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Financing in 90070 : Real Estate Advice

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Activity 172
Thu Sep 20, 2012
Mike Sullivan answered:
Sounds like you may be in the market for some private lenders....higher % and fees, but might get you through closing
0 votes 11 answers Share Flag
Tue Aug 23, 2011
Since it's in the same type of work, and if you can prove a total of a 2-year employment history (self-employment included), and if you've been a W-2'd employee for 6 months, then you should be looking fine to use it to qualify (whether the income will qualify you or not is another discussion).

You do not have to have a W-2 to prove you are employed. You need to be able to provide paystubs, as well as we contact your current employer to confirm your start date, wages, etc. and also to make sure you are an actual employee (and not like a "contract employee" or something along those lines - as that would still make you still self-employed). Documentation that you have ended your self-employment would very likely be needed, otherwise your new employment position could be looked at as a 2nd job which needs a 2-year history at the same employer to qualify.
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0 votes 3 answers Share Flag
Fri Jan 27, 2017
Allan Erps answered:
0 votes 25 answers Share Flag
Thu Jun 2, 2011
Sandra LaFlamme answered:

Market reports say that Consumers are pessimistic about the labor market outlook for the next six months. Those expecting more jobs in the months ahead declined to 15.9 percent from 17.8 percent, while those anticipating fewer jobs increased to 20.8 percent from 18.7 percent. The proportion of consumers expecting an increase in their incomes declined to 14.8 percent from 17.0 percent....meaning more downward pressure on home sales and more opportunity for you to have a selection as you repair your credit.
If, during this time your find a willing seller who wants to give you a lease purchase option -- or owner financing...than knowing the trend will help you and your Realtor negotiate well.

Owner financing is an option that allows sellers to hold the note when selling an item to a buyer. This financing method is often available when buyers cannot purchase the item outright with a bank loan.

Lease purchases are a combination of owner financing and traditional bank loans. Owners usually offer buyers an option to lease the home for a period of time and then qualify for a bank loan to purchase the home at the end of the lease period. This creates a passive income stream for the seller and allows you to establish or repair your credit prior to the loan application process. Sellers may give you a small reduction in the home's purchase price for making monthly payments on time throughout the lease agreement.

Loan Terms
Owner financing typically gives more options for sellers creating loan terms. Sellers can set an unconventional loan length or higher payments for the loan period.
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0 votes 8 answers Share Flag
Wed Jun 8, 2011
Gregorio Denny answered:
You need 3.5% down payment which is 96.5% LTV.
Please contact me for assistance.
0 votes 11 answers Share Flag
Wed Oct 18, 2017
Gregorio Denny answered:
Lenders don't instruct appraisers on value. The home valuation code of conduct (HVCC) is a law that went into effect to prevent exactly such a thing. If your appraisal comes in low, it changes your loan to value and thus the pricing would change. It's not a conspiracy, it's just the way things are. You could always dispute the appraisal but that usually is not successful. If you truly believe the appraisal is flawed, you could always go to a different lender and re-submit your file. If you locked anytime prior to last week the odds are that the rate you locked is higher than current rates anyway so you may end up with a better deal than you had before.

Please note that just because the appraisal came in low, it does not mean you cannot close what you already locked. You could bring extra funds to make up the difference, you could have your agent re-negotiate the contract price, or you could close at the higher rate. There is always risk in starting over so you will need to weight the pros and cons.
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0 votes 17 answers Share Flag
Thu Aug 15, 2013
Tim Moore answered:
Check with others, but the 2nd can start foreclosure proceedings too if they are not being paid forcing the whole house of cards in.
0 votes 18 answers Share Flag
Sat Sep 21, 2013
Deborah London answered:
No it does not. Nor does it remove your first TD. If you are living in your property now, you might get to keep it after a bankruptcy, if you can make the payments.
0 votes 16 answers Share Flag
Tue Apr 19, 2011
Jim asked:
0 votes 0 Answers Share Flag
Sat May 21, 2011
mike konkoly answered:
The best way is to hook up with your local realtor and tell them exactly what you are looking for and they can help you locate your perfect loft. They can even help you with a for sale or rent by ownerjust takes a little more workmanship. I know I have been there. ... more
0 votes 3 answers Share Flag
Thu Apr 14, 2011
Matt Pickett answered:
Thu Apr 14, 2011
Sharon Smoot answered:
Most mortgage loans have a due on sale clause which requires that the loan be paid in full when title is transferred from the owner/borrower to a third party. In my 15+ years as a real estate attorney, I heard of this happening only one time and their were some other factors which came into play (i.e. accusations of mortgage fraud). ... more
0 votes 4 answers Share Flag
Sun Apr 3, 2011
Kobi Costa answered:
Wed Apr 6, 2011
Jim actually this may hurt you. The income property would have one less tenant. The loan is based on cash-flow. I have some information on my website under Commercial Lending that you may find of interest. Also, if you wish to contact me directly, I'll be happy to answer your questions.

Happy funding, Rudi.
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0 votes 5 answers Share Flag
Sat Apr 16, 2011
Deborah Bremner answered:
You need to discuss your individual situation with a mortgage broker to look at all of the options, not the least of which will be the possibility of a high enough appraisal based on a 03-10 90% LTV. I don't know about the Lakewood market, but many markets have seen a decrease since 2010.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
(C) 310-422-4288
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
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0 votes 9 answers Share Flag
Tue Mar 15, 2011
Only debts which you are legally obligated to pay will be listed as your liabilities. If you are not a signer/borrower on the student loan then it will not count against when your application is underwriten.

Don't hesitate to contact me directly if I can be of further assistance.
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0 votes 1 answer Share Flag
Mon Feb 28, 2011
David Zuckerman answered:
If you currently have a salaried position you should be able to use that income. Please feel free to call me at (86) 552-5912 if you have any questions.
0 votes 4 answers Share Flag
Wed Feb 23, 2011
Richard Schulman answered:
Thu Feb 10, 2011
Jacob Varghese answered:
Hi Scottsal23,

NOO home cash out is possible. What is the FICO score? Please give more details.

NMLS 327086
0 votes 6 answers Share Flag
Tue Sep 5, 2017
Ryan Ole Hass answered:
Have you spoken with a lender? Eventhough my knowledge base with FHA & loans is high, it is best ot get those answers from a lender who is experienced with FHA loans. I have someone who can help you with NO OBLIGATION, but I don't feel good giving advice to someone who is not my current client...but I always defer to the expert in the field of question. Hope you understand.

Good Luck.

Ryan Ole Hass | MBA
The Red Door Group L.A.
Keller Williams Realty Larchmont
DRE Lic# 01417826
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