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Financing in 90004 : Real Estate Advice

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  • Home Buying7
  • Home Selling0
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Activity 172
Fri Apr 27, 2012
Erik Ibarra answered:
Thu Mar 15, 2012
DJ Bonner answered:
Hello RN11,
There are no specific programs for RN's, but there are a few different programs for 1st home buyers. Please feel free to call or email me directly and we can also discuss the options regarding closing cost.
Regards,
DJ Bonner
Keller Williams Realty
562-572-4203
djbonner@kw.com
... more
0 votes 11 answers Share Flag
Thu Oct 20, 2016
Aaron Belliston answered:
The best place to check for a line of credit is at your bank where you have a current relationship. These loans come with a personal guarantee and won't be limited to the asset to which it is tied. Therefore the banks will want to see you income and ability to repay the debt and will consider that just as important as the value of your home. I know that US Bank has some decent programs at the moment. Start by checking there. If you'd like and introduction to a lender, please give me a call and I can get you lined up with the right person.

Aaron Belliston
323-839-4623
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0 votes 16 answers Share Flag
Tue Jan 31, 2012
Marty asked:
3 unit complex. no owner occupancy. 2 owners, I have one, the other has 2. Current rate is 7.25%
0 votes 0 Answers Share Flag
Sat Jan 5, 2013
Marilyn Jenne answered:
Don't even know whether my recommendation(s) have minimums. But one has an online application. Happy to provide for your reference.
0 votes 6 answers Share Flag
Mon Feb 6, 2012
Alain Picard answered:
From what I've heard from the people at the bank that I deal with they won't be able to go FHA if more than 50 percent isn't owner occupied and also the HOA dues have to be up to date for a certain percentage of the condos in the development. I have this written down in my office but I don't have it in front of me so I'm just going off of what I remember. ... more
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Sun Jan 29, 2012
Annette Levinson answered:
The big advantage of Homepath is the low down payment. If your client is putting 20% or more down then they would be paying a higher interest rate then a conventional mortgage.
0 votes 2 answers Share Flag
Sun Aug 12, 2012
Lee Fruchter answered:
It is difficult to get a loan if the HOA is getting sued. You will have a problem getting a loan even if you are putting 25% down. Most lenders do not want a lend when pending litigation is involved. Also, it can effect the finances of the H.O.A if the plaintiff wins.

Good luck.

San Fernando Real Estate Guy.
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0 votes 10 answers Share Flag
Sun Jan 15, 2012
answered:
I am assuming you are referring to a no income/asset loan (having never heard of a VOE loan program...in the industry, a VOE is a verification of employment). If my assessment is correct, the answer is no. All mortgage products in today's market require income/credit and employment analysis (including all documentation). There may be some exceptions for asset based financing (leveraging a stock portfolio, for example). If you have specific questions, I would be happy to answer them for you if you contact me via my profile. The underwriting guidelines have tightened; however, they are not nearly as impossible as some proclaim. Best to you! ... more
0 votes 4 answers Share Flag
Wed Jul 9, 2014
Robert Chomentowski answered:
Buying a mortgage note means you take ownership of a mortgage and you receive the interest income from the mortgage and of course you have to deal with it if the borrower stops paying.
0 votes 28 answers Share Flag
Thu Jan 12, 2012
Lee Fruchter answered:
It is my understanding that all banks will count your student loans debt into your debt to income ratio. It affects your income, and they want to make sure you will be able to pay the mortgage. A rep from Wells Fargo explained it to me this way. Good luck.

San Fernando Real Estate Guy
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0 votes 20 answers Share Flag
Mon Aug 27, 2012
Annette Levinson answered:
I do not not know any lenders who will do a no doc. Everyone wants to see 1040s for 2 years. You can do an asset loan if you have investments. No income based just value of assets.
0 votes 6 answers Share Flag
Thu Jan 5, 2012
Lee Fruchter answered:
After it expires you can ask for change in terms. You need to talk to your loan officer and make that request.
0 votes 11 answers Share Flag
Thu Dec 22, 2011
answered:
Fernando- This will be hard to do. What you are seeking is a cross-collateralized property loan. Most lenders will only lend on one APN. Additional APNs would need to have a separate loan per APN. Best wishes.

Happy holidays, Rudi
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Thu Nov 10, 2011
Anna M Brocco answered:
Your attorney can best advise, consider another consultation....
0 votes 10 answers Share Flag
Thu Nov 10, 2011
Edyta Gryc answered:
Link to FHA approved condos: https://entp.hud.gov/idapp/html/condlook.cfm
Link to VA approved condos: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
0 votes 9 answers Share Flag
Sun Oct 30, 2011
Erik Bottema answered:
Hey-

There are different schools of thought on this. Many feel better to pay loans off but many also feel that its not smart since you lose the tax benefits or writing your mortgage interest off..
You can either do what you suggested or you can refi into a longer loan. Rates wont be much better than what you have now since the loan amount is so low.

My suggestion, keep both loans and take the HELOC money and purchase an investment property. There are many homes in socal that are in that price range. They will allow you to make a large positive cashflow with tenants and some nice tax benefits (talk to your accountant).

I am an expert in rental properties. I can help you invest to make money and make your life easier. There are many different options to consider. On several of my REO rentals, I make 20% profit a year on them and have good tenants. It is a very rewarding way to make money. I would be pleased to help you with your search. There are plenty of options for you. I am an honest and down to earth realtor who will help you find something to make YOU and your family happy.
As a bonus, I will credit you up to 1% of the home price back through escrow on any home purchase of over 125,000! This could save you thousands!
Call or text me anytime...

Thanks,
Erik Bottema, Realtor http://www.SoCalCashbackRealty.com
Meridian Capital Real Estate
DRE #01895909, Member SRAR, NAR, CAR

Cell: (818) 426-1700
email: edbottema@gmail.com
PO Box 311, La Canada, CA 91012 - A few hours ago
... more
0 votes 6 answers Share Flag
Wed Jan 30, 2013
Richard "RJ" Kas answered:
I have several references. Give me a call and I would be happy to both refer and assist you in finding your next home.
0 votes 11 answers Share Flag
Thu Sep 15, 2011
Anna M Brocco answered:
Commissions are always negotiable between you and your agent, there are no set standards...
0 votes 2 answers Share Flag
Wed Sep 14, 2011
Janet Simino answered:
Dear Rudy,
I'm a realtor and I'm working with Nelson Shelton and associates.
Please call me at 310-422-9970 I can help you to find the right property today.
0 votes 5 answers Share Flag
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