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Financing in San Marcos : Real Estate Advice

  • All135
  • Local Info5
  • Home Buying40
  • Home Selling3
  • Market Conditions13

Activity 13
Wed Jan 20, 2016
Five Stars answered:
Contact us below to discuss in detail. We offer 95% up to 850K. All of the latest Jumbo requirements can be found in the provided link below.

Five Stars Mortgage
National Jumbo Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
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0 votes 7 answers Share Flag
Tue Mar 17, 2015
It depends on where it's located...Location, Location, Location. It always comes down to affordability, if the stick built homes in the general area are priced high, then your MH will have a better chance of maintaining value and or gaining appreciation. Let me know if you have any questions as we offer financing on Manufactured Homes on Real Property that are placed on a Permanent Foundation.

Take care.
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0 votes 1 answer Share Flag
Tue Mar 17, 2015
dploves2sellhomes answered:
There are many things to take into consideration. How much is the home on the leased lot opposed to being on owned land? What are the taxes and maintenance fees? How often and how much do the fees go up on the leased land?
There are pros and cons to both depending on the area the home is in and the Seniors' particular needs.
If you own the land, then the driveway would have to be plowed in the winter. In a land leased community, the roads are usually taken care of. My only concern would be, is if the owner of the community wanted to sell the land. You would have to read the terms and conditions of the community very carefully and ask lots of questions.
Many Seniors like being around others and many of the communities have activities for them.
I would make a list of the pros and cons along with all fees that would be associated with both. Then decide which one is more suitable for that person.
Best of luck to you.
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Thu Jul 10, 2014
Teri Andrews-Murch answered:
For owned land with a older mobile on it one lender suggested a land loan (mobile at no value). If located in a registered mobile home park you may be able to get a loan, try First Pacific Mobile Home loans, ... more
1 vote 2 answers Share Flag
Tue May 6, 2014
RonS answered:
Ask yourself this; if you can get a loan without documenting your income or your assets and you don't need any credit and the entire purchase price is financed and the payments and costs are lowwer than anyone else, oh, and you just got out of bankruptcy a year ago, why isn't everyone in the world doing it? Better yet, if this really is better than sliced bread, why aren't the newsreporters banging down their doors and the people on the streets banging down their doors for the program?

The reality is, there are new rules that went into effect in January of this year. There must be a documented ability to repay the loan by the lender, and private lenders are not exempt from the rule. I find it very difficult to believe that ANYONE is offerring that product out on the market. I'm not saying it's not possible but highly improbable.
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0 votes 10 answers Share Flag
Fri Sep 6, 2013
Bob Willett answered:
I think that may be accurate at some level, but it’s really a pretty stupid statement to make. Interest-only and even negatively amortizing loans do have a place in the market, and their absence is having a negative effect on today’s market.

The problem with those type of loans is they are very dangerous in the wrong hands they can have huge negative consequences. The people that I have worked with that were attracted to the negatively amortizing loans, etc. typically had inconsistent income. This would be self-employed people, general partners, commission only sales people, and people that have incomes affected by seasonal factors. These people benefit from having a smaller regular or required payment for these times when the cash-flow is low, but then can make significant principle payments when the cash is there. I think this is where the “affluent borrower” label comes in; the reality is incomes that are less regular are also typically much greater as well. Interest-only or negativity amortizing loans given to borrowers who just want lower payment is a disaster in the making.

A few examples of borrowers I’ve done these type of loans for are: 1) a lawyer who took a draw of $40,000 a year as a partner but whose partnership distribution was in the mid six-figures, 2) a business owner whose business ran in the red for 10 months out of the year but made well over $200,000 during the Christmas shopping season, and 3) a high-steel construction worker who made over $150 an hour but would go long periods of no income when the weather was bad; he still made over $100,000 a year.
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2 votes 6 answers Share Flag
Fri Aug 2, 2013
Robert Chomentowski answered:
Many lenders were looking at loan mods like short sales or foreclosures and wanting a 3 year wait. Give me a call and I can research the latest, there may have been some changes.
0 votes 5 answers Share Flag
Mon Jun 24, 2013

This should help. But Nick Rhea is absolutely correct about contacting a builder.
0 votes 2 answers Share Flag
Mon Jun 24, 2013
Most of those programs seem to run through CALHFA, basically it is a silent 2nd and you need 1/2% down. So some cities are signed up with CALHFA to offer it, we can go around and go straight to CalHFA. Anyway I find this is the case most of the time.

However as Raymondo put it the USDA loan would be better and there are a lot of areas that qualify there. This is a true zero down loan.

The company I work for WCS Lending, is one of the largest direct lenders for the USDA program. The mortgages are much less expesnive. If the property qualifies and you meet the income requirements, it is clearly a much better option.

Rich Littlefield
WCS Lending
NMLS 287206
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0 votes 9 answers Share Flag
Sun Jul 8, 2012
David Quinn answered:
Legally, you need nothing else. It is recommended that you provide documented proof of funds to the seller. This is a requirement in the CA Purchase Agreement. Realize that the contract to purchase a home/condo is between you and the seller. The agent is aware of the laws and guides through the purchase process. Your proof of funds must cover the projected closing costs, which may include escrow costs, transfer fees, your portion of the tax proration, HOA transfer and dues proation, and othercosts. Escrow will provide the estimate.

David E Quinn, Realtor®
CA DRE Lic # 01769810
Bentley Real Estate
760-716-8390 cell
760-294-4369 fax
1823 Seco Glen
Escondido CA 92026

For each of your referrals that closes escrow with us, I will donate $200 in your name to
Rady’s Childrens Hospital Hematology/Oncology Center or to the Charity of your choice
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0 votes 8 answers Share Flag
Wed Oct 5, 2011
I have known him for nearly 20 years and he and his staff are excellent: Dave Walling of Provident Bank Mortgage in Escondido at 760 480-1890 is the llocal guy to call.
0 votes 7 answers Share Flag
Sun May 29, 2011
John Arendsen answered:
Most self employed folks are in your same predicament nowadays. Unfortunately there are no more stated income loans which was about the only vehicle small business/self employed folks had. They call them liars loans because many if not most folks did lie which ruined it for the ones that didn't.

I've read a lot of interesting and convincing comments on this thread and I truly hope that you will be able to get some positive results. But I've been trying to get my home of 30 years refied for that past 3 years to no avail. Lot's of folks who were glad to take my app but no one able to deliver the goods.

I've owned my very successful business for 26 years, have 800+ FICO, never been late on a payment, pay all my bills off every month, have no debt other than my home, have several rental properties that I own free and clear and a decent IRA that I've salvaged since '07. But truth be known once you get right down to the nitty gritty no one can really get me a loan because I don't show enough income. Go figure.
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0 votes 8 answers Share Flag
Mon Nov 15, 2010
Peter Teatai Ariki answered:
A good deal is NOT neccessarily the lowest interest rate, it should be the Best rate one can get depending on ones' own personal circumstances and need for the loan. Keep in mind "Not every person is created Equal" when it comes to lending. Rates are RISK based. which means, if you are a high risk to the bank, you are going to pay higher rates, if you are a low risk, you get the better rates.

Interest rates are dependant on the following factors, type of loan whether interest only, fixed or fully amortized, conforming or non-conforming, FHA, VA, purchase loan, refinance, or Line of credit, the lock period on the loan, property type, owner occupied or non, what's on your credit profile, (e.g. recorded short sale, foreclosure, and bankruptcies, e.t.c) loan to values, Income and total consumer debts since this will affect ones' Debt to Income Ratio, and ultimately the ability to get the loan, down payment amount, Fico scores, loan costs, whether they are to be wrapped into the loan amount or paid by the borrower directly, lender conditions, underwriting conditions, whether one is going directly with the banks or through a Loan Broker. These are the primary conditions on what type of rate one would get. ...So keep this in the back of your mind when shopping for rates.
Loan Brokers are typically best to get the best rate for your situation since they will fit your personal needs and profile into the rate search. Banks don't do this. They have a cookie cutter type criteria where if you don't fit they will not touch the loan.I happen to know this because I get these types of loans from them.
New Lending laws also now require Lenders to full disclosure .
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