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Home Buying in Turlock : Real Estate Advice

  • All85
  • Local Info4
  • Home Buying36
  • Home Selling2
  • Market Conditions3

Activity 44
Mon Jul 4, 2016
Maria Maldonado asked:
The home is $259,000 by owner and I would like to put down the $59,000 and then get a loan for $200,000. I may possibly be able to pay the 2nd mortgage loan in 6 months, since I will be…
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Tue Jun 14, 2016
Laydeebug0723 asked:
We signed documents on our refi on 5/27 (Friday). We were told we'd be getting a check for $1590 on 6/3 (3 business days to fund after accounting for holiday). On 6/3, we were called…
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Sun Jan 10, 2016
Sopr2010 asked:

Me and my family recently moved to Turlock and are thinking of buying a home. Could anyone share their experience regarding the best neighborhoods in Turlock to buy a 4 bed home…
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Mon Jul 6, 2015
Alexander Greer answered:
Please clarify your question.

I do not check replies, so if you have a comment or question email me here:

Alex Greer
Loan Officer
NMLS #1056079
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Tue Dec 2, 2014
John Hicks answered:
One would be a primary another would have to be a secondary. Nice think is the rates are low for both right now. You run into a higher rate when you purchase a investment property. Since they are in different states as long as they are 90 miles away from each other they would qualify as a first and a second home. Let me know if you would like to get pre-approved. You can get a conventional loan at only 5% down now!
Contact Information:
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Tue Apr 15, 2014
adam Dalton answered:
It could depend on how bad the damage is, and from what circumstances.

I have a great local lender you can speak with. He is very knowledgable.

You will also want to consider that the out of pocket expenses to buy a home usually surpass just the down payment. You must consider closing costs and loan costs as well.

Let me know if I can help.

Adam Dalton-Century 21 M&M
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Thu Feb 6, 2014
JR Thrasher answered:
It could, find out if someone has filed what is called a "Lis Pendens" against the property. J.R. Thrasher
(619) 929-0105
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Tue Feb 4, 2014
Robert Spinosa answered:

I host a monthly, free homebuyer webinar that only takes 15 minutes. The link to register for the next one is below and I hope you'll join us. Let me know if you have any questions between then and now. The webinar covers all the basics and has question and answer as well.

Rob Spinosa
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Thu Nov 21, 2013
Steven Ornellas answered:
Hi Mominthevalley,

I agree with Aaron Lewis' "plain english" answer below.

Aaron: TU, nice answer.
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Thu Nov 21, 2013
Valia Rasuli answered:
Hi Diane,
I dealt with a short sale previously that had an IRS tax lien on it. It was a very involved process and took the IRS 60 days to process. Smaller government entities, provided that the debt has been cleared, have taken 30 days. But, one thing the IRS rep made crystal clear was that the time frames they give you up front are only estimates, and if they get a huge influx of requests, that could cause delays longer than the time frames specified.

Valia Rasuli, Broker Associate, PMZ Real Estate
C: 209.485.8302 | D: 209.548.4524 | F: 209.527.6146 | |
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Wed Jul 31, 2013
Melissa Goss answered:
It depends on your score, and financial situation. Most banks don't care what you have to put down, you have to qualify. The only was to determine this is to contact a lender and go over it with them ... more
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Sat Jun 1, 2013
Joseph Scrocca answered:
It will depend on the amount of SSI, if it is taxable and what other debts you have. Also you will need to know what the current property taxes and homeowner's insurance premium will be to determine your qualifying ratios.

Here is what you will need for your mortgage application:

1. Your most recent SSI Award Letter
2. If you have direct deposit of the SSI your last two bank statements (all pages) showing the dd of the ssi
3. Your 2012 & 2011 Federal Income Tax Returns (all pages). If you don't file you will need to write an explanation letter explaining why you don't file.
4. The property taxes on the property you want to purchase and a homeowner's insurance quote
5. A fully signed copy of the agreement of sale for the property you are purchasing.
6. The two most recent account statements confirming your funds for down payment/closing (the $60k plus funds for closing costs, pre paids & escrows). If you show any large deposits you will need to verify the source of the deposits

I am sure that there will be more requried but this will give you a good head start when you meet with your bank or mortgage broker.
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Wed May 22, 2013
Rick McGrath answered:
If they have to start over by filing a Notice of Default and then the Notice of Trustee Sale you could be looking at a minimum of approx. 5 1/2 months.
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Wed May 22, 2013
Rick McGrath answered:
Typically 72 hours. Check with local authorities as each community may be different.
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Tue May 21, 2013
Rick McGrath answered:
Typically if you haven't owned a house for 3 or more years you could be considered a first time buyer. However most programs don't really consider that as much as they consider your credit worthiness and employment. ... more
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Tue May 21, 2013
Rick McGrath answered:
Mary based on short selling most lenders won't allow you to purchase another home for 2 to 3 years unless you were current at the time. Your Realtor shouldn't have told you to skip a payment though everyone knows that the banks weren't really paying attention if you remained current. Catch 22! Check with a reputable mortgage broker for details on getting back in the market. ... more
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Wed May 15, 2013
Rick McGrath answered:
Depending on whether or not you were late on your mortgage payments or not will determine when you can purchase again. Typically, if you remained current on your payments during the short sale process you can purchase right away (credit depending). Otherwise you will need to wait 2 years to obtain a conventional loan and 3 years for FHA. Most mortgage brokers can give you the straight answer. For more information and evaluation you may want to check with Bank of Commerce. (209) 579-3600 ask for Alex. He is trustworthy. ... more
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Thu Jan 10, 2013
Brad Yzermans answered:
Shane provided great info. Make sure you know when your lender transferred title (ownership) back in their name because that is when the three year waiting period begins for most lenders................I'm assuming you included the foreclosed home in bankruptcy.

I have seen some of the big box retail lenders take 1-3 years to properly record the title transfer back to their good, so make sure your attorney did his job and followed up with the bank to make sure that was done ASAP (most don't).

You might find some good info in my blog post web reference below about being able to qualify and buy sooner after foreclosure if you have an allowable extenuating circumstance.
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