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Financing in San Francisco : Real Estate Advice

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Activity 157
Fri Jun 12, 2009
David Tapper answered:
There's no more stated financing. You might want to call Yolanda Yiu with Wells and see what she can do. Yolanda's number is 650-270-8688.

Regards,

Dave Tap Tapper
Realtor
Cashin Company
www.DavidTapper.com
415-370-7195
... more
0 votes 3 answers Share Flag
Fri Apr 24, 2009
Lisa Cartolano Ellen Diamond answered:
Hello Kleboeuf,

You will want to talk to your lender regarding the condo unit. There are some complexes that are on the HUD approved list and these do not require an additional approval by the lender. If the complex you are interested in is not on the HUD approved list, then your lender will need to go through an additional step to have the complex approved before funding can proceed.

Hope this helps!

Lisa Cartolano
Alain Pinel Realtors
... more
0 votes 5 answers Share Flag
Thu Aug 15, 2013
David Tapper answered:
Silent J, just because your home is worth less than what you paid doesn't qualify you and your partner for a short sale.

The two best reasons to quality for short sale is loss of job, and divorce. Not loss of value. You may qualify for a loan modification. I would call Ruel Cordero 650-303-8500. He is very good and ethical. Be very careful about who you work with, I'm hearing horror stories about loan motification guys, including stealing your identity.

It's not just the banks problem, it's your's too. It's your credit integrity that's on the line. I'm sorry, but that kind of thinking is part of the bigger problem that our Country and Economy is faced with. People are willing to walk away just because we are in a down cycle. This isn't just hurting yourself (credit) but what about your neighbors, and everyone else. I keep hearing about what crooks the mortgage bankers are, that they put me in this situation, but let's get real. If you were making $50,000 a year, you could not afford a $3,000 a month payment. Too many people kept refinancing their homes and spent the money, and now that the market has gone down, they have decided take off. That's real integrity. I hope they never buy a home again. For the people who bought homes and lost their job, that's who I feel sorry for. The ones who haven't lost their job, just their equity, and say they can no longer afford their home, why? Rates have come down. The adjustable rates have gone down, not up. I'm just being honest silent J! (Thanks for letting me vent.):)

Lastly, a short sale is when you sell your property for less than what you owe. Please give this a lot of thought before you decide to walk away.

Good luck,

Dave Tap Tapper
Realtor
Cashin Company
www.DavidTapper.com
415-370-7195
... more
0 votes 9 answers Share Flag
Sat Mar 21, 2009
Jed Lane answered:
Johann,
When you are presented with an option to buy down interest rates all you need do is exactly what you've done. Project when you break even and knowing how long you plan on staying in the property calculate your savings over that period of time.

One other factor can come into the equation for some is the tax benefit in the year that you pay the point. That can make adifference if the other numbers are close.
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0 votes 2 answers Share Flag
Thu Mar 19, 2009
Lance King answered:
Alex,

A reassessment occurs with transfer of ownership. Unless there has been some very recent change to the rules, the only way you would get a reassessment would be if your sister was no longer on title. If you send me your email address I can doublecheck with the Assessor's office and get back to you. Or you can contact them directly if you prefer:

http://www.sfgov.org/site/assessor_index.asp
(415) 554-5596

Best Regards,

Lance King/Managing Broker
415.722.5549
lance@fixedratreproperties.com
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0 votes 2 answers Share Flag
Thu Apr 9, 2009
Woody Hogg answered:
The answer is maybe. The bank will not lend you money on the actual house but a loan officer may pre approve you before the auction. You may have other collateral that you could put up such a home equity loan if you own a home already, stocks, life insurance cash value,etc. You will want to have your financing in order before you bid. You may want to have your agent contact the bank prior to the auction and see if the bank has financing available. There are some great new financing options on Fannie Mae and Freddie Mac held homes. Contact a knowledgeable Realtor in your area. ... more
0 votes 4 answers Share Flag
Mon Feb 23, 2009
Robert Spinosa answered:
Silent J.,

You should indeed be able to refinance, all other qualifications met. In short, you'll gain back what we lost at the beginning of the year.

This is great news for us here in the Bay Area.

If I can be of service with your refinance, please let me know.

Thank you,

Rob Spinosa
rspinosa@mortgagemasterinc.com
... more
0 votes 5 answers Share Flag
Sun Feb 15, 2009
Jed Lane answered:
Tony,
First take all the notices to the Tax Assessors office at City Hall and have them tell you what the situation is. Bring all the documents that show passing of your partner and the sale of the property. Be sure to bring tax statements and any proof of what you've paid.

If after you have the conversation with them you have any disagreement then contact an attorney for legal advice.
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0 votes 1 answer Share Flag
Thu Feb 5, 2009
Natasha Lovas answered:
Right now everything depends on your loan-to-value ratio. The best rates (below 5%) are reserved for the conforming loans (below $417k) with a loan-to-value below 60%, where the borrower is willing to pay up to 1 point.

If you are looking at the new High Balance loans (between $417k and $625.5k), there are now huge rate penalties for taking cash out or for a total loan to value (including any seconds or equity lines) up to 80%. You will get the best rates (mid-5%'s) is your loan to value is below 60% and you can pay up to 1 point.

There are still decent rates on jumbo 5/1 ARMs: around 5.125%, with 1 point.

Lenders are not only penalizing for high loan to values, but they are pricing their products such that "0" points loans don't make much sense any more; you get a much larger bang for your buck if you can pay 1 point, or even a little more. The 1 point can still be financed into your new loan, but please make sure that you plan to stay in the home for at least a few years so that your investment in your new loan makes sense.

Many of my clients are saving $300 to $400 per month by refinancing, so it can be well worth it if you are already in a pretty good position. If you bought your house fairly recently with 5 or 10% down, you will probably not be able to take advantage of these new low rates -- which is a shame.
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Thu Feb 12, 2009
Marty S answered:
I have not seen any ssues with this thus far. Guidelines have tightened up, however, I cannot recall a lender or an appraiser REQUIRING a homeowner to move stuff around. You may want to consider another lender.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
... more
0 votes 18 answers Share Flag
Wed Jan 21, 2009
Lance King answered:
Kelsey,

I'm quite familiar with this subject as we have clients currently looking for the same type of property and have bought similar properties for ourselves. The last time we checked - last month - the loan program for investment properties was as follows;

25% down
approx $500K Max loan amount on a 2 Unit bldg
approx $645K max loan amount on a 3 Unit bldg
approx $800K max loan amount on a 4 Unit bldg

Loan programs change frequently, so if you would like some referrals for solid lenders and/or assistance with finding/buying properties, contact us at your convenience.

Best Regards,

Lance King/Managing Broker
415.722.5549 Cell
lance@fixedrateproperties.com
... more
0 votes 3 answers Share Flag
Fri Jan 16, 2009
Steven Ornellas answered:
FG: you can make the decision to short sale at anytime, the question is whether you want to take the hit on your credit for at least 2 years (with the forbearance showing for 7-10) and also be blocked from purchasing another home for 3-5 years via lender guidlines.

If it were me I would try and stick it out. Might have a different view if your place were in Stockton...

Best, Steve
... more
0 votes 9 answers Share Flag
Wed Jan 14, 2009
Steven Ornellas answered:
Yes, you can first try to get this from the Escrow/Title Company. -Steve
0 votes 4 answers Share Flag
Wed Jan 14, 2009
Scott Godzyk answered:
In most cases today you do not have to force the hand of teh lender to get a loan modificatio, In addition you do not have to pay anyone for this service either. You can do it yourself. there are no shortcuts or secrets you have to pay anyone for. you need to show a hardship, submit a hardship letter, a list of your income and expenses, last years tax return, 2 months bank statements and the last 2 paystubs. NOW if you do not have a hardship and need the proof you should contact your state banking commission and they will have a reputable name for you. good luck ... more
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Sat Jul 28, 2012
Manu Kapoor answered:
In FHA u will hv to put 3% down atleast. OR take a gift from some body. Also you could do only 1 FHA loan per borrower.
0 votes 8 answers Share Flag
Sun Feb 8, 2015
Luke Allison answered:
5.3% with no closing costs is very good right now since most Mortgage-Backed Securities are not paying a lot of rebate right now because the demand is so high. The fact that closing costs in California can be so expensive and you can get a flat rate at 5.3% with no cost is a very good thing.

For today, I would take that and run with it.
... more
0 votes 14 answers Share Flag
Wed May 27, 2009
David Chamberlain answered:
It sounds like you are not informed. Your lender is probably a mortgage broker. It is difficult to get financing on a house that needs a lot of repairs. Your broker might be trying to get you into a program that allows for repairs. If the seller could afford to make repairs they probably would have already and then increased the price.

It sound like he is doing his job.trying to get you financing. would you prefer to have someone that tell you what you want to hear.

Pay me $3,000 I will tell you that everything will be fine, until of course you get rejected for a loan.
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0 votes 7 answers Share Flag
Thu Aug 27, 2009
Jeremy R answered:
Thanks for the reply Marty.

Since my broker didn't fill me in on the process, I have done my own research. It appears that it is quite common for a condo to not be FHA approved, which my broker failed to mention, and that a spot approval must be done by a qualified professional. Is that true?

Thanks for the info.

JR
... more
0 votes 2 answers Share Flag
Tue Oct 7, 2008
Donna Sauers,ABR,SRES answered:
Hi Phil,

As long as your home will still appraise for the $592,000 you owe should have no problems. Your interest rate may be a bit higher then the 6% you have, but it may be worth it to you to lock it in. Call your lender and work the numbers with them. Depending on how long you plan to be in that house, it may not be worth the costs involved. ... more
0 votes 9 answers Share Flag
Sat Aug 9, 2008
Bob McClure answered:
good morning....the balances on your credit cards are one thing...but it depends upon how much available credit you have remaining..also opening new accts just to switch balances could have a small effect....on your score.....one becase it is a new inquiry, and second the new balance being so high as soon as you open the acct...ei: do you owe $15k on a credit card w/ a $25k limit?....or $15k on a credit card w/ $15k limit?...second..zero interest doesn't mean that the cost per thousand is inexpensive.hope that helps...bob mcclure- mortgage now- farmington, michigan (248) 974-4444.... i am licensed in your state and 18 other ones, and can close you in your own backyard.... ... more
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