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Financing in 90005 : Real Estate Advice

  • All23
  • Local Info1
  • Home Buying11
  • Home Selling0
  • Market Conditions0

Activity 172
Fri Sep 22, 2017
Gerard Dunn answered:
There are very few companies offering financing using alternate means of justifying income. I found a link on-line for the Chicago area. Maybe this will help ... more
0 votes 13 answers Share Flag
Sat Feb 6, 2010
I am not suggesting that you do not shop for lenders, but changing this late in the transaction could have negative consequences. With the FICO score you have, you are dangerously close to falling below most lenders minimum of 620. Repulling credit for a new lender could push you below.

Also, now that you are under contract, your agent should be consulted to ensure that you are not jeporadizing the transaction by changing your financing circumstances.

While you look for other options, I recommend you have a conversation with your agent and then call your lender, sit down, and talk through the issues that are driving you away.
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0 votes 5 answers Share Flag
Wed Feb 1, 2012
Mitch Lichterman answered:
We cannot provide any non-owner cash out refi's at 80%. Fannie Mae and Freddie Mac define the guidelines for loans on the secondary market and their requirements do not allow for cash out refi. There are some lenders/banks who will vary from these guidelines but you are looking at 60-65% loan-to-value maximum. I don't know any bank who is lending about this on non-owner cash out refi. The credit market is still very tight. Also, 2nd Trust Deeds basically do not exist for non-owner either. It's a difficult time. ... more
0 votes 9 answers Share Flag
Thu Feb 10, 2011
Deborah Bremner answered:
As we all know, all commissions are NEGOTIABLE, and an item for discussion between seller and agent. To find out what is common in your marketplace, look at some local listings.
Deborah Bremner
REALTOR, 00588885
Certified Short Sale Professional
Certified Home Retention Specialist
(D) 818.564.6591
Blogging at:
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0 votes 4 answers Share Flag
Thu Jan 21, 2010
Jeffrey White answered:
Hi there C-bas. With this credit score, cash down, you should be able to qualify for an FHA loan. Have you talked to a mortgage lender about this? Lease options may be possible, but I would try to completely rule out a purchase first. Which buildings are you looking into for this price range? I'd be happy to help guide your search and provide an excellent reference for getting approved for a loan. One of the brokers I know has been especially good at pushing through approvals. ... more
0 votes 3 answers Share Flag
Tue Jan 12, 2010
Larry.. Knock yourself out. If spinning your wheels for a few hundred bucks give or take, is it really worth your time traveling the mortgage planet for the loan of a lifetime? Of course I am being a bit sarcastic but the point is most lenders are within $300-500 bucks from each other.

Almost every lender can provide you the magic pill if they want to. However, buyer beware of what you pay for. There is a difference between each and every Loan Officer you will meet and work with. Experience, customer service, integrity and a solid company should be in front of rates. Why? Because lenders dig from the same well meaning we all fall pretty darn close to each when it comes to lending out money.

Now since you mentioned Lending Tree and such, those sights are a joke. In fact, you pay more when you go through sucj sites as they have their filthy hands in the lenders' pockets therefore you are going to pay for the fact that they are taking away profit and income from the lenders.

I bet you are going to get a bunch of professionals backing up what I am saying. I say this respectfully, but most Loan Officers stay away from your MO ("The Internet Shopper") and it is not because they do not want to give you a fair deal, rather the "Internet Shopper" looks for the smoking deal. Which rarely exists and if they get one it comes with a nightmare of a Loan Officer.

My mama taught me this, "Their is always a big loser at the end of every great deal"
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0 votes 10 answers Share Flag
Fri Jan 8, 2010
I have done loans for both friends and family members, and there would be no reason for me to influence an appraiser because of that relationship, and there is no need for disclosing this friendship. In this business, this is one of the ways we develop our business. Aside from that, your government instituted a regulation back in July whereby a loan officer is not allowed to have contact with an appraiser, and all appraisals are ordered through management companies. We have all had problems with appraisers lately, and it is more likely because the appraiser came in from out of your area, and is not familiar with certain differences between your neighborhood and another nearby. However, they are the appraiser who will take the lower fee that the management company is offering. The loan officer would have no reason to do something like this, because it would most likely make the deal die, and a loan officer only gets paid when a loan closes. ... more
0 votes 12 answers Share Flag
Wed Jan 18, 2012
Schlacher answered:
It's not about whether they will look at the taxes from teh past years, they are certainly welcome to do so, the problem I was having is that in one year my husband was mostly self employed, while in another he was mostly salaried and that credit union/ bank would only consider one of the 2 incomes either self-employed OR salaried , which didn;t make any sense to me at all. I mean if we had any additional income, e.g. through rentals or whatever, they wouldn't consider that either??
But, yes, I did get many other opinions- nobody else would do that and of course consider the total income.
That is not the case for that credit union, so their underwriting is stricter (frankly unreasonable since all the securities, credit score, loan to debt ratio, down payment AND steady income is there in terms of income is exceptional), but I guess this is how they can keep their rates low, but not taking any risk and therefore not lending at all.. Again, any other lender and bank will..
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0 votes 7 answers Share Flag
Sat Dec 26, 2009
Bruno Tori answered:
there are new regulation coming January 2010, where the lender has to give you accurate information up front. i would have a back up plan like a second lender you can choose. it means that you will not be working with both at the same time. i would just have all the paper work you submitted to the first lender ready, in case something goes wrong.

the appraisal can be transfered to the new lender depending on the type of loan and lender you are going to use.

if you have any other questions let me how i can help you.


Bruno Tori
Mortgage Banker
Approved in all 50 States
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0 votes 10 answers Share Flag
Tue Dec 15, 2009
Schlacher.. I am not aware of USC, however you said the 2 magic words "Credit Union". They are not in the mortgage business and they rarely do home loans anyhow. This leads me to think they are sending your file out to some affiliate (which 98% of them do). This also means that you are not getting the best deal and if so, then why are you posting the question (respectfully). A good deal should encumber all facets of the transaction (knowledge, experience, low rates, customer service, etc..) and it is apparent you are not receiving much of them. Besides these agents are merely salaried application takers, your experience so far is the indicator of their experience, hence the post.

On another note, you are crazy (respectfully) to be obtaining a 80-10-10. I am not even sure this is legal anymore. You should be putting some skin in the game any how (cost you 3.50% down on an FHA) and get yourself a safe loan.

The other thing to keep in mind is that they may very well approve a very low % of applicants on that loan thus the stalling.

Call me with your questions. I can guide you with no obligation. I've been doing this for 12 years and pretty much have most of the answers.

Ted Canto
Direct: 888.724.7402
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0 votes 6 answers Share Flag
Tue Jan 3, 2012
Thadeus Brewer answered:
It means only you will pay your payment to someone else. It is required by law that your old & new lender correspond with you on direction to make payments.
0 votes 8 answers Share Flag
Mon Dec 14, 2009
Moshon Reuveni answered:
To get accurate information you need to request a “preliminary title report” from a title company directly or get the preliminary title report via a real estate agent or a mortgage broker. It takes 1-4 days depending on the property and the title company. Agents can give you an instant report by looking the property profile on the internet. This instant report, known as a “profile” is not always accurate and is used only in a preliminary investigation. I recommend that you contact an experience real estate agent or mortgage broker in your area for quick service. You are not going to be charged and the agent/ broker who will be glad to help you because he/she would consider you as a potential future client. ... more
0 votes 2 answers Share Flag
Sun May 5, 2013
Sure you can, but it depends on what kind of loan. You can easily get a hard money loan with that much money down but the rate and fees would be high.

You can get a FHA loan if you have a co-signor. The co-signor does NOT have to live with you. They will need enough qualifying income for the loan though. They will also be on title and the loan, so it should be someone you trust. Especially considering the size of your down payment.

I had a client who made most of his money from a pretty new DJ business he started almost 2 years ago. He did wedding DJ's. He also had a regular job that we used to qualify for a loan. He was laid off a week into his closing, so his parents co-signed and we still closed. Keep in mind that he did not even have as much down as you do. FHA only requires 3.5% down.

The moral to the story is your income will not be used to help qualify for a FHA loan but a co-signors can. If you only want to buy on your own, you will probably have to get a Hard Money loan.
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0 votes 17 answers Share Flag
Mon Nov 23, 2009
Peter Stewart answered:
Probably not. Maybe 21 days but 14 would be about impossible. Depends on the lender though - that's really who you should direct the question to.
0 votes 7 answers Share Flag
Thu Nov 12, 2009
Cynthia Barron answered:
This is the link for the HUD APPROVED list.

Cindy Barron
The Keyes Company Realtors
0 votes 2 answers Share Flag
Fri Oct 23, 2009
Ray Calnan answered:
This is someting that you need to discuss with your Realtor. Each case is different. If the short sale is already in the approval process or has been approved, it can be as short as a week. In most cases offers are accepted right at the beginning of the process and can take as much as six months, but usually 2 months.

Have your Realtor speak to the listing agent to find out where they are in the approval process.

Good Luck,

... more
0 votes 4 answers Share Flag
Fri Nov 27, 2009
Ray Calnan answered:
Neither is better, just different.
A 15 year loan will be paid off faster, may be a slightly lower rate, and you will definately pay less interest. However, your monthly payments will be higher.

A 30 year usually will have a higher rate, although not much higher, you will pay it off in 30 years, and you will pay more interest over the life of the loan. The upside is that your monthly payments will be lower.

Here is a free online tool you can play with to see the difference. You may want to zero out the PMI and Tax fields before you start so that they don't skew your results.

There are also many other options to consider. Contact me if you would like a referral for a great mortgage professional.

Good luck,

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0 votes 8 answers Share Flag
Fri Oct 23, 2009 answered:
The best place to start is with a lender. They would be able to tell you what you can qualify for. Best of luck.
0 votes 15 answers Share Flag
Wed Sep 16, 2009
Luke Allison answered:
Typically, lenders like to see outside funds referred to as "Gift Funds with no obligation to repay." However, since you have so much of your down payment already, you can use borrowed funds for the difference without much of a headache. Your underwriter may want to see the terms of the loan and possibly include any monthly debt payment into your qualification. Other than that, you should be fine.

Luke Allison
Bank of America Home Loans
... more
0 votes 2 answers Share Flag
Wed Sep 26, 2012
Kyle answered:
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