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Financing in 95812 : Real Estate Advice

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Activity 89
Sun Nov 1, 2015
Kylee Roe answered:
Your ability to obtain a loan will require good credit-score of 640 or so, and low enough debt to income ratio (showing your willingness and ability to repay the lender). Good rental payment history is a feather in your cap, but not the main criteria a lender considers in making a loan.

If you are buying in Texas (GO COWBOYS!), speak to a lender there. If your poor credit is the result of late pays and charge offs, that's worse than if your score is low because you've never established much credit, than that's different. If you speak with a lender, a good one will work with you to fix the poor credit so you can get a loan. It's a process requiring some time, but better to get started than to wait.

Good luck.
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0 votes 11 answers Share Flag
Tue Feb 17, 2015
Patrick O'Hare answered:
If you have never done it before, this is best left to your broker-----that's
why you have engaged their services.
You cannot legally check somebody's credit without authorization and
of course need access to a credit reporting agency.
Not all counties have an easy system for the public to access information,
Sacramento is fairly easy, and you do need thorough information on the
individual inlcuding full name and aka's.
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0 votes 8 answers Share Flag
Mon Apr 25, 2016
Ted Greene answered:
Yes you do. Most buyers agents will not show you houses until you get pre-approved and they know how much you can spend. I can refer you to someone who will pre-approve you. Call me at 916.442.4500.
Ted Greene
JCL Realty, Inc.
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0 votes 15 answers Share Flag
Mon Apr 25, 2016
Linda Chu answered:
It depends on the lender. If they have a lot of files to underwrite than there will be delays.
0 votes 11 answers Share Flag
Sun May 19, 2013
Nancy Bergman answered:
Yes, there are some lender that will loan people with 20% on a conventional loan after 2 years. Yet you need to pass each lender's criteria. Some are 24 months conventional, some are 3 years for FHA.
If you want more information about the lenders I use that do this, contact me privately, and would be happy to help.

Nancy S Bergman
Realtor - Lyon Short Sale Certified
DRE # 01893550
Lyon RE Downtown
2801 J Street
Sacramento, CA 95816
Primary: 916-400-1355
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0 votes 16 answers Share Flag
Sat Dec 1, 2012
Sue Archer Reynolds answered:
I would contact the lenders directly for that. Most loan brokers are focused on the refinance and purchase loan opportunities. While the best answer will come from a lender here, I thought I'd just add my two cents....

check with your local lender- either a bank or credit union and see what they would offer you. Of course the decision will be based on your credit worthiness and that you equity in the home, but they would be your best resource.
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0 votes 2 answers Share Flag
Sat Nov 3, 2012
Loan programs come in 2 basic flavors, government backed (VA, FHA or USDA) and conventional.

For government programs, the rates are rather static.....essentially, all who qualify get the same rate! The only exception: borrower's with credit scores below 640

This isn't true for conventional loans, higher fico scores = lower rates.

Anyone with a fico score above 740 will be entitled to the best rates, and fico scores below 620 (and who don't have 20% down) won't get a loan, period...

Having said all this, and in considering your questions, I'm going to counter with a question of my own: how important is a low interest rate if your loan doesn't fund?

Reviewing a borrower's credit, income and assets only accounts for roughly have the analysis a loan officer performs when qualifying a borrower, the other half is related to the subject property (home condition, type, taxes, liens) and the type of sale (short sale, REO, flipped property, estate sale).

A knowledgeable, seasoned loan officer will thoroughly analyze all aspects of a transaction, much the same way a good doctor fully interviews their patients before rendering advice. If a loan officer fails to gather certain pieces of information, the home sale can fall apart the same way a patient may not survive a procedure when the doctor didn't collect enough information.

If comparing doctors by who charges the least for their services doesn't make sense, then why would someone use this approach when comparing loan officers? The fate of your home purchase is worthy of finding the most qualified loan officer you can, not necessarily the least expensive. Ask for referrals from realtors, CPAs, financial advisors and close friends, especially those who've just completed a home purchase!

And if you'd like me to review your personal situation, let me know!

Good luck and best regards, Jeff Marr
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0 votes 1 answer Share Flag
Sun Dec 1, 2013
Sue Archer Reynolds answered:
The short sale is approved because of a hardship, no matter what the reason is. The restriction on when you can qualify for a new loan is based on the act of doing a short sale and again, not determined by the type of short sale.

Sorry to say, it's still 3 years under most circumstances to obtain an FHA backed loan. 2 years for a VA loan. A hard money loan or one from a small portfolion based lender may take less.
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0 votes 9 answers Share Flag
Sun Feb 2, 2014
Ute Ferdig answered:
Depends on how long ago your short sale closed and whether you are going with conventional (20% down payment) or FHA financing. Waiting period is 2-3 years depending on your situation. I would consult with a loan agent in the area where you are buying and he/she can evaluate your situation based on your particular circumstances as well as any local issues that may have to be taken into consideration.

Good luck to you.
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0 votes 9 answers Share Flag
Sun Dec 1, 2013
With 20% down, you can go with a conventional mortgage 2 years from the date of the transfer (that is your loan application must be date 2 years and 1 day after the transferred of the short sold property)

FHA asks that you wait 3 years from the date of the transfer. November will be your time! Your application must be dated 3 years and 1 day from the transfer. You will only need the minimum down payment of 3.5%.

Be prepared to write a compelling explanation to the new lender as to why you had to sell at the time you did.
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0 votes 19 answers Share Flag
Sat May 12, 2012
Ron Thomas answered:
And we would know this, exactly how?

Aren't you getting a monthly statement;
which shows the Balance, and the Company where you send the money?

In the worst case senario, you are the Borrower and therefore that will take to you;
call them up and talk to them.

Good luck and may God bless
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0 votes 7 answers Share Flag
Sun Aug 20, 2017
Morgan Larson answered:
Elizabeth is absolutely right. Generally speaking, 24 months is protocol for a new conventional loan. There may be exceptions at 18 months. I'm not sure about VA loans, but because they are financed by banks and only insured by VA, the same rules probably apply. Evangeline Scott of Big Valley Mortgage knows her stuff and can get you headed in the right direction. 916-496-0160.

Or give me a call/email if you have further questions.

Morgan Larson
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0 votes 78 answers Share Flag
Sat Apr 14, 2012
Hi Berthaq1,

You need 3 months print out of what?
0 votes 7 answers Share Flag
Thu Apr 12, 2012
Tim Moore answered:
Pretty much the same as in those days, speak to a lender and get approved.
0 votes 10 answers Share Flag
Sun Jun 5, 2016
Mike Schubert answered:
HomePath financing is a little more expensive in terms of fees and interest rate. Typically you won't qualify for as much under HomePath as you would under FHA. HomePath could be an advantage when the property you're interested in may not qualify for FHA financing due to condition. ... more
0 votes 20 answers Share Flag
Sat Aug 17, 2013
Anna M Brocco answered:
For a personalized answer visit with any licensed loan officer; generally it can take 2 to 3 years...
0 votes 13 answers Share Flag
Mon Jan 30, 2012
Teri Andrews-Murch answered:
Have you talked to a lender? some buyers have been able to get a loan 2yrs after short selling, but you need to sit down with someone and go over the details of your short sale and your current financial situation.

Your friend needs to talk to someone about short selling his home, if he needs to sell.

My big question is why do you want this particular house so much? Are you trying to help out your friend?

I don't want to squash your dreams but I know last time you posted someone from outside of Ca suggested this land trust option and also a LLC, please be aware that for the LLC option in Ca there are a lot of details and yearly expense involved, Ca charges you for the privilage of doing business here & an LLC is considered a business.. You need to be getting advice from a Real Estate Attorney and a Real Estate CPA, spend a few bucks and do it sometime before you get yourself tangled up.
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0 votes 9 answers Share Flag
Tue Jan 24, 2012
Kylee Roe answered:
Be careful with this one Doglover! This program sounds like you are limited to Owner Financed homes only,not any home for sale on the market, and possibly only homes offered through the HSL data base. It seem very similar to a Lease/Option purchase scenario and there are too many red flags to list here--the two main ones being you will have to commit to a purchase price higher than market (the "cost of doing business" they will say). The second one is the Lease Option Fee--you will stand to lose this if you cannot complete the terms of the agreement, and you will lose the house too. And all your payments. And you don't get the tax advantage of home ownership until you complete the rent to own program.

My most heartfelt serious advice is to spend the next couple of years correcting your credit--if that is a problem--and by on the mainstream market from one of us who have your best interest in mind.

If it says "Lease Option", "Lease ( Rent) to own".....I'd say Run Forest Run!
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0 votes 8 answers Share Flag
Thu Aug 15, 2013
Teri Andrews-Murch answered:
Sit down with a mortgage lender and see what they say. You are not very upside down on the house, but depending on how the foreclosure and all your loans are set up it is difficult say that you could or could not.
Do it in person not over the internet or phone, and make sure you understand what you are getting into.
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0 votes 15 answers Share Flag
Tue Jan 31, 2012
Full details are in my Trulia blog entry in the web reference, excerpt is:

On June 28th, 2011 Fannie Mae announced a guideline change pertaining to taking cash out on properties purchased within the previous 6 months - called the "Delayed Financing Exception".

Previously Fannie Mae required 6 months to elapse between when a borrower purchases a home and applies for cash-out refinancing, however now cash out is permitted within 6 months of purchasing when no financing was obtained for the purchase of the home, given 4 requirements:

1. The new loan amount must not be more than the borrower's initial investment in purchasing the home + you can finance closing costs, points & pre-paid items (i.e. escrow accounts). Initial investment is defined as the sales price, not the sales price + cost of improvements done to the property.
2. Purchase transaction must have been an arms length transaction, meaning the only relationship between the seller & purchaser had to arise out of the interest of purchasing that home, no prior relationship permitted.
3. The purchase transaction has to be documented by a certified HUD-1 showing no mortgage financing was used to purchase the home. A HUD-1 is not always used in a cash transaction, so make sure you are requesting one to be done or you'll run into trouble with this part of the requirements.
4. The source of the funds for the purchase need to be documented, such as bank statements, a HELOC from another property, personal loan, etc. It also either needs to be seasoned for 60 days or from an acceptable source. Any financing that was used to for the purchase transaction will also need to be repaid with the proceeds of the new cash out refinance.
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0 votes 15 answers Share Flag
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