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 Information Category

This category contains general mortgage information that will cover broad mortgage topics.

Home Mortgage Interest: Use It or Lose It!

Link to Home Mortgage Interest: Use It or Lose It! Deducting Home Mortgage Interest Did you pay cash for your home? Did you decide to take some cash out after closing? Did you know that you only have 90 days to refinance or you’ll forfeit your home mortgage interest write-off? The IRS has tax law called Acquisition Indebtedness. It was enacted in 1988 under Notice 88-74. Here’s a summary: To qualify for the home...[...]

The Do’s and Don’ts While Your Home Loan is Processing

Processing home loans may seem more like a date with your filing cabinet. If finding the home is all about location, location, location then getting the loan is all about documentation, documentation, documentation!! We can ease the pain and last minute requests through communication. Below are some of the common do’s and don’ts that can help you prepare for your home loan....[...]

99.5% Home Financing Low Down Payment Program

Link to 99.5% Home Financing Low Down Payment Program The Key to Your New Home? Are you trying to buy a home but short on funds? This program is for you. With an initial investment of only 0.5% down you can get the keys to your new home. Contact Scott to find out more about this low down payment option. Since 2006, conventional loan programs offering a low down payment have declined. FHA became the go-to option for low down payment...[...]

Non-Traditional Credit for Home Loans

Link to Non-Traditional Credit for Home Loans The importance of traditional credit for obtaining a home loan cannot be understated. Great credit increases eligibility for loan programs. It also reduces interest rates and lowers costs. To get your foot in the door of a new home the minimum FICO score is typically 620 or above in today’s world. But what if you don’t have credit? What if you have only 1 or 2...[...]

2012 Loan Limits: Conventional, FHA and VA

Link to 2012 Loan Limits: Conventional, FHA and VA Mortgage Loan Limits: Know Your Boundaries Every year, mortgage loan limits are reviewed and revised for each county. The conventional loan limits for 2012 remained the same as 2011 except in Washington D.C. Each lending agency determines their own limits but they work off similar data. FHA, VA, Fannie Mae and Freddie Mac use the median sales price for each county to determine loan...[...]

Home Prices Rising – Bouncing off the Bottom in Orange County, CA

Link to Home Prices Rising – Bouncing off the Bottom in Orange County, CA The Federal Housing Finance Agency reported this week that home prices rose 0.6% in the first quarter of 2012. This is very positive news considering that home prices across the country were down 5.5% in 2011. In California, a positive trend in home pricing has been developing since the 2nd quarter of 2011. Each quarter the home price decrease has been smaller and smaller. In the...[...]

Bankruptcy: The Impact on New FHA Loans in Orange County, CA

Link to Bankruptcy: The Impact on New FHA Loans in Orange County, CA Bankruptcy is defined as a legal protection from creditors to those who are unable to pay their debts. A bankruptcy is a serious credit action and will stay on your credit report for 7-10 years depending on the type filed. Naturally it will also impact an Orange County resident’s ability to purchase another home. However, the impact is not nearly as great as many think. There are many...[...]

Orange County, CA: The 5 C’s of Home Lending

Link to Orange County, CA: The 5 C’s of Home Lending Ogden Nash said “some debts are fun when you are acquiring them, but none are fun when you set about retiring them.” Isn’t that the truth with real estate! We all get excited to buy a home. It’s an emotionally charged event. It doesn’t matter if it’s your first home or your tenth investment property. The fact is, it’s fun acquiring homes even...[...]

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...[...]

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...[...]