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

Anti-Buy & Bail Rule Eliminated

Link to Anti-Buy & Bail Rule Eliminated With the elimination of Fannie Mae’s anti-buy & bail rule, buyers can expect a much simpler qualification process. Fannie Mae Eliminates its Anti-Buy & Bail Underwriting Rule! For move-up buyers, converting a departing residence into a rental property just got easier!  Effective immediately, Fannie Mae will no longer require that the proposed rental income for a...[...]
Posted by Scott Storace in Mortgage Information

Succeeding as a Contingent Buyer

Link to Succeeding as a Contingent Buyer The housing market can be a tough place for the contingent buyer.  Since the success of a contingent transaction relies heavily on timing, it’s often left up to the “Universe” to decide what’s meant to be and what’s not.  At times feeling as if their offers are discriminated against, contingent buyers are sometimes forced to sell their departing...[...]
Posted by Scott Storace in Mortgage Information

95% Jumbo Home Loan Makes Stand Out Debut

Link to 95% Jumbo Home Loan Makes Stand Out Debut With the 95% Jumbo Home Loan, mortgageinsurance isn’t required and the down payment can be a gift! We may have missed the fireworks but, this announcement should still come with a parade!  For home buyers in Orange County, CA, PrimeLending now offers yet another jumbo loan program with a small, initial investment. The 95% Jumbo Home Loan Makes Stand Out Debut in Orange County, CA...[...]
Posted by Scott Storace in Mortgage Information

Mortgage Tips & Secrets

Link to Mortgage Tips & Secrets If you’re reviewing mortgage tips before you buy or refinance, you’re smart. Preparing yourself for the mortgage process will increase your chances of closing a successful transaction. But, if you’re looking for the real secret behind today’s mortgage tips, then listen up. HIRE A GREAT LENDER! Mortgage Tips that encourage you to hire a great lender don’t often...[...]
Posted by Scott Storace in Mortgage Information

Pre-Qualification vs. Pre-Approval: The Facts

Pre-Qualification vs. Pre-Approval:  What’s the Difference? If the difference sounds arbitrary, let me shed some light on an issue of semantics.  Shopping for homes these days requires a lot more than just “good faith.”  Agents and home sellers want to see that you’re not only willing but also able to buy their home.  So, to present a strong offer,...[...]
Posted by Scott Storace in Mortgage Information

Boost Debt-to-Income Ratios with FNMA

Link to Boost Debt-to-Income Ratios with FNMA Need to boost your buying power?  These days, I think we all could use a little help!  Fortunately, Fannie Mae recently revised it’s guidelines to help buyers boost debt-to-income ratios and increase buying power.  Effective immediately, it is now acceptable to pay off a revolving credit line at or prior to closing without also having to close the account.  That’s...[...]
Posted by Scott Storace in Mortgage Information

LPMI: Understanding the Debt Structure

Link to LPMI: Understanding the Debt Structure Rising rents and recovered home values are strong indications of a healthy housing market.  But, household income remains largely unchanged.  As a result, those eager to buy at a time when interest rates are still low may be challenged by tight debt-to-income ratios.  Should this be the case, LPMI could be an option.  And, understanding LPMI and debt structure will be key! What is...[...]
Posted by Scott Storace in Mortgage Information

Second Mortgages Return to Nevada!

Link to Second Mortgages Return to Nevada! Beginning May 15, residents of The Silver State can purchase or refinance using a second mortgage to avoid private mortgage insurance premiums!  That’s right!  PrimeLending has partnered with a private lender to offer buyers in Nevada the 80/10/10 home loan once again! What is a Second Mortgage? A second mortgage or, home equity line of credit, is a loan in second position...[...]
Posted by Scott Storace in Mortgage Information

Why Piggyback Loans Offer More

Link to Why Piggyback Loans Offer More Just about everything in our high-cost, Orange County market could use some “wings” these days.  Pending home sales and soaring rents haven taken flight.  Eager homebuyers, however, could use a lift!  That’s why, the piggyback loan can offer buyers MORE opportunity to purchase a home and help them SAVE money in the long run! What is a Piggyback Loan? A piggyback loan is...[...]
Posted by Scott Storace in Mortgage Information

A Smart Way To Invest Your Tax Refund!

“Treat Yourself” with a new home. Use your tax return to help you buy a primary, secondary or investment property this season! If your 2014 tax refund has you planning a big “Treat Yourself” holiday, listen up!  The government isn’t sending you a bonus check.  Paying homage to yourself like Donna Meagle and Tom Haverford is not as fun as it seems. ...[...]
Posted by Scott Storace in Mortgage Information