This section is just intended to give you an overview. You should not make your loan decision without talking to me. The brief explanations on this website do not cover every requirement or detail involved to get a loan. All loans must be approved by underwriting as per program guidelines & policies. There is no way to replace an experienced loan officer helping you through all of this and making the right decision. I can explain the pros & cons of these loan options better than any website and show you actual examples that apply to your situation. You can see exact rates and terms on multiple loan options and watch your approval run live in our office Credit Issues? A- vs. Sub-Prime If your credit is not perfect with 700+ scores,
some lenders make you feel like a second class citizen. They try
to make you feel like you have pay extremely high interest rates,
pay large costs, take substandard loans or worse, turn you down.
This is not necessary. There are plenty of things that happen to
good people that have had good credit for years, and are just having
a tough time now. This is why you go to a loan officer in the first
place, for help with a special need or situation.
Maybe you have great credit, but have a special or unique circumstance where everyone you call says they can't help you with your home loan. Many customers didn't know they had such a difficult loan until they tried to get it from their normal lender or bank. There are many smaller lenders out there, that will do a "Make Sense" loan to good credit borrowers. We have many sources of these types of local lenders. Some of them are based on relationships we've had for years with these lenders. Local banks that do loans for the CRA (Community Re-Investment Act), larger credit unions, private investor groups and others, make these types of loans. Knowing not only who to call, but what they look for, is important in shopping for these loans. I have done many unique properties that were turned down by 3-4 other mortgage lenders and the buyers or Realtors almost gave up hope of closing the sale. I've been told "It can't be done" and have done it. These loans may take some patience as they take a few weeks to get preapprovals many times, as opposed to instant online AUS approvals I usually do on conventional loans. I do shop your scenario with my Portfolio lenders within a few days of getting your application package and get a preliminary idea if they have interest in your loan with a rough idea of the terms, interest rates and costs of the loan. This is lending like 1980 and requires overall skills in underwriting, common sense, the three "C's" (Collateral, Credit & Capacity) and relationships to be successful. You need to be flexible as these lenders are doing things most others won't do. The interest rates and terms are competitive, this is not "Sub-Prime" lending at very high rates, but not as low as conforming loans either. Don't give up, let me help.
Creative Financing on Purchases We offer many different ways to be creative in financing your home purchase. It's very important to meet with us before you go out looking at homes with your Realtor and making offers. Pre-structuring your loan and getting pre-approved can open up many ways to save money or get more house than you thought. We have ways to lower your out-of-pocket expenses and even buy with no money out-of-pocket. There are loan options that can give you payments hundreds of dollars less than you may think. Some loans can help you qualify for $20,000 - $50,000 and more house than you thought. It's also important to know the downside of some of these options. We explain the pros and cons of each to help you make a good decision. You should read the Mortgage Loans page in detail for an overview of some of these options.
Can't Prove Income or High Debt Ratios We have loans that do not require you to prove your income in the conventional manner. We offer Stated Income loans and can do many mortgages with using bank statements for income. You have to be careful doing these loans and watch for pitfalls. They are not designed for people to just lie about their income to get a loan. I am also very skilled at using the Automating Underwriting Systems at FNMA & FHLMC. Many people have called me thinking they had to take a high rate "Stated Income" loan and I got them approved for Conforming loans at better rates than other lenders told them they had to do. This happens almost every month. Let me help you before agreeing to a worse loan somewhere else.
I do a lot of manufactured loans every year and know the ends and outs of getting you the right loan. We have excellent sources for financing manufactured homes that are doublewide or larger, built after July 1976 and on land (no parks). We can do purchases with as little as 5% down. We can refinance them. We have Portfolio sources that will do up to 40 acres. Manufactured home financing has gotten much more difficult the last few years. It was identical to stick built from 1993 to 2003 and many people bought and financed them with no problems during this period. In 2003, FannieMae & FreddieMac discovered that manufactured housing had substantially higher delinquency rates and they cut back drastically on approvals. They made the appraisal process extremely difficult. 99% of lenders that did manufactured loans, cut them off. In early 2004, a few lenders came back to financing manufactured homes. Next to your loan officer, the appraiser is the most critical, and your loan officer chooses the appraiser. We have appraisers that are the best in the industry appraising manufactured homes. Give me a call to go over your needs.
Log homes, dome homes and other unique properties mainly have appraisal challenges. Our appraisers are the best. They know how to structure an appraisal to meet underwriters guidelines on unique properties. Many times these homes are on acreage also which has its additional challenges. We have done many of the log homes in the Portland Metro area because of our expertise in handling these properties. We also offer construction loans to build log homes new.
Oregon has many homes on 2-25 acres. They are referred to as "gentleman's farms" or sometimes "Intel farms" in the Washington & Yamhill County area. Some are zoned Exclusive Farm or Forest Use (EFU). Most are not farmed but may have some Christmas trees, outbuildings, horse arenas, or a small orchard. They mostly have septics and a water source of a well, spring, creek or cistern. Some of the houses are old small farm houses from the turn of the century, manufactured homes or large mansions built on hilltops overlooking snow capped volcanoes. All of this can scare many lenders who will not do the loan. The loan officer says "no problem" but when your appraisal goes into underwriting, they chew it apart. A lot of these loans are Jumbos due to the prices and Jumbo lenders like these properties even less. Acreage properties require an expert loan officer to overcome the many challenges and to know which lenders will do the loan without problems at the last minute. Our lenders understand acreage properties and do them frequently for us because we put together a good loan package with the right appraisal. Appraisers are critical and ours are the best. How an appraiser supports value for a view or not, creek or pond, shop or horse arena, comparables of similar acreage, home size and more is important. They have to know the area extremely well, not just read the RMLS or sales data. Your loan officer needs to know how to read an appraisal (most do not) and help direct the appraiser to what the underwriter needs. You want to get the best loan and need a loan officer with lots of experience. I live outside Newberg on small acreage myself and can help you with mortgage loans on these homes.
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©
2008 Steve Emory at Pacific Residential Mortgage, LLC. All rights reserved.
