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Ray Jones's Answers

can i get a fha loan with down payment assistance if im not first time buyer?
Most all local DPA programs, MCC program, CA-CHDAP and CA-Platinum all define First Time Home Buyers as not having owner their principle residence in the last 3 years. You submit your last 3 years tax returns to verify no home mortgage deduction on Sched A. These programs all fit PERFECTLY with FHA...
I want to buy a house in USA for investment/renting out, how to get mortgage if I work overseas?
Regulations are slightly different for Citizens/Resident Aliens versus Non-Perm Resident Aliens but basically, our requirements for investment property purchase are that you 1) maintain a US address whether ether or not you currently reside in the US and 2) have an acceptable US credit profile...
My reverse mtg is currently $360,000. My home is worth about $500,000. Can the mgt holder tag on more costs?
You would need to define what "costs" of refer to, however, the DEFINITION of a Reverse Mortgage is that the balance increases. The "costs" that are "tagged on" each month are the interest that has accrued on the current balance and any monthly fee that you chose to pay when you obtained your loan. The...
Can I get out of a home purchase contract if I find out the contract contain ilegal information
It is illegal and immoral. The Realtors and Lender can go to jail for this and your sister may be an accomplice. The California Association of Realtors has an ombudsman to help the public in these situations: (213) 739-7227 or send an email to
Tony said I could get a loan
Tony may be right on the money. It's free & easy to prequalify. Tell me what your goal is and I will give you all of your options and advise you on each program's pro's and con's.
Are section 179 deductions able to be added back to AGI to assist in qualification?
That's an excellent question. You may know that depreciation is added back to income for mortgage qualification because it is not a "real" expense but a tax code reduction of taxable income. Section 179 expenses are those business asset purchases that can be expensed entirely the first year rather...
who pays for termite inspection, buyer or seller
It's completely negotiable. However, in the Central Valley of California, the seller typically pays for the inspection AND section I repairs.Insider tip: Except for VA loans, a pest report is not required and can open a can of worms if put into the sales contract because the lender will then require a...
I inherited a home from my father with an HELOC. Can my daughter live in that home and I pay the mortgage?
Scott is entirely correct. However, there are times when the heirs may not be able to refinance the home or would receive less favorable terms than the existing mortgage loan offers. In these cases, I have seen the heirs continue to make the monthly payments on the existing loan(s) and it seems that as...
How long does money need to be aged so it can be used as down payment?
Two months is correct when documenting personal investment but GIFT FUNDS have less stringent documentation requirements. No repayment of the gift funds may be required by the Donor but it is not forbidden to repay the gift at some point or over time. (559) 446-2882
Are you Zunna or are you Ingrid? You say you are Zunna from New York but this is posted by Ingrid in California. What Country are you really in and what's the scam?
lI applyed for a loan and my credit score was supposely been 619. why was i turned down
Between 619 and ???Mortgage lenders us the middle of your 3 bureau scores for most lending programs.Fannie Mae and Freddie Mac make the rules for Conventional loans and require a minimum 620 Credit score.FHA, USDA and VA do indeed go well below 620 but the other factors for qualification come into play....
I have had organizations offer to help me fix my home until they see that I have a co-borrow that will not help with this.
Whether private or government, assistance programs for the needy are given out based on the income and assets of the family who needs assistance. They are limited by their governing rules and guidelines to only help needy people/families who meet certain maximum income and asset levels. Not much...
My Title
I Quit Claim deed states that all interest in the property is from now on for all time released and given up.A new Grant Deed adding you back to title can be filed at any time and will over-ride that Quit Claim.Watch out for triggering CA property transfer that can result in re-assessment of property tax...

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