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Financing in Irvine : Real Estate Advice

  • All415
  • Local Info26
  • Home Buying188
  • Home Selling15
  • Market Conditions12

Activity 14
Sun Apr 30, 2017
charles 949.232.0828 answered:
tough! most lenders req condo certification which involves a list of questions on litigation, rental vs owner-occupied ratio, delinquency, etc. only a handful of lenders don't ask for condo cert. ... more
0 votes 15 answers Share Flag
Thu Jan 17, 2013
Felix Hung answered:
Mon Jun 29, 2015
Patrick Fields answered:
Hi Matt,

Please send more information. I am always interested in alternatives for clients who have challenges qualifying for more traditional loan options. In fact, this seems to occur most with prospects originating from Trulia.
... more
0 votes 5 answers Share Flag
Thu Jun 6, 2013
Annette Levinson answered:
Yes with at least 40% down and FICO over 720.
0 votes 7 answers Share Flag
Sat Jan 19, 2013
Michelle Lynch answered:
I have a wonderful mortgage broker in the area that I can refer you to. My telephone number is (714) 732-7575.
0 votes 10 answers Share Flag
Mon May 1, 2017
Jeffry Lopez answered:
I will email you,,,, I just want to be clear on what your looking for, however you said ARV,,, has work already been done?
Looks like your just looking for a Hard money Loan to 75% to buy it then your going to flip, correct?
Is $692K the sale price or loan amount your looking for?


Jeffry Lopez
Sr. Loan Officer
NMLS ID# 255097
Progressive Loan Funding (A Direct Lender)
562.881.3603 (Cell)

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0 votes 14 answers Share Flag
Tue Nov 9, 2010
Bob Phillips answered:
One thing that you didn't clarify is this. Does the listing agent of the property you are targeting tell you that you must be pre-approved by either or both of those sources? If so, especially if the property is an REO or a short sale, you would be wise to follow the listing agent's demand.

You are also able to obtain financing from someone you choose, but the lender(s) that the listing agent demand MUST be included in the eventual approval process.

If that is not the case ( Listing agent demand.) then you should be free to use a lender of your choosing, with one proviso. They SHOULD be a direct underwriting lender - able to do the complete loan within their own office.

This is an important question for a prospective lender, and unfortunately, if they are not a direct lender, some of them try to make it sound as if they are. ( Just like some Realtors will try to convince you that they are familiar with the neighborhood you want to sell or buy a house in - when they really don't have a clue.)

Good luck with your decision making.
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0 votes 4 answers Share Flag
Sun Nov 15, 2009
Thomas Martin answered:
WIth a 720 you should deffinelty qualify for a home loan as long as your DTI, Debt to income ratio is not to high. Mortgage lenders determine your capacity to repay the mortgage loan by looking at your DTI. Usually you can spend up to 35% of your gross month income on the housing and no more than 50% of your gross monthly income should include your Housing, PITI and all monthly payments reflected on your credit report. Some people possibly you pay your bills ontime but have alot of back end debt. For examps someone might have a few car payments, and credit card bills that take up 50% of the gross monthly income. If you have alot of monthly obligations say 35% then that would eat up your housing exspense. ... more
0 votes 5 answers Share Flag
Fri Mar 26, 2010
Kyle answered:
Do you have US taxes but income is from abroad? Are youa US citizen...Please clarify what you mean specifically. .
0 votes 3 answers Share Flag
Wed Aug 5, 2009
Gary Gukassian answered:
Hi Mcavallo2010,

The $8,000 tax credit does not apply when a property is being transferred from parent to child. Adding your name on the title will not entitle you to the tax credit.

Hope that helps.


Gary Gukassian
Beverly Realty
... more
0 votes 3 answers Share Flag
Sat Apr 18, 2009
Bob Phillips answered:
Elemento, I responded to your other post, with this information. My preferred lender can easily and inexpensively do the refinance you are looking for. I have linked his website below. He has more than 34 years of lender experience in Orange County. Contact him now and get yourself refinanced while rates are low. ... more
0 votes 2 answers Share Flag
Sat Jan 16, 2016
Ron Wright answered:
Hi Elemento,

I am a direct lender here in Southern California and handle FHA loans for purchase or refinance. Many banks do not arrange FHA loans so it is no surprise that you have had some challenges locating one.

FHA streamline refinances are the simplest of any FHA loan. There is no qualifying, no appraisal, and far less paperwork in most cases. The main criteria is that you must improve (lower) your monthly payment in a beneficial amount compared to any fees charged for the new loan. This requirement is placed upon lenders to protect consumers from paying high fees for little payment reduction. Also, the borrower must be current on their mortgage payment.

Another aspect about FHA refinances to be mindful of is it is best to close your refinance loan at the end of the month. FHA receives a full month's interest on the mortgage being paid off regardless of the day of closing. Example, if you closed your new loan on the 15th of the month you would pay interest on the old loan through the end of that month in addition to being charged interest on your new loan from the day of its funding to the end of that same month.

It is important to make sure your lender of choice can close you new loan on time. If your funding does not happen until the 2nd of the month, you will double pay that entire month!

Feel free to contact me direct, if I can be of further assistance.

Wishing you all success.


Ron Wright
Sr. Loan Officer
cell: 619-857-2273
First Nations Home Finance
... more
0 votes 7 answers Share Flag
Tue Dec 16, 2008
Thom Colby answered:
Since there is no actual loan as yet you could not do a "Loan Modification" that is typically for people who are struggling to make their current mortgage payments.

I suspect your rate is already "locked" but you should contact your lender or Loan Broker and ask what their policy is.

Best of luck!

Thom Colby
Broker & Realtor
Irvine, CA
... more
0 votes 6 answers Share Flag
Tue May 13, 2008
Dave Osborne answered:
Per my mortgage broker, today's rate for a 5/1 LIBOR, Jumbo Conforming mortgage is 5.375%, 5.875% on a 30 year fixed rate. Your mileage may vary.

At least it looks like they are finally starting to act the way they are suppose to. ... more
0 votes 4 answers Share Flag
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