Profile picture for Robert Spinosa

Robert Spinosa

Lender

Loan Officer (15 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (46 Contributions,
  • 1 Best Answers,
  • 3 Helpful)

Contributions are sorted newest to oldest.

Is there any website to get quotes for 80/10/10 loans?

Answer

There may be some sites that are good at generating quotes for 80-10-10 type loans, but I do think you'll be best served by inquiring further and making sure a person is building an accurate scenario for you.  To address your other question, it is not uncommon to see the rate on the first mortgage increase when subordinate financing is involved, but this is, again, highly specific to the program.We have three options that permit a 10% down payment, or 80-10-10 structure, for those looking to purchase a home that requires "jumbo" financing, they are:Traditional 80-10-10 with a HELOC second mortgage.  This structure will work to a purchase price of approximately $1.1MM.REX Homebuyer down payment match.  REX is not a loan and there are no payments as this is an equity share program.  It can greatly assist a buyer who has the income to support a loan in this range, but who may not have 20% down payment readily or willingly available.  REX will permit 10% down up to a purchase price of nearly $1.6MM and they will allow as little as 12.5% down up to a purchase price of $2MM.Rob Spinosa[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

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Looking for lenders with 80/10/10 loans

Answer

We have three options that permit a 10% down payment, or 80-10-10 structure, for those looking to purchase a home that requires "jumbo" financing, they are:Traditional 80-10-10 with a HELOC second mortgage.  This structure will work to a purchase price of approximately $1.1MM.REX Homebuyer down payment match.  REX is not a loan and there are no payments as this is an equity share program.  It can greatly assist a buyer who has the income to support a loan in this range, but who may not have 20% down payment readily or willingly available.  REX will permit 10% down up to a purchase price of nearly $1.6MM and they will allow as little as 12.5% down up to a purchase price of $2MM.Pledged assets.  With an asset pledge, you can reach up to a purchase price of $5MM with as little as 10% "down."  The remaining requirement for the buyer's equity (down payment) comes from assets the buyer retains in his/her investment and/or savings accounts, but which require a pledge agreement from us on the account.  Balances must be maintained in the account to keep the pledge in place, though trading is permitted in the account.All three solutions preserve cash for the buyer and avoid PMI.  If there are any questions, let me know.Rob Spinosa[Contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

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Looking for lenders in California with 80/10/10 jumbo loans

Answer

We have three options that permit a 10% down payment, or 80-10-10 structure, for those looking to purchase a home that requires "jumbo" financing, they are:Traditional 80-10-10 with a HELOC second mortgage.  This structure will work to a purchase price of approximately $1.1MM.REX Homebuyer down payment match.  REX is not a loan and there are no payments as this is an equity share program.  It can greatly assist a buyer who has the income to support a loan in this range, but who may not have 20% down payment readily or willingly available.  REX will permit 10% down up to a purchase price of nearly $1.6MM and they will allow as little as 12.5% down up to a purchase price of $2MM.Pledged assets.  With an asset pledge, you can reach up to a purchase price of $5MM with as little as 10% "down."  The remaining requirement for the buyer's equity (down payment) comes from assets the buyer retains in his/her investment and/or savings accounts, but which require a pledge agreement from us on the account.  Balances must be maintained in the account to keep the pledge in place, though trading is permitted in the account.All three solutions preserve cash for the buyer and avoid PMI.  If there are any questions, let me know.Rob Spinosa[Contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

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Why is it so hard to get a loan for a house regardless of ones credit score?

Answer

TheRealEllis2,Approval for a loan comes down to four components; income, assets, credit and collateral. It is possible to methodically get a grip on each of the four to assure your qualification.  A low credit score alone is not an impossible situation.  A low credit score with a low down payment and a high debt-to-income ratio can be very difficult.  My point is that you have more control than you think.  If your credit needs improvement, take steps.  If you down payment is insufficient, work towards building it.I help people get home loans every day and take it very seriously.  It is rarely easy, but as they say, "there are no shortcuts to any place worth going."  If you're in CA and think I can help, I am happy to try.Rob Spinosa [contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

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80-10-10 loans

Response

Bernie67,Here in California and the Bay Area, I come across a lot of home financing scenarios where the buyer would prefer to make a 10% down payment instead of a 20% down payment.  We have three highly effective solutions:*80/10/10, or "piggyback" financing.  This works well for home prices up to $1,100,000.  An 80-10-10 is fairly straightforward and the most easily understood, but just e-mail me if you'd like more information on how this would work for you.*REX Homebuyer down payment funding.  REX, covered in this video, will permit a 10% down payment up to a purchase price of nearly $1,600,000.  REX can also be used up to a purchase price of $2,000,000 with as little as 12.5% down. Pledged assets.  A pledged asset structure will permit a 10% down payment up to a purchase of $5,500,000.  Harder to grasp, this program is covered in this video.Get in touch with any questions at all.Rob Spinosarspinosa@rpm-mtg.com

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Refinance and cash out for remodel but now plans have changed.....

Answer

HelpWithRefi,For what it's worth, I would do an interest calculation on what you're paying on the $275K and what you're paying on the $100K.  I would look at this over, say, a 5 to 7 year horizon.  The dollar amount of finance charge on the cash out portion might surprise you --- or it might not, but it's good to know what it is.Secondly, you may not find a beneficial rate of return at a comfortable risk level NOW, but remember that your loan is at a fixed rate.  So, if you hold onto that $100K, and in 3 years you're making 6% in another investment, will you view things differently?If you can afford your payments on the loan and if you believe that the banking situation over the last years has taught us some valuable lessons about having cash on hand, then you may think twice about giving the $100K back to the lender.  If the tables were turned, I can assure you the bank would not be givng the $100K back to you.Just a thought.  Good luck with your decision, and definitely don't refi again for this purpose.Thank you!

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When can I lock rates?

Answer

Wifey246,If possible, another solution would be to take the 30-day lock and offer to pay your lender the difference in cost (not rate).  So, if they're telling you that you can get 4.25% for a 15-day lock at 0 points (for example), and 4.375% for a 30-day lock at 0, ask them what it would cost to get 4.25% for 30 days.  Sometimes this alternative is the best, if not perfect.  they may charge you a fraction of a point to get the lower rate for the additional days, and you may decide it's worth it.  There is a price associated with sleeping well at night --- especially if you think you're being held hostage by your lender.I'm not saying what they're doing is right or even justifiable, but I am saying your negotiating tactics may lead you to an acceptable compromise.Best of luck and please let me know if I can help.

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51% OWNER OCCUPANCY

Answer

Ceencee,If you can find a lender who will finance what's known as a "non-warrantable" condo, then you might not have to wait until the occupancy ratio changes.  However, any such lender will typically not be offering "conventional" terms (fixed rates, etc.) as they are usually lending their own money (portfolio lending, as we say).You are in a tough, but not uncommon, scenario when it comes to condos.  If you continue your search, it may be helpful to limit it to non-warrantable and see if anything that comes back is appealing to you.Good luck.

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Why does everything close late

Answer

bsfreeburg,I don't agree that everything closes late, but you do have a valid point.  I can think of a few reasons why delays will likely always be part of the process:1)  Real estate finance transactions are complex and involve a lot of moving parts.  Things evolve, change and are uncovered during the process.  Addressing some of these items takes unforeseen amounts of time.2)  Interest rates and demand for them varies with the financial markets.  Staffing operations on this basis is very difficult.3)  At the present, regulations and requirements are stringent and can introduce new obtacles into a previously designed workflow.  This can happen at the customer, lender, or even closing agent level, for example.It can be a jungle out there, but a good loan officer will help to properly set expectations and insure a timely close.  I know I am striving to do that all the time.  I don't want delays for my clients either.Thank you.

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What does a title search consist of?

Answer

Lancaster4,Yes, liens and other encumbrances recorded against the title are listed on the preliminary title report.  And, you purchase title insurance to protect your interest against items that may fall outside of what is being shown on reported.Good luck!

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