[enron29]

Originally Posted by aktif8

I used to own a mortgage bank, but got out Pre crash, so I'm way out of date.

One potential alternative I've seen, if possible. Iirc, fha allows for gift funds as part of a down payment. If a family member can gift you, you can then unofficially pay them back, since you mention monthly payment isn't an issue..?

I mispoke if I said monthly payment isn't an issue, it is. We are on my single income, and probably will be for while until kids are a little older, and she MAY......go back to work part time if that. So we are trying to keep the monthly payment about $2,500, which is what we were paying right now.

We already have received $50k as part of early inheritance to use, which is part of that $75k for down payment. Just still short due to the FHA limitations.

So is there a way to qualify for the conforming loan only 3 years out of short sale where the limit is $417k in San Bernardino County? I have talked to a couple lenders, and none have mentioned this option. We did try to issue letter and evidence of extenuating circumstance, but it was denied since all they look at is your tax returns, and it didn't show that because I found a new job, my wife found a new job at that time after being let go, we rented out the house for a year, etc. We made adjustments to not just let everything go into default, but now it's hurting us.

[csu87]

Im no mortgage expert but, sell a kid.

In all seriousness though, find a place to rent that is within your budget so you can save for another year. It is much better to move twice to get into a place you want and like, vs moving once to get into a place you dont.

Like others have said, start calling around to mortgage companies. Usually you can find a broker hungry enough to get you into a loan that will work for you. My broker pulled some strings and manipulated some items to get me my mortgage with my wife not being classified as "Full Time" and they wouldnt count her contract work to count towards income.

[9krpmrx8]

I can't help, but man the cost of houses in Cali never seizes to amaze me. Move to Texas

[enron29]

Originally Posted by 9krpmrx8

I can't help but man the cost of houses in Cali never seizes to amaze me. Move to Texas

Funny that you mention that. I've actually reached out to a couple places to see if I could get work there. My brother-in-law and sister just moved to Dallas area.

[9krpmrx8]

Yeah I have two friends that have moved to Texas from Cali recently and both were able to keep the same pay.

[enron29]

Originally Posted by 9krpmrx8

Yeah I have two friends that have moved to Texas from Cali recently and both were able to keep the same pay.

Wow, really? What kind of work do they (and you) do?

[Flying Ace]

Originally Posted by enron29

Wow, really? What kind of work do they (and you) do?

also interested...

[eluded]

is it true Texas has no state income tax?

[jtodd_fl]

Originally Posted by enron29

Funny that you mention that. I've actually reached out to a couple places to see if I could get work there. My brother-in-law and sister just moved to Dallas area.

If you apply on Texas, don't they'll them your name is Enron.

[Violator]

Originally Posted by eluded

is it true Texas has no state income tax?

Yes, it is true, Texas residents don't pay state income tax.

[RickFLM4]

Originally Posted by Violator

Yes, it is true, Texas residents don't pay state income tax.

Same in FL.

[Reborn_]

Originally Posted by kprocivic

As long as the gift can be verified. The gifter, would need to be able to show where that money came from.

That's only an issue if the funds have not matured (i.e. not in your bank at least 60 days), right?

[M3 Number 86]

Oc ranges are huge. If it is schools you are looking for why don't temp rent a small apt so you can save even more for a year and then no issues on the move next year. Good luck.

[csu87]

Originally Posted by Reborn_

That's only an issue if the funds have not matured (i.e. not in your bank at least 60 days), right?

In my case they went back 90 days when I was getting my mortgage.

[Reborn_]

Originally Posted by csu87

In my case they went back 90 days when I was getting my mortgage.

Good to know. Thanks. Who was your lender?

[csu87]

Originally Posted by Reborn_

Good to know. Thanks. Who was your lender?

I went through a small local broker to me.

[///WORK-F36]

Originally Posted by Reborn_

That's only an issue if the funds have not matured (i.e. not in your bank at least 60 days), right?

All funds will need to be sourced with 2 months of bank statements, and the gift must come from an immediate family member, as well as them signing a letter stating they do not expect to be repaid

[9krpmrx8]

Originally Posted by enron29

Wow, really? What kind of work do they (and you) do?

My two buddies are in banking (Chase and Bank of America). I manage a group of psychiatrists who specialize in child/adolescent psychiatry. But my background is in IT so I also serve as the IT department. It and specifically health care IT is booming here.

And yeah no state income taxes here. My buddy recently moved back to Philly because his moms health is failing and since he works from home, his salary stayed the same and he is hating it in PA because he has lost a decent amount of money per month and his cost of living is much higher than it was here.

My boss has a daughter at Stanford and one at USC, he his spending a fortune to have them in Cali, it's just nuts.

[enron29]

Originally Posted by M3 Number 86

Oc ranges are huge. If it is schools you are looking for why don't temp rent a small apt so you can save even more for a year and then no issues on the move next year. Good luck.

We are just trying to figure out a move to keep my daughter from changing schools multiple times in the next couple years. So trying to find where we can rent, then more than likely afford to buy in the following year, but at the same school zone.

So this may be a stupid question, but I have to ask it. So are there lenders out there that could go around the FHA limit? Or there is no real way around that? It is what it is? And the Fannie Mae Conforming, how does that differ from FHA and how are you eligible for that?

[enron29]

Also, looking at a rental near where we currently live. Unfortunately it has a pool. I am concerned about additional cost of maintenance and insurance due to the pool.

Also, is the landlord required to have a fence up around the pool. We are worried about the kids as well.

[csu87]

Originally Posted by enron29

We are just trying to figure out a move to keep my daughter from changing schools multiple times in the next couple years. So trying to find where we can rent, then more than likely afford to buy in the following year, but at the same school zone.

So this may be a stupid question, but I have to ask it. So are there lenders out there that could go around the FHA limit? Or there is no real way around that? It is what it is? And the Fannie Mae Conforming, how does that differ from FHA and how are you eligible for that?

I dont think there are lenders that can bend the FHA Limit, but there are lenders that will work with what you have and what you want and make it happen; whether a 30yr, 5yr ARM, etc. How they do that is beyond me, but I have friends that have been able to get into mortgages recently that they wouldnt have typically gotten. Usually smaller local firms do this.

As for a pool and landlord providing a fence, it depends on the local ordinances and codes. Some areas require pools to have restricted access, and in that case, the landlord legally has to provide a fence. Maintenance as far as cleaning and chemicals shouldnt bee too expensive over the course of a year, and if any of the expensive equipment breaks, a landlord should take care of that. Make sure your rental agreement clearly spells out what you are and arent responsible for with regards to the pool though.

[Flying Ace]

Originally Posted by csu87

I dont think there are lenders that can bend the FHA Limit, but there are lenders that will work with what you have and what you want and make it happen; whether a 30yr, 5yr ARM, etc. How they do that is beyond me, but I have friends that have been able to get into mortgages recently that they wouldnt have typically gotten. Usually smaller local firms do this.

As for a pool and landlord providing a fence, it depends on the local ordinances and codes. Some areas require pools to have restricted access, and in that case, the landlord legally has to provide a fence. Maintenance as far as cleaning and chemicals shouldnt bee too expensive over the course of a year, and if any of the expensive equipment breaks, a landlord should take care of that. Make sure your rental agreement clearly spells out what you are and arent responsible for with regards to the pool though.

there's no such thing as "bending FHA" rules. The loan either conforms or it doesn't. If it doesn't conform, the rates are higher b/c it's up to other market participants to buy that loan and package or securitize it as a specialty type portfolio loan or MBS. They may be attractive to some investors like hedge funds and such who has better understanding of risk or are willing to take a bet on perceived risk, but it is the odd duck....an non-conforming loan is inherently risky, hence you'll pay more for getting this loan.