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Financing in Yolo County : Real Estate Advice

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  • Local Info1
  • Home Buying2
  • Home Selling0
  • Market Conditions1

Activity 5
Thu Dec 20, 2012
Gregorio Denny answered:
The first step is to have a loan officer pull your credit so there is an accurate accounting. You should note that you may be eligible with a credit score as low as 500, with 10% down for an FHA loan or with a 580 score and 3.5% down. After going over the report the loan officer should be able to tell you if you qualify or what you will need to do to qualify. I do offer these FHA mortgages so contact me if you would like to discuss. ... more
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Wed Feb 9, 2011
Stacy Nguyen answered:
I would talk to a mortgage broker. If you want a recommendation I know a couple of really good ones. I know there are programs out there are right now that might help you.
0 votes 7 answers Share Flag
Fri Apr 2, 2010
Jeff Marr answered:
Mab25 - you've rec'd some first rate responses here, detailing why such a letter would even be required........

I'll just add my 2 cents worth. All income, to be considered eligible for your transaction, needs to pass a stability test: It must have been rec'd for the past 2 years, and be expected to continue to last for 3 more years.

This is obviously your sticking point in your transaction. I do find it somewhat unusual that your employer, or HR dept, would get hung up on this and put your loan at risk for observations/opinions that the underwriter could care nothing about. The lender is simply looking for this document to add to the file for CYA protection. Though this letter might seem ridiculous to the HR contact person, and possibly to you, I can assure you your underwriter sure doesn't feel this way.

I suggest that you try to find another supervisor who might be willing to write this letter and move on with your loan!

best of luck to you!

Jeff Marr
Stanford Mortgage
... more
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Tue Mar 2, 2010
Jim Walker answered:
I hope for Yuma's daughter's sake that the value has gone up by $10K in the last five months. Her appraisal would have used sales from the very trough of the bottom of the market. In some zip codes values have gone up by that much... One factor that may have helped her is that if rehabbers bought some of her neighboring foreclosures when they were low, they would have flipped them for a profit by now, well over the $150K target value. ... more
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Thu Jul 30, 2009
Mark Risting answered:

The short answer is yes. However, there are a number of other tax breaks you both will be giving up.
You should consult with your tax attorney to determine if filing seperately is the way to go.

Mark Risting
Prudential Starck Realtors
... more
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