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Financing in 94130 : Real Estate Advice

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Activity 157
Mon Apr 8, 2013
Thierry Abel answered:
Doesn't the county auction them (I will contact the county assessor's office)
0 votes 1 answer Share Flag
Fri Jan 1, 2016
Julie Horvath answered:
Hi Seanf,
How less than perfect is the score? I am able to offering financing to borrower's down to a 620 credit score through either FHA, VA (if you are eligible) and Fannie Mae. I would be happy to speak with you and go over your credit with you to determine what you can do to make impactful improvements to your score if necessary. I can be reached at 866.901.3570 and would be happy to assist you in anyway that I can.
Regards,
Julie A. Horvath
Northpointe Bank
Area Manager
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
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0 votes 9 answers Share Flag
Wed Mar 27, 2013
Jackie Cuneo, Mortgage Advisor answered:
This is the wrong question--the question should be, what is the reason you are considering a second mortgage?
1. Most seconds are put in place instead of having a higher first loan with mortgage insurance.
2. Many times the payment on the 2nd loan is actually less than the mortgage insurance payment would have been.
3. Many seconds are HELOC products, which can be paid down and reborrowed on later at a rate lower than most credit cards, and used for things like home improvements.
4. Often the interest on a 2nd mortgage is tax deductible (check with your cpa to confirm)
5. The primary reason clients will use a second mortgage is to purchase property with a lower downpayment. This allows them to become homeowners sooner, benefit from current low interest rates on the first loan, and start benefitting from the home interest tax benefits.
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Tue Mar 19, 2013
Alina Aeby answered:
Hi Rick,

Try First Republic Bank. They do finance condo purchases and refinancing in litigation buildings. However, they will ask for 30% down payment and the borrower needs to bank with First Republic and have a balance of at least $ 2500-3500/ month.

Good luck!

Alina Aeby-Broker Associate
Pacific Union International
415.744.4844
www.bestsfhomes.com
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0 votes 3 answers Share Flag
Wed Feb 13, 2013
Thierry Abel answered:
There should be some areas of your credit report that can be fixed or improved. You might want to talk to your mortgage broker/lender and they should be able to lead you through it.
0 votes 4 answers Share Flag
Wed Feb 6, 2013
Laura Coffey answered:
Thu Jan 31, 2013
Ron Thomas answered:
Never heard of an ESCAPE TAX, perhaps you should go down to the Assessor's Office and ask them to go over it with you.
0 votes 2 answers Share Flag
Tue Jan 29, 2013
Editor answered:
People mistakenly think it is the Realtors that are driving prices up. However, it is actually the buyers who set the price of any property. If it is too high priced, the property will sit on the market. If it is priced too low, then there will be multiple offers. If people are desperate enough, they could effectively drive the price up OVER the actual market value. That's why it's best to have a Realtor on your side who can give you accurate information to help you decide on what price to offer for any given property. ... more
0 votes 5 answers Share Flag
Thu Feb 14, 2013
Jed Lane answered:
Hey Carlos,
Self-directed IRA purchases are completely possible but not easy. To use funds that you've built up in an IRA to purchase property you have to set up an account with a trustee or custodian and a facilitator or set up your own limited liability corporation. It should be possible to lend yourself the money and pay yourself back including interest which will grow your fund. As you go forward look at “checkbook control” aspects of the structure. You might need to pay a plumber and you don’t want to have to go to the facilitator with a request for disbursement.
The main issue is that with an IRA you, the beneficiary, can NEVER touch the money. If you touch it or control it at any point you have to pay income taxes on it.
While it is possible, it takes work and it takes legal oversight by competent people. Although the stock and bond companies have virtually cornered the retirement account market the law allows us to invest in any thing we want.
You state that you would do a cash-out refinance. From that I’m assuming that you think the value of the investment in stocks or such, where you have the funds now, will grow at a faster/safer rate than the equity. If you seek the refi be sure to investigate how title can be held. Most residential lenders with the cheapest interest rates, don't lend to corporations, LLCs or custodians.
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0 votes 3 answers Share Flag
Tue Oct 22, 2013
Matthew Brozek answered:
BBVA Compass offers Financing for Non-Warrantable Condos. Purcahse and Refinance, up to 70% LTV. Please feel free to contact me for more details.

Regards,

Matt Brozek
BBVA Compass
NMLS#8985
Ph: 916-671-4028
Email: Matthew.Brozek@bbvacompass.com
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0 votes 2 answers Share Flag
Fri Jan 11, 2013
Helen Yuen answered:
1031 Exchange Rules = "like kind" = the land must be held for productive use in a trade or business or investment.

Yes, vacant land is like kind with all other types of real property.
However, like other properties, in order to qualify for a 1031 Exchange,
the land must be held for productive use in a trade or business or for investment.

Helen Yuen, Open Home Professionals (415) 583-3535
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0 votes 1 answer Share Flag
Sun Feb 8, 2015
Jackie Cuneo, Mortgage Advisor answered:
SInce Fannie Mae changed the rules about funding loans on properties classified as Live/Work, the choices for financing lofts have been reduced. We do have a source for financing Live/Work.

One tip: to check whether the property you like requires special financing, look at the Preliminary Title Report. If there is a recorded "deed restriction", you must get a copy to see exactly what it says.

If there is no deed restriction that specifies an owner must have a business license or conduct work or art-related activity to own the unit, you may be able to use conforming (regular Fannie Mae) financing, which will usually carry the best rates and more choices for loan types.
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0 votes 8 answers Share Flag
Fri Nov 23, 2012
John Souerbry answered:
Yes! I recently worked on a sale that involved a property that had faulty tax information in the system from the 1980's. We tried to work with the assessor's office, which will usually institute a fix if they find an error (option 1). But we got bogged down in bureaucracy that would have taken a year to wade through - and would have killed our sale. We scheduled a quick hearing with a judge ("quick" means within 2 weeks). He studied the error, determined it was indeed an error, and issued an order to the assessor's office requiring them to fix it immediately (option 2).
The court hearing is obviously more expensive than just asking the assessor's office to make a fix, but it's an option.
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0 votes 2 answers Share Flag
Wed Jan 30, 2013
Gabriel Rojas answered:
Hello Robwat,

Because you have likely never owned a US-based credit card or other loan, it will be important to open an account and start building credit. Once you start using your account it will take some time to show good history by paying your balances on time, etc.

Feel free to contact a financial expert to get more detailed information on how your previous credit history may be helpful and to see what you can do to build good credit in the eyes of the American credit scoring agencies.

I can also be reached directly if you'd like to contact me.

Best of luck!

Gabriel
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0 votes 7 answers Share Flag
Mon Oct 29, 2012
Jack Campbell answered:
If the loan is in deferment, it is possible that it may not need to be included. On the other hand, if it is not in deferment it will need to be included but you should be receiving a statement showing where to make payments etc. If you are not, it is possible also that the loan was taken out in your parents' name in which case you may not be directly liable for the loan. If in your parents' name, you wouldn't need it int he ratios.

Another option, nearly every student loan lender sends a year end statement with the tax details for deduction reasons. Check with your tax stuff for a year end statement.

Last and worst case, the lender can order a "credit supplement". This is where you provide the lender information and a 3 party person from the credit report company calls the lender and confirms and certifies the payment details on the report without the use of any printed document from the lender. But this will likely require a 3-way call so be prepared to participate and they also cost $25-50 depending on the credit provider.
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0 votes 3 answers Share Flag
Sun Oct 21, 2012
Seth Swenson, MBA answered:
All cash buyers may be the solution. Most lenders will not lend if there is an HOA and any one person or entity owns more han 10% of the units so even if you only owned one unit you might have trouble getting a loan. Another option may be hard money lenders aka private money lenders. Good luck! ... more
0 votes 7 answers Share Flag
Thu Sep 12, 2013
Lizete Santos answered:
Hello,

HSBC Bank will loan to foreign nationals with requirements. Here are some of them:

-Minimum 100K in account
-Bank statements @ least 2 months
-CPA letter / HR letter for employment verification
-Intl. credit report
-Appraisal fees

LTV rates differ depending on the property type as well as if its owner occupied or investment purchase.

Please let me know if you have any further questions:.
Regards,
Lizete
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0 votes 4 answers Share Flag
Mon Oct 8, 2012
Shane Milne answered:
30 days is what it should be. However it can be as little as 14 and up to 45 days. Very good information about inquiries and how they impact you at http://www.myfico.com/crediteducation/creditinquiries.aspx :

How much will credit inquiries affect my score?
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one's FICO score. For most people, one additional credit inquiry will take less than five points off their FICO score. For perspective, the full range for FICO scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. While inquiries often can play a part in assessing risk, they play a minor part. Much more important factors for your score are how timely you pay your bills and your overall debt burden as indicated on your credit report.

Does the formula treat all credit inquiries the same?
No. Research has indicated that the FICO score is more predictive when it treats loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, the FICO score ignores inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for rate-shopping inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

What to know about "rate shopping."
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

Shane Milne | Lending in all 50 states | NMLS #81195
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0 votes 2 answers Share Flag
Sun Feb 8, 2015
Dino Zuzic answered:
Hi Bernie,

Depending on your total assets / financial holdings, First Republic Bank may be willing, which would require moving a sizable amount of your assets over to them. Feel free to contact the following:

Dyann Tresenfeld
Executive Managing Director
First Republic Bank
111 Pine Street 7th Floor
San Francisco, CA 94111
415-296-3794 (phone)
415-288-0588 (fax)
dtresenfeld@firstrepublic.com
NMLS ID: 487194

Good luck!
Dino Zuzic, MBA - TRI Coldwell Banker
www.dinozuzic.com
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