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

Orange County, CA: Short Sale Impact on Future Home Loans

Link to Orange County, CA: Short Sale Impact on Future Home Loans Orange County residents who have had to short sell a home want to be homeowners again.  But they have many questions. Do I pay taxes on the amount owed? How badly does it impact my credit? How long do I have to wait? What do I need to know to become a homeowner once again? Let’s begin by understanding what a short sale is. Wikipedia defines a short sale as a sale of real estate in...[...]
Posted by Scott Storace in Mortgage Information

VA Streamline Refinance Loans

Link to VA Streamline Refinance Loans VA Streamline Refinance - Saving Money for Veterans There’s been a lot of media hype surrounding the recent release of the HARP 2.0 refinance program. It allows homeowners with conventional loans to refinance regardless of their equity position. However, the HARP program doesn’t apply to VA loans. But Orange County veterans with VA home loans do have another option. It’s called...[...]
Posted by Scott Storace in VA Home Loans

HARP 2.0 Refinance Program for Conventional Loans

Link to HARP 2.0 Refinance Program for Conventional Loans Orange County, CA – Home values have steadily declined since 2006. That’s when the bubble burst on the overheated housing market. During this same period of time interest rates have fallen dramatically as well. They’ve set new record lows. Many howmeowners have sought to take advantage of these low ratrs to reduce their monthly payment. But with their home equity...[...]
Posted by Scott Storace in Conventional Loans

Self-Employed Borrowers and Qualifying Income

Link to Self-Employed Borrowers and Qualifying Income Orange County, CA – The 2011 tax deadline recently passed. Another tax year is in the books. Tax returns can be complicated for self-employed borrowers and business owners. But they play an important part in determining your income for a mortgage. If you’re buying or refinancing a home, underwriters will now be using 2011 tax returns. You may have filed a return or filed an...[...]
Posted by Scott Storace in Mortgage Information

The Full Story on Private Mortgage Insurance

Link to The Full Story on Private Mortgage Insurance Orange County, CA – Private mortgage insurance is a four letter word to most people. But there’s much more to it. If you’re able to invest 20% into a home then you don’t need to worry about mortgage insurance. However, for loans greater than 80% mortgage insurance is common. Mortgage insurance protects the investor in case a borrower defaults on the mortgage payments....[...]
Posted by Scott Storace in Conventional Loans

Fannie Mae Homepath Renovation Loan

Link to Fannie Mae Homepath Renovation Loan Orange County, CA – From shabby to chic! If you’ve got a home in need of some TLC, there’s a loan to help. The Fannie Mae Homepath Renovation Loan is a conventional renovation loan option available only on Fannie Mae owned properties. Since it’s a conventional loan program, it’s available on primary homes, second homes and investment properties. Naturally,...[...]
Posted by Scott Storace in Home Repairs & Renovations

FHA 203k Renovation Loans: Full and Streamline

Link to FHA 203k Renovation Loans: Full and Streamline Orange County, CA – Have you walked through the front door of a property and quickly realized it needs major work? Or maybe it just needs a few cosmetic touches to appeal to your sense of style. Whether major or minor, The FHA 203k renovation loans allow a borrower to include their renovation costs into their purchase or refinance. It eliminates the need for two separate...[...]
Posted by Scott Storace in FHA Home Loans, Home Repairs & Renovations

FHA Streamline Refinance

Link to FHA Streamline Refinance Orange County, CA – An FHA streamline refinance enables homeowners to convert part of their mortgage into savings. Reducing the payment means putting money back into their piggy bank not the corner bank! Homeowners refinance their loans for two purposes. They are seeking to take cash out of the property or modify their rate and terms. Traditional refinances require full...[...]
Posted by Scott Storace in FHA Home Loans

Multiple VA Home Loans: Fact or Fiction?

Link to Multiple VA Home Loans: Fact or Fiction? You’ve found a job and need to move. You can’t sell your home but you don’t want to rent. You don’t have money for a down payment and want to re-use your VA benefits. But you already have a VA loan on your current home. Can you have multiple VA home loans at the same time, you ask? The answer is a resounding Yes! Economy’s like we have today can make it...[...]
Posted by Scott Storace in VA Home Loans

Float Down: Lower Your Interest Rate After Locking

Link to Float Down: Lower Your Interest Rate After Locking Orange County, CA – Many borrowers hold off locking their interest rate in the hopes that it will drop. It’s a gamble. No one has a crystal ball. By speculating on interest rates decreasing they also leave themselves open to interest rates increasing. A higher interest rate means a higher monthly mortgage payment. A question that I’m commonly asked is, “If...[...]
Posted by Scott Storace in Company Updates