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Financing in Fresno : Real Estate Advice

  • All409
  • Local Info27
  • Home Buying156
  • Home Selling23
  • Market Conditions7

Activity 18
Mon Jun 24, 2013
Gregorio Denny answered:
You need to be more specific in your question. Generally, the only fees allowed to be collected up front are for a credit report; however, that pertains to pre-disclosure. After disclosure is a different story so it depends on what you mean by "upfront." ... more
0 votes 3 answers Share Flag
Wed Oct 31, 2012
answered:
Hi Larry,

It does unless your current loan was taken out prior to June 2009.
0 votes 4 answers Share Flag
Wed Oct 31, 2012
answered:
Yes you can so long it will continue for 3 yrs or more and make sure to document the legal guardianship and the 3 yr continuance.
0 votes 5 answers Share Flag
Tue Dec 7, 2010
Felix Hung answered:
Condobuyer, you should ask a loan officer. I don't know if that exists. I don't think so, but..your best bet is probably mortgage brokers who look for niche mortgage programs like that. You may have to find another condo community or buy it for all cash. ... more
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Sat Dec 4, 2010
David Martin answered:
Leel,
Chances are the only thing that is filed with the County Clerk is a Memoradum of Land Contract and not the full document.
The best place to check for the full document is at the Title Company where you closed the sale. They should have a full copy in their files. The other possiblity would be to contact the Realtor or the Company that helped her sell the Condo. There is a good chance they would have a copy also.
Good luck. If you have further questions feel free to contact me.
Thanks,
Dave Martin
Greenridge Realty
davem@greenridge.com
... more
0 votes 6 answers Share Flag
Sat Nov 6, 2010
Constantine K. answered:
If you're looking to purchase a 1-4 unit property you should be good to go.
Call me and I can help you through it.
0 votes 8 answers Share Flag
Thu Aug 15, 2013
John Villaescusa answered:
Try negotiating with your bank because the last thing they want to do is foreclose on you. There are multiple loan modification programs that are available for your to use. Most of them are temporary for about 5 years. The other 2 options you could do is filing bankruptcy on your other debts to keep your home( speak to an attorney to see what the stipulations are regarding your situation) or lastly doing a short sale; you wont keep your home but you could live rent free in it until it sells and you wont have a foreclosure on your record along with other benefits that come from a short sale. I would highly suggest contacting a loss mitigation agent in your area that deals with these types of situations to help you come to a decision that works for you. If you like i can contact a Keller Williams Agent in Fresno for you that does work in loss mitigation.

John & Sarena Villaescusa
Cell- 562-818-2671
Email- Johnv@kw.com
Website- wwwVGroupHomes.com
... more
0 votes 11 answers Share Flag
Fri Jul 24, 2009
Lynn answered:
You need to first find out what rate you qualify for in the current market. Any monthly savings should be weighed against the cost of refinancing in order to find a break even point. You may also want to look at amortization tables available on the web to see what impact your payments are making towards the principal. The tables do illustrate the impact of extra monthly payments. Best wishes. Lynn ... more
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Fri Oct 8, 2010
Brad Maaske answered:
Because you are a co-signer with your husband on an FHA loan you would not be qualified to obtain a new
FHA loan. Is there enough equity to refinance the existing loan with a conventional loan? I also see a problem with income if you are a full time student. Do you have sufficient income to qualify for a loan? I am not aware of any first time buyer programs you would qualify for. ... more
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Wed Jul 1, 2009
The Hagley Group answered:
Actually, yes, you should have access to the appraisal. Is she licensed through the state? You can look up the license through the link below. I would start my contacting her manager if she has one.....and if she is licensed, the Dept of real estate. Good luck. ... more
0 votes 5 answers Share Flag
Fri Jun 19, 2009
Julie Rice Thall answered:
Absolutely! And, since you do not pay taxes on your Social Security income, you get to gross up your SSI by 25% to qualify for the loan. Of course, as with all FHA loans, you will need a minimum of 3.5% of the purchase price for the down payment. Your Realtor may be able to get a seller-paid closing cost credit of up to 6% on your FHA purchase. So in a perfect scenario, all you would need is 3.5% down payment, good credit and your SSI. Good luck! Julie Rice Thall, Loan Agent ... more
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Thu Jun 18, 2009
Bob McClure answered:
good afternoon.i don't believe the lender is trying to rip you off.....non-owner occpd pricing is higher...do this....write a letter, sign and date it regarding your intentions to move from your existing home and why....be precise and to the point, they are concerned about "buy and bail"...as all lenders are now....give it your your mtg rep to sumit to underwriting and tell him to switch lenders...you won't change the ideas already in the current underwriter's head....it is all about how well the point of changing houses is made...obviously, the point of why you want to move wasn't made....depending on how you finance the new home....you will need a certain portion of equity in the existing home....in order to use the income stated in the new lease to drive down your debt ratio.if there isn't sufficeient equity in the existing home, then you would need to qualify for both payments.be prepared to pay for an appraisal on your existing home to document the equity stated..best of luck...bob mcclure- success mortgage partners- plymouth, michigan..... ... more
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Mon Jun 15, 2009
Robert Chomentowski answered:
You would either do a short sale or come out of pocket to cover that $7,000. You will also have real estate commissions on top of that $7k unless you sell it yourself.
0 votes 4 answers Share Flag
Thu May 14, 2009
Duggm1 asked:
The IRS allows up to 14 days of rental incime each year for a vacation home without violating the 2nd home status (over 14 days can transform the vacation home to Investment property st...
0 votes 0 Answers Share Flag
Mon Jun 27, 2011
Jacob Varghese answered:
For lenders to give you financing you will have to show income coming in and that you/your company can make the regular mortgage payments. I can help you with your financing, but I would have to get more information. ... more
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Mon Oct 13, 2008
John Brown answered:
Be careful about using a credit card for your down payment source. Fannie Mae and Freddie Mac set the rules in this industry and they do not allow "unsecured debt" as a source of down payment. Contact me and I can tell you how to structure your financing. National Bank Of Kansas City is a federally chartered bank lending in all 50 states for over 10 years.

John Brown
Loan Consultant
jbrown@nbofkc.com
(800)375-8096 ext 0147
... more
0 votes 2 answers Share Flag
Wed Jul 1, 2009
Darren Miller answered:
Allie, your blended rate is 6.448% between your first and second mortgages. Depending on what your appraisal comes in at it may be a better option to refi. If you can put down enough money for 95% LTV then you can do an FHA loan no problem. ... more
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