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Borrowers


Tips For Your Savvy Borrowers...

Help you real estate savvy borrowers can take advantage of low housing prices. We have the ability to finance up to 3 properties per borrower, and use rental income for subject property!

·   10 Financed Properties
BankerBroker.com will allow a borrower to finance up to 3 properties.  For example, if you own 15 properties but only 7 are financed, we will allow you to finance another 3 properties.
 
 

·   No Rapid Acquisition
As long as you qualify we will allow for the purchase of up to 3 properties at one time!
 
 

·   Rental Income
If you have 5 or more financed properties and have a two-year landlord history, BankerBroker will allow for rental income to be used on the subject property.

·    Let your Friends know of this opportunity

Untitled Post

posted by Massey Kouhssari   [ updated ]


How long after bankruptcy, BK, foreclosure or shortsale can I buy a house? or How long does bad credit can effect my record?

posted Jul 8, 2014, 10:44 AM by Massey Kouhssari

DEROGATORY CREDIT MATRIX
 Fannie MaeFreddie MacFHAVA
Bankruptcy(Chap. 7 or 11)4 Years from dismissal/discharge date48 months from discharge/ dismissal date2 Years2 Years
Bankruptcy (Chap. 13)2 Years from the discharge date, or 4 Years from dismissal date24 months after discharge date, or 48 months from dismissal date2 Years from discharge date12 Months with approval from Trustee or BK Judge
Mult. BK Filings (Past 7 Years)5 Years from most recent dismissal/ discharge date60 months from most recent discharge/ dismissal dateN/AN/A
Foreclosure7 Year waiting period84 months from completion date as reported on the credit report3 Years2 Years
Deed-in-Lieu of Foreclosure and Pre-foreclosure Sale2 Years - 80 % Max LTV, 4 Years - 90 % Max LTV, 7 Years - LTV Ratios per Eligibility Matrix48 months from the execution date3 Years2 Years
** Please note: This matrix does not include timeframes for extenuating circumstances. Please see the appropriate handbook/manual for further details. 
Short Sale:  You can buy a home 1 day after short sale & receive financing Call for details Massey Kouhssari 949-244-1880

PFN FAQs

posted May 12, 2014, 7:09 AM by Massey Kouhssari   [ updated May 12, 2014, 7:31 AM ]


What is Priority Financial`s FHA Home Office Sponsor ID?

Please click on the link. : Sponsor ID 1883900009

 

What is Priority Financial`s preferred Appraisal Management Company?

Appraisal Selection Services Inc.

appraisalselectionservices@gmail.com

 

What is the maximum loan amount for my borrower?
HUD County Loan Limits

 

How can I find out if the property my borrower is purchasing is an approved condo association with HUD? 
HUD Approved Condo Associations

 

Where can I get more information on the 203K Rehabilitation Program or refinancing a property that needs upgrades, renovations or repairs?
HUD 203K Rehabilitation Program

 

What loan fees does Priority Financial require be disclosed on the GFE?

Loan Fees: $350 Underwriting Fee to FAMT $650 Administrative Fee to FAMT
Lender Paid Compensation must also be correctly disclosed on the GFE
Please Note: No other fees should be listed in the first section of the GFE

What is Priority Financial`s Mortgagee Clause?
Loss/Payee Clause Title and CPL

Priority Financial Network dba of 

BM Real Estate Services, Inc

ISAOA/ATIMA
5016 N. Parkway Calabasas, Suite 200, Calabasas, CA 91302

Hazard Insurance Binder:

BM Real Estate Services, Inc

5016 N. Parkway Calabasas, Suite 200, Calabasas, CA 91302

Please note: Binder must cover 100% replacement cost. Provide paid receipt.

2014 FHA Loan Limits - California

posted Apr 30, 2014, 7:40 AM by Massey Kouhssari

FHA Limits for 2014

Lending limits for FHA loans insured for CALIFORNIA counties.









































County Name
Single Family
Duplex
Tri-plex
Four-plex


ALAMEDA
$625,500
$800,775
$967,950
$1,202,925

SAN FRANCISCO-OAKLAND-HAYWARD, CA

ALPINE
$463,450
$593,300
$717,150
$891,250

NON-METRO

AMADOR
$332,350
$425,450
$514,300
$639,150

NON-METRO

BUTTE
$293,250
$375,400
$453,750
$563,950

CHICO, CA

CALAVERAS
$373,750
$478,450
$578,350
$718,750

NON-METRO

COLUSA
$271,050
$347,000
$419,425
$521,250

NON-METRO

CONTRA COSTA
$625,500
$800,775
$967,950
$1,202,925

SAN FRANCISCO-OAKLAND-HAYWARD, CA

DEL NORTE
$271,050
$347,000
$419,425
$521,250

CRESCENT CITY, CA

EL DORADO
$474,950
$608,000
$734,950
$913,350

SACRAMENTO--ROSEVILLE--ARDEN-ARCADE, CA

FRESNO
$281,750
$360,700
$436,000
$541,800

FRESNO, CA

GLENN
$271,050
$347,000
$419,425
$521,250

NON-METRO

HUMBOLDT
$327,750
$419,550
$507,150
$630,300

EUREKA-ARCATA-FORTUNA, CA

IMPERIAL
$271,050
$347,000
$419,425
$521,250

EL CENTRO, CA

INYO
$369,150
$472,550
$571,250
$709,900

NON-METRO

KERN
$271,050
$347,000
$419,425
$521,250

BAKERSFIELD, CA

KINGS
$271,050
$347,000
$419,425
$521,250

HANFORD-CORCORAN, CA

LAKE
$271,050
$347,000
$419,425
$521,250

CLEARLAKE, CA

LASSEN
$271,050
$347,000
$419,425
$521,250

SUSANVILLE, CA

LOS ANGELES
$625,500
$800,775
$967,950
$1,202,925

LOS ANGELES-LONG BEACH-ANAHEIM, CA

MADERA
$271,050
$347,000
$419,425
$521,250

MADERA, CA

MARIN
$625,500
$800,775
$967,950
$1,202,925

SAN FRANCISCO-OAKLAND-HAYWARD, CA

MARIPOSA
$322,000
$412,200
$498,250
$619,250

NON-METRO

MENDOCINO
$373,750
$478,450
$578,350
$718,750

UKIAH, CA

MERCED
$271,050
$347,000
$419,425
$521,250

MERCED, CA

MODOC
$271,050
$347,000
$419,425
$521,250

NON-METRO

MONO
$529,000
$677,200
$818,600
$1,017,300

NON-METRO

MONTEREY
$483,000
$618,300
$747,400
$928,850

SALINAS, CA

NAPA
$592,250
$758,200
$916,450
$1,138,950

NAPA, CA

NEVADA
$477,250
$610,950
$738,500
$917,800

TRUCKEE-GRASS VALLEY, CA

ORANGE
$625,500
$800,775
$967,950
$1,202,925

LOS ANGELES-LONG BEACH-ANAHEIM, CA

PLACER
$474,950
$608,000
$734,950
$913,350

SACRAMENTO--ROSEVILLE--ARDEN-ARCADE, CA

PLUMAS
$336,950
$431,350
$521,400
$648,000

NON-METRO

RIVERSIDE
$355,350
$454,900
$549,850
$683,350

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA

SACRAMENTO
$474,950
$608,000
$734,950
$913,350

SACRAMENTO--ROSEVILLE--ARDEN-ARCADE, CA

SAN BENITO
$625,500
$800,775
$967,950
$1,202,925

SAN JOSE-SUNNYVALE-SANTA CLARA, CA

SAN BERNARDINO
$355,350
$454,900
$549,850
$683,350

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA

SAN DIEGO
$546,250
$699,300
$845,300
$1,050,500

SAN DIEGO-CARLSBAD, CA

SAN FRANCISCO
$625,500
$800,775
$967,950
$1,202,925

SAN FRANCISCO-OAKLAND-HAYWARD, CA

SAN JOAQUIN
$304,750
$390,100
$471,550
$586,050

STOCKTON-LODI, CA

SAN LUIS OBISPO
$561,200
$718,450
$868,400
$1,079,250

SAN LUIS OBISPO-PASO ROBLES-ARROYO GRAN

SAN MATEO
$625,500
$800,775
$967,950
$1,202,925

SAN FRANCISCO-OAKLAND-HAYWARD, CA

SANTA BARBARA
$625,500
$800,775
$967,950
$1,202,925

SANTA MARIA-SANTA BARBARA, CA

SANTA CLARA
$625,500
$800,775
$967,950
$1,202,925

SAN JOSE-SUNNYVALE-SANTA CLARA, CA

SANTA CRUZ
$625,500
$800,775
$967,950
$1,202,925

SANTA CRUZ-WATSONVILLE, CA

SHASTA
$273,700
$350,350
$423,500
$526,350

REDDING, CA

SIERRA
$304,750
$390,100
$471,550
$586,050

NON-METRO

SISKIYOU
$271,050
$347,000
$419,425
$521,250

NON-METRO

SOLANO
$400,200
$512,300
$619,300
$769,600

VALLEJO-FAIRFIELD, CA

SONOMA
$520,950
$666,900
$806,150
$1,001,850

SANTA ROSA, CA

STANISLAUS
$276,000
$353,300
$427,100
$530,750

MODESTO, CA

SUTTER
$271,050
$347,000
$419,425
$521,250

YUBA CITY, CA

TEHAMA
$271,050
$347,000
$419,425
$521,250

RED BLUFF, CA

TRINITY
$271,050
$347,000
$419,425
$521,250

NON-METRO

TULARE
$271,050
$347,000
$419,425
$521,250

VISALIA-PORTERVILLE, CA

TUOLUMNE
$331,200
$424,000
$512,500
$636,900

SONORA, CA

VENTURA
$598,000
$765,550
$925,350
$1,150,000

OXNARD-THOUSAND OAKS-VENTURA, CA

YOLO
$474,950
$608,000
$734,950
$913,350

SACRAMENTO--ROSEVILLE--ARDEN-ARCADE, CA

YUBA
$271,050
$347,000
$419,425
$521,250

YUBA CITY, CA

Untitled Post

posted Apr 29, 2014, 5:57 PM by Massey Kouhssari

Stated Income - Instant Qualification Results

Instant Personalized Quote










Sending ...

Stated Income Loans are back with the lowest rates ever and even more flexible guidelines. We have unique programs for:

  • Borrowers with bankruptcy, short sale, and/or foreclosure
  • Purchase or refinance up to 80% loan to value
  • Cash out up to 65% loan to value
  • No FICO, no income, no asset verification
  • F1/H1visa or foreign nationals
  • 30 year fixed or 3/5/7 year ARM

logo 1 logo 2 logo 3 logo 4

Priority Financial Network | NMLS ID 288498 | 1 Corporate Plaza Dr #100 | Newport Beach CA 92660 | 877-410-6663

Stated Income Loans

posted Apr 29, 2014, 5:53 PM by Massey Kouhssari

Instant Personalized Quote










Sending ...

Unlike most had imagined Stated Income Loans had never left. Stated Income Loans have been back with the lowest rates ever and even more flexible guidelines. We have unique programs for:

  • Borrowers with bankruptcy, short sale, and/or foreclosure
  • Purchase or refinance up to 80% loan to value
  • Cash out up to 65% loan to value
  • No FICO, no income, no asset verification
  • F1/H1visa or foreign nationals
  • 30 year fixed or 3/5/7 year ARM

logo 1 logo 2 logo 3 logo 4

List of Products

posted Mar 28, 2014, 8:34 PM by Massey Kouhssari

New Rate Sheets available!

FHA Products

 

  • Follow AUS findings
    • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

FHA High Balance

 

  • Follow AUS findings
  • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

 

 

HA Products

 

  • Follow AUS findings
    • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

FHA High Balance

 

  • Follow AUS findings
  • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

 

 

203-K Streamline

  • Max DTI 45%
  • Minimum Credit score is 660
  • Repairs are limited to cosmetic
  • Repair estimates must include supplies and labor costs
  • General Contractor must be used and must be licensed
  • Cannot use more than one contractor
  • Proper building permits must be acquired prior to closing
  • Ineligible properties:  Log homes, Condotels, co-op, manufactured, homes never completed and Mixed use
  • Self Help is not allowed.
  • First draw is limited to 40% and will be distributed approximately 10 days from closing
  • Once loan has closed to issue the draw send bid and settlement statement to SVP of Ops
  • Final draw will be issued by when all work is complete
  • Maximum amount of repair including inspections and supplemental origination is $35,000

Full 203-k

  • Max DTI 45%
  • Minimum Credit score is 660
  • Repair estimates must include supplies and labor costs
  • HUD Consultant is required which can be found at: https://entp.hud.gov/idapp/html/f17cnsltdata.cfm
  • Cannot use more than one contractor
  • Proper building permits must be acquired prior to closing
  • Ineligible properties:  Log homes, Condotels, co-op, manufactured, homes never completed and Mixed use
  • Final draw will be issued by when all work is complete
  • No mortgage payments financed
  • 203-K addendum to the purchase contract is required

 

 

 

Manufactured Homes VA

 

VA CASH OUT
  • Maximum LTV is 100% *Not available in Texas
  • Minimum FICO is 680 if max financing at 100%
  • AUS approval
  • Maximum cash out is $75,000
  • 90% LTV allowed to a 640 - 679 FICO
USDA ·        Minimum Fico: 620 ·        USDA approval required     FHA #: 2790900019 VA #:6405430000 

 

Conventional
  • Minimum Fico: 620
  • DU & LP Accepted
  • Purch / R & T Refi: Up to 95% LTV/CLTV  
  • Cash Out: Max 85% LTV,
  • Max 75% LTV 2nd Homes & NOO

 

 

Conventional High Balance

 

  • Minimum Fico: 620 LTV's up to 90%on O/O;                         700  Max LTV's of 60%
  • Purch/R & T Refi: Max 90% OO Only
  • Cash Out: Max 60% OO Only
  • 620 Fico Required
  • 2nd Home/NOO: 620 Fico Required
  • Max 90%LTV on O/O and 60% on 2nd home and investment
  • Eligible Prop: SFR, PUD and condo
DU Refi Plus
  • Minimum Fico: 580
  • Terms: 10, 15, 20, 25 & 30 yr fixed;
  • 5/1 & 7/1 LIBOR ARM
  • Unlimited DTI
  • Unlimited LTV/CLTV
  • Must be DU A/E
Reverse Mortgages
  • Strictly follow HUD guidelines
 

 

Manufactured Homes VA

 

VA CASH OUT
  • Maximum LTV is 100% *Not available in Texas
  • Minimum FICO is 680 if max financing at 100%
  • AUS approval
  • Maximum cash out is $75,000
  • 90% LTV allowed to a 640 - 679 FICO
USDA ·        Minimum Fico: 620 ·        USDA approval required    

 

Conventional
  • Minimum Fico: 620
  • DU & LP Accepted
  • Purch / R & T Refi: Up to 95% LTV/CLTV  
  • Cash Out: Max 85% LTV,
  • Max 75% LTV 2nd Homes & NOO

 

 

Conventional High Balance

 

  • Minimum Fico: 620 LTV's up to 90%on O/O;                         700  Max LTV's of 60%
  • Purch/R & T Refi: Max 90% OO Only
  • Cash Out: Max 60% OO Only
  • 620 Fico Required
  • 2nd Home/NOO: 620 Fico Required
  • Max 90%LTV on O/O and 60% on 2nd home and investment
  • Eligible Prop: SFR, PUD and condo
DU Refi Plus
  • Minimum Fico: 580
  • Terms: 10, 15, 20, 25 & 30 yr fixed;
  • 5/1 & 7/1 LIBOR ARM
  • Unlimited DTI
  • Unlimited LTV/CLTV
  • Must be DU A/E
Reverse Mortgages
  • Strictly follow HUD guidelines
Stated Income - Alternative Documentation Home Loans & Mortgages
  • Qualified mortgages
  • Jumbo Stated Income loans
  • Credit line option
  • Owner Occupied & Non Owner Occupied properties
  • No 4506

PFN - BM Real Estate Svcs Inc. Loss Payee

posted Mar 24, 2014, 8:29 AM by Massey Kouhssari

Please provide Dec page reflecting Dwelling Coverage, Replacement Cost and Annual Premium. Dec Page to reflect Lender Loss Payee
  • BM REAL ESTATE SERVICES, INC dba PRIORITY FINANCIAL NETWORK ISAOA,   5016 N. Parkway Calabasas, Suite 200 Calabasas, CA 91302 
  • Please include Lender Loan Number: PFNXXXXX

Down Payment Assistance - Gift Funds

posted Mar 20, 2014, 5:42 PM by Massey Kouhssari   [ updated Mar 20, 2014, 6:20 PM ]

Gift Funds

Print
 
Gift funds constitute money given as a gift to the customer. Information about gift funds is used to verify that the funds are coming from an appropriate source and in an appropriate manner. For example, it helps to ascertain that the gift is not an inducement to purchase a certain property. Appropriate sources are typically relatives, a fiancé or fiancée, or a domestic partner. A gift from any other source may be considered an inducement to purchase and may require a reduction in the sales price.
Customers will be asked to complete a gift-letter document, a copy of which is completed for each individual gift. Be sure to include the following information on the document:
  • Donor’s name and mailing address including the street, city, state, and ZIP code
  • Donor’s telephone number, including area code
  • Amount of gift
  • Verification of the transfer of gift funds
  • Recipient (must be the customer)
  • Donor’s relationship to the customer
  • Subject property address including the street, city, state, and ZIP code
  • Location of funds, either customer’s or donor’s account; depository name, address, and account number
  • Donor’s and customer(s)’ signatures
To avoid delays in processing your loan, please:
For this document
  • Complete the entire gift-letter document.
  • Send a separate gift-letter document for gifts from different individuals.
For all documents
  • Make sure the copies you send are legible.
  • Do not include documents that have been altered with correction fluid or by other means.
  • Submit the entire requested document and include all pages (even blank ones).
Down Payment Assistance Gift Funds

 
Equal Housing Lender

CHDAP- Down payment assistance program: purchase a home with a 1/2 Percent Down!

posted Mar 20, 2014, 5:30 PM by Massey Kouhssari

CHDAP (California Housing Down payment Assistance Program)- a down payment assistance program for California home buyers   is  a deal that sounds too good to be true. CHDAP  is offering to help with the down payment of your home.

What is CHDAP?Down Payment Assistance missing piece1 CHDAP  Down payment assistance program: purchase a home with a 1/2 Percent Down!

CHDAP is a loan provided by the state of the California to aid first time homebuyers in the purchase of a home. CHDAP provides a home buyer a second mortgage up to 3% of the purchase price that can be used towards the down payment. Currently, the interest rate on the CHDAP loan is 3.25%, and a buyer can borrower up to 3% of the purchase price. These funds can be used towards the down payment and/or closing costs.

How does it Work?

The CHDAP loan is a silent 2nd and unlike a traditional mortgage, does not require a monthly payment. No payments are required on your CHDAP loan until you sell or refinance your home. The CHDAP loan does accrue simple interest until it’s paid off. When using CHDAP you will still need to qualify for a first mortgage since CHDAP only provides a maximum of 3% in assistance. However, using an FHA loan which only requires only 3.5% down, in conjunction with the CHDAP 2nd you can purchase a home with as little as ½%. CHDAP is available in all counties of California, but certain qualifications do apply.

Who is Eligible?

CHDAP is made available to first time homebuyers purchasing their primary residence. (If you have not owned a home in the last 3 years, you are considered a first time homebuyer.) There are exceptions to the first time home buyer requirement, namely if you are a qualified veteran or if you are purchasing a home in a targeted area.

Homebuyers must meet minimum credit and income requirement. A minimum 640 FICO score is required, and a borrower’s income cannot exceed moderate income limits established for each county. In addition, the purchase price of the home cannot exceed the purchase price limits set in each county by CHDAP. (For further information on income and sales price limits, contact your BankerBroker Massey K. 949-244-1880.

The borrower must contribute the greater of $1,000 or 1% of the sales price from their own funds. However, other approved down payment assistance loans or grants in conjunction with CHDAP.

Like many government sponsored assistance programs, the borrower is required to complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization prior to the funding of the CHDAP loan.

In addition to the above mentioned guidelines/restrictions, CHDAP requires the home be a single family, 1-unit residence. Condominiums are required to meet the guidelines of the first mortgage. Manufactured housing, leaseholds, land trusts and Co-ops are not permitted. There is a five acre maximum on all property sizes.

What is the interest rate on the First Mortgage?

Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you call us to receive an accurate rate quote for this program.

How do I apply for this loan program?

CalHFA which offers the CHDAP loan is not a direct lender, the CHDAP loan is offered through private loan officers who have been approved & trained by CalHFA. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process.

Documents Needed

What documents should I have ready when contacting a loan officer? When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

• Pay stubs

• Bank statements

• Employment history

• Two years tax returns

If you would like more information about California down payment assistance program- CHDAP(California Housing Down Payment Assistance Program), please give us a call or apply online today!

949-244-1880 Massey Kouhssari your BankerBroker

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