Home buying in California?

Posted on Sep 26, 2012 in FHA Information

Question by jasonhpi: how do i get a no proof of income mortgage loan?
what banks or lenders still do this?

Best answer:

Answer by DR + Mrs Bears face
This sort of mortgage is very expensive and there are some loan sharks out there.
Do take care if you decide to go that route.

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More buyers choose conventional over FHA loans
Mortgages were used to finance 68.9 percent of home purchase transactions in August, generic up from 67.5 percent in July. Significantly, diagnosis not all mortgage financing products saw the same gains in market share. FHA-financed transactions rose only slightly from …
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Mortgages and the younger borrower
You can also still get an FHA mortgage for as little as 3.5 percent down. FHA loans charge more for mortgage insurance than you would pay on a conforming mortgage, but the interest rates tend to be a bit better, so that helps. There are some …
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Democrats seek to bring on Republicans with revised refinance bill
The revised bill seeks to help borrowers who are not underwater on their mortgage and have more than 20% equity in their homes to refinance employing the Obama administration program, viagra known as the Home Affordable Refinance Program, thumb or HARP.
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Home woes may scuttle your FHA mortgage
After all, viagra sale 54% of first-time buyers between July 2010 and June 2011 used a low-down-payment FHA mortgage to finance their purchase, tadalafil according to National Association of Realtors research. And use of FHA mortgages for this buyer segment continues to be …
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FHA eases condo rules, case but is it enough?
Many borrowers who have tried to purchase a condo with an FHA mortgage in the past couple of years have bumped up against a frustrating dilemma: the condo they want to buy is not approved for FHA financing. FHA condo buyers face a double application …
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SIVA
by DaveBleasdale

Question by caitlin: How do I know which loan docs to use Full docs, and SISA/SIVA, No Ratio for financing or purchasing a house?
I’m a new loan officer & need tips to analyze loan scenarios quickly & smartly.

Best answer:

Answer by Casey C
You need good training. check out loantoolbox.com. it’s great service to help you understand these things.

Here’s some basic tips though.

Full doc is for people that state what they make and can prove it with w-2’s and paystubs.

SISA is for people that are generally in business for themselves and have a tought time showing income or assets.

SIVA is for the same but can show money in the bank.

NO ratio is good for people that have a job or business, but don’t make enough on a monthly basis to show they can cover the payment, but they have enough money in the bank to show they can make the payment one way or the other.

It’s all about getting as much info as you can from your client and figuring out what fits them best.

Know better? Leave your own answer in the comments!
Question by Cindy A: Home buying in California?
i plan on buying a home and offering $ 355K with 5% down. This is an FHA loan with a rate of 5%. I’m wondering what would be my total payments including mortgage insurance. How much out of pocket cash is this whole transaction going to cost me after down payment, store closing, ect.? This is in California. It is a short sale and I am asking for 3% seller credit.

Best answer:

Answer by †Ask Me Anything†
Are you working with a buyers agent?
No one here can tell you what exactly you would be out or have to pay because we don’t know what interest rate you would end up with, what the taxes are per year in the area you are buying, what your insurance is going to cost etc.

Also, strap in for a long wait. Short sales are notorious for taking weeks if not months to even get a reply from the bank. Hope you have up to 6 mos to wait around.

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One Comment

  1. Home insurance covers lots of different things. I’m not familiar with the California laws and regulations, so I recommend you call a local home insurance agent. http://www.easyhomeinsuranceguide.com/California-Home-Insurance.html They will be able to assist you.