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Financing in Sunnyvale : Real Estate Advice

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  • Local Info33
  • Home Buying195
  • Home Selling23
  • Market Conditions14

Activity 26
Tue Sep 6, 2016
shahmanish2003 asked:
At present, I have 30 year fixed loan on my primary residence (rate is 3.5). Getting good rate on 7 year arm.
What loan program is good if I want to rent out your property after 2-3 years?…
0 votes 0 Answers Share Flag
Tue Aug 2, 2016
Markzjordanz answered:
No credit check, 1 percent interest 30 year fixed, 4.5 proof of funds in which u can use vet status or 401k, the property has to be appraised at 350 k and up. 30 day close, 8037576801

4.5 is possible, now
... more
0 votes 1 answer Share Flag
Mon Sep 21, 2015
Alexander Greer answered:
Fixed rate is much better. As a general rule of thumb you always want a fixed rate when interest rates are low and an ARM when interest rates are high.
0 votes 1 answer Share Flag
Sat Sep 19, 2015
answered:
The confusion on this comes from the fact purchase money firsts are automatically non-recourse. But remember so are all loans foreclosed on by way of trust deed.

With a notable exception!

If someone has assumed your mortgage it turns into a full recourse loan to you. They default you pay. Also if you have cosigned on a mortgage, they default you pay.
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0 votes 1 answer Share Flag
Tue Apr 21, 2015
Sheryl Arndt answered:
Hello Gdb94086, that is hard to say without knowing all the parts of the equation because the rate may be higher with mobile home financing. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

The purchase in 94086 zip code of Sunnyvale start at 365k for 2bd 1ba condo which is as low as $1,825 down payment with a minimum 580 fico score @365k. If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

You may qualify to buy FHA with 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. You may consider 3% down conventional from a minimum 620 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. 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
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

If my response was helpful, consider clicking Thank, Link or Best Answer.
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1 vote 2 answers Share Flag
Thu Jan 22, 2015
Paul Davidson answered:
I believe this statement is correct. BTW, in case you need more info about first time home buyer credit, I found an editable PDF document in this link http://goo.gl/pdJ0LD. This site also has several related forms that you might find useful. ... more
0 votes 4 answers Share Flag
Mon Oct 6, 2014
Galia Taneva answered:
See the link below. I also have not used this company but somebody in my area recommended them.
http://mh-loans.com/Mobile-Home-Finance.aspx They have options for credit scores below 620. ... more
0 votes 4 answers Share Flag
Fri Aug 1, 2014
Melchor, REALTORĀ®, M.Ed answered:
Hi,

This is not the correct venue for auto loans. Consult the services of a bank.
0 votes 2 answers Share Flag
Thu May 29, 2014
answered:
Are you a citizen or do have a green card?

If you said yes to either it should not be a problem. We would want to be sure we can get a credit score, that is easy to make happen but it sometimes takes a couple of weeks.

Feel free to call me for a consultation. There is no charge for that
... more
0 votes 5 answers Share Flag
Thu Oct 10, 2013
Juliana Lee answered:
If you are competing with other buyers to purchase a home your choice of lender will affect whether your offer will be accepted. Your real estate agent should be able to recommend a good lender who will give you a competitive rate and carry through with whatever he promises. Unfortunately not all loan agents can deliver what they thought they could.

Your own financial situation can affect who would be the best lender. Different lenders offer different programs, can handle different debt to income, can use different assets such as 401k money, etc to qualify you for a good loan. Rates are constantly changing. You are better shopping for one or two good loan agents, then talk with them. A good place to find a loan agent is from your real estate agent.

Zip 94087 home values http://julianalee.com/zip-code/94087-statistics.htm

I have several top loan agents who I recommend to my buyers because they are well known and help the client establish credibility in the eyes of the seller, offer competitive rates, have great experience to draw on, and do what they say they will do.

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
.
... more
1 vote 8 answers Share Flag
Wed Oct 9, 2013
Kevin and Julie McLaughlin answered:
Sun Oct 6, 2013
Rob Weber answered:
As many have mentioned, this is called "Delayed Financing". You can do Delayed Financing with:

Fannie Mae
Freddie Mac

FHA and VA don't have "delayed financing" specifically but you can do a cash-out refi.

With FHA, you'll be able to do a cash-out refi up to 85% of the lesser of the purchase price or appraised value but you must make six mortgage payments first.

With VA, you can do it immediately and your max LTV is based off the current appraised value.
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0 votes 15 answers Share Flag
Mon Sep 30, 2013
Robert Lei answered:
Hi Helen,
Where did you end up buying?
0 votes 16 answers Share Flag
Mon Sep 30, 2013
Brian Nguyen answered:
It's always a good idea to check out more than one lender to see what lender can best fit you and your situation. The problem is that fees that are required from you during the process can add up if you have multiple lenders that you are working with. I am also a lender and I would be glad to speak with you to see if I can offer you any help with your situation. I have done plenty of loans throughout California so feel free to contact me if you need a loan or any help at all. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
0 votes 13 answers Share Flag
Wed Jan 9, 2013
Tony Lacy-Thompson answered:
Hi Christopher. Debt itself is not a barrier to getting a loan. In fact you NEED some debt! Or rather *history* of debt *and* history of repaying it to get another debt, i.e. a loan. I'm assuming that your 20K debt is actually student loans. The important thing is not the amount of debt, but the monthly payments, and their ratio to your gross income. This is known as DTI, or debt-to-income ratio. It's also good that you have a credit card. This will help build your credit history. Ideally however, you need 3 "trade lines" which can be credit cards, auto loans, mortgage, store cards (not as good) to get a mortgage, and ideally with at least 12 months, and preferably 24 months history. You will also need at least a 12 month documented history of rent payments. You will also need 1 month's paystubs from the new job. Your best bet would be an FHA loan which is backed by the government and is tailored for 1st time buyers like you. You will also need some cash in the bank! Minimum of 3.5% downpayment for FHA.

So as you can see there are quite a lot of requirements for getting a home loan! Assuming you will be buying in Atlanta, you should find a reputable mortgage broker there and start talking to him/her from now so you can find out exactly what you need. They will also be able to connect you with a reputable Realtor who can help you with house prices.

I can't help you get a loan in GA, but I'd be happy to talk thru the general requirements.

Best of luck!

Tony Lacy-Thompson
tony@svmortgageguy.com
408-398-6284
... more
0 votes 3 answers Share Flag
Wed Apr 18, 2012
Ruth and Perry Mistry answered:
Hi Larry4ny:

The buck stops when you do not have a rental history for 2 years on your Tax returns nor can show
2 Rental check deposits, nor show any equity in your principal residences.

Or go with a Stated loan, and be ready to pay a higher rate. Otherwise, wait till the market
for lending improves.

Check this out:
http://www.trulia.com/blog/perry_mistry/2012/04/qualifying_for_a_mortgage_has_gotten_much_tougher_analysis_shows

Banks do not want to lend you money to move up, while many have chosen to walk away from
their first home after, buying their second home. This is called Strategic Default, and this is what
the Banks and Government is concerned of.

Any questions call me at http://www.trulia.com/blog/perry_mistry/

Thanks for reading
Perry
... more
0 votes 8 answers Share Flag
Tue Jan 17, 2012
Gregorio Denny answered:
"SO I guess I did not read the question correctly. My appoligies. Let me restate my answer, Yes you can pay down the mortgage to 20% and the MI would drop off, "

Sorry Richard, but that's still not correct. FHA mortgage insurance comes off at 78%, not 80%.
While you may think I am being overly harsh and petty, I 'm not. I just believe that accurate information is paramount to people looking for advice about their largest asset.
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0 votes 11 answers Share Flag
Thu Feb 17, 2011
C2 Financial Loans answered:
Unfortunately, that isn't the case with a manufactured home. You can have a non-occupant co borrower for other property types.
0 votes 3 answers Share Flag
Tue Oct 20, 2009
Ulli Rieckmann-Fechner answered:
Hi Larry,

I work for Cashin Company Realtors and we have an 'in-house' lender at our offices. If you would like to speak to a very knowledgeable mortgage broker I can refer you to him. Please give me a call and I can set up a meeting. My phone number is 408.679.0333 cell or 650.469.7339 direct.

Best regards,

Ulli
Ulli Rieckmann-Fechner
ulli@cashin.com
ulli4real@gmail.com
408.679.0333 cell
... more
0 votes 3 answers Share Flag
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