Jul 18, 2014
groveslendingteam

Closing Early With Time To Spare

jordan

The Team just closed on this great starter home in Sylmar. We were able to get our first time homebuyer fully approve and underwritten in only 7 days. All of this before the buyer ever started looking for a home. Our offer was accepted above all others because there was no loan contingency which made the offer just like a cash offer.

Once in escrow, the loan docs were ready to go in about 12 days. Because the escrow was a 45 day escrow, all the buyer had to do was schedule the moving truck and not have to be worried or stressed out about a thing. It also helps when you have amazing realtors working on both sides of the transaction.

Harry Hull at Hull Homes in Glendale was able to not only move quickly to find and write an offer on this home, but more importantly, was able to keep our buyer focused throughout the process. If you are looking for a home in Glendale or the surrounding areas, the team highly recommends Harry Hull.  Harry can be reached at (818) 551-9844 or at harry@hullhomesrealty.com

We were also fortunate to work with Ryan Earll at Century 21 Earll in Arcadia. Ryan was able to not only work with the seller but also was able to help keep the escrow company on track with the 45 day escrow. If you are looking for a home in Arcadia or the surrounding areas, the team highly recommends Ryan Earll.  Ryan can be reached at (626) 55301-1888 or at haryanearll@c21earll.com

If you have any questions about how we are able to complete loans faster and approve buyers in the pre-approval stage, you can reach Patrick and the team at (818) 681-0873 or Patrick.ODriscoll@MovementMortgage.com

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Jul 2, 2014
groveslendingteam

VA Stepping Up and Helping

untitled

With 4th of July weekend coming up, I thought now would be the perfect time to give a shout out to our Veterans and talk a bit about some new laws put in place to assist them.  It’s no secret that the housing crisis in recent years was particularly hard on military families. Veterans and their spouses at installations around the country, and even abroad, cited problems with mortgages as some of their most serious financial challenges. But now, the CFPB has written new mortgage rules that can help.

More than a third of the consumer complaints received from the military are mortgage-related.  At listening sessions around the country, concerned military families have talked about the painful consequences of poor mortgage servicing, sloppy lender recordkeeping, and inconsistent foreclosure practices. Obviously, Veterans aren’t the only homeowners who have run into trouble with mortgage servicers or faced financial hurdles. But the demands of military service sometimes increase the severity of the problems or limit the solutions available to address them.

Here are some changes that should help Veterans:

  • Restrictions on dual tracking*. In the past, Veterans dealing with mortgage troubles sometimes found that their mortgage servicer had moved forward to foreclose on their home at the very same time it was working with the Veteran on a potential loan modification. That’s called “dual tracking” and new rules set up clear guidelines that restrict this practice.
  • More help for troubled borrowers*. Too often Veterans have had to apply over and over again for programs that might help them keep their homes, being asked to send in the same paperwork repeatedly. New rules now require mortgage servicers to evaluate a borrower who files a complete application for help for all the      options that are available to that borrower. That means no more multiple rounds of applications and wasting of precious time and resources for the homeowner seeking help!
  • No more runarounds and missing documents*. New rules require mortgage servicers to train their people to answer your questions and, if you do run into trouble, the servicer has to assign people to help you. The servicer also has to have policies in place to make sure they don’t lose your paperwork.
  • Movement Mortgage is proud to offer those who have served and are currently serving the Veteran’s Affairs (VA) loan. The VA loan is an excellent loan that assists our Nation’s Veterans with obtaining homeownership.• Up to 100% financing available.
    • No monthly mortgage insurance.
    • Seller concessions up to 4% of the reasonable value of the property.
    • Credit scores as low as 620.
    • Surviving spouse may be eligible, as determined by VA.
    • Must be a Veteran, Active Duty Military, or member of the Reserves.

Also, those Veterans who do a short sale (selling their home for less than they owe on the mortgage) will not have to pay the difference between the original loan amount and the proceeds from the sale if the property is their primary residence and it was purchased on or before June 30, 2012.

Finally, the U.S. Department of Veterans Affairs (VA) also has provisions for a short sale called a “compromise sale.” Veterans should contact the VA for more information on this program.

I hope these new mortgage rules will allow Veterans to spend more time on their important mission and less time worrying about their mortgages.  Please share this information with any beloved Veterans in your life.   Thank you again to our hardworking Veterans and Happy Birthday America!!

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Jul 2, 2014
groveslendingteam

Yet another closed escrow on this DTLA condo

Arellanes Condo (lawsuit) Does this picture look  familiar? Our team member Blanca Yanez and Tokyo Lofts expert completed yet another tricky, but not impossible loan transaction in this condo complex.

As you well know when it comes to condos, if any information comes back negatively when it comes to the HOA, most lenders (especially the big banks) will take a pass on the loan. This is exactly what happened yet again and known listing agent for the Tokyo Lofts, Isabel Clavier put the buyer in contact with Blanca immediately. As if the HOA for the complex wasn’t challenging enough to approve previously due to a pending litigation, this time there was a new pending litigation and budget did not reflect adequate reserves!! Well, due to a great condo desk and Blanca’s expertise on the subject matter she was able to close the transaction just a few days past the original close of escrow date.

This complicated transaction would not have been possible without the assistance of our loyal realtor referral partner Isabel Clavier-Prudential 323-384-2267 (who has a direct hotline to the team). Thanks to her confidence and trust in the team’s abilities to close transaction she was able to appease her seller and buy us the time needed to close this transaction. In the process the team acquired a new realtor referral partner Adrienne Martz-The Agency 310-343-8411. Adrienne, rapidly learned about the team’s abilities throughout this transaction and is now a huge fan of the Teams.

If you have any questions about closing escrow on a condo contact Blanca Yanez @818-355-7353 or via email  blanca.yanez@movementmortgage.com

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Apr 28, 2014
groveslendingteam

First Time Buyer + A Great Team

Great Starter Condo
The team just closed escrow on this condo in Burbank with one of our new favorite agents Kyle Draper.  Kyle was able to quickly locate, negotiate and close escrow on this condo in Burbank for a client of his.

As we have mentioned in the past, when a lender finances a condo, they are effectively looking at two different types of credit risk:

1)  We need to know that the borrower qualifies for the mortgage, has adequate credit history and has a reasonable chance of repaying the note.

2)  The lender needs to check on the financial health of the building.  Items that lenders are looking for include, but are not limited to, the following:

  • What percentage of the condo is owner-occupied
  • Does the HOA have a reserve fund
  • Does the HOA add to the reserve fund on a monthly basis in order to cover planned maintenance projects and unforeseen issues
  • Is the building or the HOA involved in litigation

Kyle was instrumental in helping us track down all this information early in the escrow process to ensure that his client could move into the house in less than 30 days.  If you are looking for a home in the Burbank area, the team highly recommends Kyle Draper. Kyle can be reached at (323) 646-6442 or at Kyle@Draper-Group.com

If you have any questions about condo financing, you can reach Scott and his team for all your mortgage needs at 818-679-5188

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Apr 28, 2014
groveslendingteam

Out of Town Buyers AND Sellers

Pasadena Duplex

 

The team just closed escrow on this amazing craftsman duplex in Pasadena.  This was a unique deal as our borrowers were relocating from San Francisco with the intention of owner-occupying this unit within the next 60 days.  Many lenders, seeing that the borrowers lived out of town and were buying a duplex would have assumed that this property was going to be an investment, not an owner occupied property.  Unfortunately, classifying a property as an investment would have substantially raised the down payment requirement and the interest rate.

Lucky for these clients, the team does full underwriting up front on each of our pre-approvals.  We had, with our underwriter, already taken a closer look at the deal before it went into escrow.   We were able to properly papertrail and explain why this property was truly going to be owner-occupied.  By presenting a complete file up front, we allowed these borrowers to put down 20% instead of 30% AND save them 0.75% on the rate.

On both sides of the deal we had great agents who helped coordinate the sale of this house even though the buyers and the sellers lived out of the area.

The team was able to get help from the buyer’s agent Eugene Ridenour at Berkshire Hathaway in Los Feliz. Eugene was diligent in helping get documentation back to us in a timely fashion. The home buying process is truly easier when everyone is working together.  Roy and Irene from Century 21 in Sierra Madre handled the sellers (which consisted of multiple out-of-town trustees) with ease and helped get this deal closed as smoothly as possible.  The final walk-through even involved Skyping and video-conferencing.

For all of your real estate needs when is comes to multi-units, the team highly recommend Eugene Ridenour.  Eugene can be reached at (323) 671-1276 or at Eugene@ErideProperties.com.    For selling your home in Pasadena or Sierra Madre, we highly recommend calling Roy & Irene who can be reached at  626-321-7468 or blumetruong@gmail.com

If you have any questions about multi-units or obtaining a loan while you’re relocating, you can reach Scott and his team for all your mortgage needs at 818-679-5188

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Apr 28, 2014
groveslendingteam

VA Loans – The Best Kept Lending Secret

Great Starter Home in Atwater
The team just closed escrow on this home in Atwater and was privileged to be able to help a Veteran and his partner finance their new home.

If you ask most lenders about a VA loan all you will get back is a blank stare. We here at The Groves Lending Team have closed dozens of loans for Veterans and our parent company, Movement Mortgage, is based in Virginia Beach (where all the Navy yards are and the Seals train).  WE  KNOW  VA  LOANS.

VA loans are an amazing product that we wish more Veterans and Realtors knew about. Our borrowers were able to do no money down, no points and no mortgage insurance on a high balance VA loan.  For Veterans buying homes up the $700,000 price point, a VA loan is the best deal in town.

The team was truly firing on all cylinders on this loan.  We were able to exclude certain student loan payments by proving deferment.  We were also able to get the VA appraisal, normally a 21 day process, back in 5 days.

We are extremely fortunate to have had an amazing buyer’s agent that helped with this deal.  Even after previous offers didn’t work out, Dan Ortega never lost focus on helping these buyers find the best possible property.  Dan, a Realtor at Sothebys in Los Feliz, was able to help explain to the listing agent why this deal, with zero money down, should be accepted by the seller.

If you are looking for a home in Silverlake or the surrounding areas, the team highly recommends Dan Ortega.  Dan can be reached at (323) 839-3936 or at DansMyRealtor@gmail.com

If you have any questions about VA loans and all of the amazing benefits they provide, you can reach Scott and his team for all your mortgage needs at 818-679-5188 or Scott.Groves@MovementMortgage.com

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Apr 28, 2014
groveslendingteam

Multi-Unit with Multi-Offers

Multi-unit

The Groves Lending Team just closed escrow on this awesome duplex in Los Feliz.  There were multiple offers and tons of qualified buyers vying for the property.  By working in conjunction with highly qualified buyers who got us all their financial paperwork up-front, a great buyer’s agent who knew the listing agent, plus our team allowing the borrower to present an offer with no loan contingency; we were able to put together the most competitive bid and win the race  for this property.

Ironically, our deal didn’t even have the highest down-payment of the offers made on this home.  Most lenders will look at lending guidelines and assume they can only put a deal together like this by requiring 25% down.  That’s the “standard” guideline for multi-unit lending.  Luckily, our team is part of  a direct lender who has direct access to Freddie Mac.  With one phone call we are able to ascertain that this deal could be structured with only 20% down.

To get this offer accepted we were lucky to be working Eugene Ridenour at Berkshire Hathaway in Los Feliz.  Having been raised and lived in Los Feliz for most of his life, Eugene is an expert when it comes to multi-unit properties in Los Feliz, Silverlake & Echo Park.

For all of your real estate needs in the Los Feliz area, the team highly recommend Eugene Ridenour. Eugene can be reached at (323) 671-1276 or at Eugene@ErideProperties.com

If you have any questions about multi-unit loan limits, you can reach Scott and his team for all your mortgage needs at 818-679-5188 or Scott.Groves@MovementMortgage.com

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Apr 28, 2014
groveslendingteam

Pool-side Flip on The Eastside

Great Pool Home on the Eastside

Great Pool Home on the Eastside

If you frequent Glassell Park, Highland Park, or Mt. Washington, you will know right away that the cool paint job, red front door and the horizontal fence probably signifies a recent “flip” of this property :-)

Even in today’s market where as much as 30% of properties sold are “flips”, many lenders have not caught up with this trend.   Several large lenders are still finding ways to decline transactions because of title changes and/or rapidly appreciating values in certain areas.   As with most “flips”, the owner of record on the title to this property changed at least three times and the value raised over 20% between sales.  Luckily our company Movement Mortgage has excellent guidelines to handle these type of situations and ensure escrow closes quickly.  We have several ways to substantiate increases in value and get the deal closed at the new purchase price.

Additionally, our borrower on this transaction is a self-employed business owner.  No worries, our team has become experts at evaluating business tax returns, K-1′s and cash-flow statements to ensure our business owners are qualified for the maximum loan amount possible.

Of course, I would be remiss if I didn’t mention the rock-star Realtor who introduced us to this client and helped ensure the deal went very smoothly.   Rick LeMasters at Berkshire Hathaway Home Services not only helped us keep the borrower well informed but also helped to keep the escrow officer and the seller on track throughout the process.  Thanks to everyone’s follow through and professionalism, we were able to get loan docs out early on this complicated deal that involved both a “flipped” property and a self-employed business owner.

For all your real-estate needs in Glassell Park and Atwater, the team highly recommends Rick LeMasters. Rick can be contacted at (323) 632-3313 or at Rick.LeMasters@gmail.com

If you have any questions about flipped properties -OR- if you’re a business owner looking to increase your pre-approved loan amount, you can reach Scott and his team for all your mortgage needs at 818-679-5188.

 

 

 

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Apr 14, 2014
groveslendingteam

Frankly My Dear I Don’t Give A Damn If You Got an Extension

The response I will hear from many borrowers when asking for these tax returns is that they filed an extension, and therefore don’t have to provide any paperwork regarding income in 2013.  In the immortal words of Clark Gable, underwriting will ask me to convey the most famous line in cinema to said borrower:

 

Frankly My Dear I Don’t Give A Damn If You Got an Extension

 

Here is what is required of borrowers wanting to get a loan after April 15th 2014.

 

  • 2013 tax returns E-filed and verified –  Underwriting can use a copy of the client’s 2013 tax return for a pre-qualification and a formal loan approval. HOWEVER, before we can release loan docs, all lenders must receive verification from the IRS (via a form 4506T) that the 2013 returns have been filed and accepted.  This process can take between two days and two months (depending on the volume of returns received by the IRS).  If our buyer’s tax professional didn’t e-file until the last minute, and we cannot verify the 4506T results (aka returns properly filed) – then we may have delays in closing escrow.
  • In person filing is OK –   For clients that either haven’t filed their taxes and need an immediate loan approval -OR- for clients who don’t want to risk delays with e-filing and obtaining 4506T results – we do allow clients to file their returns in person.  A client can go to the local IRS office in downtown LA, file in person, have page one of the tax returns date-stamped and we will use this stamped copy in lieu of proper receipt of the form 4506T.  PLEASE have your client call me if he is considering this strategy. 
  • If 2013 taxes won’t be filed until October –  If a client absolutely cannot file his taxes until later this year, but still needs to close escrow, we will need a possible combination of W2s, 1099s, profit and loss statements, proof of extension filing, proof of estimated taxes paid and/or a letter from the tax      preparer.  It’s not an ideal situation; however, if your client cannot file taxes for whatever reason, we have some commonsense solutions.  That being said, underwriting will need extra verification of income for 2013 & 2014, and will tend to make the loan a bit harder to obtain.
  • 2013 tax bill must be paid -  If taxes are filed, any taxes due must be paid.  If an extension is filed, any estimated taxes must be paid.  If taxes have NOT been paid, a formal payment plan with the IRS must be set-up and verified AND this monthly back-tax payment must count against the borrowers debt ratios.

For any questions about the above, please call Scott Groves at (818) 679-5188

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Apr 1, 2014
groveslendingteam

Income Coming From Multiple Scources – We Can Do That

Liz

The Groves Lending Team and TRG Real-estate Group (more affectionately known as The Rental Girl)  just closed escrow on this beautiful condo.  

The deal wasn’t without it’s challenges as the buyer had a unique corporate income structure.  We here at the Groves Lending Team are experts when it come to the finding additional income for self-employed borrowers.  Many lenders feel that income analysis is one-dimensional and stop at an entry level evaluation.  Our team loves to dig into multiple years of tax returns to try to find more provable income.   By working closely with our underwriters we are able to find interesting ways to add back income. Thanks to our advanced analysis of this borrowers income, we were able to approve a loan that other lenders may have declined.

The team was lucky to be working with a top notch Realtor on this deal who encouraged her client to provide us with all financial documentation up front.   Elizabeth McDonald at TRG Realty is not just the premiere ‘rental girl’ in the area – she’s also a great Realtor who can help you buy or sell a home. This deal would not have gone through nearly as smoothly without her help. If you or someone you know is looking for a multi-unit home or a condo in the Los Feliz area, the team highly recommends Elizabeth McDonald who can be contacted at (323) 913-1443 or at liz@trgrealtycompany.com

If you or your client has a question about getting approved with corporate tax returns – call Scott Groves at (818) 679-5188.
 

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Scott Groves     |     Your Trusted Lender

Groves Lending Team

A Los Angeles based lending team specializing in conventional and FHA purchase mortgages. The Groves Lending team can manage the entire loan process providing clients with efficiency and accuracy.

818-290-8158 (7:00am-7:00pm)