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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10215
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I had a foreclosure 3+ years ago. Someone bought my

Customer Question

i had a foreclosure 3+ years ago. Someone bought my foreclosure so I can buy a house I'm told. i live in Los Angeles.
I have $66k in the bank and $140k in 401k I make $130k/year.
I was told I can't buy a house other than primary residence by one lender. Is that true? I cannot buy a investment home in a retirement area like Palm Springs?
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 7 months ago.

Dear Customer,

Those considerations are lending guidelines that specific lenders have for their loans (or restrictions for specific loans offered by a particular lender).

You should be able to find a lender that is willing to offer you financing for an investment property, although you may have to do a little bit more searching for one than a borrower that does not have a recent foreclosure on their record.

A good place to start is with a loan broker - they can help by placing you into contact with various different lenders (as compared to going to a loan officer with a specific lender who will only be able to offer you loans through their own financial institution).

You can also look for alternative funding sources (such as private equity sources), although I do recommend exercising caution with these as these revenue sources often exercise substantial control over the use of the property as well as the disposition of the property in the event that you are ready to sell (so you may want to consider hiring your own attorney to go over any paperwork and advise you/represent you in the negotiation process).

Customer: replied 7 months ago.

Thanks a lot. Where do i find loan brokers/?

Expert:  CalAttorney2 replied 7 months ago.

You can get referrals from realtors, brokers, and the local chamber of commerce. I do recommend speaking with more than one, they will need a full credit history to provide you with a loan profile, so make sure that the broker that you have run the credit report (they get all 3 credit bureaus) provides you with a copy (they are required to offer them), and you can then provide this copy to the other brokers you are talking to (if you do decide to complete a loan with a competitor, they will of course have to run their own report, but for purposes of running a profile and providing you with options, they can use their competitors report and not further impair your credit with multiple "hits").

Customer: replied 7 months ago.


Expert:  CalAttorney2 replied 7 months ago.

You are welcome, and I do wish you the best with this matter.

Thank you for using our forum, and please do not forget to rate my service so that I can receive credit for assisting you.

If you would like to direct future questions to me specifically, you can do so by starting your new question with "For William B. Esq." and a moderator will notify me.

Thank you again, and again I wish you the best.


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