California protects you from recourse on your original loan on
“ Non recourse loan “
But, even there, if the original loan was refinanced, some or all of it may be subject to claims.
Second mortgage or lines of credit, you are personally liable from the debt that is a “ recourse - loan “
The cash-out refinance you may have done is also not protected from recourse.
You can negotiate to settle or sign a promissory note . Remember in a Short sale event or a Deed In Lieu of foreclosure the Consequences on 2nd Other liens are the same.

Don’t forget you may have a “ 1099c issued by the lender after a short sale or
foreclosure !!!
You have to contact an attorney or a professional CPA

When you sell your house via Short Sale you need to list your home with a Real Estate Agent with experienced doing Short Sale .
You need to price your house right

You need honest professionals to guide you in the best direction…
I Help homeowners thought every step of the short sale process.
Call me for a no obligation Consultation to see if Short sale is your best option.



Cecilia Rodriguez “ Pre foreclosure Short sale Specialist “
( 951 ) 858-5797 Lic # 01505884
Ceciliarod@prudenentialcaliforniarealty.com
Prudential California Realty
... more
1 vote 5 answers Share Flag
Stephen Wess…,  in Anderson County, SC
Wed Feb 17, 2010
Stephen Wessling answered:
Forefront Re…, Real Estate Pro in Rancho Cucamonga, CA
Fri May 29, 2009
Forefront Real Estate answered:
Hi Jose,
That amount will be a sufficient down payment for an FHA purchase price of $287,000. And today, FHA released more on the $8,000, first time buyer tax credit. It can be used for closing costs and to buy down your interest rate. I've attached a link here outlining it for you:
http://www.realtor.org/RMODaily.nsf/pages/News2009052901?OpenDocument

If you have any other questions, please don’t hesitate to call or visit our website shown below.

Pat Palmer-Broker/Realtor
Forefront Real Estate
Forefront Mortgage

154 W. Foothill Blvd #A308
Upland, CA 91786

Phone: 909.286.1301
eFax: 909.912.8002

patpalmer@ffhomes.net
www.forefronthomesandloans.blogspot.com
... more
0 votes 1 answer Share Flag
Other/Just L…, Other/Just Looking in Fleming Fitch Grant,...
Sun Mar 15, 2009
Other/Just Looking answered:
Lending answer:

You've asked two questions, so let's tackle them one at a time. The reason why it is difficult to get an answer to your first question is that FHA's underwriting manual and subsequent Mortgagee Letters do not directly address the situation you describe.

First, a couple of clarifications:

1.) FHA does not make loans. FHA insures loans made by banks. Once the bank has closed the loan, it may sell it along with the FHA guarantee (usually to Fannie Mae) or hold it in portfolio. This is important to understand becuase you will have to meet both FHA's guidelines AND the bank's (or the bank's creditors') guidelines.

2.) Caifornia is a community property state. If you were to apply for an FHA insured loan, your wife's debts MUST be counted as part of your debt ratio, but her credit history may NOT be a basis for denial.

3.) Fannie Mae Uniform Residential Loan Application, FNMA Form 1003, has several borrower declarations. The two that are relevant to your situation are:

Section VIII c. Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?
Answer: If you are NOT on the deed to the home that is foreclosed, you may answer "NO"

Section VIII e.Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment?
Answer: The key term here is "indirectly". You must not be named in the deed, security instrument, note, home owner's insurance policy, tax bill, or HOA (if applicable) to answer this question "NO".

Now to answer your questions:

Foreclosure:
It MIGHT be possible for you to be sole borrower on an FHA insured mortgage loan after your wife's foreclosure, but it will be dfficult to find a lender willing to underwrite strictly to FHA's guidelines. According to FHA underwritng guidelines, since California is a community property state, your wife's debts MUST be counted towards your debt ratio (even though she will not be a borrower) but her credit history may NOT be used as the basis of loan denial. However, her foreclosure will show up in her credit report and ring all sorts of alarms with underwriting.

There are a number of things you must be able to provide to prove eligibility as a sole borrower with a non-purchasing spouse who has a prior foreclosure:

First, you must have answered questions VIIIc and VIIIe correctly on the loan application. An inaccurate answer to ether can be the basis for a denial.

Second, the underwriter will require a chain-of-title search for up to three years to prove you have never been on the deed to the home (as well as a copy of the Note and possibly the Settlement Statement for the purchase of the foreclosed home by your wife).

Third, you will need to provide a detailed letter of explanation for why you and your wife were unable to jointly make the mortgage payments, even though you were not individually obligated to do so. Loss of income, loss of employment, illness, or inability to meet adjusted payments could be considered acceptable compensating factors. A decision to refuse to pay due to loss of home value will likely be a basis for loan denial. This letter will be CRITICAL, and should be supporting by corroborating documents wherever applicable (eg hospita bills for an illness, termination letter for loss of employment).

In other words, you will have an uphill battle to convince an underwriter that you (borrowing solely) are not a default risk to FHA's insurance pool when your prior marital home was foreclosed. Although the presence of a foreclosure in a non-borrowing spouse's credit history may not be used as a basis for loan denial according to FHA's underwriting manual, most lenders may be unwilling to take the risk and look fo other reasosn to deny the loan.

You will likely need a lender with one or more DE FHA Underwriters on staff (DE means "Direct Endorsement"). Expect to shop around. Ask UP FRONT for the lender's policy regrading a foreclosure in a non-purchasing spouse's credit history.

The ideal situation would be one in which your wife acquired the home and mrtgages prior to your marriage, since that would clearly show you had no interest in the property. Where many applications fail is in the "minor" paper trail - home owner's isnurace bill in both spouse's names, for example.

Regarding Rental Income:
1.) You will be required to provide 12 months of cancelled checks on the rental home you occupy to qualify.
2.) You will be required to provide a copy of the lease, proof of receipt of rent and tax returns to use the rental income on a property you convert to an investment property towards qualifying income. If the home you convert to an investment property has less than 30% equity, the rental income may NOT be used towards qualifying.
... more
0 votes 3 answers Share Flag
Mia Gloor, Real Estate Pro in Mariposa, CA
Wed Dec 17, 2008
Mia Gloor answered:
The last thing you want to do is panick> If you contact your lender and start the communication process, this is the best. You are much better off in the long run if you develop a relationship with the lender. Take a deep breath and try to work with them. At the same time find your new job. Keep you chin up and don't give up.

ALL MY BEST FROM MARIPOSA CA.
... more
0 votes 4 answers Share Flag
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