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

Your HOA and Your Condo: Restrictions Apply

Link to Your HOA and Your Condo: Restrictions Apply Orange County, CA – An HOA is established by the developer of a new community. They’re responsible for managing the community and maintaining a set of standards for their homeowners. Each HOA has a defined purpose. They are tasked with maintaining the common areas, collecting dues and enforcing covenants. They can do much more or much less. With condominiums the HOA...[...]
Posted by Scott Storace in Condominium Financing

Condominium Litigation – Home Financing Hazard

Link to Condominium Litigation – Home Financing Hazard Orange County, CA – If you’re buying a condominium you need to check if there’s any pending litigation. Whether frivolous or merited, condominium litigation can ruin your home loan. Most condominium litigation is not serious. Construction defects to the units and common areas are typically covered under the master hazard insurance policy carried by the HOA. However, it’s...[...]
Posted by Scott Storace in Condominium Financing

Condominium Insurance Requirements: Are You Covered?

Link to Condominium Insurance Requirements: Are You Covered? Orange County, CA – Condominium insurance requirements? Homeowners rarely consider the insurance coverage that is offered by the Home Owners Association. Most just assume that their unit is covered. After all, they’re making the monthly HOA payment. Did you know that Fannie Mae and HUD have specific condominium insurance requirements that an HOA must maintain? If the HOA...[...]
Posted by Scott Storace in Condominium Financing

PrimeLending Hits #1 in America

Link to PrimeLending Hits #1 in America The results are in for 2011. Mortgage Executive Magazine ranked PrimeLending #1 in America for closely held mortgage companies. Check out the article yourself. From a humble beginning in 1986 PrimeLending has steadily and rapidly grown. The secret to the success?  It’s the core of the people and the dedication to serve the client’s needs above all else. Core...[...]
Posted by Scott Storace in Company Updates

Condominium Occupancy

Link to Condominium Occupancy Orange County, CA – You found the condominium that fits your lifestyle.  Your lender checks the condominium occupancy mix and tells you that 10% of the units are owned by one entity and another 40% are owned by investors. So what…you remark! Occupancy mix can change the condominium financing package. You’re now looking at a non-warrantable condominium....[...]
Posted by Scott Storace in Condominium Financing

Condominium Financing: Getting Started

Link to Condominium Financing: Getting Started Orange County, CA – Condominium financing differs from home loans for other property types. And the differences can make or break your ability to buy one. The borrower requirements are not much different but the project requirements are. Homeowner’s association dues, property ownership mix, insurance, residential:commercial mix and litigation are some of the project...[...]
Posted by Scott Storace in Condominium Financing

New Market Order: Interest Rates Rise on Federal Reserve Commentary

Link to New Market Order: Interest Rates Rise on Federal Reserve Commentary Orange County, CA – The Federal Reserve Open Market Committee met yesterday and gave a positive nod to the economy. The economic data and subtle yet substantive hints about an economy that’s “expanded moderately” spurred the stock market yesterday to its best single day of growth this year. The stock market and bond market tend to work as opposing forces. What’s good for...[...]
Posted by Scott Storace in Market Updates

Jumbo and Super Jumbo VA Home Loans

Link to Jumbo and Super Jumbo VA Home Loans Jumbo the Elephant...Where Everything "Jumbo" Got It's Name! Orange County, CA – What is a jumbo VA home loan? It’s a loan that exceeds $417,000. Every county around the country is given a maximum loan limit of $417,000. But some counties in high cost areas are given higher limits. It’s these counties where jumbo VA home loans are permitted. Orange...[...]
Posted by Scott Storace in VA Home Loans

FHA Mortgage Insurance Changes for 4th Time in 3 Years!!

Link to FHA Mortgage Insurance Changes for 4th Time in 3 Years!! Orange County, CA – It’s deja vu all over again. FHA mortgage insurance changes again! The Department of Housing and Urban Development  decided to increase the Up-Front Mortgage Insurance Premium and annual FHA mortgage insurance rates on all loans with case numbers assigned on or after April 9, 2012. Mortgagee Letter 12-4 outlines the specifics of the change. The FHA...[...]
Posted by Scott Storace in FHA Home Loans

VA Home Loan Eligibility

Link to VA Home Loan Eligibility Orange County, CA – Have you served in the military and sacrificed for the US flag and country? If so, you may be eligible for some fantastic home buying benefits. Amazingly, I have met many service members who have not taken advantage of the opportunity with their VA home loan eligibility. If you served on active duty or were honorably discharged then, in most cases, you will...[...]
Posted by Scott Storace in VA Home Loans