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- Tel: 818 880-1466
- Tel: 800 719-8260
Commercial Purchase/Refinance (Nationwide):
- Purchase
- Refinance/Cash Out
- Full Doc Program
- Stated Program
- Up to 70% Loan to Value
Commercial Construction Loan Programs (Nationwide):
Apartment Loan Programs (Nationwide):
- 75% LTV
- $500,000 - $12M
- 1.25 DCSR
- Occupany 90%
- 30 day close
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; tony@pacificmortgagemaster1.com , 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.
- 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 forms and tony@pacificmortgagemaster1.com it to us.
- 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.
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