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Financing in Lodi : Real Estate Advice

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  • Home Buying17
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Activity 2
Wed Jun 17, 2009
Shel-lee Davis answered:

I am not a loan professional, so I can only go by what I have heard. If a project cannot get FHA spot approval then it cannot get HUD approval. So you may not be able to use FHA to purchase this property.

I work with a lender who can do 95% LTV lending which is not FHA. As long as you intend to occupy, can do a full doc loan, the loan is under $417,000 and your FICO is over 660, he will be able to help you out. If this meets your needs, contact me directly and I will provide you with his information. Hope this helps and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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Tue Mar 24, 2009
George Kininmonth answered:

Good question. The big question: Do you have equity? You cannot refinance if you owe more than the house is worth.

Example: If you purchase a home for 200k with 10% down and financed 180k, if your home is now worth 150k, no lender will refi the home as it's not worth what you owe.

If you do have equity, it also wouldn't make financial sense unless there was a dramatic rate reduction of say 2%. Remember, when you bought your home there were closing costs which were in addition to the loan amount? To refinance, you would be incuring addtional closing costs with the new loan.

With that said, every case is unique as are the particular reasons the refi may make sense. I work in Stockton at Fowler Mortgage & Real Estate on March Lane and if you'd like to look into this further to see if it does make sense, give me a call or shoot me an email to my private email and we can take a closer look.

We've do home loans - wholesale rates - lower than most lenders/banks as we are a broker. We also represent home buyers to insure they get the best possible deal on their home purchase. If we do both, the buyer gets the best home price and home loan available.

Here is my contact information and with you, or anyone who might read this email string, we iffer this review for free. In the end the numbers must make sense for you. We just give you the numbers free of charge of course. And we're a 16-year member of the Better Business Bureau. Let me know if I can help get you the information you need to make your decision. Thank you for the opportunity.


George Kininmonth
2529 March Lane, Suite 103
Stockton, CA 95207

Phone: 209-649-8114
Fax: 209-952-0920
Email address:
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