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

Condominium Financing Category

This is will be your source for condominium related mortgage information. Condominiums have unique requirements for financing. You’ll find out all about that here.

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...[...]

How Work History Affects Home Loans

How does your work history affect your chance of a loan approval? Orange County, CA- Work history can have a profound impact on your ability to qualify for a mortgage. One of the first questions a loan officer will ask you is “How long have you been in your field of work?” You may have heard that lenders like at least 2 years in the same line of work. It shows a level of...[...]

Is The Condominium You Want Warrantable?

Link to Is The Condominium You Want Warrantable? Make Sure Your Condominium is Warrantable Orange County, CA – Purchasing a condominium is a very different beast than buying a home. They’re an affordable option for those living in high cost areas such as Orange County or San Diego. When it comes to getting financed for a condominium, however, we have  extra hoops to jump through. The main difference is that a condominium...[...]

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...[...]

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...[...]

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...[...]

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....[...]

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...[...]