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Financing in Ventura County : Real Estate Advice

  • All57
  • Local Info1
  • Home Buying31
  • Home Selling5
  • Market Conditions0

Activity 40
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
Tue Aug 2, 2016
Sheryl Arndt answered:
Hello Evelyn, you would need a minimum 620 fico score but it would be beneficial in the rate to be above 650. It only takes a few dozen questions to go over your options to make an informed decision.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ 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
... more
0 votes 5 answers Share Flag
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
Tue Aug 2, 2016
Sheryl Arndt answered:
Hi evelyn, how did that go and what rate did you get? Do you need some cash out, lower rate and the same payment?

Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ 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
... more
0 votes 2 answers Share Flag
jumbosource, Real Estate Pro in Valdosta, FL
Wed May 25, 2016
jumbosource answered:
0 votes 20 answers Share Flag
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
Tue May 10, 2016
Sheryl Arndt answered:
FYI, Stated Income loans are currently on hold but there are either 12 months or 24 months bank statement programs that you may qualify for?

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.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ 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
... more
0 votes 20 answers Share Flag
Swaraj, Home Buyer in New York, NY
Mon Jun 15, 2015
Swaraj answered:
Hello,
I would suggest to contact Melissa Loeffler who is a great mortgage broker. She recently helped me buy my first home and was tremendously helpful. You can reach her at:

https://www.inzopa.com/pro/mortgage-broker-melissa-loeffler

I also found several other brokers in your area:

Rob Spinos- https://www.inzopa.com/pro/mortgage-broker-rob-spinosa
David Lawver- https://www.inzopa.com/pro/mortgage-broker-david-lawver
Chad Geyer- https://www.inzopa.com/pro/mortgage-broker-chad-geyer

Good luck with your refinance!
... more
0 votes 4 answers Share Flag
Liz Byrd, Both Buyer and Seller in Grants Pass, OR
Wed Sep 18, 2013
Liz Byrd answered:
try Rod Brown of Sunrise Financial Services
he really went the extra mile for Liz & Bill Byrd. He is awesome. We had approximately same issue, with one income and some rentals. he worked it all out.

Rod Brown
Sunrise Financial Services
1200 Paseo Camarillo Suite 280
Camarillo, CA 93012
Direct: (805) 388.1513 ext 21
Fax: (805) 389.6547
RodBrown99@msn.com
... more
0 votes 8 answers Share Flag
Alexander Gr…, Real Estate Pro in San Jose, CA
Fri Jun 28, 2013
Alexander Greer answered:
We can help you out with this. Check out our website: TheMortgageOutlet.com
One of our loan officers will answers all of your questions and walk you through your options
0 votes 3 answers Share Flag
Steven Ornel…, Real Estate Pro in Fremont, CA
Sat May 18, 2013
Steven Ornellas answered:
Hi Yury,

RE: "To be approved for a loan: what documents I need to submit to mortgage lender?”

What you need to provide is based on your income sources; see the following Buyer's Document Checklist at http://docs.Steven-Anthony.com/BDC.pdf

-Steve
... more
0 votes 5 answers Share Flag
Robert Chome…, Other/Just Looking in San Diego, CA
Fri Apr 26, 2013
Robert Chomentowski answered:
Scott Cary, Real Estate Pro in Modesto, CA
Thu Feb 21, 2013
Scott Cary answered:
There is plenty of information below, although just so it's clear...you can qualify with the builders lender although you are not required to use the builders lender! The builder may offer you an incentive, although talk with your (previous lender), he may be able to match the pricing.

Nevertheless, your credit score will not be effected by having tow inquiries in the 30 day period, so you are safe. Just get the ore-approval in writing from both lenders.

In the event you do not end up buying the new home after getting approved by them, you will now have extra 'ammo' at the bargaining table when you write another contract to purchase. I personally like to see more than one per-approval letter from a buyer because it really reinforces the buyers ability.

Many times I have seen lenders provide a letter that was not substantiated and the sale would fall apart weeks later, so two opinions are better than one!

Good luck!

Scott Cary -Broker Associate
... more
0 votes 6 answers Share Flag
Jeff Smith, Real Estate Pro in Thousand Oaks, CA
Tue May 29, 2012
Jeff Smith answered:
What are you trying to accomplish ? There are a few strategies you can use and if you don't use the entire credit you will lose it. Depending on how mortgage pricing is working on any given day, buying down the rate just to use the credit may or may not be cost effective. Ask for a lower price in exchange for some of the credit. But with a bank involved no cash back is allowed at closing. If you are forced to take the credit try a 2-1 buy down or something similar. A buy down is more or less just pre paying interest on the loan in exchange for a lower payment in year 1. Or ask if lender will let you do a principal reduction payment at closing with any excess credit. I hope this helps. ... more
0 votes 7 answers Share Flag
Chris Chin, Real Estate Pro in Ventura, CA
Fri May 25, 2012
Chris Chin answered:
Hi Evemac,

Give Chad a call. He takes a consultative approach and will advise you of all options. Here is his contact information below:

Chad Cockerell
Loan Officer

Guild Mortgage
711 Daily Drive
Suite 110
Camarillo, CA 93010

(805) 389-6800 Office
(805) 465-8938 Direct Office
(805) 216-5511 Cell
(805) 465-8958 Direct Fax



Chris Chin
chrischin@cobaltrg.com
(805) 258-2870
... more
0 votes 4 answers Share Flag
Rob Weber, Real Estate Pro in Plainfield, IL
Wed May 2, 2012
Rob Weber answered:
Having worked for all but a Credit Union, bankers/brokers have the most flexibility whereas the credit union can sometimes do some nice out-of-the-box lending to their members.

As was stated numerous times here, have a trusted loan officer review your credit then make a decision how to proceed. With the exception of major credit problems a large % of potential borrowers are within reach, they just need 1-6 months to fix up their credit. ... more
0 votes 7 answers Share Flag
Jeff Smith, Real Estate Pro in Thousand Oaks, CA
Mon Apr 30, 2012
Jeff Smith answered:
Hi There- On the surface this looks good and shouldn't be a problem. Why do you think a loan might not be possible ? The key reasons we are denying people on loans are , Poor Credit (620 or less)-Income (need 2 year history and must be in same line of work), and loan to value combined with poor credit cause lender and or mortgage insurer to deny. Debt to income ratios above 45%. But in the above scenario you seem to have most of these covered. Is the income above monthly or annually ? A quick estimate, it it costs about $477 per month for every 100K you borrow for principal and interest on a 30 year loan at today's interest rates. The debt to income ratio limit is 45% in most cases, but in some cases I can go to 55%. If you would like more information email me at jeff.smith@amcapmortgage.com. Have a great day. WE specialize in Real Estate and Finance in the Conejo and Simi Valley area. ... more
0 votes 7 answers Share Flag
,  in
Sat Feb 18, 2012
answered:
While the below answers are correct, it should be noted that any loan foreclosed on by way of a Trust Deed are also non-recourse. It is rare that a lender would do a full foreclosure, I have only heard of private lenders doing in, I have not even heard of an institution doing it.

You are not off the hook though, if you have a 2nd and the first forecloses, the 2nd mortgage becomes a del facto recourse loan, becuase it becomes personal debt. This then can be open to judgements, garnishments the whole ten yards, even if it is a purchase money 2nd!

If you are thinking about walking from your loan, get an agent and do everything possible to do a short sale. This way the 2nd has to be negotiated out. Be prepared to explain why staying in your home is a hardship, no hardship = no short sale in most cases.

Also you might quit paying the 2nd and continue to pay the first, then the 2nd mortgage has to foreclose and the problem is solved. This may not work if there is no equity covering the 2nd, they may just refuse to foreclose, eventually you could owe them a lot more money than you do now.
... more
0 votes 3 answers Share Flag
George Raymo…, Real Estate Pro in Fort Worth, TX
Sun Feb 12, 2012
George Raymondo answered:
I had a case like this 1 year ago. One of my former clients passed away and his wife (who was not on the loan) wanted to retain the property. Luckily my clients decided to Quit Claim his spouse on title after closing. Now on title, she has right to the property. She decided to keep quite and continue making payments. To date the current servicing lender has excepted all payments and has not called the Note due via the Acceleration Clause in his loan documents. There are ways to protect yourself via a Family Trusts, I would advise that you and your husband speak to an Attorney or Financial Planner to better prepare for any unforeseen tragic events.

Best of Luck!
... more
0 votes 10 answers Share Flag
Deborah Garv…, Real Estate Pro in San Diego, CA
Tue Feb 7, 2012
Deborah Garvin answered:
If you have used the HELOC to do remodeling after the purchase of your home it is very unlikely that the HELOC is a purchase money loan product. However, if you have documentation that all monies from the HELOC were used to improve the property it MAY make no difference. A tax professional would be the one with specific answers to your question. Best of luck to you!!! ... more
0 votes 2 answers Share Flag
Leo76dragon, Home Owner in San Jose, CA
Wed Nov 16, 2011
Leo76dragon answered:
Hi Pete,
I am goin through with United Equity as well... I believe we started our process the same time as yours in Dec. 2010... we are at that point where we are waiting to be denied from Wells Fargo on the first mortgage, our 2nd was mortgage also with Wells Fargo was reviewed and denied within 3 weeks. Wells Fargo has been reviewing our documents for the last 6 months... no answer yet... but I have a co-worker who has used UEN, and her process is at a stand still because she is not comfortable with short selling her home to investors and then having the investors sell back to her at a lower price but at a higher rate... I thought it was illegal to short sell to someone and then have it sold back to you???, and now I am losing faith with UEN, because we will not short sell to any investor... and I feel like I just wasted my money on them... soon I will have to face it and realize that I may just have to short sell and move out... which is kind of sad cause we really like this house...

good luck

DDR
... more
0 votes 22 answers Share Flag
Barry Shapiro, Real Estate Pro in Camarillo, CA
Sun Jul 31, 2011
Barry Shapiro answered:
Hello Michael,
Just checking back to see what you decided concerning your Ventura condo. The government is working with lenders to help alleviate the affects of a free-falling marketplace. It may be time for you to look again at your current options. ... more
0 votes 6 answers Share Flag
George Raymo…, Real Estate Pro in Fort Worth, TX
Tue Jul 19, 2011
George Raymondo answered:
Hello Monica,

Before you go to the next step of either throwing in the towel, changing areas or waiting for a miracle by winning the lottery, try getting a second opinion. Please remember every lender is different and all loan officers are not equal. Although there are certainly some great ones out there, I run into some real winners. Please take the time and speak to another LO just to make sure your really capped at the lower sales price.

Best of Luck!
... more
0 votes 10 answers Share Flag
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