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Financing in Walnut Creek : Real Estate Advice

  • All251
  • Local Info13
  • Home Buying107
  • Home Selling11
  • Market Conditions6

Activity 17
Tue Feb 21, 2017
Valli Lopez answered:
VA loan about 3%, FHA loan 3.5% or conventional is 20%. Construction to perm loans are pretty easy, just need to have a licensed contractor give a bid on the construction.

Call me and I can give you a quote.

Valli Lopez
NMLS 980530
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0 votes 1 answer Share Flag
Fri Oct 21, 2016
Danny Ponder answered:
Hello, we have a down payment assistance program that allows up to 5% of the loan amount which can be used for down payment and closing costs. Contra Costa County income limit is $158,080. Contact me if you are still in the market for this request. ... more
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Sun Apr 3, 2016
Claudia Muller answered:
Hi Chris,
You can take upto 80% cash out on an owner occupied loan and do whatever you wish with the funds.
You should check with an accountant, but as far as I know, you are not going to be taxed on capitals gains on that money until you sell that property.
The 1031 rules are for homes that you sell and need to reinvest the proceeds.
I might be inclined to save those funds until the market shifts...lets talk!
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Wed Dec 2, 2015
Claudia Muller answered:
This is a loan that will need to be manually underwritten. Most loans will use the decision of the automated underwriter. Once your credit score is under 610, FHA and VA are going to require that a underwriter carefully review the file.
In this case, the credit report is going to be carefully scrutinized. "Why is the score so low?" Are there recent lates? Is the credit maxed out?
If the credit piece passes the underwriter's questions, then the rest of the file is reviewed to see what strengths it brings to the file. Are there major cash reserves? Is the debt to income ratio well under the allowable maximum??
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Fri Jul 3, 2015
Margaret Price answered:
HI, Getting a loan on a co-operative unit in Rossmoor from most lenders is difficult as the lender will always want the first lien position. Because of the way the co-ops are set up in Rossmoor, the Mutual who owns the buildings and common space are, in fact, the holders of the first lien. Therefore, the only lender I have found who will make a loan and take a second or junior position lien is National Co-operative Bank (NCB) out of Ohio.

Let me know if I can help you!
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0 votes 5 answers Share Flag
Fri Feb 21, 2014
Jayne Combs answered:
No, in fact the loan officer that reviewed your file should have been able to tell if you could qualify without him. You do not necessarily have to go somewhere else if you are happy with your current lender. Just ask him to see what you qualify for on your own :). ... more
0 votes 6 answers Share Flag
Tue Jan 10, 2012
Deborah Garvin answered:
Tim, And, I would encourage you to contact Jayne for any future financing needs. Obviously, she not only knows her "stuff", but is ethically bound to doing it right...every time. There are many times over the past few years that I have not always been "proud" of the mortgage industry. However, I know there are many, many mortgage professionals who are ethically committed to serving our clients with respect and honesty. I just wish more people would reward the talents like Jayne (and several others here on trulia) instead of shopping for the lowest possible rate. An 1/8 point saved is often the beginning of a nightmare such as you have endured. Best to you! ... more
0 votes 8 answers Share Flag
Sun Sep 25, 2011
Johnny Huang, MBA answered:
Once you get your loans lined up, make sure you are obtaining insurance that allows the remodel. Some companies have underwritting guidelines on taking new business under remodel.
0 votes 11 answers Share Flag
Wed Mar 16, 2011
Gilbert Richards answered:
The easiest way is to have your realtor call the listing agent and get the information first, if not have them get the HOA information and call directly.

Condos have multiple issues that can affect financability such as:

1) Is it Fannie Mae Approved
2) Is it HUD Approved (for FHA financing)
3) Is it 50% or more owner occupied
4) Are the HOA dues less than 15% delinquent
5) Is there litigation on the property

Depending on the type of financing will determine if you need option 1 or 2 , but 2-4 is required for most financing.
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0 votes 7 answers Share Flag
Tue Mar 8, 2011
Kamal Randhawa answered:
Hello Mike,

For financing, I always suggest you start with your bank or credit union, someone reputable for sure.

Please make sure you are working with a knowledgable realtor, we are all here to assist you if you need us :) ... more
0 votes 6 answers Share Flag
Thu Oct 28, 2010
Lisa Parin answered:
R. Monge
Oakland, CA
Submitted: 10/27/2010
My name is Rick Monge, I am an investigator with the Alameda County District Attorney's Office. My office has received several complaints about OF Lending.

I would like to speak with individuals who have had positive or negative experiences with this company, Mr. William Hogarty or Mr. Jim Rivera.

I can be reached at: 510-639-0984, or you may email me at:
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0 votes 13 answers Share Flag
Sun Feb 7, 2010
Adrian Huntington answered:

I see many Loan Modification Companies advertise Short Pay Refinances, but I have yet to see any of the Lender's offers such a program. I posted the question in order to determine if anyone has had success in doing a Short Pay Transaction. I am skeptical that the Loan Modification companies advertise the service, but have little success. When I ask the Loss Mitigators, they tell me they don't offer such a program. ... more
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Mon Nov 30, 2009
Kyle answered:
If you can get me a full loan application and income documents in one day, we can close in 2 weeks.
0 votes 4 answers Share Flag
Sun Feb 22, 2009
Brian LeBars answered:
I'm not quite clear what Wells is saying. It sounds like they were just talking about an equity line possibly. The 203k loan is designed to lend on future value of the improvements. Please give me a call when it's convenient for you so we can discuss it further.

c. 925-708-5400
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Sat Jan 17, 2009
Marty S answered:
80/10/10 Loan still exist, as do Lender Paid PMI loans.

I am down in Orange County.

I am a mortgage broker. If I can be of further assistance, please let me know.

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
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0 votes 8 answers Share Flag
Tue Dec 23, 2008
Steven Ornellas answered:
Hello again James, the trigger that "dings" your score is the action of pulling a new credit report outside of the 30 day period, nothing more. Having said this, there is such a thing as a "supplemental report" that takes off errors, but this does not update the score. In some cases, you may want to actually re-pull the credit report if errors have been removed, or positive pro-active action has been exercised to improve your score.

For more information on credit scoring please see the link below.

Best Regards, -Steve
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0 votes 6 answers Share Flag
Tue Feb 12, 2008
John and Diana Case answered:
Doug, my primary mortgage broker is in Walnut Creek. His name is Bob Cooley. I have been working with him for over 20 years and he is the best in the business. His office phone is (925) 906-8166. Good luck. ... more
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