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95834 : Real Estate Advice

  • All31
  • Local Info2
  • Home Buying23
  • Home Selling2
  • Market Conditions0

Activity 30
Wed Apr 26, 2017
Melvin List answered:
Sounds like FHA or VA will be your best bet. I would love to help but I only lend in Florida.
0 votes 23 answers Share Flag
Thu Oct 6, 2016
Zack Alber Team asked:
I can receive Zillow leads to my email; however, I am not able to receive any leads from Trulia. How can I receive leads from both websites? Thanks a lot!
0 votes 0 Answers Share Flag
Tue Jun 28, 2016
Randall Ortiz answered:
Yes you can use a co-signer for FHA loans. I'm a loan officer in Sacramento, contact me if you still need help with your loan.
0 votes 13 answers Share Flag
Tue Dec 15, 2015
Jim Walker answered:
Yes. People who sell houses, land and other real estate on behalf of others must be licensed by the California Bureau of Real Estate and work under the supervision of a licensed real estate broker. You do not need a license to sell your own house. ... more
0 votes 1 answer Share Flag
Sun Nov 8, 2015
Jim Walker answered:
Let me clarify the words "same exact". You said you are in the same field of work. It does not have to be exactly the same position. For example, if you were an assistant chef at an Applebees in Utah, and took a job as a head chef with a TGI Friday in Brick, New Jersey - that is not exact, but it is cool with the lender.
Underwriters like to see income stable or increasing.

As far as the student loan, your required monthly payment on that will be considered into your debt ratio and that could reduce the amount you qualify for. If you are delinquent on the student loan that would disqualify you. Having an approved deferment, though, is okay.

The monthly amount that you will have to pay after the deferment ends will still be figured into your debt ratio.

On a related matter, investigate buying flood, wind and hurricane insurance. Homeowners in Brick suffered millions of dollars of flood damage from hurricane Sandy. Those without flood insurance suffered considerable economic loss. Many of those people had to get long term, low interest loans on top of the mortgage they already had, to repair their damages.
... more
0 votes 3 answers Share Flag
Tue Apr 21, 2015
Jennifer Keith-Weaver answered:
Hi Jamie,
So many factors go into each loan scenario! Using your father-in-law as a cosigner would help by lowering your combined debt-to-income ratio but we do have to use the lowest represented credit score which would be yours. FHA loans at 620 are not uncommon but do come with a few extra requirements. We can take a look at your overall situation and come up with the best plan! Maybe there's an easy way to get that score up! If we can get it up to 640, you'll do better with rate and fewer requirements. Also, you'll then be eligable for many down payment assistance programs that are out there! I have a credit tool that allows me to see what we can do to raise the score the most, using any cash on hand for the best result. Feel free to call or email if I can be of any assistance!
Jennifer Keith-Weaver
jennifer.keithweaver@academymortgage.com
916-257-7919
DBO 1249090
... more
0 votes 5 answers Share Flag
Wed Apr 8, 2015
Derek Jones answered:
As previously stated sales agents need to be licensed. What do you mean by sales applicants?
0 votes 2 answers Share Flag
Sun Apr 5, 2015
Jeri Patrick answered:
I would contact a local lender to see what your loan options are. Best of luck
0 votes 1 answer Share Flag
Fri Jan 17, 2014
Andrew Martinez answered:
It depends on the Type of BK that was filed.

Chapter 7 the wait period is 2 years after discharge

Chapter 13 the wait period is 1 year. There can be no late payments on any debts for 12 months after the BK was discharged. You must also receive approval from the Trustee or Judge.

I hope this helps Kawatha
... more
0 votes 13 answers Share Flag
Sat Jan 11, 2014
Bobby Seffens answered:
if this is in California, I used a program called CHDAP. A program through the State that dependant on your income, can lend you 3% down toward a down payment. And when using an FFA only means you need to put down 0.5% to a home. While it puts you from a 30 day close to a 45 day close, it is great. And it is basically a second loan which there is no monthly payment for. You pay it back when you re-finance, sell the home, or after 30 years. And even if I get to the 30 years, , it is only just less than twice the initial loan amount once the interest (over 30 years) is applied. I recommend CHDAP if your in CA. ... more
0 votes 10 answers Share Flag
Fri Oct 18, 2013
Vinh Hoang answered:
A few questions come to my mind: are his parents currently receiving any kind of government assistance such as medical and/or medicare? Do you anticipate his parents to be moving into a nursing facility that will require goverment"s subsidy? If the answer is "yes" to any of these questions, my first advise is for the parents to consult with a representative at the Social Security Administration Department. These answers alone will determine whether or not it is a good idea to have his parents to co-sign on a loan.

Please call me if you still need my assistance.


Gwen Cao @ SVCF
916-812-1814
dre #01220501
NMLS# 274715
... more
0 votes 15 answers Share Flag
Sat Sep 14, 2013
James Tan answered:
It might be possible to get a 2 bedroom condo for that budget. But generally the rent in the 95835 zipcode is a bit higher than that.

As mentioned by my esteemed colleagues, you should be careful, if you see a rental advertized at way below the going rate. More often than not, it is a scam.

Some times, even legitimate owners, who are under water and on their way to a short sale/foreclosure, rent their properties out for lower rent. In the latter case, you may be inconvenienced when the trustee sale finally happens, and the property gets foreclosed.

Good luck
... more
0 votes 2 answers Share Flag
Tue Jun 11, 2013
Sue Archer Reynolds answered:
Making a plan is the first step and a lender would know best how fast you can qualify and for what amount.

I might also suggest that you work with Heather at Blue Water Credit to have her advise you on the fastest way to build your credit history. She can be reached at (916) 315-9190 or heather@bluewatercredit.com.

You may find that investing your proceeds, and paying rent WOULD actually work in your favor so there's more analysis to do on that topic. Don't rule it out, but consider all options.

good luck to you!
... more
0 votes 11 answers Share Flag
Mon Jun 10, 2013
Eddie Martini answered:
0 votes 7 answers Share Flag
Mon Apr 22, 2013
George Raymondo answered:
This is tricky for some lenders, but we can manually underwrite files. That means we don't have to have a AUS Approval (automated underwriting system) in order to fund a loan. Also, keep in mind that a co-borrower for a FHA does not have to live with the borrower. It's something very few people know. Please do not fall prey to some lenders who say this is an easy deal. These are complicated and we have to tackle some key issue upfront so you don't blown out of escrow. Please make sure you choose an experienced Loan Officer with a history of happy customers. FYI, there are some pretty cool programs out there, especially if you are going to buy in CA as your zip code indicates. We are licensed in 18 states.

Best of Luck!

http://www.trulia.com/blog/george_raymondo/2011/08/california_giving_away_free_money
... more
0 votes 6 answers Share Flag
Sun Dec 23, 2012
Bud Zeller answered:
I would suggest you contact a local lender for suggestions for your best loan type.
0 votes 9 answers Share Flag
Mon Dec 17, 2012
Claudia Muller answered:
...a borrower with no credit can go through FHA with a coborrower. However, it will require what we call a manual underwrtie. The file will need to be reviewed start to finish by an underwriter.
The ratio guidelines for this type of underwriting is (with no exceptions) 31/43.
Your total housing ratio may not exceed 31% of your combined income. Your total debts (housing plus nonoccupant coborrower rent and debts) cannot exceed 43%.
Husband's unemployment will not be counted as income.
... more
0 votes 4 answers Share Flag
Mon Dec 17, 2012
Trevor Curran answered:
Good afternoon adamandbella,

Lenders require a minimum credit score of 640 to qualify for mortgage financing; a cosignor is not to be used to make up for a deficit in credit. It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
... more
0 votes 6 answers Share Flag
Mon Dec 17, 2012
Cindy Davis answered:
To be absolute sure of the answer, I strongly encourage you and your cosigner to go to a local lender and complete the loan application. Only by going through the process will you be assured of an accurate response. ... more
0 votes 2 answers Share Flag
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