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Financing in 94604 : Real Estate Advice

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Activity 42
Wed Apr 3, 2013
Richard Matus answered:
Not always, sometimes it is a decision of using a different product at a similar cost. There is an organization called Build It Green ( that has lots of good info that can help a lot. Some items may cost a little more up front but be a lot cheaper in the long run due to lower usage costs. LED lights cost more upfront but save a lot of money in the long run and last 20+ years! You spend nothing on light bulbs, just install and enjoy. ... more
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Sun Mar 31, 2013
Michael Bardales answered:
Possibly. They may require a larger down payment. I have a great lender who can help you with that. Let me know.
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Thu Mar 14, 2013
Richard Matus answered:
You'll get the best terms and rates if you live in one of the units. Investor loans will have a little higher rates and require more down than a 4 unit building that is owner occupied. If you don't own a home and would like to get an investment property, this is the best way to do it. You'll get the best loan that you can lock in for 30 years at great rates, it makes a lot of sense.

I hope this helps.
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Thu Jan 24, 2013
Suzanne MacDowell answered:
It is possible but it can be messy and time consuming. And he does have to be paid for the work he's done so far. Call the FHA supervisor and tell him the issues you are having. He or she may be able to intervene on your behalf to resolve any disputes but if you really feel this guy is not doing his job well by all means get rid of him, just be prepared for the delays. ... more
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Thu Sep 13, 2012
Ron Thomas answered:
It probably takes about 5 minutes to have them change & run a new GFE.
They are required by Federal Law to give you a GFE, so don't be put-off.
You should get at least two Loan estimates and GFE's so that you can compare the numbers.
There are so many numbers....
Why isn't your Buyer's Agent advising you on this?

Good luck and may God bless
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Mon Aug 13, 2012
Tim Moore answered:
Thu May 23, 2013
Lance King answered:
I don't know of any lenders specific to Oakland for these products. I think Sterling Bank and NCB are the only ones who do these loans.
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Sat Jan 16, 2016
Bob Willett answered:
If your case number was pulled after October 4, 2010 you have annual MMI of .9%; if it was pulled before that it is only .55%. Since it’s now 1.25% you will be increasing your MMI rate by either .7% of .35%. You will also be paying 1.75% MIP up-front to get the new loan, and your refund for your original MIP won’t be much. (It changes for every month you have been paying on the loan, but .5 would probably be optimistic.)

This doesn’t include any title, escrow or loan fees. I would need to put your numbers through my excel program I wrote to calculate savings, costs and amount of time needed to get back to even to really answer your question. My guess is it won’t be to your advantage regardless, but unless you are currently at the .9% MMI AND you have a loan amount of at least $250,000 it wouldn’t even be worth running the numbers.
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Mon Jan 23, 2012
Anna M Brocco answered:
When it comes to any tax issues, it's always best to consult with your tax profesional, and or, tax attorney...
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Tue Dec 13, 2011
Shane Milne answered:
Hi Gil, it sounds like the bumpy credit was 24+ months ago and so your credit history should be in good condition for FHA financing, you'll have more lending options (and easier underwriting) with the scores you are aiming for, but your scores now would also be OK (it looks like you got them from or - either place gives FICO scores which is what us mortgage lenders use). If all you have is the student loan & credit card debt (which you'd be paying off you say) then I don't imagine the student loan payments would get in the way from you qualifying for what you are looking at (unless the payments are like $1,500/mo - which I doubt). At a $150k sales price, 3.5% down payment, on an FHA loan including taxes/insurance/mortgage insurance, you could expect your total payment to be about $1,075/mo. You said you and your mom would be living there, there is a down payment assistance program called CalHFA, but it has household income limits - you can check more information on it at ... overall you look to be in pretty good shape to qualify. I'd suggest you and your mom attend a first time homebuyer education course before though, it'll help you understand the homebuying & mortgage approval process and what to expect after you own your new home. ... more
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Mon May 14, 2012
Bill & Elijah Fletcher answered:
Call your favorite mortgage broker and have a conversation about your issues
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Tue Jun 21, 2011
Michael Abram answered:
Hello Honeytoast4U,

Can you give a little more information about the medical bills? Did they appear on your credit report as collection accounts?

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
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Mon Jun 13, 2011
Roswell Moore, answered:
Hi Joshua,

Yes, there is an alternative. I work for a mortgage bank that provides Jumbo loans up to $5 MM with as little as 10% down.

Please feel free to contact me directly; I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
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Wed Aug 17, 2011
Troy Staten answered:
With 5+ lending the lenders are usually looking at the buildings ability to pay for itself. If the rental income does not cover the payments, taxes and insurance plus a vacancy factor they are likely not to lend on the property, often they want a higher than twenty percent down payment as well. You really should be intouch with some commercial loan brokers to talk about what lenders are looking for. You might also talk to some of the smaller commercial banks as well.

Good luck
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Mon Mar 7, 2011
EDIE CLARK answered:
You should contact your Accountant or CPA for any tax consequences. In regards to the sizeable principal reduction (curtailment), you should contact your current Lender's Loan Servicing Department and ask them to re-cast/re-amortize your monthly payment. Most Lenders will do so with a one-time large prepayment principal as you intend to do. They probably will charge you a small fee of about $350 which is quite a bit less expensive than refinancing. Good luck!1 ... more
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Mon Feb 28, 2011
Rudi Hofmann answered:

Here are some main ones and a link to FHA that you can ask questions by key word.
1. 51% owner-occupied
2. No one entity can own more than 10% of the units, builder included.
3. HOA Dues cannot be more than 15% in arrears.
4. Link:

Happy funding, Rudi
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Sat Jan 22, 2011
Richard Malsed answered:
With the info you provided, there is no reason why you couldn't qualify for a loan. Seek out a mortgage broker or a loan officer and get a pre-approval! I use a lender that regularly gets loans for people with scores as low as 580.
Good luck Nikki!
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Tue Dec 14, 2010
Kyle answered:
Sure, sounds like it would be fine. Dont get too hung up on the job thing, with 2 years history its fine. And the min down is actually 3%. We are a preferred Homepath Lender if you want to talk to about a pre approval for her. ... more
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Sat Nov 27, 2010
Kamal Randhawa answered:
Hello Ruth :)

While FHA Loan Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

Good luck and please let me know if I can be of further assistance. Thank you :)
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Sat Nov 27, 2010
The Chris Freck Team, CMPS answered:
FHA does not allow any secondary financing behind 203k loans, most lenders are now requiring 640 minimum.
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