Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in 92883 : Real Estate Advice

  • All21
  • Local Info2
  • Home Buying12
  • Home Selling0
  • Market Conditions0

Activity 9
Fri Mar 21, 2014
James Cottrell answered:
It may be possible to qualify for refi products depending on your scenario. I can provide a lender contact that can give you specific details for your situation.
James Cottrell
951-662-1576 ... more
0 votes 6 answers Share Flag
Mon Nov 7, 2011
George Raymondo answered:
As of today we are. You can read my article on the subject and contact me if you have any questions.

Best of Luck!
0 votes 2 answers Share Flag
Fri Apr 11, 2014
I hate it when agents require pre-approvals from their brokers ( no exceptions). From what i understand, however, it IS legal, because they're not requiring them to finance with that company, but only to pre-qualify. ... more
0 votes 36 answers Share Flag
Thu Dec 22, 2016
Robin Silverberg answered:
This will depend on the type of loan and if you will need PMI. You may find a lender here and there who will go to 55% on a very strong file, but many cap it at 45% now, and if you want a conventional loan with PMI, it is 40. ... more
0 votes 9 answers Share Flag
Tue Feb 23, 2010
Cindy Vedder answered:
Kelley Timothy M CPA, Esq.
(951) 683-1400
Merrill Avenue
Riverside, CA 92506

I've used Tim for years. He's great and should be able to help you.


Cindy Vedder
Prudential Ca. Realty
... more
0 votes 3 answers Share Flag
Tue Jan 3, 2012
Rudy McDowell answered:
Hi, Lazaro

For FHA, your sole closing costs can not exceed 7.99% of your total loan amount. With FANNIE MAE, its 5%. I'm not familiar with the term, "cross qualifying", but to answer your the rest of your question: How much the home's property taxes and the month your looking to close in can have a significant impact on your closing costs. FUrthermore, if you have a low FICO score and a bruised credit history, little cash reserves (less than 2 months of the mortgage payment in savings), high debt to income ratio (DTI)---For FHA, DTI limit is 43%, for Conventional its now 45%---, only putting down the min required down payment (with FHA its 3.5%), no previous mortgage or rental history to show your ability to make timely payments and therefore causing a 100% payment shock, these are some of thing which could have caused you to be denied by those other lenders and paying such high costs with this current one. And becasue you were denied by those other lenders, and if your current lender knows that they are probably the only game in town, this could be another reason why your paying what you're paying.

Having not looked at your credit report and overall loan profile and going by your remarks alone, in my professional opinion you may be better off waiting until you can strength your profile more. Especially since, again based on what you've shared, there's also no guarantee that this current lender will be able to close you either. If not, you may not discover that until you incurred even more costs by paying unneccessarily for an appraisal and home inspection.

This deal sounds too suspect to me. Please proceed with caution.

Rudy R. McDowell / Senior Loan Officer
NMLS#: 141856
770 S Adams Birmingham, MI. 48009
o: 800-678-6663 Ext 5154 / f:248-594-6156 /d: 313-410-1344
"Referrals are the Best Indicators of My Service and Your Satisfaction"
... more
0 votes 7 answers Share Flag
Fri Sep 11, 2009
The Hagley Group answered:
Get yor buyers agent involved to lean on him to see what's going on. Have your agent let the listing agent know what's going on, and either go to your lenders boss or find a new lender. ... more
0 votes 2 answers Share Flag
Thu Sep 9, 2010
Steven Ornellas answered:
Hi Kyle, seller financing, especially in these times of tight credit, is not unheard of. Having the transaction go through a reputable escrow company will provide some protection as to clear title; however, the details of the Grant Deed and Promissory Note should thoroughly be reviewed by a RE lawyer in addition to the purchase contract.

What are your investigative rights?

Do you have an Appraisal contingency?

Will you be paying a premium interest rate due to the Seller financing?

Also, you may want to look into FHA financing if you are concerned about your credit score as the guidelines under this program are more flexible in this area, only require a minimum down payment of 3.5%, and allows up to a 6% Seller credit. Although I am a Mortgage Banker and Realtor, I do not provide FHA financing services; however, I have a referral if needed (please contact me offline)

Best Regards, Steve
... more
0 votes 1 answer Share Flag
Thu Mar 27, 2008
Sean Giorgianni answered:
Absolutely! I'd recommend Dan Isham. I've worked many deals with him. He's honest, professional, and actaully closes deals.

There are at leats 51 bank owned homes available in teh 92880 zip code. They range from $180K to $540K. The average price is about $403K for a 2,900 sq. ft. home.

I don't know your individual situation (beyond what you've shared), but generally it'd be better for you to put as little as possible down because you want to save your cash and liquidity for other needs. Sounds like you already have a great financial planner, so talk to her.

As far as your real estate needs, I'd appreciate the opportunity to compete for your business. Check out my profile and let me know how else I can help.
... more
0 votes 6 answers Share Flag
Search Advice