Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
  • Interest Rate Float Down Option

Have Questions? Call 949.973.0141

Mortgage Loan Limits for 2019

Link to Mortgage Loan Limits for 2019 Big news! The Federal Housing Finance Agency (FHFA) just announced their 2019 loan limits. In most of the U.S., the 2019 maximum conforming loan limit for one-unit properties will be $484,350, an increase from $453,100 in 2018. According to FHFA’s Home Price Index, home prices rose 6.9 percent, on average, between the third quarters of 2017 and 2018. As a result, the baseline maximum...[...]

100% Conventional Home Financing?

Link to 100% Conventional Home Financing? 100% conventional financing on a property? Sounds too good to be true, right? Until recently it actually wasn’t a legitimate option. 100% home financing was only available if you were purchasing a home in a qualifying rural area or a U. S. Veteran. Now we have an option for 100% conventional financing. We have talked many times before about how difficult it can be to save up...[...]
Posted by Scott Storace in Conventional Loans, Down Payment, Low Down Payment

Equity Share Home Loan Program

Link to Equity Share Home Loan Program Are you struggling to hit your desired down payment? Is down payment keeping you out of the right home for your family? Are you worried about mortgage insurance? Is a small amount meaning the difference between your dream home and not-quite-what-you-want home? Imagine someone offering to double your down payment. Imagine being able to purchase a home with 20% down instead of 10% down....[...]

Are You a First Time Home Buyer Trying to Save Your Down Payment

Are you a first time home buyer trying to save your down payment? Everyone knows that it’s ideal to save up twenty percent of the purchase price to put down on your first home. In a market like Orange County where median home prices are over $700,000, 20% down is over $140,000. Are you having a hard time saving up 20%? Or even 10%? The struggle is real. Home prices have been on a...[...]
Posted by Scott Storace in Down Payment, Low Down Payment

Federal Housing Finance Agency Ruled Unconstitutional

Link to Federal Housing Finance Agency Ruled Unconstitutional Who or what are the FHFA and why do they matter? The Federal Housing Finance Agency was formed in 2008. In technical terms it was tasked with overseeing the Federal Housing Finance Board (FHFB) and the Office of Federal Housing Enterprise Oversight (OFHEO). Both of those organizations are now dissolved and in a nut shell, the FHFA oversees Fannie Mae and Freddie Mac. Their objective was...[...]
Posted by Scott Storace in Industry Updates

Borrowing on the Margin

Have you ever considered borrowing on your investments otherwise known as borrowing on the margin ? Would you ever consider using a margin loan to buy a home? What is a margin loan? A margin loan is borrowing against the value of your stocks, bonds or mutual funds. Individual brokerages will decide which of these they are willing to loan on and what percentage. Typically, securities...[...]
Posted by Scott Storace in Down Payment, Mortgage Information

Purchasing a Home With Pledged Assets

Link to Purchasing a Home With Pledged Assets What are pledged assets? A pledged asset is what is transferred to a lender in order to secure debt. A pledged asset mortgage is a type of home loan that is secured with assets or securities, rather than liquid funds.  Qualifying funds may not be from a 401k or an individual retirement account (IRA). Pledged asset funds may also be used to help a qualifying relative purchase a...[...]
Posted by Scott Storace in Down Payment, Mortgage Information

We Finance Broken Homes

Broken foundations, beat up interiors, burned out rooms…they are all okay. When Humpty Dumpty fell off the wall, it may have been PrimeLending that put him back together with one of our renovation or construction loans. If you have the vision, we have the funds. Big or small, planned or not, these programs are a beacon of hope to many. Inscribed on the Statue of Liberty is a quote...[...]

Home Loans Using Trust Income

Link to Home Loans Using Trust Income As we have previously shared, purchasing a home outright with cash doesn’t always make the most financial sense. Recently we have had some experiences with borrowers who have assets but do not have W-2 income, nor are they independent contractors or self-employed.  For these clients who would prefer to finance their home purchase, this lack of traceable income can be a speed bump on...[...]
Posted by Scott Storace in Mortgage Information, Trust Income

Facing a Low Inventory Market

Are you struggling in this low inventory environment? Is it increasingly difficult to find the right property for your buyers? We hear about it all the time from our agents and we are getting loads of questions about it from our clients as well. It seems like there are just not enough homes on the market. Or maybe the properties that are available do not fit your clients individual...[...]