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Home Buying in Monterey Park : Real Estate Advice

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  • Home Buying12
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Activity 10
Fri Mar 29, 2013
Esther Cheng asked:
I have a client wanted to buy a unit in the senior apartment on 120 N. Moore Ave. Monterey Park. Please contact me if you have someone, who want to sell his or her property in this apar...
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Thu Jan 2, 2014
Manuel Ugalde Ultrera answered:
Yes, you can sell the house by yourself but there are many aspects of the transaction which you may not be able to handle such as legal issues which can result in a lawsuit where you can spend more than what you can save by not hiring a realtor.

My name is Manuel Ugalde Ultrera. Should you decide to hire a realtor, I am more than happy to help you in this issue. Give me a call, (323) 906-6135
... more
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Sun Mar 17, 2013
John Man Group -Top 1% Producer answered:
Hi Vu,

FHA loan requires the property to be owner-occupied. Do you have an FHA loan on your mortgage?

This is straight from the HUD website. Hope this helps. Let me know if you need more details.

Can a person have more than one FHA loan?

To prevent circumvention of the restrictions on FHA-insured mortgages to investors, FHA generally will not insure more than one mortgage for any borrower (transactions in which an existing FHA mortgage is paid off and another FHA mortgage is acquired are acceptable). Any person individually or jointly owning a home covered by a mortgage insured by FHA in which ownership is maintained may not purchase another principal residence with FHA mortgage insurance except under the situations described below. Properties previously acquired as investment properties are not subject to these restrictions.

FHA will not insure a mortgage if FHA concludes that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be encumbered will be the only one owned using FHA mortgage insurance.

We do not object to homebuyers using FHA mortgage insurance more than once if compatible with the homebuyer's needs and resources as follows:

A. Relocations. If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by a FHA-insured mortgage. The relocation need not be employer mandated to qualify for this exception. Further, if the borrower returns to an area where he or she owns a property with an FHA-insured mortgage, it is not required that the borrower re-establish primary residency in that property in order to be eligible for another FHA insured mortgage.

B. Increase in Family Size. The borrower may be permitted to obtain another home with an FHA-insured mortgage if the number of legal dependents increases to the point that the present house no longer meets the family's needs. The borrower must provide satisfactory evidence of the increase in dependents and the property's failure to meet the family's needs. The borrower also must pay down the outstanding FHA mortgage (secondary liens do not need to be paid off or paid down) on the present property to a 75 percent or lower loan-to-value (LTV) ratio. A current residential appraisal must be used to determine LTV compliance. Tax assessments, market analyses by real estate brokers, etc., are not acceptable as proof of LTV compliance.

C. Vacating a Jointly Owned Property. If the borrower is vacating a residence that will remain occupied by a co-borrower, the borrower is permitted to obtain another FHA-insured mortgage. Acceptable situations include instances of divorce, after which the vacating ex-spouse will purchase a new home, or one of the co-borrowers will vacate the existing property.

D. Non-Occupying Co-Borrower. A non-occupying co-borrower on property being purchased with an FHA-insured mortgage as a principal residence by other family members may have a joint interest in that property as well as in a principal residence of their own with a FHA-insured mortgage. (See HUD Handbook 4155.1 for additional information). Under no circumstances may investors use the exceptions described above to circumvent FHA's ban on loans to private investors and acquire rental properties through purportedly purchasing "principal residences".

Considerations in determining the eligibility of a borrower for one of these exceptions are the length of time the previous property was owned by the borrower and the circumstances that compel the borrower to purchase another residence with an FHA-insured mortgage. In all other cases, the purchasing borrower either must pay off the FHA-insured mortgage on the previous residence or terminate ownership of that property before acquiring another FHA-insured mortgage.

Handbook 4155.1: 4.B.2.c-d



REFERENCE
Handbook 4155.1: 4.B.2.c-d
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Mon Jun 4, 2012
Scott Godzyk answered:
It really depends on the type of buyer, older folks perhaps whose children have sinced moved on often prefer low to no maintance while families prefer large lots and more lawn.
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Sun Mar 17, 2013
Christine McDaniel answered:
Hi Bobby, Everything is negotiable in a sale. You certainly can ask the bank to pay a percentage or certain amount of your closing costs. You will still need your down payment depending on your financing. ... more
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Thu Dec 1, 2011
Anna M Brocco answered:
What is your loan officer advising...if he/she isn't being helpful, contact his/her supervisor, or consider switching lenders; also consult with your agent...
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Sun Feb 21, 2010
Thadeus Brewer answered:
Hi Anne,
You should expect to need patience. I recommend you find the ph# for short sales dept. at you lender(s). Give your mortgage statement to your agent along with getting the agent approved at your bank to discuss your particular situation with them.

Good luck.
... more
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Sat May 2, 2009
David Luke answered:
Hi Kesarin,

The simple answer to your question is a $300,000 home is a bit beyond your reach. Assuming you have an FHA loan requiring 3.5 percent down, a $2,000 payment is equal to a purchase price of $280,000.

Please contact me if you need an FHA lender, or if I can be of help otherwise.

Best regards,

David Luke
(213) 598-5224
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Sun Feb 28, 2010
Dana Schuster answered:
Once the bank accepts your 300K offer you are pretty much legally bound to that. Basically you chose to offer above listing price and you really can't renege now. You would be in breach of contract as far as i can see.However yu might want to consult your agent or a real estate attorney for a more accurate answer. if the bank is in a multiple offer situation,they will probably reject your request. ... more
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Wed Aug 11, 2010
Mike Leznik - Bank Owned Homes Specialist answered:
You start by figuring out exactly what you can afford, Talk to a qualified lender that will give you good advice, then find an agent that you are comfortable with who knows the area and then youcan begin your search. .

let me knopw if you would like a good lender referral.
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