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Financing in Sonoma County : Real Estate Advice

  • All78
  • Local Info3
  • Home Buying37
  • Home Selling2
  • Market Conditions3

Activity 31
Mon Oct 22, 2012
Matthew Bartlett answered:
Hello Shad,

Two to three years is the standard time period after a short sale you may look to purchase a home. I suggest that you speak with your Lender and start the pre-approval process. The fact that you have 20% down is a good start. If you have managed to keep your debt down and pay your current bills on time this will also help in your attempt to gain loan approval. Good luck!

Warmest Regards,

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Thu Jun 5, 2014
Rich Homer answered:
Find a Mortgage Broker right away for advice in your proposed zip code. You can search "Find a Pro" in the header of this website. From your friends at ... more
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Thu Jul 12, 2012
Gregorio Denny answered:
Is yours the only house there? If not, you should ask your neighbors who they use for financing. I was not aware that residential was allowed in a light industrial zone so I'm not sure how you would get financing on that. ... more
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Tue Apr 29, 2014
Alexander Greer answered:
We know that this is really late but we just started on the site. If you still need financing help check us out at and give us a call!
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Tue Dec 13, 2011
Scott Godzyk answered:
To get a lower interest rate, you should contact your bank, ask for the loan retention epartment and ask for a loan modification to lower your interest rate and payment. Now you are not just entitles to this, you need to show them you have a hardship, that you can no longer afford the payment yiou are at, some other reasons are loss of change, marriage, death, sickness, birth, divorce or relocation. There is no one you can pay that7 can do a better job than you calling your bank directly. ... more
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Sat Nov 19, 2011 answered:
Sun Feb 10, 2013
Laura Feghali answered:
Hello Diver4kal,
Yes, only one partner residing in the home would be considered as "owner occupied".

Good luck!

Laura Feghali
Prudential Connecticut Realty
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Wed May 11, 2011
Gregorio Denny answered:
FHA also has an up front fee that can be rolled in. If you only have 3% down then you cannot do an FHA loan as it requires 3.5% down. No one can tell you which is the better choice without seeing the entire picture. Some scenarios are clear cut but this one is not. You need to have a loan officer show you all the numbers side by side to do a proper comparison. I suggest you contact a DRE and NMLS licensed California Loan officer to assist you. Contact me if you need assistance ... more
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Thu Aug 15, 2013
Hans Bruhner answered:
The fact that you are making the payments is only half of the answer, the other half is that you probably qualify to make the payments and so a modification is not in your future. ASC will not modify your loan if you can afford the payments even if you stop making them. To them, this is a good debt and they will wait and see.

Unfortunately, as you well know, there is no program for you unless you are already a Freddie or Fannie loan.

There is a silver lining and that is that since you have a 7/1 ARM, your interest rate will likely stay the same or go down in this environment. Typically on a 7/1 ARM, the first adjustment could go to the maximum of 5 to 6% above the start rate but it is based on index + margin and the indexes are all low so the ultimate rate should be low as well.

If you would like, I would gladly look at your note and let you know what to expect. My email address is and my number is (866) 385-1650
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Mon Mar 14, 2011
Edward Mendelson answered:
To make a long story short, the reason the 203(K) loan was created was for properties such as this. There are two versions; the streamlined and the full 203(K). The streamlined was created for properties that do not need more than 35k worth of rehab to be completed, anything more than the 35k would require the full 203(K).

Always have the home inspected, but if you are doubtful about the amount of work to be completed and the cost, you can hire a 203(K) Consultant to complete a feasibility study, this should give you a rough estimate of the cost of repairs, if you are satisfied with results of the study then you can hire a home inspector to perform a in depth inspection of the property. A feasibility study of the house should be about $150 based on HUD guidelines.

There is much more to the process, but I hope this helps to start you on the right path.

203(K) Consultant
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Sat Feb 5, 2011
Tony McMahon answered:
No one here has a crystal ball to determine what rates may look like in 5 years. That being said rates have been going up recently and they are still at historic lows. The decision is yours but the old adage a bird in the hand is worth 2 in the bush seems to come to mind in this instance. ... more
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Sun Feb 10, 2013
Corey Grushin answered:
Thelma the usual rule on using income that is not considered a salary or a wage is:
"it's continuance must be likely for at least for 3 years after the time of closing" . Based on the information you have provided you wouldn't qualify using fellowship income. Sorry if you find this bad news. I hope the rest of your day is better. ... more
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Thu Sep 16, 2010
Thelma asked:
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Tue Jul 6, 2010
Anna M Brocco answered:
Not knowing all your finances--Visit with any qualified loan officer(s) first--see exactly what your budget can handle and have your credit score checked--their scoring is often different--if your credit needs improvement your loan officer may suggest great ways to improve it as quickly as possible. Currently FHA loans do require a minimum score of 620 and 3.5% down; there may be lenders willing to work with a lesser score, however the interest rate and down payment may be higher. ... more
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Wed Mar 24, 2010
Anna M Brocco answered:
Not knowing any of your financial details--why visit with any qualified loan officer(s), see exactly what your budget can handle and check your credit score--he/she will be your best source of advice. ... more
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Fri Dec 18, 2009
Arlee Geary answered:
"Depends on what kind of property. If it is 1-4 unit, it does. If commercial or large multi-family property, no. Generally, you need to take the property out of the LLC to get agency financing. If you move the property from an LLC to a member personally, don't believe any seasoning is required because the chain of title and vesting will be of record". These answers are from Steve Sanders at Wells Fargo. For further information, you can reach him at 707-328-2098. Hope this helps. Arlee Geary Century 21 Alliance. Santa Rosa, CA ... more
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Sun Nov 8, 2009
Pam Buda answered:
Generally this is a matter that can be addressed through a letter of explanation to your lender, and with the appropriate paperwork at title and in your loan documents. Your husband, if you are married when your deal closes, will have to sign a quit claim deed disavowing any ownership interest in the property in order for your lender to issue a mortgage to you in your name alone. Your agent, lender and escrow officer can explain the details of your specific case to you.

Good luck with your short sale purchase. In Sonoma County, 14% of closed sales are short sales. Of those properties listed for sale as short sales that go into escrow (contract accepted by owner subject to bank approval) only 44% actually are sold via the short sale. That is as opposed to 92% of REO (bank-owned) property sales that close, and 88% of conventional (non-distressed property) sales that close after an offer is accepted. Each case is different and a property evaluation of the circumstances by you and your agent can help you to determine the best short sales in which to invest your time and energy.
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Mon Jul 6, 2009
Craig Saxon answered:
Hi Amy,
First, I would suggest you talk to your credit union, bank or mortgage broker and ask them their opinion. My understanding is generally it takes 5-7 years because of the time it takes to get it off your credit report, but it really depends on the lender's policy and may vary with the circumstances. If lenders start taking into account the unusual market conditions we've had the last few years, and they're eager to make loans, the time may be shorter or they may make the loan with a higher interest rate to compensate for what they perceive as added risk. It also may depend on your relationship with the lender. For example, if it's a credit union or bank with whom you've otherwise had an excellent credit history, they may make you a loan within a shorter time. Another alternative may be a seller that's willing to finance your purchase and make you the loan themselves. Good Luck!
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Wed Jun 24, 2009
Craig Saxon answered:
I would urge you to talk to an attorney rather than a real estate broker.
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Mon Sep 22, 2008
Pam Buda answered:
Hi there--lots of good questions and you are wise to plan ahead. There are also first time buyer incentives (a maximum $7,500 tax credit --repayable later at zero percent interest) based on the housing bill this summer which may apply to your situation in addition to the CAL FHA program. I have forwarded your questions to one of the good lenders I know in Santa Rosa, and hopefully you will get a detailed reply from him. ... more
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