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Financing in Santee : Real Estate Advice

  • All97
  • Local Info1
  • Home Buying19
  • Home Selling4
  • Market Conditions6

Activity 3
Thu May 30, 2013
Cory La Scala answered:
Hi There,

I guess lenders aren't doing them, or you'd have had at least a few responses.

When there's risk to a potential creditor, in this case you can't prove you'll be able to make the loan payments, you'll need to lessen the risk to the lender somehow. For loans, it's usually in the form of higher interest rates. If your only source for a loan is private money, from a private lender/investor, you'll be paying a LOT more in interest, which will lessen the amount you can pay for your property.

My suggestion would be to work on getting employment that will be enough to qualify for the loan amount on the home you want. I know it's more difficult now, but you do have a nice amount of money for a down payment, and if you can add to that, you'll be able to buy in two years, the amount of time lenders want to see you employed. $70K is enough for a 20% down payment on a conventional loan for a $350K home. Your payment would be roughly $1725/mo, so that's the payment you'd have to qualify for. If you're buying a condo, you'd have to take the HOA fee into consideration, so your purchase price would be less. Or, could buy something for less anyway, and have a higher down payment, and that will lower your monthly payment, so your income could be less.

Good luck to you, and let me know if you have any more questions.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421
Lic # 01443391
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Tue Oct 13, 2015
Robin Silverberg answered:
That is saying that your mortgage company will allow a $3,500 seller's concession to the buyer for closing costs, as long as their mortgage company will allow it. Some buyers don't have quite enough money for down payment plus closing costs, so they get help in the form of a seller's concession. ... more
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Mon Jul 21, 2008
Shel-lee Davis answered:
Laura:

Contact me off line for the best VA / FHA guy in CA. He has gotten loans approved for me (and others I know) in 24-48 hours that others have not been able to get through in 45 days. Anyone else who would like this referral, feel free to contact me through my profile. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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