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CJ Brasiel's Advice

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  • 38 Contributions
  • 1 Best Answers
  • 8 Helpful

CJ Brasiel wrote:

Where can I get a list of "high risk markets" per FHA Streamline Refinance regulations?

Answer
TR -To my knowledge, all of California is considered a high risk area for FHA loans considerations.  I am not aware of an online list but any local loan professional can mostly likely help you out.  Here is a web site that might help answer questions about streamline FHA refinance.  http://www.fha.com/fha_streamline_refinance.cfmAlso, consider the modified HARP program - HARP 2 with new directives from the Federal government to help home owners refinance to lower rates. http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/default.aspxGood luck,CJ
December 04 2011
(1)

is the area where 2330 Poplar Avenue, East Palo Alto safe|?

Answer
I also suggest CrimeReports.com
November 08 2011
(0)

DryRot after the sale has closed

Answer
With a VA loan a Wood Destroying Pest Inspection is required and section 1 clearance (active wood destruction) is required.  Check back with your agent and your pest report to see what warranties are applicable in this specific situation.CJ
November 07 2011
(0)

How long do I have to pay PMI on my mortgage. Been in it for 8 years now. how can I cancel it?

Answer
Mortgage insurance is meant to protect the lender against a borrowers default.  If there is enough equity in the home and the borrower can no longer make the payments, the borrower can sell and pay off the debt.  But in cases where there is not enough equity in the home, if the borrower gets in trouble, the home can not be sold, mortgage insurance kicks in for the lender.Therefore, whether or not you can remove MI is dependent on whether or not your lender believes there is enough equity in the home to protect their investment in you the borrower.  It used to be that 20-25% equity could be justification enough to remove MI.  However, if you live in a market that is continuing to decline, that will play into the overall risk equation.  Check with your lender, complete an appraisal (ordered by lender - paid by you) and see where you stand on equity. 
June 12 2011
(0)

what is the rental value of my home?

Answer
Check out rentometer.comCJ
May 11 2011
(0)

how can i save my home from forclosure?

Answer
Marcela -If you have lost your job you could qualify for California's Keep Your Home Program.  See the link for more information http://www.keepyourhomecalifornia.org/programs.htmIf you are trying to decide what is best for you, it is always good to consult with a local real estate agent with short sale experience, an attorney to understand any legal options, and a tax professional to understand tax liability.  For a list of  experienced short sale agents in your area:http://www.cdpe.com/find/cdpeAs a primary home owner you may also qualify for the HAMP or HAFA program.  Most of us do not believe the HAMP program is very successful but the HAFA program is gaining steam and provides $3,000 for relocation assistance to the seller.   Find out if you qualify:http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspxGood luck!CJ
April 26 2011
(0)

What is the length of time do you have to wait to purchase ofater a short sale of a non-FHA loan?

Answer
If the loan is a FHA loan, loan officers I work with are quoting 2 years for short sale or bankruptcy where conventional loans require 4 years.  Check with your local loan officer to review your specific situation and see how you qualify for a new purchase.
April 03 2011
(0)

How much down do I need to buy a second home? My first loan is an fha loan.

Answer
To my knowledge, a second home purchase as an investment requires 25% down, and reserves for vacancy factor.  Check with a local loan officer to see what your specific situation requires.
April 03 2011
(1)

How long does it take to close after the appraisal has been done? FHA Loan.

Answer
Once the appraisal is ordered, it normally takes 3-14 days for the final report to be received by the underwriter.   The underwriter can ask for an appraisal review which can take another 3-5 days.  Best to check with your loan officer to see what average times are for their appraisal orders.Different areas can have different timelines.  Obviously more rural areas may take longer.  The appraisal can not be ordered until a complete loan file is received, a contract for purchase is received by the loan officer, and disclosures are sent to the borrower.  There is a 3 day waiting period that was established to allow the borrower time to review the loan documents and ask any questions before committing to the loan product.  The appraisal is not normally ordered until this process is complete.Recognize that the appraisal may also create "conditions" that the underwriter can require be resolved before lending money.  These conditions are typically repair related items found during the appraisal process.  These conditions must be fixed prior to final underwriting approval or loan funding.  Typical repair items are broken windows, missing stoves, non-lit water heaters, missing smoke detectors...etc..CJ
April 03 2011
(0)

Lied to by real state agent- now what?

Answer
I would immediately advise you to consult with a real estate attorney.  Only then can you know what Minnesota real estate law apply to your situation.  Many times, there is a burden of proof involved and unless you have it in writing it may be hard to prove what the agent said.  You may have also signed documents which clearly stated it is the buyer's responsibility to investigate all aspects of the property that might effect the desirability or value of the property.  Neither of these points are black and white and is the reason why it is best to consult with an attorney.  Best of luck to resolving this situation.CJ
March 25 2011
(1)