We are specialists in California home loans and California
mortgages, like second mortgages, California home equity loans, debt consolidation loans, home improvement loans, cash out loans, second trust
deeds, first trust deeds, home purchase loans, home equity loans, refinance
home loans, and
construction loans. All rates and fees are guaranteed. For more in-depth
California home loans information and advice on California mortgages in general,
check out Ken Go's California Home
Loans Blog. If you're looking to purchase a home or just refinance a home
loan, don't miss Ken's blog for free advice on California mortgages.
Just a few of the loan products offered by southern California
mortgage broker Ken Go...
Bad Credit is OK
500 FICO scores and up can disregard collections, judgments, and
charge-offs, which do not have to be paid. One day out of
bankruptcies may be financed up to 100%, with combo loans up to
$850K. Stated wage earners are OK, with no additions. These
California mortgages are good for a purchase or refinance home loan.
125% Loan to Value 2nd Trust Deed
One of the
most popular home mortgage products these days is the 125% loan to value second trust deed
mortgage, or home equity loan. This means, simply, that no matter what you owe on your first mortgage,
you can take this second mortgage and get cash out of your property. For example, if
your original first mortgage was $100,000, and you now only owe $90,000 you could get this
second trust deed for the $10,000 in equity you have, plus another $25,000. Even if
you still owe the full $100,000 on your first mortgage, you could get this second mortgage
for $25,000 (putting your total debt on your home at 125% of it's value). Other features
of the 125% LTV loans:
Property value of $40,000 to $500,000
No appraisal required on loans of less
than $35,000
Terms of 15, 20, or 25 years
Modular homes OK (mobile not allowed)
Negative amortization on 1st trust deed OK
20% No Qualifiers (or quick qualifiers)
Another
favorite loan product from 1st Innovative Finance Group is the 20% no qualifier
loan. Essentially, this means if you have a 20% down payment on the property you
wish to purchase, you don't need to qualify for the loan to get it! Additional
information about 20% no qualifier loans:
No W-2's, 1040's, or pay stubs
No history of down payment required (100%
gift OK)
No credit history
No FICO scoring
No green card or social security
No IRS 4506 or FNMA 1097
No Trade-lines, No Income
The down-to-earth absolute program: No trade-lines OK (but you cannot have negative
credit). 100% CLTV Combo Loan for 1-2 units of owner occupied
properties. Loans to $750K for no income verified loans. Loans to
$1.5 million with full documentation.
40 yr fixed and 2/38's, 3/37's, and 5/25's
40 year mortgages at fixed rates, or 2 year fixed converting to
38 year ARMs, or 3 year fixed converting to 37 year ARM. 30 year
mortgages fixed for five years, converting to adjustable for 25
years.
100% 2nd home financing
Complete financing of 2nd homes, vacation homes, and rental
property.
100% CLTV's allowed on non-owner
100% Combined loan to Value- no money down payment for non-owner
occupied properties (Single Family Residences only)
Alternative programs
Best prevailing rates qualify as conventional rates, then below
conventional loan rates due to credit scores are called “Alternative
loans” sometimes due to non verification of income
documentations.
Sub-Prime Loan Programs
Sub-prime loans are for customers with credit scores below 620
(as low as 525). The worse are the hard money loans, which will take
any credit score as long as there is enough equity in the property.
Some definitions that might help:
No doc: no documentation required, no w-2s, pay stubs, or 1040’s
No ratio: we use your income but we do not fully qualify with the ratios.
SIVA: stated income but needs to verify assets
SISA: stated income and stated assets – nothing required except an
application
Home Equity Loans - loans made on the equity built up in your home
For more in-depth
California home loans information and advice on California mortgages in general,
check out Ken Go's California Home
Loans Blog. If you're looking to purchase a home or just refinance a home
loan, don't miss Ken's blog for free advice on California mortgages.
