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Financing in San Diego County : Real Estate Advice

  • All397
  • Local Info22
  • Home Buying186
  • Home Selling21
  • Market Conditions11

Activity 359
Yesterday at 10:23am
Marty Kuhn answered:
Someone suggested using Wells Fargo and or Quicken Loans because the closing is cheaper.

These companies will royally screw in the long and short term. All to save a few dollars in the near term. DO NOT EVER borrow money from WELLS FARGO. You will lose in the end. If you want to borrow money get it from somewhere local that allows you to see a face to face. Wells Fargo has a long long history of very unhappy customers. ... more
0 votes 107 answers Share Flag
Fri Sep 8, 2017
Dfacello asked:
I have a 4-unit property that brings in $144K/yr in gross income. Expense-wise my mortgage payment runs $55K/yr and PITI runs about $15K/yr for an obligation of $70K.
Which of these scenarios…
0 votes 0 Answers Share Flag
Thu Sep 7, 2017
Kathy Burgreen answered:
The issue is modular homes on land is NOT common in NJ and you will have extreme difficulty selling it whenever that time comes. Buyers in the Mid Atlantic states are not interested in modular homes because they have no value at all. Another issue is the weather. If you're from San Diego, I can understand the popularity of modular homes because the weather is constant. However, in NJ, modular homes will not hold up under the weather. We have severe winters - strong gusty winds, ice, snow and rain. Spring and summer with gusty winds, heavy rain and summer heat and humidity. Then NJ had to cope with Hurricane Sandy several years ago. A modular home would get destroyed under a hurricane's strong winds.

Do yourself a huge favor - forget the modular home and either rent or buy a regular home, condo or coop. At least you will be safe.

As for lenders, most lenders will refuse to finance a modular home in NJ. Too risky.
... more
0 votes 1 answer Share Flag
Mon Aug 14, 2017
Susanmorganjr answered:
Have been battling my credit scores and repair companies for awhile , my lack if credit management ill say affected the choices i made with my credit history, i needed my credit score improved from 580 ,511 and 573 ,i needed my score to be in the 700 plus A colleague told me about HACKWIZatPROTONMAILdotCOM , well have lived all my life in bad credit ,i had nothing to lose ,to my surprise after giving the required information i was informed to my understanding about the process, ALL my late payments, inquires ,collections and public record were completely removed from my credit report and in less than six week ,i watch my score grow to 752,720 and 708.if you're in this too, you can hit them up and thank me later. ... more
0 votes 44 answers Share Flag
Mon Jul 10, 2017
answered:
Hello Ray, not a problem. There are many banks in the line up with options to discuss.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Thu Jun 1, 2017
ROOSEVELT HILL answered:
NEED HELP WITH CLOSING COST
0 votes 18 answers Share Flag
Tue Apr 25, 2017
Cincitybda asked:
I'm a 30 yrs old dual citizen but never lived in U.S. so have no credit there. Moving to U.S. within yr or so but want to buy a house now.
0 votes 0 Answers Share Flag
Tue Mar 28, 2017
answered:
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. 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 up to 424k. 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 424k.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

An estimate can be provided for any and all programs you may be interested in so you can make an informed decision upon request to compare.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 7 answers Share Flag
Wed Mar 8, 2017
answered:
Hello Gail, I am a lender here at HomeStreet Bank in San Diego and we have various programs to offer which all vary in the highest DTI allowed. Anywhere from 41-50%, if this is at all attractive to you, please give me a call and I can assess your financial portfolio to gauge which program would be the best fit for you.

Niki Campbell
Web Reference: https://ncampbell-homestreetbank2.mortgagewebcenter.com/Account/Login?ReturnUrl=%2fApplyNow
NMLS: 502247
... more
0 votes 3 answers Share Flag
Sat Jan 14, 2017
John McConnin answered:
Your question was from a few months ago.
If you wish to avoid a foreclosure or a short sale, you typical options for one loan might be
a loan mod or a forbearance. If you have a second loan you might also consider getting reinstated with the first and attempting a short payoff with the second.

You might also consider speaking with a lawyer who could speak with you about lender liability claims. The banks are getting concerned about their inability to prove they have the right to service some of the loans in the MERS system.

Note. I am an attorney and a real estate brokerage owner.

Finally...
There are groups going around saying they will purchase you note from the lender and then make new terms with you to stay in the house. So far none of the people who solicit my business has ever been able to produce evidence they have done any deals in North County, San Diego, Riverside, Temecula or L.A.

Be careful with these groups because it they can just be fronts for short sale scammers. I would not rule out that buying out our note could be done by a credible hedge fund, I would just make sure I had all the paperwork very carefully reviewed. The paperwork is usually very one sided.
... more
0 votes 15 answers Share Flag
Sat Dec 31, 2016
Mike Lewis answered:
Shellie, The best way to get your home's value is to have a local agent help you. There are many computerized home value estimators but the most accurate way to get a proper value on your property is from a local real estate agent. An agent will look at homes that have recently sold, currently in escrow and what is available on the market for sale. The agent will look at properties similar to yours in close proximity to do a CMA Comparative Market Analysis.
The agent will need to see your property to look at condition, upgrades, yard, landscaping etc... to place the proper value on your home. It also matters who you hire to sell your home. Establishing value is one thing - getting top-dollar takes an agent that knows how to market your property to get it in front of as many potential buyers as possible. That's where hiring a real professional is important.
I would love to give you a free home analysis of your property. If you would like that then please contact me at 619-981-3918 or visit my website at http://www.dawnsellssandiego.com/
Mike Lewis - The Lewis Team at Keller Williams
... more
0 votes 4 answers Share Flag
Thu Oct 6, 2016
Elviah.navarro answered:
Any lenders in Los Angeles CA, that are willing to approve loan with a condo in litigation? unable to put 20% down :/ please advise.
0 votes 21 answers Share Flag
Tue Sep 20, 2016
answered:
30% down is generally a sufficient down payment for a residential property for most hard money lenders.

North Coast Financial is able to lend up to 75% of the purchase price of a residential property. http://www.northcoastfinancialinc.com/residential-hard-money-lenders-residential-hard-money-loans/

Once enough time has passed since your BK you will be able to refinance into a lower cost conventional bank loan.
... more
1 vote 10 answers Share Flag
Tue Sep 20, 2016
answered:
North Coast Financial http://www.northcoastfinancialinc.com/ is able to consider hard money loan requests in these areas. Land loans are extremely difficult to get funded right now.
0 votes 2 answers Share Flag
Tue Sep 20, 2016
answered:
North Coast Financial is able to lend to foreign nationals for investment property. A down payment of at least 25% is required. To begin, the borrower would need to fill out a standard loan application. ... more
0 votes 4 answers Share Flag
Sun Sep 4, 2016
Susie Kay answered:
Typically 3-6 months, depending upon the market.
0 votes 4 answers Share Flag
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