Services

FHA Loans

FHA loans are backed by the Federal Housing Administration and are designed to help lower-income and first-time homebuyers. They have relatively lenient credit score requirements, often accepting FICO scores as low as 550. FHA loans typically require a down payment of around 3.5% of the home’s purchase price. They are known for their flexible underwriting standards and allow the use of gift funds for down payments. However, borrowers are required to pay for mortgage insurance premiums (MIP) throughout the life of the loan.

VA Loans

VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans, active-duty service members, National Guard members, and some reservists. VA loans often have lower interest rates and do not require a down payment. For borrowers with a FICO score as low as 550, VA loans might still be an option, though individual lenders may have their own credit score requirements. VA loans don’t require private mortgage insurance (PMI), making them a cost-effective choice.

Conventional Loans

Conventional loans are not government-backed and are typically offered by private lenders. While they may have more stringent credit score requirements, some lenders do offer conventional loan options for borrowers with FICO scores as low as 550. For business owners or self-employed individuals who might not have traditional income documentation like W-2s, some lenders offer unconventional production options such as Bank statements, Profit and Loss (P&L) statements, and 1099 loans. These alternative income verification methods can be particularly helpful for entrepreneurs and business owners.

Bank Statement Loans

These allow borrowers to use their bank statements to demonstrate their income and ability to repay the loan. The lender will analyze your business and personal bank statements to determine your average monthly income.

P&L Loans

These loans use a profit and loss statement from your business to assess your income. Lenders will evaluate your business’s financial performance and profitability.

1099 Loans

For individuals who receive 1099 income (common for freelancers or independent contractors), lenders may consider using tax returns and 1099 forms to verify income and determine loan eligibility.

In California, there are numerous brokers and lenders specializing in FHA, VA, and conventional loans, catering to borrowers with various credit scores and financial situations. It’s essential for borrowers to shop around, and compare rates, terms, and fees from different lenders to find the best mortgage option that suits their needs and financial circumstances. Additionally, consulting with a mortgage broker or loan officer can provide valuable guidance and assistance in navigating the mortgage application process.

For Refinance – Refinance loans come in various types, each serving specific purposes and catering to different financial needs of borrowers. Here’s a description of the mentioned types of refinance loans:

Rate & Term Refinance

A rate and term refinance is a straightforward approach where a borrower refinances their existing mortgage to obtain a better interest rate, different loan term, or both. This type of refinance can help lower monthly payments, reduce the overall interest paid over the life of the loan, or switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.

Cash-Out Refinance

A cash-out refinance allows homeowners to tap into their home equity by refinancing their existing mortgage for an amount higher than what they owe. The difference between the new loan amount and the existing mortgage balance is given to the homeowner as cash. This can be used for various purposes, such as home improvements, debt consolidation, education expenses, or investments.

Renovation Loans (203k, HomeStyle)

Renovation loans like FHA 203(k) and Fannie Mae HomeStyle loans are specifically designed to help homeowners finance the purchase or refinance of a home along with the cost of renovations or improvements. FHA 203(k) is backed by the Federal Housing Administration, while HomeStyle is a conventional option. These loans enable borrowers to include renovation costs in the mortgage, simplifying the financing process for upgrading or repairing their property.

Debt Consolidation Refinance

Debt consolidation refinance involves combining multiple debts, such as credit card balances, personal loans, or other high-interest debts, into a single mortgage with a lower interest rate. By consolidating debt, borrowers can streamline their payments and potentially save money on interest, making it easier to manage their finances.

Commercial DSCR Loans

Debt Service Coverage Ratio (DSCR) loans are designed for real estate investors looking to utilize the equity in their investment properties. The loan’s approval and terms are primarily based on the property’s income potential and its ability to cover the debt obligations. Investors can leverage the equity to finance additional properties, consolidate debt, or fund other investment opportunities.

As a specialized lender, your focus on renovation loans and commercial DSCR loans provides valuable solutions for individuals looking to enhance their properties or expand their real estate investment portfolios. Offering a variety of refinance options allows borrowers to tailor their financial strategy to meet their specific needs and achieve their goals. It’s important to educate borrowers on the advantages and considerations of each type of refinance loan to help them make informed decisions.

First Time Homebuyer – First-time homebuyer programs offer specialized mortgage options and financial assistance to help individuals purchase their first homes. Here are descriptions of the mentioned first-time homebuyer products

Fannie Mae HomeReady

Fannie Mae HomeReady is a mortgage program designed to assist first-time homebuyers with moderate to low incomes. It offers down payment flexibility, requiring a minimum down payment as low as 3%. HomeReady also allows for non-traditional sources of income to be considered during the application process, making it accessible for a broader range of buyers. Additionally, borrowers can receive financial support from family members for down payments and closing costs.

Freddie Mac HomeOne

Freddie Mac HomeOne is another program tailored for first-time homebuyers. It offers a fixed-rate mortgage with a down payment requirement as low as 3%. This program is intended to make homeownership more attainable for those with limited savings for a down payment. HomeOne’s focus is to assist individuals in achieving their homeownership goals while providing them with stable and predictable monthly payments.

VA Loans (for Veterans)

VA loans are a valuable option for eligible veterans, active-duty service members, National Guard members, and some reservists. Backed by the U.S. Department of Veterans Affairs, VA loans offer significant benefits such as no down payment requirement, competitive interest rates, and no private mortgage insurance (PMI) payments. These advantages make homeownership more accessible and affordable for veterans, often with more relaxed credit score requirements compared to conventional loans.

California Housing Finance Agency

CalHFA offers various programs and assistance to California residents, including first-time homebuyers. Their programs aim to provide down payment assistance, reduced interest rates, and other support to make homeownership feasible for individuals and families in California. CalHFA provides a range of loan options and down payment assistance programs that cater to the unique housing market and financial landscape of California.

For first-time homebuyers, these programs represent opportunities to overcome barriers to homeownership, such as high down payment requirements and strict credit score standards.

As a specialized lender, being an expert with CalHFA allows you to guide California residents through the specific options and advantages available to them, helping them navigate the home buying process successfully. Providing clear information and guidance on these programs can empower first-time buyers to make informed decisions and achieve their dream of owning a home.

Construction Loans – Construction loans are specialized financial products designed to facilitate the construction or renovation of a residential property. These loans differ from traditional mortgages as they cover the costs of building or renovating a home, making them essential for individuals looking to construct their dream homes or upgrade existing ones. Here’s a description of the mentioned construction loan options

FHA Construction Loans (Minimum 620 FICO)

FHA construction loans provide financing for both the purchase of land and the construction of a new home. With a minimum FICO score requirement of 620, these loans offer accessible options for borrowers with decent credit. FHA loans allow a low down payment, typically around 3.5%, making them an attractive choice for those seeking to build their homes while keeping initial costs manageable.

VA Construction Loans (100% Financing)

VA construction loans offer the unique advantage of 100% financing, making it possible for eligible veterans, active-duty service members, National Guard members, and some reservists to build their homes without a down payment. This represents a significant benefit for military personnel, enabling them to achieve homeownership with minimal upfront costs.

Fannie Mae & Freddie Mac Construction Options

Fannie Mae and Freddie Mac, government-sponsored enterprises, offer construction-to-permanent loans. These loans streamline the financing process by combining the construction loan and the permanent mortgage into a single loan, simplifying payments and potentially saving on closing costs. Borrowers can enjoy competitive interest rates and a smooth transition from construction to permanent financing.

USDA 100% Rural Construction Loans

USDA rural construction loans provide 100% financing for eligible properties in designated rural areas. These loans are backed by the U.S. Department of Agriculture and aim to support homeownership in rural communities. With no down payment requirement, low mortgage insurance premiums, and competitive interest rates, USDA construction loans make homeownership achievable for rural residents.

Offering a range of construction loan options caters to the diverse needs and circumstances of prospective homeowners. As a lender specializing in construction loans, understanding the unique benefits and features of each option is essential to guide borrowers effectively.

Providing comprehensive information and assistance throughout the construction loan process empowers individuals to embark on their home construction or renovation journey with confidence.

Reverse Mortgages – FHA Reverse Mortgages, also known as Home Equity Conversion Mortgages (HECM), are excellent financial tools for the boomer generation and older adults who are looking to enhance their financial stability and enjoy a worry-free retirement. Here’s a description of how your institution handles FHA Reverse Mortgages and the benefits they offer to the boomer generation

FHA Reverse Mortgages, Tailored for Your Peace of Mind

As a dedicated financial institution, we understand the importance of ensuring a secure and comfortable retirement for the boomer generation. FHA Reverse Mortgages are a key part of our commitment to providing tailored solutions that empower seniors to embrace their golden years worry-free.

Streamlined Application and Approval Process:
Our experienced team simplifies the FHA Reverse Mortgage application and approval process. We guide seniors through the necessary steps, making the experience straightforward and efficient. We prioritize clear communication and transparent information to help seniors make informed decisions.

Financial Security & Flexibility

FHA Reverse Mortgages provide a reliable source of income for seniors, allowing them to access a portion of their home equity without monthly mortgage payments. This financial flexibility is crucial for covering everyday expenses, healthcare costs, home improvements, or travel, improving their overall quality of life during retirement.

Loan Backed by the FHA

The FHA backing ensures that seniors can trust the safety and stability of their reverse mortgage. With FHA’s support, borrowers can have confidence in the terms of the loan and the protection it provides for their future.

No Repayment Until Home is Sold

One of the most significant advantages of FHA Reverse Mortgages is that repayment is deferred until the home is sold or the borrower(s) move out permanently. This helps seniors maintain their lifestyle and financial security without the immediate pressure of monthly payments.

Loan Options to Suit Individual Needs

We work closely with each borrower to tailor the FHA Reverse Mortgage to their unique circumstances. Whether they prefer a lump sum, monthly payments, or a line of credit, we ensure the chosen option aligns with their financial goals and lifestyle requirements.

Our commitment to the boomer generation goes beyond just offering FHA Reverse Mortgages. We provide personalized guidance, educational resources, and ongoing support to ensure they have a comprehensive understanding of the benefits and implications. We strive to make their retirement years as stress-free and financially secure as possible, allowing them to enjoy the fulfilling lives they deserve.

Fix & Flip – Fix and Flip Investor Loans are a specialized financial product designed to support real estate investors in acquiring, renovating, and selling properties for a profit. These loans provide the necessary capital for purchasing properties in need of repair or upgrades, with a focus on achieving a high return on investment (ROI). Here’s a description of our Fix and Flip Investor Loans program with an 85% purchase and 70% After Repair Value (ARV) financing structure:

Empowering Real Estate Investors: Fix & Flip Investor Loans with Competitive Financing

Our Fix & Flip Investor Loans are crafted to empower real estate investors seeking lucrative opportunities in the dynamic property market. We offer a compelling financial solution that facilitates the acquisition, rehabilitation, and resale of properties, enabling investors to maximize their returns.

Key Features

85% Purchase Financing

We understand the importance of providing substantial financial support for property acquisition. Our loan program offers up to 85% financing on the purchase price, giving investors the flexibility and leverage to secure the properties they intend to flip.

70% ARV for Repairs

Recognizing the need for sufficient funds to cover renovations and enhancements, our program offers up to 70% of the After Repair Value (ARV) to support the cost of repairs. This ensures that investors have ample capital to transform the property and increase its market value.

Tailored Loan Structures

Our expert team works closely with investors to structure loans that align with their investment strategy and goals. Whether it’s a straightforward fix and flip or a more complex renovation project, we customize loan terms to meet individual needs.

Competitive Interest Rates

We strive to provide competitive interest rates that optimize the financial viability of the investment. Lower interest rates lead to increased profitability for the investor, contributing to a successful fix and flip venture.

Streamlined Approval Process

We prioritize efficiency and speed in our approval process, enabling investors to seize time-sensitive opportunities in the real estate market. Our streamlined process ensures a swift transition from application to funding.

With our Fix & Flip Investor Loans, we aim to fuel real estate investors’ success by providing the essential financial resources and support required for profitable property renovations and resales. By offering favorable purchase and ARV financing, we facilitate investors in achieving their fix and flip goals and establishing a thriving portfolio in the real estate industry. Invest with confidence, transform properties, and realize exceptional returns with our dedicated Fix & Flip Investor Loans.

Get in touch with us.

Call Us Now: (661) 305-7981

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John Swanson

Certified Broker

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