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Financing in Salinas : Real Estate Advice

  • All161
  • Local Info5
  • Home Buying75
  • Home Selling9
  • Market Conditions4

Activity 9
Sat Mar 29, 2014
V_V12 answered:
Hi everyone.
it has been a long time since I posted this question back on Nov 2013. For informative purposes and because I know there are people like me looking for an answer to similar questions I want to share my current status....I think is the fair thing to do.
Well... I contacted a couple of brokers and lenders through this website and I also consulted with a local lender suggested by my real state agent, at the end I decided to work with Elva Wormley.
She was great! Explained to me all the details, necessary fees and how she was getting paid since our initial meeting.
First I got under contract in a 300K property using FHA, my H1B visa wasn't any issue. Elva had 3 lenders used to work this type of visa. Due to my good credit history 700+ I got a 3.75% rate but realized PMI was too expensive besides property had roof issues and monthly payment was over my budget. I decided to pull out and found a HomePath property.
Again I asked Elva if there was any issue with my visa she said no, she had lenders familiar with this visa and HomePath, turns out as long as you are here as a "Legal Non-Resident Alien" you have to be treated equally "fair lending".
Well... buying this HomePath property wasn't easy I could write a book about this experience...lets just said that I had nights with no sleep and moments where my money was at great risk. My real state agent was some what limited because his company was the same that listing agent (Representing FNMA)...So Elva defended my business tirelessly, we called and called over and over again to FNMA because different issues.... they pulled us out of contract once, had to extent the lock on my rate (which I got for free)..then defend the closing statement because some weird policies of escrow...it got to a point where it wasn't even funny...it was a soup opera.
But at the end everything turned just fine...We finally closed on Feb 14. I put 5% down got some credit from FNMA and lender so I paid no closing costs. So finally I'm a Home Owner.
The last thing I want to add is if you are buying from FNMA be prepare to deal with a lot of drama and bureaucracy at its maximum expression.

Thanks to everyone that took the time to answer back.
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0 votes 8 answers Share Flag
Wed Jul 17, 2013
Randall Ortiz answered:
Rates have gone up so you won't be getting the low rates like before, unless they go back down again, but for now that isn't too far off.

Contact me if you want me to check on lower rates for you. I work with a great broker.
916-529-3707
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0 votes 4 answers Share Flag
Mon Dec 6, 2010
Frank Mandujano answered:
Dear home owner,

FHA is probably the best way of refinancing your home if you should qualify. Of course a conventional loan is also excellent. As for the zero cost refinancing--I am not sure you will be able to find one. Most direct lenders will tell you that they charge nothing but check the fine print.

If I can be of any assistance, I am a loan officer in Fresno but visit Salinas once or twice per month to visit family members.

You can reach me at bbmanduja@yahoo.com or (559) 977-7238. Frank Mandujano
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0 votes 2 answers Share Flag
Fri Mar 26, 2010
Jeanne Feenick answered:
Perhaps, but you must talk to your current lender and also investigate your refi options. Be sure that the costs to refinance do not eat up any savings you are hoping to achieve.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
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0 votes 7 answers Share Flag
Sat Dec 26, 2009
Michele L Walker answered:
Most private money lenders are going to look at your credit also to see if you qualify for their loan also they have very high interest rates. I don't know what you consider poor credit. I do know of a program that isn't looking for perfect credit, no money down, reasonable rates, and affordable payments. If you would like more information please contact me, maybe I can help guide you in the right direction. ... more
0 votes 2 answers Share Flag
Wed Oct 14, 2009
Kerry Harvell answered:
Jessica, have you had a chance to select a Realtor yet? Often times they have a good relationship with a lender that allows buyers such as yourself to get a great team to help them buy. If the lender and the Realtor are on the same page, it makes the process much smoother. I found a great lender, but it took a while to find the guy that was willing to offer the same level of service that I did. I do have buyers come to me on occasion with a lender that can't get the job done in this kind of market. ... more
1 vote 4 answers Share Flag
Thu Sep 24, 2009
Keane Ng answered:
I'm sorry if my initial response started a wave of fraud threats.

One thing I know has happened with owner-occupancy fraud is the encouragement from Loan Originators for homeowners to go this way. This was not something that was heavily regulated, it gave the borrower better terms and many people would see themselves as doing "right" by the customer. I lost many transactions to other lenders who I knew were doing this. Some of them worked for banks!

I don't know your situation, but I know that many other home owners would do what you did in the position you were in. The fact you are asking about it here tells me you've only now realized that this may have been a bad idea and are looking for answers.

I would focus on just doing the things you need to do to fix it. Call a lender and try to refinance it on proper non-owner occupancy terms. If you don't qualify, see if you can make arrangements to move back in if it's possible. Either way, it would best suit you to try to fix the problem.
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0 votes 5 answers Share Flag
Mon Apr 6, 2009
David Chamberlain answered:
If your score is at 513, you are not prepared to manage the finances involved with owning a home. Take some time, work on your credit and pay down you bills.
0 votes 3 answers Share Flag
Mon Feb 18, 2008
Keith Sorem answered:
Jessica
Okay, so you need some additional cash and want to use the equity in your home, is that right?
A couple of points:
1. I am not a financial advisor. I do not know your situation.
2. If you need money there are a couple of different avenues:
a) do without
b) Cut back on your spending
c) Increase your income
d) A combination of b and c
e) Get a loan - last option.

If you DO get a loan, how will you pay it back? How long will it take?
I strongly suggest you meet with a counselor to discuss your LONG TERM and SHORT TERM goals. Don't just get a Home Equity Line of Credit and think it's all going to be okay!
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