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Financing in San Mateo County : Real Estate Advice

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  • Local Info4
  • Home Buying22
  • Home Selling2
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Activity 53
Tue Mar 19, 2013
Unless your current lender would be willing to modify your mortgage, or unless you can bring money to closing, then you are probably stuck right now. Currently the HARP refinance program permits certain loans owned by Fannie and Freddie to refinance regardless of value. FHA loans offer the streamline refinance. But nothing out there right now for those loans that don't meet these criteria

There is talk of HARP version 3.0 that may open up further possibilities, but so far nothing is approved or set in stone. Google HARP 3.0 for more details about the proposed changes, then keep your ears open for the actual rollout of this.

Sorry there's not more help right now. Best of luck!
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Wed Feb 20, 2013
Vicki Moore answered:
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Thu Feb 14, 2013
Andre Mettler answered:
Points usually reduce your interest rate. The buyer buys down the rate with points. Usually a point will reduce your interest rate by about 1/8 percent. Not to be confused with upfront PMI fees on FHA loans.
Point for purchase money loans can be deducted on a b uyer's schedule A in the year incurred if (s)he itemizes. Points for refis have to be amortized over time.
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Sun Feb 17, 2013
Sharon-Frank Vella answered:

Depending on the current size and bedroom/bathroom count of your home, doing an addition could "hands down" be the best strategy to increase the value of your home. If you are in one of the typical 3 bedroom, 1 bathroom homes in Pacifica, then I would suggest that adding a 2nd bathroom or remodelling your kitchen, would increase the value more than adding another room.

I'm not sure why the need for an appraiser, but I could certainly set you up with one, just let me know. If you just need to know the current value of your home, I would be more than happy to help you with that, just send me a private message.

Thanks and good luck! Sharon
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Fri Jan 18, 2013
John C. asked:
The only reason I need this is for refinance, for 20% of property value - which comes out to about $110K. I'm not really interested in peace of mind issues - I sleep well at night with...
0 votes 0 Answers Share Flag
Fri Jan 18, 2013
Marcy Moyer answered:
I love Long at Chase:
Long N Nguyen
Mortgage Banker
1402 Lincoln Avenue
San Jose, CA 95125
p - 408.998.8371
f - 866.401.9627


Marcy Moyer
Keller Williams Realty
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Thu Sep 27, 2012
Elena Talis answered:
I don't expect any dramatic moves in the near term. But don't underestimate the affect of politics. Things may start changing faster after the elections.
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Thu Sep 27, 2012
Jacob Varghese answered:
Hi Dhiraj,

The best person to answer that question correctly would be the broker/lender with whom you are working.

NMLS 327086
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Thu Sep 14, 2017
Lance King answered:
Depends on the property type and your financials. Typically speaking you will get better rates with more down. We work with 3 excellent lenders who all have different programs. I'm happy to send referrals - contact info below.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
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Thu Aug 9, 2012
Fred Glick answered:
Mr. K,

I assume you have been calling around to banks and mortgage brokers and you are seeing this does not exist.

There are lenders that may do this, but they are really high in rates.

The other idea you might want to explore is getting a co-signer (that you can have come off later).

This is 2012 and the lenders are very conservative.

Good luck,

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Tue Mar 19, 2013
FHA loans are fullly assumable.
Call your current mortgage servicer and ask them to send you an assumption package for the loan.
You will need to be occupying the property.
An appraisal may not be necessary through this transaction as the lender already has the property now the borrower needs to qualify. ... more
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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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Tue May 10, 2016
Carl Hawthorne answered:
Consult a mortgage broker, but you have to wait at least 30 days.
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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
0 votes 8 answers Share Flag
Wed Jan 30, 2013
David Tapper answered:
Hello Nympoon,

If you don't show your income here in the U.S. It might be difficult for you to get a loan here. Maybe you can supply the down payment money to your relative and they could qualify for a loan.

Feel free to email me and I will point you in the right direction by referring you to a mortgage professional.

If you are able to purchase a home here, I will refer you to a good property management company.


Coldwell Banker
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Thu Nov 30, 2017
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Sat Jul 7, 2012
Michael Abram answered:
It is possible to qualify up to 125% on a Fannie or Freddie relief loan, but your loan has to be serviced by a particular lender. Otherwise, most lenders will cap the qualification at 105% LTV. If you'd like to check it out, please feel free to give me a call or send me an email.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
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Tue Mar 19, 2013
Ron Kahn answered:
Good evening Raylan,

The answer to your question requires more information than just income. You need to take into consideration what you might owe such as car loans, credit card debt, student loans, etc. Most lenders use what is called a debt to income ration and depending on the loan product, the amount you are putting down, and your credit scores that ratio will vary. As interest rates are at their lowest levels ever you will qualify for more loan/home than at any other time. ... more
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Tue Apr 26, 2011
FHA 203k Mortgage Lender answered:
Yes, with an FHA 203k loan a property can be financed in it's "As Is" condition.

Best of luck on your REO property.
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