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Financing in Bakersfield : Real Estate Advice

  • All677
  • Local Info49
  • Home Buying231
  • Home Selling15
  • Market Conditions21

Activity 16
Mon Jun 17, 2013
jan detomaso answered:
Hi Gayle, You really need to talk to either a loan officer at your bank or a mortgage broker. There are a lot of different things that impact what type of loan is the best for you. I am a real estate agent and while you may want to use your VA again that may not be the wisest choice. Our market is very competitive right now and a VA loan has a lot more requirements for whatever home you are purchasing. A lot of sellers do not want to do the extra things that might be required of that type of loan. Your best bet is get pre-qualified and then start looking for your home. If you are not currently working with an agent, I would be happy to help you. Please feel free to give me a call ....661-431-4194 and my name is Jan ... more
0 votes 7 answers Share Flag
Mon Jun 17, 2013
Walter 'Skip' Kersten answered:
Thu Aug 15, 2013
Brenda Feria answered:
If you will be moving within 5years, why would you want to pay for a 30 year loan if you are sure that you won't need it? The rate is higher for a 30 year loan for a reason.
0 votes 8 answers Share Flag
Mon Sep 12, 2011
Alicia answered:
by the way we got qualified for $200,00 and i beleive credit scores 640ish???
0 votes 15 answers Share Flag
Tue Dec 10, 2013
Tehachapi Mountain Group answered:
Try Robert Kurugian at Academy Mortgage, I think they recently brought back some manufactured home loan packages. I'm not sure about the non owner occupied part, but can't hurt to ask... 661-717-3394

Luck!
... more
0 votes 2 answers Share Flag
Wed Oct 13, 2010
Scott Miller answered:
Hi Kelskey. The best way to use Trulia is to click above on Find a Pro, fill in your city and toggle down to Mortgage Brokers. You'll get a list like this one:

http://www.trulia.com/voices/directory/Bakersfield-mortgage_broker_or_lender--4849

You can call or write these brokers and see which one will help you.

GOOD LUCK.

Scott Miller, Realty Associates, Boca Raton, FL
... more
0 votes 4 answers Share Flag
Mon Aug 16, 2010
Keane Ng answered:
Kelskey,

FHA short payoffs only go up to 97.75% of the appraised value. Being that your mortgage is on time, you can qualify but the closing costs and cash difference between your appraisal and new loan amount would be due at closing based on your scenario. Do you know if your lender will reconsider to the max amount that FHA will allow? They can also create a small 2nd mortgage to cover the difference and use that loan with our new FHA loan to pay off the $260k. ... more
0 votes 1 answer Share Flag
Thu Apr 15, 2010
Michael Gennett answered:
Hi Kelli!
kelskeys@yahoo.com

Contact anthony Casey at Bank of America. He's been doing this for 15 years and really, really knows his stuff!

Anthony Casey, Banks of America

484-883-1619
anthony.casey@bankofamerica.com

ALSO, check out the website at:
http://www.californiamortgageteam.com/fha-short-refinance-the-first-thing-to-do/

Hope this helps!
Sincerely,

Michael P. Gennett, REALTOR®, SRES®
Search ALL Homes on your Cell Phone! It's Free! Text HOME123 to 87778 or click HERE!
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Also Licensed Real Estate Broker in FLORIDA!
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... more
0 votes 3 answers Share Flag
Sat Mar 6, 2010
Richard Malsed answered:
That would be new to me. Asking for 3% of closing cost is pretty standard in my neck of the woods, but I've never had anyone ask for the down payment too.
0 votes 5 answers Share Flag
Sun Oct 10, 2010
Jacob Varghese answered:
Hi Matt10,

How bad is the Million Dollar question?

Do you know your FICO score?

Get a pre-approval and shop in confidence.

Please feel free to contact me with any questions that you may have, I can also pre-approve you.

Jacob
... more
0 votes 8 answers Share Flag
Sat Sep 19, 2009
Leasing To Own Solutions answered:
Hey there Stamford....

You may want to contact an Attorney that is familiar with Land Trusts. Depending on what your reasoning is for doing so...this may be a good way to go.

Bill Bronchick (Real Estate Investor and Attorney) once wrote about Land Trusts:
"The ownership of a land trust (called the "beneficial interest") is assignable, similar to the way stock in a corporation is assignable. Once property is title in trust, the beneficiary of the trust can be changed without changing title to the property."

Just work to find a KNOWLEDGABLE Attorney that deals with Land Trusts and do some research to educate yourself as well.

Hope this helps out.

Darin
Investor
... more
0 votes 2 answers Share Flag
Thu Mar 1, 2012
Darrell Muhammad answered:
Hi Esmeralda,

My business partner can help you with Wells Fargo. Her name is Christa Martinez 661-444-6422. Just tell her that Darrell Muhammad referred you.

Thanks!
Darrell Muhammad
www.fdibuzz.com
... more
0 votes 2 answers Share Flag
Sun Jun 14, 2009
Adrian Huntington answered:
Esmeralda,

Here is the long answer.

5) What eligible home improvements are acceptable under the $5,000 minimum requirement?

a) Structural alterations and reconstruction (e.g., repair or replacement of structural damage, chimney repair, additions to the structure, installation of an additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites or other insect infestation, etc.).

b) Changes for improved functions and modernization (e.g., remodeled bathrooms and kitchens, including permanently installed appliances, i.e., built-in range and/or oven, range hood, microwave, dishwasher).

c) Elimination of health and safety hazards (including the resolution of defective paint surfaces or lead-based paint problems on homes built prior to 1978).

d) Changes for aesthetic appeal and elimination of obsolescence (e.g., new exterior siding, adding a second story to the home, covered porch, stair railings, attached carport).

e) Reconditioning or replacement of plumbing (including connecting to public water and/or sewer system), heating, air conditioning and electrical systems. Installation of new plumbing fixtures is acceptable, including interior whirlpool bathtubs.

f) Installation of well and/or septic system. The well or septic system must be installed or repaired prior to beginning any other repairs to the property. A property less than 1/2 acre with a separate well or septic system is not acceptable; also, a property less than 1 acre with both a well and a septic system is unacceptable. Lots smaller than these sizes, usually have problems in the future; however, the local HUD Field Office can approve smaller lot size requirements where the local health authority can justify smaller lots. The installation of a new well or the repair of an existing well (used for the primary water source to the property) can be allowed provided there is adequate documentation to show there is reason to believe the well will produce a sufficient amount of potable water for the occupants. (A well log of surrounding properties from the local health authority is acceptable documentation.)

g) Roofing, gutters and downspouts.

h) Flooring, tiling and carpeting.

i) Energy conservation improvements (e.g., new double pane windows, steel insulated exterior doors, insulation, solar domestic hot water systems, caulking and weather stripping, etc.).

k) Major landscape work and site improvement (e.g., patios, decks and terraces that improve the value of the property equal to the dollar amount spent on the improvements or required to preserve the property from erosion). The correction of grading and drainage problems is also acceptable. Tree removal is acceptable if the tree is a safety hazard to the property. Repair of existing walks and driveway is acceptable if it may affect the safety of the property. (Fencing, new walks and driveways, and general landscape work (i.e., trees, shrubs, seeding or sodding) cannot be in the first $5000 requirement.)

l) Improvements for accessibility to a disabled person (e.g., remodeling kitchens and baths for wheelchair access, lowering kitchen cabinets, installing wider doors and exterior ramps, etc.). Related fixtures such as new cooking ranges, refrigerators, and other appurtenances, as well as general painting are also eligible; however, it must be in addition to the $5,000 requirement.

Thanks,

Adrian Huntington
Coldwell Banker Coon & McCreary Realtors
1954 Contra Costa Blvd.
Pleasant Hill, CA 94523
925-212-6456
adrian@YourEcoRealtor.com
... more
0 votes 2 answers Share Flag
Sat Oct 3, 2009
Laurie Abshier answered:
Normally child support is an acceptable source of income on a loan application with supporting documentation such as a minimum of 3 months cancelled checks, divorce decree or court order, and proof that you have actually deposited the money into your bank account in a consistent manner. Underwriters need to see the continuance of the income for a minimum of 3 years so some type of proof of age of your child is necessary. Since you do not have a court order I would suggest at minimum a written, notarized agreement on the specified amount of the monthly obligation. ... more
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Sun May 4, 2008
Don Tepper answered:
A lease-option, lease-purchase, or seller financing could work for you. So could using an Illinois-style land trust.

First thing, though: Do you know (or do you have reason to believe) that the owner doesn't need all his equity out immediately? A lease-option, lease-purchase, or land trust arrangement will work only if the owner can wait for his equity.

Second thing: How certain are you that you want the house? A lot of agents here will advise you to wait until you can qualify for the mortgage, even if you lose the house. And sometimes that's the best advice. Now, if you're absolutely certain you want the house...your mortgage broker says that you should be able to raise your credit score sufficiently in 9-12 months (6 months is really very short)...and you're willing to put some option money at risk in the event you change your mind (or can't qualify for the mortgage), then consider going ahead.

The safest course of action for you would be seller financing. You buy the house. You take title to it. It's in your name. The owner is providing financing, and when your credit score improves sufficiently, you'd refinance and cash the owner out. Your risk is that your credit score wouldn't improve sufficiently in time to refinance. And, depending on how the loan was structured with the seller (for instance, without an extension period built in), you could find yourself foreclosed upon.

An Illinois-style land trust would be nearly as safe, and in some ways even safer. It's kind of complicated, but basically the owner would move the property into a land trust. You'd be added as a co-beneficiary. The documents would specify the length of the trust, as well as all the other details. At the end of the trust (or during), the house would be brought out of the trust and you'd be given the right to purchase the property.

A lease-option or lease-purchase would work, too, but isn't as safe for you because the deed isn't put in your name unless and until you exercise the option or proceed with the purchase. However, if the paperwork is properly drawn up, it's pretty safe.

Just one additional piece of advice: Even though your mortgage broker says you might be able to qualify in six months or less, allow much longer for the lease-option, refinance, or land trust. Aim for 3 years. Don't settle for less than 2. And make sure your agreement provides that the arrangement can be extended (preferably for a year, at a minimum six months) upon a defined additional payment from you.

Hope that helps.
... more
0 votes 2 answers Share Flag
Tue Apr 8, 2008
Patrick Ryan answered:
no, as your name needs to be on the title and the note / deed of trust
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