| 5 Refinancing Must-Reads: What Should You Do? |
|
| Thinking of refinancing but queasy at the thought? We know it can be a complex process (especially with the recent slew of regulations), but for many homeowners, it’s the best way to save some cash. From finding the right appraiser to understanding loan modification programs, these five examples from Trulia Voices will give you a crash course on refinancing basics. Still not sure about your situation? Ask the Voices community of homeowners and experts to find out if refinancing is the thing for you. |
 |
 |
|
 |
What are appraisers looking for? |
|
Q: Refinancing….are there tighter restrictions for appraisers?
Asked by Alex, Home Buyer in SF Bay Area
A: Underwriting guidelines have definitely tightened up. But the tightening has been mostly in regards to the comparable sales data we are allowed to use to estimate value. For example, up until early 2007 appraisers could use sales comparables that had sold within the prior 6 months and… see more or reply |
|
 |
Can you explain the confusing refinancing rules? |
|
Q: Any tips of refinancing w/the lower rates but tighter/more confusing rules?
Asked by Ejsf22 Just Looking in San Francisco, CA
A: Right now everything depends on your loan-to-value ratio. The best rates (below 5%) are reserved for the conforming loans (below $417k) with a loan-to-value below 60%, where the borrower is willing to… see more or reply
|
|
|
|
I’ve hesitated writing on this topic because of the large number of voices clamoring to “fix your loan mess” As I’ve stated to anyone who would listen a number of a few times in the past, “Be careful. There are many scams out there.” But, as I’ve discovered, there’s also some real help as well…See more or comment
Written by Carl Medford, Real Estate Professional in Fremont, CA
|
|
|
|
On October 1, 2008, the FHA “Hope for Homeowners” plan was implemented. If you meet the guidelines outlined below you may be eligible to refinance your current mortgage. One key condition, however, is that your current lender of your mortgage must agree to…See more or comment
Written by Harold Penner, Real Estate Professional in Clovis, CA
|
|
 |
What’s the story on California loans? |
|
Q: California FHA Mortgage offers buyers 97% Financing
Asked by Rodger Gibbins Just Looking in CA
A: For first time California home buyers and other California borrowers, the FHA home loans can have key advantages: The FHA loan program was created to help increase California homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a California home… see more or reply |
| Find more tips on Trulia Voices » |
|
| How to determine your homeowner’s insurance coverage sponsor |
 |
|
Your home may be the biggest investment you’ll ever make. So if you’re serious about protecting that investment, here is some important information to consider when determining the coverage amount for your home. |
| 1. Make sure that your home is insured for at least 100% of its estimated replacement cost. |
| 2. Understand the diference between market value and replacement cost for insurance purposes. |
| 3. When buying a new home, be sure to obtain a replacement cost estimate. |
| Read more about homeowners insurance |
| These tips brought to you by State Farm Insurance |
|
|
|
| Celebrity Home Sightings ? Get your superficial fix here. |
 Best known for bejeweling stars like Beyonce and Katherine Heigl, Michael Beaudry lists his Beverly Hills mansion for $13.5M
$13,500,000
6br / 9ba / 7,500 sqft |
|
 Most recently known for her role as Lisa on “Weeds,” Julie Bowen lists her home in Studio City for $2.7M
$2,695,000
5br / 4.5ba |
|
 Daniel Powter, who sang his number one hit, “Bad Day,” on “American Idol” in 2006, lists his Brentwood pad for $2.3M
$2,295,000
4br / 4ba / 2,659 sqft |
|
|
| Real Estate Eye Candy ? Trulia picks |
| Steals & Deals – under 250K |
| They’re not called steals for nothing. Check out these three homes from across the nation. From new kitchens and lakefront views to your own coconut and avocado trees, these pads are worth planning a trip at these prices. |
|
|
|
|
Legacy Comments
Very few lenders and/or loan officers are aware of the information I am about to share with you concerning obtaining an FHA, VA, or HUD Guaranteed Loan for a Manufactured Home. In fact, I have mortgage brokers, lenders, loan officers, real estate agents, and even the home owners, calling my office for advice on how to expedite these types of loans for their manufactured home. I’m surprised that many of these professionals don’t know one of the most important components to getting their loan approved. I am not a loan officer, or a mortgage broker, or a real estate agent – I am an engineer.
So why would these professionals be asking an engineer about a critical aspect in getting their FHA/HUD, or VA loan approved for their manufactured home loan? Because for every FHA/HUD, VA, and other HUD guaranteed loans for manufactured homes, an Engineer Foundation Certification is required for each and every manufactured home receiving a federally guaranteed loan. Most lenders are surprised at such a requirement and I end up explaining the process to them during the course of our professional relationship. It’s quite amusing some times.
So what is an Engineer’s Foundation Certification? It is a document from a professional licensed engineer where the home resides, that certifies that the manufactured home rests on a permanent foundation. Not just any permanent foundation, but a permanent foundation complying with the HUD Permanent Foundation Guide for Manufactured Homes (PFGMH – HUD 7584).
Most lenders are not aware of this document, and sad to say, most engineers also. Most engineers are not familiar with the HUD guidelines for a permanent foundation on a manufactured home – so when seeking out an engineer, make sure you get one with plenty of experience. Otherwise, the loan that you’re trying to expedite will get tremendously delayed. And we all know that time is money!
The engineer certifying the home needs to be extremely confident and familiar with the HUD PFGMH code/manual as mentioned above. It is the Manufactured Home Foundation Bible, so to speak. This manual is not an easy read, even for many engineers. The manual is vague and requires a sound understanding of how manufactured homes work, and a fine understanding of building analysis in general. Manufactured homes do not follow the same building codes as in-place stick built homes – this is why most engineers are not familiar with the codes (they simply don’t have the time or want to expend the effort in learning yet another code book.)
If you’re a mortgage lender, loan officer, manufactured home builder, real estate agent, or the like, you need to team up with an engineer that has a reputation of providing clear judgment concerning manufactured home foundations. If you don’t, the delay could be very costly. If you do hire the right engineer who has experience in manufactured home foundations that are HUD compliant, and the keyword here is HUD compliant, then the loan process will be very smooth and expeditious.