Over the years we have learned that the best way to do business is to give you a better understanding of how the mortgage process works. Pacific Lending Group is committed to helping you find the right mortgage product for your unique needs and circumstances. We make the process of securing a mortgage simple and straightforward by offering you expert advice that will enable you to make sound financial choices. We look forward to earning your business today and in the years to come.
Here are some of the loan programs we offer:
Conventional loans are traditional home mortgages and are not backed by any government program of insurance or guarantee. There are standard underwriting guidelines for conventional conforming loans up to $417,000. These loans are available as a fixed or variable (ARM) rate with a variety of repayment terms which can be tailored to your individual needs.
Fixed Rate Mortgage
Fixed Rate Mortgages provide the security of a fixed principal and interest payment for the term of the loan. The term of a fixed rate mortgage is either 10, 15, 20 or 30 years which provides the flexibility needed to meet your specific goals.
Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) features a variable interest rate which can save on interest and lower your monthly payment. They are set with upper and lower end caps on how much the interest rates will increase, or decrease throughout the term of the loan. These loans are especially attractive to home buyers who want extremely low monthly payments, or who plan to trade up in future years.
Let FHA Loans Help You
FHA (Federal Housing Administration) backed loans are ideal for first-time home buyers as well as low to moderate income borrowers. Loans are insured by the FHA. Usually they only require a 3.5% down payment and the entire down payment can be a gift from a relative. There are also several other options for the source of funds needed for closing. The seller can contribute up to 6% towards closing costs, prepaid cost and points. No cash reserves are required for loan approval. FHA loans can be fixed or adjustable rate and credit requirements are less stringent that conventional loan programs (See Conventional Loan Programs)
Pacific Lending Group loves our Veterans and Military Service Personnel and we are so thankful for all they do each and every day to keep us safe. Because we want to show this appreciation to the men and women who make these sacrifices for our freedom, Pacific Lending Group will waive the appraisal fee (a value of up to $450.00) on all VA home loans. It is our way of saying “thank you” to our Military clients.
VA (Veterans Administration) loans are available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements. VA mortgages may be provided with no down payment requirement, making them ideal for first-time borrowers. Loan amounts may be as much as $417,000 with full entitlement. Requirements are generally 2 years in the armed forces with veterans benefits. A Certificate of Eligibility is required. The seller can pay closing costs and prepaid items. There is a 100% financing option and there are no penalties for prepayment
So you have found the perfect home but it requires some TLC. The FHA 203K loan might be exactly what you need! If you are refinancing, it can also be utilized to fix up your present home to make it just the way you want.
If you decide to use it for a new purchase, you still will need to put down 3.5% of the purchase price, just like the traditional FHA loan; but because the loan amount is only limited by HUD mandated county loan limits, the possibilities to create your dream home are limitless!
If the amount of your mortgage loan exceeds $417,000, we offer a variety of mortgage options to meet your needs such as non-conforming jumbo loans which can be either fixed or adjustable rate mortgages (See Conventional Loan Programs). Underwriting guidelines may vary depending on the program selected, down payment and actual loan amount.
Self-employed borrowers can apply for the same mortgage programs as anyone else.
Whichever mortgage you choose as a self-employed person, the lender is going to use the same general mortgage underwriting procedure to decide if they will lend to you. Underwriting relies on three primary factors – your capacity to repay, your credit history, and the strength of your collateral.
If you’re like most self-employed people, you maximize your business expenses and other deductions which leaves you with a lower taxable income than you’d have if you were a salaried employee. Unfortunately, lenders don’t take this into account. They usually judge you based on your bottom-line income
Self-employment isn’t an insurmountable barrier, however. There are a few strategies that you can use to help you qualify for a mortgage loan:
- Buy a house that you can afford by using the lower income that the lender will calculate.
- Put more money down to reduce mortgage and PMI payments.
- Ask your financial adviser about taking fewer deductions or other strategies to increase your income. You pay more taxes, but your income may be closer to one that enables you to get your mortgage.