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Financing in California : Real Estate Advice

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  • Home Buying1K
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Activity 2,355
Tue May 7, 2013
R Ojeh, yup refinancing from an FHA loan into a new FHA loan is done all of the time. It's usually done with an FHA Streamline Refinance.

An FHA Streamline Refinance can be done with or without an appraisal. The benefits of doing it with an appraisal is that the new loan amount can go up to 97.75% of the appraised value for the purpose of including the refinance closing costs & the initial funds for the escrow account. The negative is that it costs money for that appraisal & the process is a little longer (perhaps a week). The benefit of doing it without an appraisal is that there is no appraisal fee & the process is a little quicker, but you cannot include the closing costs/initial escrow account funds into your new loan amount - they either have to be paid out of pocket or for a little higher interest rate your lender or mortgage broker can give you a "closing cost credit" that can help pay for those costs. FHA streamline refinances require that the principal/interest/mortgage insurance (P&I + MI) portion of your payment needs to decrease by at least 5% - it's called the "net tangible benefit test".

You can also refinance an FHA loan into a new FHA loan without doing a streamline refinance, for example if you wanted to take cash out of up & beyond the amount of the closing costs/initial funds for the escrow account - however for a cash out refinance it's limited to 85% of the appraised value. If the streamline refinance doesn't create a 5% decrease in the P&I + MI portion, then you can still refinance doing a regular FHA "rate & term" refinance, which is also limited to 97.75% of the home's appraised value (there isn't a "no appraisal" option on an FHA rate & term refinance).

Finally, if you think you may have some equity in your home (5%), then you may consider refinancing into a conventional loan as amount of mortgage insurance on a conventional loan is cheaper than FHA's mortgage insurance. It'd be wise to compare both conventional & FHA refinance options when you begin your refinancing endeavor.

Shane Milne | Lending in all 50 states | NMLS #81195
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Thu Jan 24, 2013
Tammy Lynn Martin asked:
I am unemployed and share a mobile home with my brother and mom. We lost our home in 08 and had to relocate and buy the first thing we found out of desperation. We took over someone els...
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Thu May 30, 2013
Ron Escobar - Local Expert answered:
you should be able to do it. As long as your discharge date is more than 2 years ago, and the 2nd was also reconveyed... try fha because your loan to value is high...
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Fri Jun 28, 2013
Nuno Pires asked:
Tue Jan 29, 2013
Fred Glick answered:
Hi Tony,

I can help.

Fred Glick

Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc.
Managing Member, NMLS Certified Mortgage Brokerage U S Loans Mortgage LLC

215.238.9400 East Coast
415.683.6950 West Coast

2043 Locust Street Phila, PA 19103 215.829.8850 x201
4354 Perlita Ave Los Angeles, CA 90039 310-741-7179

Licensed Real Estate Broker PA- U S Spaces, Inc.
Real Estate Broker, CA Dept of Real Estate DRE#01507615
NJ Licensed Real Estate Salesperson- U S Spaces

U S Loans Mortgage LLC #51022
Licensed by the Commonwealth of PA Department of Banking,
Virginia State Corporations Commission, License #MC-4943, State of Florida
California licensed with Signet Mortgage, NMLS# 168365, DRE#01403423
Personal Virginia Mortgage License #MLO-523VA
NMLS Test Certified National License #133975 for live rates and online mortgage application
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Fri May 10, 2013
Scott Bernave answered:
Hello I am Scott,

Quickly about me Oceanside native and background in mortgage banking. First you will want to work with a professional Real Estate Agent to help you and secondly you need to find a good lender who will work with you and help you create a "game plan" so you can become a home owner sooner than later. I can help you with all of the above if you would like. I strictly work as a Realtor but I can give you names of very good lenders who will work with you.

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Sat Feb 9, 2013
John Arendsen answered:
If it's a "Manufactured Home" you will not find many comps unless they are located in a reasonable geographic proximity to your home. If the only comps that are available are in a "Mobile Home/Manufactured Home park/community you will be extremely low balled and shocked to realize that the appraiser will have to use those as the comps. It can be a very horrific experience.

However, if it's a "MODULAR HOME" it's a different story. Then you can use the comps of site built homes within the same geographical sphere of influence your home is in. But what you really need to do is get an experienced "FACTORY BUILT HOUSING" Appraiser that knows the difference between a "MANUFACTURED HOME" & a "MODULAR HOME".

Our phone and email advice is free so feel free to give us a call at 760 815-6977 or email me through the Trulia website. Feel free to log onto our very user freindly websites for other information.
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Mon Jan 28, 2013
Mon Jan 28, 2013
The Medford Team answered:
If you live just east of York, Pennsylvania, then you’ll want to change the zip code for your questions so that you get answers from that area. You listed a Berkeley, CA zip code, and agents here have no clue about building costs in PA. ... more
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Fri Jan 18, 2013
John C. asked:
The only reason I need this is for refinance, for 20% of property value - which comes out to about $110K. I'm not really interested in peace of mind issues - I sleep well at night with...
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Thu Feb 28, 2013

VA requires 2 years from a foreclosure, and that includes a deed-in-lieu of foreclosure. However only 1 year may be acceptable if the foreclosure (or deed-in-lieu) was due to extenuating circumstances (such as medical, death of a wage earner, etc.) as long as there has been 12-months of re-established credit since the foreclosure as well as no new negatives/late payments between when the foreclosure occurred and obtaining the new VA loan.

What was the full situation regarding the deed in lieu?

Shane Milne | Lending in all 50 states | NMLS #81195
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Mon Oct 21, 2013
Fred Glick answered:
Under federal law, any mortgage must have ful income documentation to qualify for a mortgage.

If you and your grandmother have the income to qualify, then it can work.

Good luck,

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Mon Jan 28, 2013
Brian Byhower answered:
Well, I'm glad to see he was legitimate. Do you other trivia you want to post?
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Thu Jan 17, 2013
Jerry Heard answered:
This is a question that is best answered by a lender. There are many variables that would need to be addressed by the lender.
This link will give you the contact information on lenders that I work with.

Local Help with Your Real Estate Needs

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
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Sun Jul 21, 2013
Yes, a low debt-to-income ratio is considered a "compensating factor" that can help if other aspects of your profile are borderline - so it can help. However if there is one part of your situation that doesn't qualify (such as a score lower than the minimum required, or if you have less than the amount of financial reserves required) then compensating factors cannot help overcome that. An example of where they could help is if your credit score meets requirements but you have had an isolated late payment within the most recent 12 months, or if the loan program doesn't require any reserves and you don't have any reserves anyway (an underwriter may feel uneasy in that situation, but would see that you have a lot of extra/residual income each month and then feel more comfortable). Every person's situation is reviewed based on it's own merits though.

Shane Milne | Lending in all 50 states | NMLS #81195
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Mon Jan 14, 2013
Cindy Davis answered:
It's hard to know from this whether a loan is possible or not. What is the price point you want to buy at?

Do yourself a favor and sit down with a mortgage broker in your community. This person will go through all of your finances, your assets and liabilities, income, etc. By doing this you will obtain far better information than asking folks on a website.

You may be eligible for an FHA loan - but again, there are a number of factors involved...Good luck!
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Sat Feb 2, 2013
Tai Savet answered:
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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Fri Apr 18, 2014
Fred Glick answered:
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Thu Mar 14, 2013
I work with the delayed financing program where investors can buy and refi immediately after closing their purchase.

==> $90,000 is generally my minimum loan amount, lender fee is $1,175. We'll close in under 30 days assuming we receive all the information to close the loan in a timely manner from you, title, and escrow, and appraiser.

Cannot quote a rate due to compliance reasons and not sure if you are looking for a 5, 7, 10 year arm or 30 yr fxd, and I have no idea what LTV you are expecting.

We can discuss rate via phone. Due to the volatility of the market, it's nearly impossible to get an accurate rate quote form multiple lenders because in 15-30 minutes there could be a re-price and rates change. Rates can change up to 4 times a day on a day where there is economic news being released (inflation, jobs report etc...).

The maximum loan to value is 70% unless you own more than 4 properties that are financed. How many homes do you own?
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