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Financing in 90004 : Real Estate Advice

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Activity 172
Sat Aug 22, 2009
Hannah Fliegel answered:
Dear Deandra,

Usually FHA wants to see a credit score of 620. Even with a 620 credit score you will not get a favorable interest rate on your mortgage. A good credit score is 720. Mortgages get really exciting with a credit score of 750. I would suggest you start with credit repair, and get the old collections off your credit reports, the statue of limitations on those accounts has probably expired if they are due to come off in 2011. Therefore, once you go through credit repair you will get improvement to your credit profile and can get a good mortgage with a low interest rate.
There is qualifying for a mortgage and there is qualifying "well" for a mortgage. Good luck!
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Mon Aug 31, 2009
Krystal Lee Whaley answered:
The accurate preapproval will be done when you give all your documents to a direct lender. W2's,pay check, bank statements, credit ran..etc.etc...until one gets all those plus a few more items than they cannot really tell for sure. It is all a guestimate :)

I suggest going through a Direct Lender to get the deal done. Almost all of the loans get sold on the stock market anyway..so the biggest idea is who is going to get it done fast. The name of the company is kind of pointless unless you are looking for a specific program.

Here is what you should be asking yourself....how much do you want for a house payment to fit in your budget???
You may get qualified for a large amount, but only want half of that in reference to a payment. So what is going to fit in your budget? When you figure that cap price out ...tell your lender...they will then let you know how much of a home you can buy. After that is done THEN I would let them see if you can get approved.

I have a few lenders I work with..Clients and lenders to me are like puzzle pieces. It depends on your situation on who will do the best job for you. Feel free to contact me. Thx
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Thu Aug 13, 2009
Julie Rice Thall answered:
Hello!

It seems you are taking out an FHA loan. You pay two different Mortgage Insurance (MI) payments with an FHA loan. An up front MI fee equal to 1.75% of the loan amount. And you also pay a monthly MI fee equal to .55% of the loan amount, which is the annual payment...divided by 12 to get your monthly payment.

It seems your concern is with the up front MI. If you are looking at a Good Faith Estimate (GFE), it can be confusing. The GFE makes it look like your up front MI is getting rolled into the loan AND also being paid for out of pocket, but this is not the case. I am not sure what kind of GFE you are looking at, but if you do the math by hand, you will find that although listed in your fees, the up front MI is not actually added into the fee total.

I hope that helps. Your mortgage professional would be glad to explain it to you, I am sure. And it should be easy for him or her, since you all can be looking at the same document and walking through it together.

Good luck!
Julie Thall
jthall@rpm-mtg.com
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Sun Aug 2, 2009
Patty Allen answered:
First of all, are you employed full-time and have some time on the job? How many people are in your family? If you are single or married have children or not, make little or no wages, happen to be on welfare, or disabled and can't work, there is a sign up list for every county near you that takes names and information to get into a house or an apartment through "Section 8 Housing." They pay for all, some, or most of the rent. There is a list of rentals they have from people who own rental apartments or homes. Credit is not considered here at this stage of renting your own place. What they do is place you in a livable place when they permit you to sign up on their list. Some states have a very long waiting list...up to almost 3 years. Others have much less time to wait. There is a lot of paper work and proof you deserve a place since you can't get housing now, BUT it's WORTH it. Should you work and create a credit file from applying and getting credit cards (start off with 1 or 2) and pay on time more than the minimum monthly payment amount over 1-3 years after living on a "Section 8 Voucher", you can buy the home you are in or another one available for you to choose from. Credit cards easy to get would be small department stores, gasoline credit cards, or through a bank once you have been on the job a while to get a small VISA or MASTERCARD from them. Another credit source to get that you shouldn't have to pay more than a $49 or $69 fee is Capital One....VISA or MASTERCARD. They give people a second chance to start over after a poor credit report from not paying credit cards due to long unemployment or disability or health issues you resolved. After 3 months, they will raise your credit limit. After 6 more months they will raise it again. BUT remember, however much credit amount anyone gives you, don't charge over 1/3 or 1/4 of it. For example, they give you a $600 credit limit. Don' charge and stay in debt over $150-200. As quick as you pay credit cards down and off, you get a credit history. DON'T EVER CLOSE DOWN A CREDIT CARD ACCOUNT OR CUT IT UP; THE LONGER YOU HAVE A CARD IN GOOD STANDING, THE BETTER YOUR CREDIT BECOMES. That is what helps you get more chances to buy or rent a home of your own or just rent where you want to live that you can afford. The welfare department (called "Department of Social Services" in some states uses social workers to assist you) helps "Section 8 Voucher" folks to work towards you getting your own home. They offer a class or 2 for free to teach you how to be a homeowner after you proved you're a good renter. Check with them to start your dream. Be patient and honest and do your part.

Best to You,
Dee
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Wed Sep 28, 2011
Steven Ornellas answered:
Depends. Is it Simple or Compounding Interest?

Simple interest is calculated only on the principal amount, or on that portion of the principal amount which remains unpaid.

Compound interest is very similar to simple interest; however, with time, the difference becomes considerably larger. This difference is because unpaid interest is added to the balance due. Put another way, the borrower is charged interest on previous interest.

Best, Steve
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Wed Jul 29, 2009
M.D.J answered:
Rob,

That would really depend on your current loan amount and rate. You might need to take advantage of what is available now instead of waiting for something that might never appear.

Feel free to contact me for more information.

Good luck
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Tue Aug 11, 2009
Dallas Texas answered:
Why would it take 3 months for a budget would you not all ready have on in place.

However I understand budgets don't happen over night or have HOA speak with B A determine what would work with their guidelines.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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Tue Jul 21, 2009
Robert Spinosa answered:
Bobaboba,

My guess is that your real issue is not the condo hit, but that this lender is making you feel like they're putting the genie back in the bottle. Consider these two scenarios:

1) Everybody responds with "Yes" on the blog. Does that make you feel good about 5.25%?
2) If the website rate was 4.75% and you were told the condo was 5.000%, do you still want to get 5.000%?

The point I'm trying to make is that you need to trust the lender before you get the rate quotes. Put your energy into finding the best person to help you, instead of into finding the lowest rate. And more than likely, you'll end up with the best rate too.

Let me know if I can help.

Best regards,

Rob Spinosa
rspinosa@mortgagemasterinc.com
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Mon Jul 6, 2009
Julie Rice Thall answered:
The answer to your general question is yes...but I am not sure if I would call it scammy, or more likely unnecessary. Credit repair people are typically unnecessary, as there is not much that can be "fixed" on a credit report besides errors. The only thing that will improve your score is time...meaning the more time that passes between the date of your late payment, collection, or whatever hurt your credit, the more your score improves (assuming you are paying all of your bills on time).

With that being said, if you have some legitimate errors on your credit report that are significantly effecting your score, and you have tried without success to fix these errors on your own, then an attorney might be necessary. Maybe you should check with your own attorney first before hiring someone else.

Good luck!
Julie Thall
jthall@rpm-mtg.com
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Thu Jul 23, 2009
Christian Bohyn answered:
I suggest that you ask him.
I don't know about CA but here in FL we have a sellers disclosure form and that is where the seller has to write down all repairs and modifications.
And then there's always the possibility of hiring a home inspector to find out. ... more
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Fri Jun 19, 2009
California Homes & Mortgages answered:
Hi Claudia,

My advises would be, yes, pay.

With interest rates being so low, 1. you are making an excellent decision to buy. 2. You are getting the lower rate than if your collection was already lowering the fico score and you would get a substantially higher interest rate.

With property values lower than usual, it is like you are buying a savings account for the future when prices rise up again. You will make more money than the $3600. Besides, you may still get this money back from the person who stole it.

You can only win. I am glad you are buying in this great buyer's market.

Norma
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Fri Jun 19, 2009
Corey Grushin answered:
Bobaboba, it does sound like a bunch of BS. Wholesale lenders market to other lenders or brokers, so the public wouldn't deal with them directly unless they had a retail division. Stand your ground usually the builder benefits in some way (they may own a piece of the lending unit) when clients use the in house lender. Just make sure you have allthe contracts signed and if you are getting upgrades dones finish off the paperwork as soon as possible.

I use to sit on a condo project years ago and the reason was the builder once owned our company but had recently sold it. After a few years the builder dropped us and used the personal mortgage unit of the bank that funded his building project.
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Fri Jun 12, 2009
Luke Allison answered:
No, in LA county you can now refinance this loan as a jumbo conventional loan. You can do this through Fannie Mae, Freddir Mac or FHA. All 3 would have considerably better interest rates than a non-conforming jumbo loan. If you have any questions about qualifying, you are welcome to contact me.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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Wed Jun 10, 2009
Realtorbradroth answered:
Do not lock your interest rate unti the price has been approved by the bank. You only get a 30 to 60 day lock and sometimes it takes far longer on a short sale.

Brad Roth
realtor
Encino ca.
818-933-3103
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0 votes 6 answers Share Flag
Sun Jun 7, 2009
Hannah Fliegel answered:
Hi Friend,

There are two items here. We are talking about the Deed and we are talking about the loan. Therefore, regarding the loan if the HELOC is against your property and your brother is on the loan. Your property is still vulnerable if someone doesn't pay the HELOC. The HELOC can foreclosure on the property if it's not paid. Now your brother would have to satisfy this HELOC in order to get the HELOC settled off the property. I hope this was your question and answer for you! Good luck ... more
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Tue Jun 16, 2009
Monique and Joe Carrabba answered:
Hello Soybased,

Good for you. It's a good time to take advantage of the tax credit. FHA financing should take into account your time you are off work. It's best to speak to your lender. If you need someone to speak to regarding FHA financing or searching for a home/condo in Los Angeles, just let me know. Enjoy the time off. It is well deserved I'm sure.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
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0 votes 6 answers Share Flag
Fri Jun 12, 2009
answered:
It will not be easy to get a construction loan these days from any bank specialy for manufactured home.
You could go hard money, but it will still be hard to get a hard money investor to help you there unless you have very strong income, assets and equity in the property.
To purchase a vecant land you will need to put more then 20% down at least.

I hope you can find the right broker for that, if you want me to refer you some hard money lenders I will.

Good Luck.
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0 votes 1 answer Share Flag
Thu Oct 29, 2009
M.D.J answered:
Feel free to contact me, I do both the FHA 203k standard and streamline.

More than happy to answer any questions.

Marvin@Marvinloans.com
626-330-2949
0 votes 4 answers Share Flag
Tue Aug 11, 2009
Forefront Real Estate answered:
Hi Emma,
The first thing you should find out is the exact FICO score, more importantly, the "middle score". You actually have three different scores, one for each reporting company (Trans-Union, Experian and Equifax). With 20% down, a 720 mid-score can have an additional .75% cost. This does vary some what lender to lender. The other things you need to know is what interest rate you are being charged and how many additional points the lender is charging you. Just as important, you need to know if your rate is locked, and for how long. All of those are crucial in determining if you are being charged fairly. If your lender won't give you direct answers to all of those questions, you have great reason to be concerned.

If you have any other questions, please don’t hesitate to call or visit our website shown below.

Pat Palmer-Broker/Realtor
Forefront Real Estate
Forefront Mortgage

154 W. Foothill Blvd #A308
Upland, CA 91786

Phone: 909.286.1301
eFax: 909.912.8002

patpalmer@ffhomes.net
www.forefronthomesandloans.blogspot.com
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Wed Jan 6, 2016
Alexandra Parra Rivera answered:
Jjzznn,

The management must know if the association is approved by FHA if not the lender can do a spot approval.

Thanks,
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