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Old 08-18-2010, 01:16 PM   #1
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Ask a California Mortgage Broker anything?

As, we all know rates are great right now. So, let me know if I can help.
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Old 08-18-2010, 01:25 PM   #2
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Old 08-18-2010, 01:27 PM   #3
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want to buy a condo for $150k, have $30k down. Cant prove income. Heard im SOL. True?
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Old 08-18-2010, 01:30 PM   #4
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want to buy a condo for $150k, have $30k down. Cant prove income. Heard im SOL. True?
Pretty muich. I can make it happen with 2 years tax returns and a current P&L.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 01:32 PM   #5
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 01:32 PM   #6
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do you make gifs while your figuring up a buyers rates?
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Old 08-18-2010, 01:34 PM   #7
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do you make gifs while your figuring up a buyers rates?
Yes. I am very good at mutitasking.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 01:42 PM   #8
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i dont know. can we?
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Old 08-18-2010, 01:48 PM   #9
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i dont know. can we?
sure.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 02:16 PM   #10
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Do you just laugh when you write a mortgage for a person, knowing that they are going to be under water for a very long long time. Historically low interest rates, largest vacant inventory of all time, huge supply...little to no demand. Historic home tax credit upwards of 8k for first time buyers, and it barely drives demand up. I would not touch RE with a 10 foot pole right now. Unless you can maybe buy a house for 100k and it has 110k worth of old copper pipe in it...


80-90% of the housing market is artificially supported by the government. In Nevada alone, only 15% of the population are actual homeowners. Thats is only counting people who are not underwater on their house/condo. How are prices going to not GO DOWN.
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Old 08-18-2010, 02:19 PM   #11
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Do you just laugh when you write a mortgage for a person, knowing that they are going to be under water for a very long long time. Historically low interest rates, largest vacant inventory of all time, huge supply...little to no demand. Historic home tax credit upwards of 8k for first time buyers, and it barely drives demand up. I would not touch RE with a 10 foot pole right now. Unless you can maybe buy a house for 100k and it has 110k worth of old copper pipe in it...


80-90% of the housing market is artificially supported by the government. In Nevada alone, only 15% of the population are actual homeowners. Thats is only counting people who are not underwater on their house/condo. How are prices going to not GO DOWN.


I don't laugh; it will turn around. I put my clients in good loans, but yes the market is a mess right now.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 02:35 PM   #12
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Thinking about renting my house, looking at a possible relocation to another state. I am re-thinking the renting part and starting to look at a possible refi but as evryone else, my home aint work sh1t.

Any advice?
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Old 08-18-2010, 02:42 PM   #13
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Thinking about renting my house, looking at a possible relocation to another state. I am re-thinking the renting part and starting to look at a possible refi but as evryone else, my home aint work sh1t.

Any advice?
If you have no value in your home there is a chance for a modification or contacting your lender to take advantage of the HAMP program.
You could always do a short sale, which is not as bad as forclosure. That wasy you can move and not have the houe worry. If you do a short sale you cannot qualify for a new loan for 3 years.
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Old 08-18-2010, 02:51 PM   #14
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If you have no value in your home there is a chance for a modification or contacting your lender to take advantage of the HAMP program.
You could always do a short sale, which is not as bad as forclosure. That wasy you can move and not have the houe worry. If you do a short sale you cannot qualify for a new loan for 3 years.
I tried contacting my vendor and since my mortgage payment is within a certain % of my income they are not willing to do anything. I would only short sell if I had no other option, meaning no income and I could not rent it.

Looks like my best option at this time is to rent and go from there.

THX
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Old 08-18-2010, 02:57 PM   #15
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I tried contacting my vendor and since my mortgage payment is within a certain % of my income they are not willing to do anything. I would only short sell if I had no other option, meaning no income and I could not rent it.

Looks like my best option at this time is to rent and go from there.

THX
If you can rent and cover you mortgage your good to go.
Normally the lender can drop your payment to like 35% of your income.
If you are below 95% LTV I can do a refinace for you.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 03:00 PM   #16
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If you can rent and cover you mortgage your good to go.
Normally the lender can drop your payment to like 35% of your income.
If you are below 95% LTV I can do a refinace for you.
I am going to give renting a shot if it comes to that and everything works like I expect. My payment is less than 35% of my income now, thats why the bank doesnt want to play nice.

I wish I was 95% LTV, im probably 70k under
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Old 08-18-2010, 03:01 PM   #17
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I am going to give renting a shot if it comes to that and everything works like I expect. My payment is less than 35% of my income now, thats why the bank doesnt want to play nice.

I wish I was 95% LTV, im probably 70k under
Good luck to you. let me know of you have any other questions.
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Old 08-18-2010, 03:09 PM   #18
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good luck to you. Let me know of you have any other questions.
thanks
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Old 08-18-2010, 03:28 PM   #19
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What is the HAMP program?
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Old 08-18-2010, 03:34 PM   #20
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What is the HAMP program?
Home Affordable Modification Program
http://www.freddiemac.com/singlefami...ification.html
http://makinghomeaffordable.gov/modi...igibility.html
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