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Financing in Glendale : Real Estate Advice

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  • Local Info41
  • Home Buying83
  • Home Selling10
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Activity 15
Mon Nov 10, 2014
Sonny Shrivastava answered:
Unfortunately no, unless you have 30% down for a hard money loan that you can pay off in 6 months. You're looking at 3-5 years at minimum. Rent in the meantime and work on your credit. ... more
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Sun Apr 29, 2012
Sue Pullen answered:
Does she have all properties financed? That is more of the issue. If she has no more than 10 financed properties, it is easy to get cash out on them, as long as the loan to value is below 75% (for cash out). If she has more than 10 financed properties, then the financing gets a bit more difficult. ... more
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Sat Oct 12, 2013
Bill Parker, CPA* answered:
Hi Theresa:

If one has been in this business very long, then one specializes in challenging mortgages... :) :(

These days a good down payment does not mean much unless you are talking to a hard money lender, which I will assume for now you are not (12% interest rate plus 3-4 points). Just how bad is your credit? Have you had a mortgage credit report pulled to get an accurate idea (vs. any other source for a report!)? With "bad credit" your best choice may be a FHA loan, which requires little down, but allows for the lowest credit scores.

Give me a shout and we can discuss your specific situation, which is the only way you are going to get a correct, complete answer.
... more
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Wed Nov 24, 2010
Scott Godzyk answered:
Yes because you are married, he has to sign away his homestead rights, it is that way in most states. Even though you owned it by yourself, when you got married and he moved in, he gained homestead rights as well as possible rights to your house through marriage. he now has to sign away those right. This should not put hom in the deed or mortgage. ... more
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Sat Feb 13, 2010
Ron Pikul answered:
please give some thought to shortsaleing your home versus losing. you will be able requalify in 2 years.But you surely can buy owner financed and it is not illegal please check our site shortsalenegotiators.com for answers to any questions or call 602-350-0113 ... more
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Tue Dec 8, 2009
Ted Canto answered:
There is no way.. The lender is not being shady in any way. As much as you may feel that they are not honoring what they said, they just can't. This is about real economics and the laws that govern FHA loans. Unfortunately, you were victim to FHA's recent and all of a sudden change in the way FHA Streamlines are done. I am 120% sure the lender would have loved to help you but their hands were tied behind their backs on this one. On the other hand, depending on the rate, their is a possibility that it can be done without any costs to you. For instance, I am doing one for a client right now and we are giving him a 5.375% which then allows us to pay all the costs and I believe he is having to come in with $320.00

I wish I had a better answer but you and your lender are caught in a web.


Ted Canto
Sr. Mortgage Consultant
Direct: 480.650.8602
Visit www.tedcanto.com
Ted's Blog: www.thecantoteam.com
Home of the 10 Day Close! www.tendayclose.com
Company site: www.academymortgage.com/tedcanto

Direct lender and licensed in most states across the U.S.
... more
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Tue Sep 8, 2009
Roswell Moore, answered:
Hi Just Looking,

There are some pitfalls of entering into an owner financed agreement if you don't get the proper guidance from an experienced Realtor &/or an attorney. I will leave that to the Realtors to explain...

I do want to say that not all banks are the same, nor are the loan originators who put your loan together to submit to the underwriters. I am curious to know how many lenders you have gone to; can you share that with us?

It sounds as though your credit is not holding you back, but rather because you are self employed, you probably have a few write offs which could be "reducing" your annual income which will negatively affect your ever important Debt-to-Income ratios. Have you been self employed for the last 2 years? Did the lenders you were working with tell you why your loan was declined?

Not to sound like I am beating my own drum, but my team & I have recently provided financing from our bank for three separate families who were self employed and were turned down by up to five different lenders! I am happy to provide you the references if you like.

It is important to know how to read the tax returns as some of those write offs can be added back to your income. Please feel free to call me if you want to talk about your circumstance..I am available this weekend if you like.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct
... more
0 votes 10 answers Share Flag
Sun Aug 9, 2009
Donald Keys answered:
There are very few homes that you can buy without a down payment. They are HUD homes and only require $100 down. The challenge is there are very few of them available and they are done by a "bidding" process.

Did you talk to a mortgage professional? You can be "gifted" the down payment from family, friends or relatives.

I hope this helps.

http://www.zerodownaz.com
... more
0 votes 6 answers Share Flag
Fri Aug 21, 2009
Dawn Richardson answered:
You may be able to use non standard credit such as rental history, cell phone, utilities bills, and car insurance. You may also try getting a secured credit card and or a store credit card such as a furniture store and pay on time for 12 months. I can connect you with a loan officer and Real Estate agent in the Glendale area if you are interested in purchasing a home.

Dawn Richardson
Keller Williams Realty
678.349.4728
... more
0 votes 7 answers Share Flag
Tue Aug 4, 2009
Tony Valdez answered:
Phil,

Yes, you need to refinance the rental into a conventional (non FHA) loan in order to qualify for a new FHA loan for a new primary residence. If you did not include the rental property in your taxes last year as a rental then you must qualify with both house payments when applying for the new FHA loan. If you did then you can use 75% of the rental amount to offset the rented homes mortgage payment. Keep in mind that FHA loans are for primary residence, not 2nd homes, that you plan to live in for the next year after which you can do what you want (rent it out, etc)

If you would like tom look at this closer and more specific to your situation give me a call or go to my website.

Tony
... more
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Wed Aug 5, 2009
Tony Valdez answered:
Laura,

The problem is that you need at least a 600 minimum mid fico score. Credit can be fixed depending on the issues involved, but will take a few months at best. if you want give me a call and we can see what is involved with getting your credit score up. I am a lender and do not charge for a consultation.

Tony
... more
0 votes 8 answers Share Flag
Thu Jun 25, 2009
Dallas Texas answered:
GREAT QUESTION:

You would need to be removed from mortgage you are held responsible, contact lender supply court orders however most mortgage require refinance . Your name would need to removed from title.



OPTION: Can you lease the home? Lease purchase option ? if that would assist.

Keep in mind not get angry with your former husband it COULD have negative impact with all parties involved.

Sorry to hear all, QUESTION: is your husband on title of second home? that would need changed
... more
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Mon Nov 3, 2008
Donald Keys answered:
Unless you give us an MLS # or an address we have no idea what property you are referring to.
0 votes 3 answers Share Flag
Mon Sep 15, 2008
Jeff and Ginny Mitchell answered:
Were I you, which of course I am not, I would keep the loan you have. However, it is an ARM - adjustable rate mortgage, not a fixed mortgage as you stated. A fixed mortgage does NOT change interest rates based on the LIBOR or anything else. With current conditions as they are, and your plans to stay in the home another 3 or 4 years, I think it makes sense not to re-finance. There is some gamble with any ARM, but with a March 2009 reset, you should be in good shape. Of course, there are NO guarantees. Good luck. ... more
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Wed Jan 16, 2008
Infinity Realty Network answered:
I would search all the questions on this forum about "short sales". There are so many good answers i would hate to repeat it. There are options

Good Luck
0 votes 2 answers Share Flag
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