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rob smith Crowdfunding Project Donor*Special Project $75 donorSpecial Project $250 donor
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Message 1903450 - Posted: 29 Nov 2017, 8:24:23 UTC
Last modified: 29 Nov 2017, 8:24:43 UTC

Vic - you are in the "sub-prime" class for getting a mortgage. Your income is low, your outgoings (excluding the "nice toys in life") are high, you are effectively already living on a very high credit:income ratio (your current total credit line from all sources is greater than your monthly income). And that is ignoring your age and health which may also count against you under the heading of "will this customer be able to pay the repayments over the full term".

I can't get my head around the 2.25 bathrooms in that condo - quite a feat, what bits are missing from the 0.25 one?!!!
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Message 1903453 - Posted: 29 Nov 2017, 8:32:23 UTC - in response to Message 1903450.  
Last modified: 29 Nov 2017, 8:33:13 UTC

I can't get my head around the 2.25 bathrooms in that condo - quite a feat, what bits are missing from the 0.25 one?!!!


That's a beday Rob so you can wash your feet as you do your number 2's ;-);-);-);-);-);-);-);-)
Life is what you make of it :-)

When i'm good i'm very good , but when i'm bad i'm shi#eloads better ;-) In't I " buttercups " p.m.s.l at authoritie !!;-)
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Message 1903457 - Posted: 29 Nov 2017, 9:11:34 UTC

I can't get my head around the 2.25 bathrooms in that condo - quite a feat, what bits are missing from the 0.25 one?!!!

Going by the pic's I'd say that all of them only rate as being 0.75 of a real bathroom each. ;-)

Cheers.
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Message 1903482 - Posted: 29 Nov 2017, 12:31:50 UTC

Vic cant even come up with the 5% down payment. Weve all seen this song and dance before.
[/quote]

Old James
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Message 1903524 - Posted: 29 Nov 2017, 15:30:49 UTC - in response to Message 1903457.  

I can't get my head around the 2.25 bathrooms in that condo - quite a feat, what bits are missing from the 0.25 one?!!!

Going by the pic's I'd say that all of them only rate as being 0.75 of a real bathroom each. ;-)

Cheers.


Here in the US a .25 “bath” is one extra fixture, usually not housed in a separate room at all. I have one. It's a sink in the entry to the bathroom. It's so you can shave or put on your make up while your partner is in the bath or shower.
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Message 1903530 - Posted: 29 Nov 2017, 15:47:47 UTC - in response to Message 1903445.  
Last modified: 29 Nov 2017, 16:14:02 UTC

Note: CalHome does not lend directly to individuals.

Have a read through the Riverside CalHome site lender training program. It is not where you live but the principles still apply.

https://www.riversideca.gov/housing/pdf/dpa/CalHOME-DPA-Lender-Training-PPT-2016.pdf

Maximum Subsidy - Up to 25% of sales price or $50,000 (whichever is less)

Homeowner Contribution - Applicant must be able to contribute a minimum of 1% of the purchase price
1% Reserve of purchase price for contingencies prior to the close of escrow

Debt to income Ratio (Back End): 42%
Included in the Debt signed, Deferred & Secured Loans
And 11%? Where did you get that?
and a bit bigger than My place, 810sqft vs 906sqft, an increase of 96sqft.

810 sq ft to 906 sq ft = 11%. Your figures not mine.

At least thirty million dollars ($30,000,000) of the amount deposited in the Self-Help Housing Fund shall be used to provide grants or forgivable loans to assist in the rehabilitation or replacement, or both, of existing mobile homes located in a mobilehome or manufactured home community.

And I do know of a manufactured home area down in San Bernardino CA, where the homes and the land are sold together.
The best you would get would be a small loan to upgrade your existing home on its existing site. There is no money allocated for you to buy a condo elsewhere, or another manufactured home elsewhere, whether you could afford it or not.

Simple answer. Go apply for a Calhome loan now and see how much they will lend you under existing legislation, and for what purpose. Then ask how much they would lend you under the new legislation if SB3 goes through. I think you will get a shock. Your call.


Under the Downpayment Assistance Program, and state law, I could get a down payment(a silent 2nd, forgivable after 5years), of up to $40,000, and yes I am a 1st time home buyer according to CalHome(a State Agency in California under California State Law), CalHome says I am, your opinion doesn't legally matter...

The Bond Measure has to be voted on 1st, on November 6th 2018, so lets not get the cart before the horse on that.

As you say, your call.
The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's
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Message 1903536 - Posted: 29 Nov 2017, 16:01:13 UTC

And yes I know about CalHome, that's why I have GEM Mortgage on one of the browsers Tabs here.


The Buyer Assistance Programs here are all pre SB-3, and not mentioning CalHome on the Gem website is not a problem.

Buyer Assistance Programs

    GEM Platinum (99.5 LTV w/ 3% Grant)
    CalHFA, ACCESS, SCHFA, CHDAP
    HomePath, Home Possible, and MyCommunity

Property Types

    Single Family Residence
    2-4 Units
    Townhouses
    Condos
    High Rise Condos

The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's
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Message 1903544 - Posted: 29 Nov 2017, 16:29:27 UTC

Ok, the Condo is about 11.85% bigger than what I have now, I honestly don't see that as a problem.

Why anyone would, I don't know.

A Condo is good, since I don't have to worry about anything beyond the inside of the Condo, I speak from authority here, as I was a Condo Home Owners Association President for 2 years, aka I was the head of an HOA, the HOA board takes care of external problems, internal is the home owners problem.

I inquired about the HOA fee, whether the Condo has a refrige, and a clothes washer/dryer. If I get an email or a call, I'll ask about cable while I'm at it.
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Message 1903563 - Posted: 29 Nov 2017, 17:14:41 UTC

The condo has an HOA fee of $225.00 a month, so far nothing else, We had a fee of about $200 back then, it's something I wish more would be upfront about, some are, even though there is a place to state it, some just don't seem to want to go the extra mile.

I did ask about:

cable(not an antenna, as in internet access from a cable company, cable tv would of course be there too),
a refrig,
a clothes washer/dryer.

The last condo I owned, had 3 of 4 of these, cable sadly was not one of them, HOA's sometimes are controlled by just 1 member, the Treasurer.
The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's
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Message 1903565 - Posted: 29 Nov 2017, 17:32:38 UTC

once you get the free down payment, the rest of it is free
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Message 1903567 - Posted: 29 Nov 2017, 17:50:20 UTC - in response to Message 1903565.  
Last modified: 29 Nov 2017, 17:51:16 UTC

once you get the free down payment, the rest of it is free

The down payment would have to be paid back, if someone didn't live there for at least 5 years, so it's not free, not until the 5yrs are up.

the rest of it is free


What are you talking about?
The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's
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rob smith Crowdfunding Project Donor*Special Project $75 donorSpecial Project $250 donor
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Message 1903569 - Posted: 29 Nov 2017, 17:56:10 UTC

I think he was being a tad sarcastic...
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Message 1903595 - Posted: 29 Nov 2017, 19:05:32 UTC

you already mentioned the down payment, upgrades, repairs, utility deposits, HOA fee, property taxes, school bonds, vector control, and fire so if you didn't leave anything out there must not be any other expenses like a monthly mortgage payment, hence free
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Message 1903598 - Posted: 29 Nov 2017, 19:15:14 UTC - in response to Message 1903595.  

you already mentioned the down payment, upgrades, repairs, utility deposits, HOA fee, property taxes, school bonds, vector control, and fire so if you didn't leave anything out there must not be any other expenses like a monthly mortgage payment, hence free

A mortgage is not free, though one could be free of a mortgage, if one is lucky, and I don't mean with the Lottery either, though if one wants to play, and then gets lucky that way, I have no objection.
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Message 1903613 - Posted: 29 Nov 2017, 20:05:21 UTC


...
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Message 1903622 - Posted: 29 Nov 2017, 20:30:23 UTC - in response to Message 1903611.  

Ok, the Condo is about 11.85% bigger than what I have now, I honestly don't see that as a problem.

Why anyone would, I don't know.
Nobody sees that as problem. You stated that it was bigger than the place you live in now. I suggested that spending $97,000 just to get an 11% increase in space didn't seem worth the money. But as you can't afford to buy it anyway it doesn't matter really does it?

Under the Downpayment Assistance Program, and state law, I could get a down payment(a silent 2nd, forgivable after 5years), of up to $40,000,
So you think someone is going to lend you $40,000 and then write if off after 5 years without paying a cent back?

I don't believe you, prove it.

Even though this is from Sacramento CA...

http://www.shra.org/Housing/HomebuyerPrograms/DownpaymentAssistancePrograms.aspx
CalHome First-Time Homebuyer Mortgage Assistance Program

The CalHome First-Time Homebuyer Mortgage Assistance Program is designed to provide financial help to low-income homebuyers by reducing the amount of the first mortgage loan through down payment and mortgage assistance on home purchases

Now this does not reflect SB-3 funding, which needs Voter approval 1st, you wanted proof, if this is not good enough for you, then nothing is.

Then there is CityLIFT, so far, $15,000.00, how is that?
This also does not reflect SB-3 yet.
http://homeloanartist.com/citylift-down-payment-assistance-inland-empire/

    Provides $15,000 in down payment assistance money
    NOT LIMITED to first time home buyers
    Attend an 8 hour CityLIFT Homebuyer education class
    No maximum purchase price.  Loan limits must meet FHA & Conventional limits
    For Corona, Riverside, Moreno Valley, Fontana, or San Bernardino only
    Total Household income cannot exceed the AMI (see chart below)
    Must meet qualifying criteria for either an FHA or Conventional loan
    $15,000 is forgiven after 5 years of primary residence occupancy
    Borrower cannot own or be on title of another home at time of closing
    Eligible properties include SFR's, PUD's, Condo, Townhomes, Manufactured homes (no Wells Fargo REO's)

Being off title of this place is easy, just get a current renter to be on title, and for Me to do a Quit Claim on the Title, easy as pie.
The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's
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Message 1903626 - Posted: 29 Nov 2017, 20:43:58 UTC

the secrets to getting a free house
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Message 1903636 - Posted: 29 Nov 2017, 21:09:42 UTC

I've got a FREE phone, getting help is not a bad thing.

Getting a FREE House, there is nothing secret about how that can happen, that can only happen one of two ways, one is closed to Me now, the other is highly unlikely.
The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's
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Profile MOMMY: He is MAKING ME Read His Posts Thoughts and Prayers. GOoD Thoughts and GOoD Prayers. HATERWORLD Vs THOUGHTs and PRAYERs World. It Is a BATTLE ROYALE. Nobody LOVEs Me. Everybody HATEs Me. Why Don't I Go Eat Worms. Tasty Treats are Wormy Meat. Yes
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Message 1903647 - Posted: 29 Nov 2017, 21:27:03 UTC

FREE WORLD. A Liberal DREAM

MegaMillions&PowerBallYap

May we All have a METAMORPHOSIS. REASON. GOoD JUDGEMENT and LOVE and ORDER!!!!!
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Message 1903693 - Posted: 29 Nov 2017, 23:43:12 UTC

When I go by a cooking gadgets store, or I receive a cooking gadgets catalog in the mail, I like to "window-shop". There are many things in those stores it would be fun to have. In actuality, I wouldn't buy most of them because I don't have the storage space, or I would use them so infrequently that they would not be worth the money. But still, it is fun to "window shop", and I am almost powerless to stop doing it.

Eric never berates me for window-shopping.

Eric never insults me for window-shopping.

Eric never makes snarky comments about my window-shopping.

Eric never derides me for window-shopping.

Eric never belittles me for window-shopping.

Eric never talks over me, as if I were not there, when I am window-shopping.

I am so grateful that Eric is so kind. People like Eric make the world a better place.
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