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- Tel: 818 880-1466
- Tel: 800 719-8260
Commercial Construction Loan Programs (Nationwide):
Residential Construction Loan Programs (Nationwide):
To start the pre-approval process for any of the above construction or commercial loan programs, please send us a complete 1003 Form, Tri-Merge Credit Report, a synopsis of the project and Appraisal if available; e-mail, FAX (888-220-0120) or mail to: 5530 Corbin Ave. Ste 270, Tarzana, CA 91302
- Residential Home Loans; contact our office at 818 880-1466
FHA (California)
- 3.5% down payment
- 620 minimum FICO score
- Gift funds allowed for entire down payment, closing costs and prepaid items (recurring and nonrecurring closing costs).
- No reserve required for 1-2 unit properties.
- Up to 96.5% LTV on purchase & Rate/Term
- Up to 85% LTV on cash-out Refinances.
- MAX DTI 46/55%
- Minimum Loan Amount $75K
- Up to 6% sellers contribution toward closing costs (recurring and nonrecurring).
- Max financing OK for declining areas
- Non-occupant co-borrowers OK with true blend of income/debt.
- 2 years from Discharge of Chapter 7 BK, 1 year Chapter 13, and 3 years on foreclosures and short sales.
- 1-4 Unit Conventional Financing (California)
- 95% Purchase & R/T Refi (conforming)
- 90% Purchase & R/T Refi on high balance with a 740 FICO
- 95% Purchase on condos with a 680 FICO
- Cash-out Refi up to 85% with a 700 FICO (primary)
- Duplex purchase up to 90% with a 680 FICO
- 2nd Home purchase & R/T Refi up to 90% with a 720 FICO
- MAX 41% DTI
- Underwriting Checklist for FHA loans
2 Paystubs with 30 days and 2 years W2 (self employed, need COMPLETE 2 years income tax returns)
- 2 Current months of bank statements, for 401K need 2 quarter statements
- Copy of Social Security card(s) for all borrowers
- Copy of Driver license for all borrowers
- Spouse SS#, DOB and a signed authorization as to pull credit (spouse credit is included in DTI)
- Letter of Explanation for all derogatory on credit report
- Letter of Explanation for all inquires on credit report
- LOE regarding Job gap in last 2 years/ any derogatory credit/B.K. and foreclosures
For residential Home Loans, please complete our Loan Application on Line or complete the following form (1003) and fax it to 888-220-0120 or e-mail it to us. Please call our office if you need assistance in completing the forms.
NEW FHA LOAN LIMITS: Website-Loan limits for all USA counties please visit www.hud.gov
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Los Angeles & Orange Counties |
Ventura County |
Riverside County |
| One Unit |
$729,750 |
$729,750 |
$500,000 |
| Two Units |
$934,200 |
$934,200 |
$640,000 |
| Three Units |
$1,129,250 |
$1,129,250 |
$773,700 |
| Four Units |
$1,403,400 |
$1,403,400 |
$961,550 |
Comparison of FHA vs. Conventional Fannie/Freddie loans:
| FHA |
Fannie/Freddie |
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- Max financing OK-for declining areas
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- LTV restriction for decling value areas
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- 3% contribution for >90% LTV
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- Gift OK for 100% of down payment
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- Gift for 100% not OK until 20% down
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- 2 Months of PITI requirement
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- Non-Occupant Co-Borrower OK with true blend of income/debt
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- Not allowed at higher loan to values & occupant must nearly qualify
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- Scores as low as 620 acceptable, no adjustment for FICO >620
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- Scores below 720 charged higher rates/Higher PMI
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- Non traditional credit OK
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- 2 years from discharge of CH 7 BK, 1 year of CH 13, and 3 years on foreclosures or short sales
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- 4 years from discharge of BK and 4 years on foreclosures or short sales
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- Facts about Mortgage Insurance Premium (MIP):
All FHA loans require MIP. The most typical premiuns are;
- An UP-Front MIP (UF-MIP) of 2.25% of loan amount is paid at closing and can be financed into the mortgageamount. Example:
- Purchase price: $350,000
- Downpayment: $12,250 (3.5%)
- Loan amount: $350,000 - $12,250 = $337,750
- UFMIP: 2.25% of $337,750 = $7,599.38
- Total Loan amount: $337,750 + $7,599.38 = $345,349
- Additionally, there is a 0.55% annual MIP included in the PITI. Example:
- Loan amount $337,750 x 0.55% = $1,857.63 (note that we calculated 0.55% of loan amount not the purchase price)
- Monthly MIP = $1,857.63/12 =$154.80
In today’s economy there are many great advantages to buying a home.
Dream homes are being sold for much less than their original value and
banks are offering loans at fair and reasonable interest rates and improving
your home with a construction loan is a great way to add value to your
property.
At Pacific Mortgage Master, we are a leading California mortgage
loan business. We offer some of the best rates for all different kinds
of loans. Our goal is for you to put trust into us because we are on
your side.
Some of the California loans we offer are construction and commercial
loans, premier home loan and construction loan programs, FHA loans,
residential home loans and ideal mortgage rates. We have a pre-approval
process to get basic information on the type of loan you’ll qualify for and
then we can begin the process to getting you the loan for your new home or
construction project.
We hope that you’ll find Pacific Mortgage Master to have everything
you need as a guide for the best California mortgage rates. Please feel free
to browse through our website to learn more about our services. We are
a reliable mortgage servicer that provides our clients with the best options
for their dollar. Please contact us to set up a consultation to start the
process. We look forward to hearing from you.
California construction loans | Commercial Loans California | California Home Loan Programs | California Construction Loan Programs |California Construction Loans | Links
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