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Financing in Sacramento : Real Estate Advice

  • All1K
  • Local Info161
  • Home Buying674
  • Home Selling79
  • Market Conditions82

Activity 119
Tue May 2, 2017
Mohammad Malkieh answered:
If you are VA Eligible there is no mandatory waiting period.
0 votes 77 answers Share Flag
Mon Sep 5, 2016
Scott Godzyk answered:
Hard money is short term, most often buy, fix and sell under a year. They often do not do 100% financing with no or bad credit
0 votes 3 answers Share Flag
Mon Sep 5, 2016
Valli Lopez answered:
Yes, definitely remove that PMI, and like the guys said below get into a 15 or 20 year. Rate should be super low, probably never needing to refinance again. Long term though, do you plan on keeping this home forever? If so, then absolutely get into 15 year. If you want to compare rates, I can shoot you pricing vs fees.

Valli Lopez
NMLS 980530
... more
0 votes 3 answers Share Flag
Wed Aug 24, 2016
Drichman answered:
We are like saints, and the government restricts what we can make and how we can make it. We are the most heavily regulated business on Earth. If you tried to regulate the income of a doctor or attorney the way our income is regulated you would be branded as a communist. But somehow it is OK in the mortgage industry.

No we can accept nothing, not even when a kind borrower is willing to voluntarily give a gift to me . All people tell me is "Hey - You picked this job " But no The job picked me ...And still we are hated and mistrusted.

This woman is a saint a well, most people take my work and are happy not to pay anything at all and do not even consider the time I took out of my life to help them . Thank you - this was so refreshing and just what I needed today. I had a client withdraw because their credit report expired and I needed a new one after 6 months on a rehab loan and they were angry because I asked them to pay their credit tab.
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0 votes 51 answers Share Flag
Mon Jun 20, 2016
Derek Jones answered:
Normal? It depends, is your lender local? The lenders I work with locally always meet with clients face to face to discuss the process of buying a home and whats involved. During the escrow process there isn't a lot of face to face but there can be some if you needed to drop off a document or something. Why not give them a call to discuss your concerns? ... more
0 votes 1 answer Share Flag
Sun Jun 5, 2016
Prosper Realty answered:
Contact Home Loans For All. I can tell you from experience that they will help navigate through the Fannie Mae Homepath process. We send quite a few of our clients to them. We have an excellent relationship with Randy and his team over there. Here's a link to their website referencing the Fannie Mae Homepath program. Hope this helps. ... more
0 votes 20 answers Share Flag
Sat Jan 23, 2016
Jeff Marr answered:
Dear LMP0696, all qualifying income we use needs to be considered stable, and will last for at least an additional 3 years after your loan is funded....if the lender's underwriter can't prove these income sources are stable after your loan is funded, then this could trigger a loan buy back, meaning the investor wants all their funds only takes a few buy backs to cause a lender to go out of business. This is the underlying reason why you're having issues with your current lender.

With this said, re your restricted stock, I can't tell if these are being treated like stock options, where you're simultaneously receiving them and cashing them out? Or are you simply purchasing them by way of an employee stock option purchase program (ESOP). I would need more clarifying information to see if I could use this income/asset source.

Re converting your home to a rental, I would need to learn more about current loan, your reserves and look up the projected value...based on your info it doesn't appear you have enough equity to give you offsetting rental income...I would need to know more about your total housing expenses to determine your qualifying ratios.

Please feel free to contact me directly if you're still in need of financing...since it's been several months since your first post you've either closed this loan or moved on to another home.

Best wishes, Jeff Marr
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0 votes 5 answers Share Flag
Tue Dec 8, 2015
Claudia Muller answered:
Lenders have set up a strict guideline.
Most equity lines will not consider a loan that shows a short sale, foreclosure or bankruptcy on the credit report at all. That means 10 years need to pass before an equity line is available. (Of course, this is the current rule, could change at any time.) We are seeing some lenders loosening up on their rules...
Equity lines may not feel safe until the market 'bounces back' a lot further than it already has.
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0 votes 2 answers Share Flag
Tue Dec 8, 2015
Five Stars answered:
Please reach out to us to discuss your options..

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
0 votes 12 answers Share Flag
Sat Nov 21, 2015
Sheryl Arndt answered:
Hello James, you may now qualify ONE DAY after a short sale, foreclosure or deed in lieu with 20% down and since it has been 2 years since your BK you may qualify FHA as low as 3.5% down and minimum 580 fico score.

Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

You will need to be pre-approved if you decide to buy and to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7 or

If my response was helpful, consider clicking Thank, Link or Best Answer.
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0 votes 2 answers Share Flag
Wed Nov 4, 2015
Jim Walker answered:
That works out to only 2.38% of the sale price. Cheap. Who pays? The closing statement will say who pays that money and to whom. Of course if you had been paying any attention at all at any point before now, you would already know the answers to your questions. It is perfectly understandable that you were not paying attention if you are really off your rocker. BTW, a contract might not be enforceable if you are "off your rocker" (aka mentally incompetent) ... more
0 votes 1 answer Share Flag
Sun Nov 1, 2015
George Dudley answered:
Sherry exactly how bad is your credit? There are different levels of bad
0 votes 10 answers Share Flag
Wed Oct 28, 2015
Dan Tabit answered:
The old days of meaningless lender fees as profit are largely gone. For residential real estate loans the origination fee is what a lender collects as their fee for services. It's their job to find you a loan you qualify for and process the application through the investors requirements to funding.
Origination fees can be paid multiple ways, but in the end the borrower is paying the fee. Whether it's explicit as a charge 1.25% of the loan amount or a full or partial rebate from the source of the loan, due to you paying a slightly higher rate.
If you deal with local reputable sources for your mortgage, you should be fine. If you get more than one lender to provide you with options, realize that rates and the fees associated with that rate change daily and often more than once a day and no rate is guaranteed until you lock it with that lender.
My suggestion is if you are working with a very good Realtor, ask them for a couple different lenders contact information. We know who has done well with our clients. I've never received more than a lunch in exchange for doing business with my lenders and I have more that would buy me lunch if I let them. I just want great service for my buyers.
One last note, I was a licensed lender myself from 1998 through 2012, so I know a bit about this.
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0 votes 1 answer Share Flag
Tue Apr 21, 2015
Jennifer Keith-Weaver answered:
Hello there,
Reading our minimum waiting period guidelines it looks like for FHA loans, the waiting period depends on whether you were current on your mortgage payments leading up to the short sale. If all your mortgage and installment payments were made within the month due for the 12 months leading up to your new FHA loan approval then you are good to go. If not, then there's a 3 year waiting period from the date of the sale. There are exceptions for extenuating circumstances but you need to have a local lender look into this for you to see if you qualify. Please call, they'll offer great help!
Here's our office in Mississippi:
Academy Mortgage - MississippiDirections

Address: 2630 Ridgewood Rd #B, Jackson, MS 39216
Phone:(601) 573-9207
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0 votes 6 answers Share Flag
Tue Apr 21, 2015
Jennifer Keith-Weaver answered:
Hi there!
I know we only offer loans to individuals, not companies. We are great at helping self-employed borrowers qualify for loans though, if that's at all helpful!
Feel free to call/email anytime :-)
Jennifer Keith-Weaver
... more
0 votes 2 answers Share Flag
Tue Feb 17, 2015
Randy Stoker answered:
I would allow your broker to do his job and research the prospect's credit and work history for you. You will need a current credit report and copies of prior years tax returns to fully vet your borrower; something that a loan broker can do for you. ... more
0 votes 7 answers Share Flag
Thu Feb 5, 2015
Randy Stoker answered:
Banks are hesitant to make loans with recent short sale history. You may have to use the services of a Hard Money Lender, companies that make loans based on equity vs. credit scores and history. ... more
0 votes 1 answer Share Flag
Tue Jan 20, 2015
Derek Jones answered:
Sacramento is a large city, it would depend on what part of Sacramento you are looking to rent. It can be anywhere between $500 - $2000+.
0 votes 1 answer Share Flag
Fri Jan 9, 2015
Al Mendoza answered:
The ADHLP (American Dream Home Loan Program is based up on a review and combine income of 24 months, hence the decision is based on your current income but will be impacted if your income differs drastically in the past 24 months. Al - ... more
0 votes 6 answers Share Flag
Thu Sep 18, 2014
Valli Lopez answered:
If you buy FHA or VA, yes now is fine.

If you want to avoid MI and use a conventional loan, I would need 20% down and can finance it on a portfolio loan with just slightly higher interest than the average.

Most importantly, don't give up, keep doing your research, keep calling and getting advice and go with your instincts. Where there's a will, there's a way.

Valli Lopez
NMLS 980530
... more
0 votes 8 answers Share Flag
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