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93906 : Real Estate Advice

  • All9
  • Local Info1
  • Home Buying3
  • Home Selling0
  • Market Conditions0

Activity 81
Wed Mar 25, 2015
Michael Cheng answered:
Unfortunately, it's your lack of downpayment that is a bigger constraint in this market. There are banks who can handle little credit to poor credit, but without a significant downpayment, you won't be able to win a bid or qualify for the loan. At that price point, you'll come up against plenty of cash buyers or people who don't need any loan or appraisal contingencies, which you aren't able to give up.

Since you have such good income, focus on saving up $75K in the next 6-8 months and try again at the end of the year to have a good shot at a home.
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Wed Jan 30, 2013
Luis Cano answered:
Here it is, Keith Collins. Office: 916-253-7820 Cell: 916-759-7354 email: kcollins@alpinemc.com web: www.alpinemc.com/Keithcollins best loan officer I have ever used. He has been doing my clients loans for over 2 years. Good luck with your home search.. ... more
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Thu Dec 6, 2012
Ross V Ramsey answered:
Hey Bill...there is not a "single" definitive source for answering your question. However, look at
owners.com and Monterey County for an idea...Thanks, ROSS
0 votes 3 answers Share Flag
Tue Nov 10, 2015
SantaCruzLender answered:
I can ballpark that you would need somewhere in the range of a $5000/mo gross income to qualify for a $300k mortgage. HOWEVER, there are too many variables that affect a loan to be able to give a 100% accurate answer.... depends on the type of loan you are getting (conventional, FHA, USDA, etc?), the amount of down payment you are putting down, your credit profile (while you have a very high credit score, lender's also look at how many credit lines you have, how long you have had credit, etc), what the monthly payments of your other debts are, your employment history, etc. Your best bet is to sit down with a lender to get pre-qualified. Most sellers will not even consider your offer to purchase unless you have a lender's letter verifying your ability to secure a mortgage loan. Be prepared to supply your year to date paystubs, your previous two year's w-2s/tax returns, and copies of your asset accounts showing that you have the $'s necessary to make your down payment and closing costs. If you don't have a lender in mind, I can recommend some local lenders who can help you out. ... more
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Wed May 22, 2013
Johnny Quillopo answered:
Yes, there is small town feel with its rich history documented by John Steinbeck and minutes from the Monterey Bay.
0 votes 9 answers Share Flag
Tue Nov 20, 2012
Jesse Reyes answered:
Hi Julie,

I don't think you can buy a house when you are on section 8 but there is a voucher that helps you towards purchasing the house. I do know that once you purchase a home, you no longer qualify for section 8. My best advise to you is, to contact your case worker and get all the correct information. Best of luck.and contact me if you need any more assistance, take care ... more
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Mon Sep 17, 2012
brian_pedell asked:
Fri Mar 29, 2013
Ross V Ramsey answered:
Hello...while the school-year and election certainly have influence, anytime is a good time to be listing a home for sale in the Salinas area. Inventories of ACTIVE listings are currently very low, Buyer's are ready with rates at historic levels and properties at very affordable prices. In general, prices are still soft, but there are areas where multiple offers can be expected bidding home prices somewhat higher than asking...hope this helps!. ... more
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Tue Nov 20, 2012
Gregorio Denny answered:
FHA doesn't have a limit on income, you can purchase with a FHA mortgage with 3.5% down or you can purchase with conventional with 5% down. There are a few more low down payment options as well but those do have varying restrictions. Contact me if you would like to discuss ... more
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Tue Nov 20, 2012
Jeanne Zoller-Mulville answered:
are you factoring in the annual taxes and your annual homeowners insurance ino that amount? Or is that $1500.00 just the amount you are going to use for the home?...and you have extra income to pay the other fees? ... more
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Tue Jul 3, 2012
Steven Ornellas answered:
neyney:

Your lease obligation between you and your Landlord is still valid, the fact they may not be paying their mortgage does not release from your contractual obligation. Also, you might want to think twice about being in a rush to move; the fact is rental rates are on a steady climb as more former homeowners seek housing and compete for available rental housing.

In addition, you should make yourself familiar with the foreclosure rights you have - in some cases Tenants with leases can remain in the property for the full term of the lease.

"CA's "Protecting Tenants at Foreclosure Act" - need to know info!"
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/2011/08/ca_s_protecting_tenants_at_foreclosure_act_-_need_to_know_info

-Steve
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Mon Jun 18, 2012
Monterey Peninsula Home Team answered:
I would guess that you are asking what to bring to the signing? Here in CA we do not actually close escrow at the signing ike they do in many other areas of the US. All you need to bring to your signing is a copy of a valid ID so the escrow/title officer can verify your identity for their notory book. I would also bring a copy of all of your paperwork, especially anything that you have paid for during the escrow process so that you can make sure the HUD statement is correct and you are not paying for anything that is not your responsibility. The escrow officer will have a copy of the contract, so I wouldn't worry to much if you don't bring it. If the escrow officer has given you the HUD ahead of time (which we always try to do) and you are in agreement with all the charges and the balance that you owe to close, then you can bring a certified check also. As a Realtor representing my buyer, I normally bring my file on the property so that I can answer any questions that could come up during the signing. I also like to review the HUD prior to sitting down to close so that any issues with the HUD statement can be remedied prior to sitting down to sign.

Mostly just bring a smile because it sounds like you are really close to owning your new home! ;-)
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Mon Jun 18, 2012
Curt Abramson answered:
That depends on whether you are buying or selling, and what other circumstances are involved. At a minimum, bring picture ID. If you are supposed to contribute funds, either a cashier's check for the amount estimated on your most recent estimated settlement statement. The best person to answer that question is the escrow officer who will be signing you off. Why don't you give them a call?

I am curious, though - do you have a real estate agent helping you with your purchase or sale? If so, isn't helping you with answers like this part of what they get paid for? If you are not represented, then I can understand your question. Good luck!
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Thu May 17, 2012
Regina Shaw answered:
Hello Azael,
Please contact Ivan Barriga his company does I-TIN loans for persons without SSN#.
ibarriga@myctcu.com
I hope this was helpful. Thanks,
0 votes 1 answer Share Flag
Fri Jan 25, 2013
Susan Brownlie answered:
I suggest that you call a lender in Salinas- Joseph Sanchez @ Prospect Mortgage -he will be able to answer this question for you. I am a Realtor in Salinas and unfortunately do know the answer to your question. I believe you can but can't be sure. 831 751 1990- ... more
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Thu May 3, 2012
Teryl McGowan answered:
You need to speak with a mortgage counselor about your personal circumstances.
0 votes 1 answer Share Flag
Thu Jun 1, 2017
Steven Ornellas answered:
Jessica:

Here's a link indicating you may be able to buy with:

A 3.5% down payment if you have a min credit score of 580+.
A 10% down payment if you have a min credit score of 500-579.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi…

However, if you were going after a 203k loan I'm wondering if the property would pass a normal FHA Appraiser's "Health & Safety" review.

Good Luck!

-Steve
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Sun Nov 27, 2011
Margaret Hassani answered:
That is not allowed by the banks. As to the legality, you will have to speak with a qualified attorney.
0 votes 9 answers Share Flag
Thu Aug 15, 2013
Dan Tabit answered:
Mike,
Each landlord decides for themselves what they consider to be an acceptable credit rating. Many people are entering the rental market with short sales and foreclosures, so you are in good company.
Also, consider doing some credit repair so you can improve your odds of getting approved for a rental and someday a purchase.
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Sat Jul 2, 2011
Curt Abramson answered:
Honestly, it probably just means the seller has accepted an offer and now it's going to the bank for review and possible approval of the short sale. There doesn't seem to be any consistent use of the pending statuses PR or PS for short sales.

FYI, per MLS rules "pending release" means the accepted offer is contingent on the sale of the buyer's current property. "Pending show" means the buyer's investigation, appraisal and loan contingencies have not been removed. An offer with "PR" status could be bumped by another buyer if the existing buyer cannot remove the contingency for the sale of their property within 3 days. An offer with "PS" can't be bumped by another buyer.

Hope this helps.
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