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Financing in 94301 : Real Estate Advice

  • All19
  • Local Info2
  • Home Buying10
  • Home Selling1
  • Market Conditions2

Activity 13
Thu Sep 20, 2012
Bill Mccord answered:
2 questions:
1. When was the B/K discharged?
2. Ch 11 is a Business B/K. What were the circumstances?
You will be getting some more responses from Mortgage Professionals and the worst case I can see is that you can't buy just yet but will be able to do so probably next year.
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0 votes 3 answers Share Flag
Wed Jan 30, 2013
Keith & Kinsey Schulz answered:
I always say no credit score is far better than a bad credit score. It means you have no debt, which is a good thing. There are lenders out there that will work with no credit as long as everything else looks good. ... more
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Thu Jul 26, 2012
Terri Vellios answered:
Banks are not to discriminate, we have fair housing laws which prohibit such practices.

East Palo Alto is the low end of the market for Palo Alto. Each city has a low end in price point. The areas where first time buyers and investors (low end) were the hardest hit by the housing and mortgage crises. In order for the bank to refinance the house and the home owner have to pass the guidelines.

The $3,000, as I understand, is for relocation in a short sale and doesn't have anything to do with refinance.

Is your question a concern to you because you are buying or selling?
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0 votes 6 answers Share Flag
Tue Jan 31, 2012
Terri Vellios answered:
Have you tried to contact the current mortgage holder to see what they would offer you? Also, do you belong to a credit union, if so sometimes they may have something to offer. I9;ve never heard of zero cost as their will be some title and recording fees associated with it along with appraisal.

All the best to you.
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Wed Jun 29, 2016
Carl Henker answered:
Bank of the Internet has some very compettive programs and I hear UW is quick.
0 votes 11 answers Share Flag
Sat Aug 13, 2011
I wouldn't wait. What is your FICO, LTV and loan amount? I have ARMs up to $10,000,000 with no prepay and no fee to convert to a fixed rate.

Happy funding, Rudi
0 votes 5 answers Share Flag
Thu Jun 30, 2011
Terri Vellios answered:

You should talk with a lender. Our lender just got a loan for someone who is unemployed, living at home 20% down on a duplex. Not everyone qualifies so the details of your transaction, income, etc. are unique.

Good question!
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0 votes 12 answers Share Flag
Wed Mar 2, 2011
Jennifer Hernann answered:
Hello Timothy,
I have a lender who could go into great detail and point you in the right direction. We work closely together and I refer all of my clients to him. His name is Scott Stinson with FBC Mortgage. They do in house lending and deal with wholesale loans giving a buyer more options. Scott's email is
His phone number is 407-872-3383 and his website is . Give him a call or send him and email. You will get the answers you are looking for and have a trust worthy broker to confide in. They are rare these days. Good Luck

Jennifer Hernann
Re/Max Prestige of West Palm Beach
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0 votes 10 answers Share Flag
Tue Sep 7, 2010
Bentley Advisors answered:
I can either assist directly or provide guidance and referral to the best party to assist w/ your transaction. Contact me directly and we can discuss.
0 votes 14 answers Share Flag
Mon Jul 5, 2010
Graystone Realty Group answered:
Thursday's bond market is in positive territory after this morning's economic data gave us favorable results and the stock markets opened with losses. The major stock indexes are extending yesterday's negative tone with the Dow down 95 points and the Nasdaq down 24 points. The bond market is currently up 7/32, which should improve this morning's mortgage rates by approximately .125 of a discount point.

This morning's important data came from the Institute of Supply Management (ISM) who reported that their manufacturing index fell to a reading of 56.2 from May's 59.7. This was below forecasts of 59.0, indicating that manufacturer sentiment was not as strong as expected. That is good news for the bond market and mortgage rates since it hints at manufacturing sector weakness.

Also released this morning were last week's unemployment figures from the Labor Department. They announced that 472,000 new claims for unemployment benefits were filed last week when analysts were expecting to see that only 458,000 were filed. This data tracks only a single week's worth of new claims, so it usually has little impact on the bond market and mortgage rates unless it varies greatly from forecasts. That was the case this morning as traders are more interested in tomorrow's monthly report.

Tomorrow morning brings us the release of two reports, including the extremely important Employment report from the Labor Department. This report will give us June's unemployment rate, number of new payrolls added or lost and average hourly earnings. These are considered to be very important readings of the employment sector and can have a huge impact on the financial markets. The ideal scenario for the bond market is rising unemployment, a large decline in payrolls and no change in earnings. Weaker than expected readings would likely help boost bond prices and lower mortgage rates tomorrow. However, stronger than expected readings could be extremely detrimental to mortgage pricing. Analysts are expecting to see the unemployment rate rise 0.1% to 9.8%, with 100,000 jobs lost and a 0.1% rise in earnings.

The Commerce Department will post May's Factory Orders data late tomorrow morning, which is similar to the Durable Goods Orders report that was released last week. The biggest difference is that this week's report covers both durable and non-durable goods. It usually doesn't have as much of an impact on the bond market as the durable goods data does, but can lead to changes in mortgage pricing if it varies greatly from forecasts because it measures manufacturing sector strength. Current expectations are showing a 0.7% decline in new orders from April's levels. A larger decline in orders would be considered good news for the bond market and could help lower mortgage rates slightly tomorrow. However, the employment data is much more important to the markets than this report is.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

©Mortgage Commentary 2010
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0 votes 13 answers Share Flag
Mon Aug 31, 2009
The Hagley Group answered:
Is this commercial or residental real estate? There are limits on the number of loans you can have at any one timeon residential. And commercial loans are pretty much impossible to get right now.

Call Linda Grassi, mortgage broker....she will advise you on what is available. 925-824-4848.
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Tue Jul 21, 2009
The Roskelly Team answered:
Hi Tracy, I have never (in 10 years in real estate) seen a conventional loan declined because of such minor conditions. Did the property appraise at or above the price that you purchased it? All of what you have mentioned above except the dishwasher are cosmetic repairs. They might be mentioned on an FHA or VA appraisal but shouldn't even show up as predications there. I'd ask some deeper questions of your lender as I suspect there is a value issue, or another issue with your loan. Ask for a copy of that appraisal as you've likely already paid for it and then check with another lender/lenders for further info. ... more
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Fri Apr 9, 2010
Benny Anastacio answered:
If they ask you, why not? It's always a good thing to tell the truth than to lie. Remember, dishonesty has always a consequence. Fear God! Be honest all the time.
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