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Financing in 90068 : Real Estate Advice

  • All37
  • Local Info4
  • Home Buying11
  • Home Selling6
  • Market Conditions0

Activity 172
Wed Dec 11, 2013
Tni LeBlanc answered:
I do believe that these programs are offered directly from your own lender as it is essentially a restructuring of you own loan with principal reduction.

There are some programs that allow up to 125% LTV but that's not really a short refinance.

I haven't heard of a lot of these short refis going through but I will be hopeful that you will be the exception not the rule. I think you should start with your lender and then work outward. I have heard that sometimes they ask for a large payment in order to make it happen so you should be ready for that possibility as well.

Check with a local loan broker and your bank. You should also consult with an attorney.
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0 votes 21 answers Share Flag
Mon Jan 3, 2011
Myra Gouger answered:
It is extremely difficult for foreign nationals to get mortgage loans in the USA. Speak with a mortgage professional. I have had several people try to get loans and they could not meet the documentation required for a US home loan. Most ended up buying for cash. In any case, speak with a mortgage professional at a US bank and see if they can help you. ... more
0 votes 3 answers Share Flag
Sat Oct 16, 2010
Steven Ornellas answered:
Hi Joe, Section two of CAR Form Purchase Agreement Addendum (PAA, Revised 4/08) was created to address the considerations when possession is delayed. I would highly recommend you cover section two with your Realtor® to decide whether its use might be appropriate in your situation.

Please refer to my answer submitted in response to your "3 days" question here:

Best, Steve
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0 votes 2 answers Share Flag
Wed Apr 27, 2016
Jane Peters answered:
This would depend on what it relates to. It is giving an extension of 3 days past escrow for something.
0 votes 11 answers Share Flag
Mon Oct 11, 2010
John Walin answered:
You can maybe collateralize those stocks, a lender can tell you the rules about non used assets better than me. good luck!
0 votes 8 answers Share Flag
Sat Oct 9, 2010
Barbara Van Duyn answered:
Hi Rufdia -

Yes there is. Here's what you need to know. Your mortgage needs to be owned by Fannie Mae or Freddie Mac. You need to have put at least 20 percent down when your existing loan was financed.

If the above applies and the loan is owned by Fannie Mae, contact your "loan servicer" and tell them you want to refinance under the "Refi Plus" program. Refi Plus can only be performed by your loan servicer. The advantages are:

1) you're self-employment will not be an issue because they use your original loan application to underwrite the loan
2) an appraisal waiver is given if an AVM shows present LTV at 105 percent or less
3) no mortgage insurance is required on the refi as long as no mortgage insurance is on the existing loan

Freddie Mac has a similiar program if your loan is owned by them. If Fannie or Freddie don't own your mortgage and your self-employment income is sufficient to meet a 45 percent DTI, then you can apply for a traditional refinance using the services of a mortgage broker or banker.

Fannie Mae and Freddie Mac both have loan look up websites. Your loan servicer can also tell you who owns your loan.

All the Best!
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0 votes 10 answers Share Flag
Mon Sep 27, 2010
Ray Fernandez-Silva answered:
Most important item for you is : Points:

Second: You need a breakout of all the fees....ask for a complete gfe and than we can a wise consumer and shop around with proof on your hands..the gfe is your proof! ... more
0 votes 10 answers Share Flag
Sun Aug 29, 2010
BOB Khalsa answered:
No, it is too high. Shop around with different title companies. If you have gone through a Realtor ask your Realtor to get you quotes.
0 votes 6 answers Share Flag
Fri Aug 27, 2010
There's a percentage of stocks and mutual funds that lenders count as reserves. You'd have to find out the exact % from your lender. I've never seen impounds being counted as cash reserves, but i don't why they wouldn't since they're in an escrow account.

Elena Ollick
Amerivest Realty
Faith Home Loans
skype: napleshomes
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0 votes 1 answer Share Flag
Tue Jul 27, 2010
Gregorio Denny answered:
First I must say that this is a conversation best had with your loan officer. But since you asked here, I'll take a stab at it.

If you considering LPMI, you will pay an increased rate, or better stated, you will pay increased points to get a rate, so it may show up as points or it may not show up at all if you just go with a higher rate to absorb it. This all depends on what your, loan amount, credit score, LTV, property type, and occupancy is. That's a lot of unknowns to give an informed answer.

I'm curious what your loan amount and credit score is where you would need to pay 1 point to get 4.375%.
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0 votes 3 answers Share Flag
Fri Jul 2, 2010
Deborah Bremner answered:
Hi Rahmani;
A good place to start is the HUD website, which lists assistance programs by city. Your municipality may have a specific program that meets your needs. (see link below)
If you're a teacher, you should investigate the CalSTRS program, whic allows ou to buy a home with 3% down, 80% first TD, and a five year deferred second, so that you only need qualify for the 80% loan.
Check out the California Homebuyer’s Downpayment Assistance Program (CHDAP); it is a deferred payment, simple interest rate junior loan. The CHDAP loans are available up to, but cannot exceed 3% of the sales price or appraised value, whichever is less.
The CHDAP can be used for down payment assistance or closing costs with CalHFA's first mortgage loans (i.e. Cal30 Conventional loan program) or non-CalHFA fixed rate, first mortgage loans.
In addition, CalHFA will permit qualified homebuyers to use other down payment assistance loans or grants to help in the purchase of the home. If homebuyer is using a CalHFA first mortgage loan, all additional programs must be CalHFA approved.
You can find the information on their website,
Deborah Bremner
REALTOR, 00588885
(D) 818.564.6591
Blogging at:
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0 votes 1 answer Share Flag
Tue Jul 20, 2010
Chris Lyon answered:

The first thing you should do is check what your credit score is now. If there are still negative accounts from your bankruptcy you will have tome to clear them up before September. Talk to a local Broker and explain your situation. A good Broker should be happy to help you and give you guidence on what yo will need to do to qualify.

Good Luck
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0 votes 9 answers Share Flag
Tue Apr 20, 2010
Don Tepper answered:
Why won't they provide it? I suspect your husband isn't talking to the right person at his employer.

Another way is to contact your bank and get a copy of the deposited check. ... more
0 votes 3 answers Share Flag
Thu Apr 15, 2010
Ramin Lavi answered:
Weho, the commercial unit you are purchasing will require at least 25% down as it is non owner occupied and will be an investment. Some realtors are not well informed with lending guidelines today. The lender which will ultimately approve this loan will also look at occupancy rate if the home has tenants as well as many other factors which will be required by the underwriter.

I strongly advise that you get in touch with a broker that has experience with commercial properties or speak directly to a commercial lender; I know Wells Fargo has a good division as does B of A. I can refer you to a couple lenders as well. Good luck, keep in mind 25% down.
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0 votes 11 answers Share Flag
Sun Aug 4, 2013
The only lenders you will find are hard to semi-hard money lenders. It is almost impossible to find a conventional lender. I do have such a lending source and the rate isn't that bad (7-9%, varies on scenario) and it is a long term loan (5-10 yr term). ... more
0 votes 13 answers Share Flag
Mon Apr 5, 2010
Peter Stewart answered:
Unfortunately in the lower price ranges it seems that a lot of buildings are not FHA approved. When lenders were able to do spot approvals the problem could sometimes be solved. But those are a thing of the past and the entire building must be approved by HUD. Since you are in a very low price range you're probably running into several problems - condition of the building, reserves, and owner occupancy %.

To answer your question, it is not unrealistic, it's just going to be tough. You'll have to weed through a lot of listings. You may have to compromise on some of your criteria too (space, location, size, condition, etc).

You mentioned that you are looking at listings and contacting the listing agents directly. Why not work with a buyers agent? You get their services for free. They can do a lot of the leg work for you and save you a lot of time.
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0 votes 2 answers Share Flag
Tue Mar 30, 2010
Charles Fitzgerald Butler answered:
I have several lenders and programs that I recommend to my buyers. There are programs available for first time home buyers can fit your situation. Give me a call or got to my website.
0 votes 11 answers Share Flag
Sun Jul 25, 2010
Fred Glick answered:
The amount of fraud that occurred in the past from people going allegedly from a single unit of any sorts to a multi family has led the lenders to be positive that you are moving into the new unit.

I would be surprised even if there is a vacant unit that a lender would do the deal.

if you were selling the condo and closing before you closed on the new place, that would be different.

The Seller would have to evict, so there is nothing you can do legally to get the tenant out, but again, I don't think you will get approved. Have the loan officer get it in writing that if there is a vacant unit you will be OK.
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0 votes 7 answers Share Flag
Sun Feb 21, 2010

Apart from any other certifications or licenses required in CA, you will also need a realtor/real estate license. At least that's required here in MI.
0 votes 1 answer Share Flag
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