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Financing in Menlo Park : Real Estate Advice

  • All81
  • Local Info7
  • Home Buying28
  • Home Selling6
  • Market Conditions3

Activity 3
Sun May 6, 2012
Don Tepper answered:
There's 100% financing in a very limited number of situations. VA financing--for veterans--is 100%. Some states offer special programs for a limited number of buyers with 100% financing. But--in general--no, you can't purchase a house with conventional financing without a down payment.

There's also owner financing. Most owners will want some down payment. But it's certainly negotiable, and there are owners who won't require a down payment.

Hope that helps.
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Mon Dec 23, 2013
Daniel Berman answered:
Have you spoken with the loan consultant who is doing the refi for you? What did that person advise you?

Daniel Berman
Pacific Century Realty
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Tue Jul 21, 2009
Grace Hanamoto answered:
Hello Cali and thanks for your question.

I was just speaking with my trusty loan broker pal, Jay Deimling, today and there are construction loans, but they are very hard to get, and, to be frank, the interest rates are not good. The emphasis right now, as you know, is for banks to provide purchase money loans.

Yes, you can apply for a 203K loan, but you are also correct that all FHA loans including the 203K are taking between 45-60 days to fund and close due to the volume of loan applications coming through their system. Also, keep in mind that if the home is in really bad shape, aside from the 203K, the regular FHA loan will require that you make repairs to the home BEFORE you close escrow, which means you'd have to have money to make those repairs now.

Unfortunately, it sounds as if you're already in contract, but had you used a facilitator (like me) because we charge only 1 percent on the purchase contract, you might have been able to use as much as $16K from the sales commission at the end of the transaction toward home improvements.

At this time, my suggestion is to speak with a qualified mortgage broker who specializes in FHA loans to assist you. Jim and Jay from Lighthouse Lending are FHA experts in San Ramon if you're interested in contacting them, drop me an email at the address below and I'll be happy to provide you with the names and contact information for mortgage brokers who are knowledgeable and well connnected in the lending field.

Grace Morioka, SRES, e-Pro, Facilitator
Area Pro Realty
Sunnyvale, CA
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