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Martin Mesa's Answers

It will be tough. Unless the HOA is already approved with the lender they will usually ask for an HOA cert and pending litigation will prevent banks from lending on it.
Are there closing costs associated with a FHA refi
Good question. There are always costs associated with a refinance. The question is will or won't you get charged those costs are will the lender absorb them. In today's environment, it is very possible to get a no or low cost FHA refinance. We do these all the time and have been doing quite a bit of...
Is it possible to have 2 FHA loans or do I need to refinance to a different loan type?
You can only get a 2nd FHA loan under certain circumstances that are very narrow. If your situation doens't fit into that narrow definition, you'd have to refinance the existing FHA loan into a conventional loan or pay it off in full before you'd be eligible to get another FHA loan. To...
Hello, I have an FHA related question from 49er country
You can get a 203K rehab loan on your home even if you have an FHA loan currently. The typical maximum LTV is 97.75%.Martin MesaPresident & BrokerRate One Financial, Inc.150 E. Colorado Blvd., Ste. 215Pasadena, CA 91105818.284.6480 ext. 103 Office626.389.1763 eFax626.585.9200 Main Faxwww.rateonefinancial...
It depends on the county the property is located in. I'm in Los Angeles county and that is the current conventional Agency loan limit in my county. Anything about that is considered a true Jumbo loan.
Bad credit who loans money on deeds to property
You may qualify for a lower credit score FHA Loan (some lenders can go down to 530) but depending on how bad the credit is you might only have a chance with a private party lender (i.e. hard money). You usually need at least 30-35% equity in the property in order to qualify for a hard money loan and except to pay...
I am looking for a lender who can help me with a refinanae but at 85% LTV.
I'm a licensed mortgage banker and broker in Pasadena, CA and we can do loans up to 85% loan to value or more. To find out if you're eligible and qualify for such an offering from us feel free to reach out to me anytime. Thank you.Martin MesaSenior Mortgage Loan OriginatorRate One Financial, Inc.150 E....
Are there any refinance loans with absolutely no out of pocket closing costs?
There are No cost loans you're most likely eligible for. To find out more contact your local lender. I can also help and can be reached via email at or via phone at 818.284.6480 ext. 103.
How can I know the best credit range for fha aproval?
A 674 FICO score is definitely a high enough score for an FHA loan. We have several lender investors that we shop around with to get a competitive quote. My office is in Pasadena and I used to work in Montebello. I don't have a problem meeting with you anytime either at my office or in Montebello anytime. Our...
Can someone explain the IRRRL option? We have a VA loan, but don't want to be out of pocket in lender fees to save a few dollars on the mortgage.
This is VA's streamline refinance program. We offer it and do many of them. It's a program that allows you to refinance your current VA into a lower rate and payment with very little documentation needed on your part (i.e. No income documentation required and oftentimes, no bank statements either). You...
Maximum assessed value of reverse mortgages
I don't think you'll be able to get any more cash out. The current balance of $490K will prohibit you from getting more $ out of your home with a new RM.
Out of state purchase
Yes if you purchase property as either a 2nd home or investment property unless you can prove that you'll have a legitimate reason to occupy the property at least 51% of the time.
How does a "rent to own" situation work? Are these scams?
It's not a scam if done properly with a legally binding lease agreement with the option to buy in the future. Basically it's like a regular lease agreement between landlord & tenant but usually allows the tenant to option to exercise a right to purchase the property from the owner/landlord after a...
How long does money need to be aged so it can be used as down payment?
For most loan programs, any money that isn't already showing up on your last two monthly statements will need to be either considered a "Gift" which would require a gift letter from the person that gave you the money OR you'll need to explain in a letter where that money came from and also show some sort...
what is the max conventional loan limit, before I have to apply under Jumbo mortgage?
In your county, it's $765,600.00 for 1 unit properties such as Single family homes, condos, townhouses, etc. The limit is higher for 2-4 unit properties.
Can you potentially get a VA mortgage on a new house less than a year after refinancing your current home as owner conventional?
Technically yes but VA is only for owner-occupied loan so it has to make sense to the new lender doing the VA loan. If the scenario isn't a typical owner occupancy scenario you might have a hard time getting a bank to believe that you'll actually occupy the new property if it doesn't fit the typical...

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