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Home Buying in Monrovia : Real Estate Advice

  • All68
  • Local Info5
  • Home Buying20
  • Home Selling3
  • Market Conditions0

Activity 9
Fri Jul 12, 2013
Andrews Group answered:
Yes, this home is still available.
0 votes 7 answers Share Flag
Thu Jan 31, 2013
Shannon Chang answered:
Much depends on how quickly you want to get into your home. For your budget, you may have to go further east than Monrovia, Azusa, Duarte, Covina, La Puente, areas like that. Buying land will take at least 1 to 2 years before you can get a house on it. Give me a call. ... more
0 votes 2 answers Share Flag
Mon Dec 10, 2012
Hi Erik,

If you refi your current home, you'll have to do it as an investment property which is fine with an FHA streamline.

The bigger question is whether or not you qualify for one of the few FHA exceptions that will allow a person to have more than one FHA insured mortgage at a time. See below.

HUD-4155.1 REV-5, paragraph 1-2

Principal Residences

Question 50: If my principal residence is currently covered by an FHA-insured mortgage, can I purchase another principal residence with an FHA-insured mortgage?

Answer: Only under the following situations described below:

a) Relocation – Relocating to another area not within a reasonable commuting distance from the current principal residence. There is no need to reduce the principal balance. Reference to HUD Handbook 4155.1, 4.B.2.d and Mortgagee Letter 2008-25.

b) Increase in Family Size AND the outstanding mortgage balance on the present property is paid down to 75 percent or less LTV exclusive of any financed MIP.

1 – A current residential appraisal must be used to determine LTV compliance.
2 – The borrower must provide satisfactory evidence of the increase in dependents and how the property no longer meet the family needs. See Handbook 4155.1, 4.B.2.d.

c) Vacating a jointly owned property; Please Note: Situation cited in HUD Handbook 4155.1, 4.B.2.d. is only meant to be one example of an acceptable situation.

d) Non-occupying co-borrower; On a case-by-case basis, a relative could be a non-occupying co-borrower on more than one FHA-insured property. For example, Mom and Dad are non-occupying co-borrowers on both son and daughter’s FHA-insured mortgages. Reference Handbook 4155.1, 4.B.2.d.

Please feel free to contact me for more information or help. You can also find info on my FHA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
... more
0 votes 2 answers Share Flag
Mon Dec 10, 2012
Thomas Lim answered:
I am sorry you can't get a home loan if you are not US citizen or green card.
0 votes 3 answers Share Flag
Fri Oct 16, 2009
Dave Heck answered:
I honestly think you should be asking your agent these questions. There are to many missing details to give you a truly informed answer. I would proceed with caution if you are not getting honest, timely advise. ... more
0 votes 6 answers Share Flag
Wed Oct 14, 2009
Scott Godzyk answered:
You really should have or had a buyer broker that could advise you what the property is really worth in todays market, you can not and should not take on the world by your self. They may be correct or may be playing you. With a short sale the bank does not have to take anything less if they so choose, in most cases they will take 80% of what the seller owes. In a short sale there are not supposed to be back up offers as all offers are supposed to be submitted as they come in to the bank. No offer even if signed by the seller is valid until accepted by the bank. The bank want sthe highest net price for the home and encourages all offers to be submitted as they come in. You first need to see what the value of the house IS in todays market and figure out is that what you want to pay, if so go for it and if not back out. So you know that in most cases you can negotiate with a buyer broker so that it does not costs you jmanything out of pocket as the buyer agent gets paid at closing from the listing broker the fee offered in MLs. This way you have someone looking out for you. This is what you need.... good luck with your purchase. ... more
0 votes 4 answers Share Flag
Sat Jun 27, 2009
Marilyn Johnson, CRS answered:
Hi Cindy,
Unfortunately, the homes you are looking for did not get posted with your question to Trulia. I've been a full-time, top producing agent selling homes in Monrovia for over 22 years. Feel free to contact me and I'd be happy to provide you the information! I look forward to hearing from you!
Marilyn Johnson, CRS
Dickson Podley Realtors
242 W. Foothill Blvd.
Monrovia, Ca. 91016
... more
0 votes 4 answers Share Flag
Sat Dec 8, 2012
David answered:
There is alot of buzz that the seller down payment assistant programs will be reinstated after the 10/1 deadline. So if you miss the cut off, they will be back.
0 votes 4 answers Share Flag
Sat Jun 27, 2009
Pam Winterbauer answered:
Not in our area. The closet is an FHA loan or a VA loan gor sure.
0 votes 9 answers Share Flag
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