AboutJim Root Expertise Real Estate Financing of all types/styles--Government & Quasi-Governmental loan such as FHA & VA; Conventional "Fannie Mae" & "Freddie Mac"-backed Mortgages & all sorts of "Creative Financing" techniques! Credit Underwriting & Property Value & Condition Requirements of standard Home Loan Programs. Purchase Money Mortgages or Refinancing! Gale, shown with me here, has been a licensed Real Estate Agent & Office Administrator & my Research Assistant over the years!
Experience Over 30 years as a "Real Estate Professional," including Real Estate Marketing & Sales, Mortgage Banking & Residential Appraisal businesses.Past certifications as a Mortgage Co. Manager, Underwriter, Staff Review Appraiser, Compliance Inspector & Loan Officer with a nationally known Mortgage Company. 12 of the 30 plus years of experience was with the Dept. of Housing & Urban Development (HUD) as a Homeownership Program Officer, trained & proficient in all aspects of the Real Estate Sales,Appraisal, Inspection & Financing areas.
Organizations Former Member of Nat'l Ass'n of Realtors (NAR)& Mortgage Bankers Ass'n of America.(MBAA) Currently with National Ass'n of Review Appraisers & Mortgage Underwriters.(NARA/MU)
Publications Published in local, regional & national Real Estate industry magazines & newsletter on various Real Estate-related topics.Co-authored numerous Goevernment Manuals, Handbooks & Panphlets on Home Mortgage Programs while with HUD/FHA.
Education/Credentials Associate Degree with emphasis in Real Estate Studies plus:
Over 20 "Special Courses" relating to Real Estate, including Financing, while in Private Sector & with HUD's FHA Homeownership Division.
Bachelors Degree in Mass Communications &
Masters Degree in Education/Teaching.
Awards and Honors Professional Designations include: Certified Resiential Originator (CRO) with MBAA,Registered Mortgage Underwriter (RMU)& Certified Review Appraiser(CRA) with NARA/MU. Past awards include Outstanding Performance Awards for 10 of the 12 years with HUD/FHA & numerous
Real Estate Sales,Appraisal Reporting & Mortgage Loan Origination
awards while in "private practice"
Past/Present Clients Currently Director of a Company that provides Professional Development Seminars & Workshops to Real Estate Agents, Appraisers & Mortgage Lenders & both free(as needed) & fee-paid (sliding scale)consulting & inspection services to the general public.This "Expert" is a "Disinterested Third Party" who will not try to sell you Real Estate, nor Appraise or Inspect your Home, nor attempt to put you into a Mortgage Loan--all questions will be answered with your best interests in mind!
Question hi!
I live in the bay area, californiA and am looking to buy my first home with a
10%down without the restrictions of an FHA loan- house has to be without
any cosmetic work. Are there any options?
Thanks
Answer Hi "SATS"--
There are lots of Mortgaging options to FHA-Insured Financing when you have 10% of the Purchase Price to use as a Downpayment and the Lender only has to provide 90%! They're called "Conventionals."
FHA & VA Home Loans are called "Govvies" in the Mortgage industry because they must meet US Government standards; these standards being perceived as more restrictive than the Conventional Loans.
Actually, however, FHA and VA loans have become less and less restrictive over the past 5 years--more like Conventionals now!
Both are heavily used by First-Time Homebuyers as most don't have 10% to put down. The Zero Down VA and the 3% Down FHA Mortgage fits more of the younger couples financial capabilities.
Conventional Real Estate financing has its restrictions, too. As with the Govvies, an Appraisal is required.When/if the
Appraiser finds any structural, health & safety or systems(IE.heating, water, sewerage,) or other serious deficiencies they must be repaired/replaced/renovated or "whatever it takes" to "clear" the deficiency before a loan can be closed. (There are NO "Perfect" houses out there--they ALL need SOMETHING)
And with Conventional Home Loan, unless you're putting 20% downpayment into the transaction, you'll have to purchase Private Mortgage Insurance (PMI) to protect the Lender against loss if there's a Foreclosure before their loan to you is paid off--or at least down to the 60% Loan-to-Value (LTV).With the the Govvies, FHA insures the Lender against losses; VA guarantees them full payment, with "Non-Govvies, PMI does the job.
Your questions lead me to believe that you haven't acquired a
"Buyer's(Real Estate) Agent" AND/OR a "(Mortgage) Loan Officer."
If you have one or both of these BADLY NEEDED "Real Estate Professionals," they SHOULD be able to educate you as I have tried to do here.
A FIRST-TIME HOMEBUYER NEEDS:
(1)A LONG-TIME REALTOR TO HELP THEM THROUGH THE COMPLEX PROCESS OF FINDING A HOME & THE RIGHT FINANCING, NEGOTIATING WITH A SELLER, WORKING UP A CONTRACT FOR SALE,AND "DOING WHATEVER IT TAKES" TO BRING THE SALE TO THE CLOSING TABLE. The LISTING AGENT represents the Seller and serves his/her BEST INTERESTS; you need a "BUYERs AGENT" who will represent YOU and serve YOUR Best Interests!
(2)AN EXPERIENCED LOAN OFFICER WHO WILL ORIGINATE YOUR MORTGAGE APPLICATION AND OVERSEE THE PROCESSING OF YOUR LOAN, ORDERING APPRAISALS, CREDIT REPORTS, INCOME EVIDENCE, VERIFICATION OF LIQUID ASSETS, PUT TOGETHER A "STRONG" FILE TO SEND TO UNDERWRITERS.The Loan Officer is your "REP" to the Lender and the UNDERWRITER who will decide on Approval or Denial of your Loan Request.
Don't try to do this alone! Select your Realtor and Loan Officer carefully.GOOD LUCK--and ENJOY that first Home!
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
