The team just closed on this beautiful condo in Manhattan Beach.
Our clients had two lenders tell them that they could close, but due to the way they structured the loans, the loans were declined. By the time we received the call, the clients were completely defeated and hoping for a miracle.
Thankfully for them, we here at the Groves Lending Team think outside the box. By changing the way the loan was structured, we were able to get it approved, and ultimately get our clients into their new home. It’s always great to help people buy their home, but it is even better to save a deal from another lender.
A big thank you to the buyer’s agent Jeffrey Peldon, for sending his clients over to us and allowing us to deliver when others couldn’t. If you are looking for an agent on the Westside of LA, the team highly recommends Jeffrey Peldon.
If your lender is not performing, call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
The team just closed on this refinance in Woodland Hills.
We were able not only to get rid of the mortgage insurance from the existing loan, but we were also able to save our clients over $600 a month on their mortgage payment. I am sure you are thinking any lender can get rid of mortgage insurance and save a client money. Well that may be true, but not every lender can close in under 30 days. Especially when one of the co-borrowers is working on a project in Alaska. With our refined process, we were able to get the loan docs out super-fast and sent up to Alaska for signing and notary.
Can your lender close a loan fast and be able to work with a co-borrower in the last frontier? If not call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
The team just closed on this cute home in Atwater Village.
Whenever the word jumbo is used in lending, there is a an aura
ere of fear, especially when the client is only putting 20% down. This is because jumbo loans have different guidelines compared to conventional loans. To make matters even more difficult, because of these guidelines, jumbo products typically take longer to close.
When the team met the client putting the offer on this home, we were able to vet the lenders and find the best fit. Not only was the client happy with the loan we were able to obtain for him, we were also able to close on time on a 30 day escrow. Everyone involved on both sides of the transaction where extremely happy.
We are so lucky to work with only amazing agents like Anselm Clinard from the world famous Anselm and Alyssa team at Nourmand and Associates. If you are looking for a home in Atwater and the surrounding areas, the team highly recommends Anselm.
If you have any questions regarding jumbo loans and which might be the best for you, call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
The team just closed a refinance on this picturesque house in Glendale.
Unlike most lenders, we here at the Groves Lending Team do not wait for past clients to call us when they are ready to refinance. We proactively keep in touch with all of our clients after they purchase a property. This allows us to let them know when it is the right time to refinance.
With our constant monitoring of the bond markets and our amazing follow up, we were able to perform a no cost refinance and save our client over $200 a month on her mortgage.
Does your lender proactively follow up with you to let you know when it might be time to refinance? If not, call Scott Groves @ 818-679-5188 or apply at www.LendLA.com
The team just closed on this home in desirable Highland Park. This was a normal escrow with an FHA loan in place. But during escrow, the FHA announced the reduction of annual insurance premiums. Once the announcement was made we were able to give our borrowers the great news that the high monthly mortgage insurance was going to be reduced dramatically. The bad news was that in order to go with the new mortgage insurance, we would have to wait until it went into effect near the end of escrow. Instead of stopping and waiting for the new date, we continued working on the file so that all we needed was the new mortgage insurance so that we could close quickly, since the seller was waiting to close on his new home. Once we were able to get the new insurance premium, we had docs out and signed, the loan funded, and had a special recording all in the same day.
This escrow was truly a team effort on all sides. Rose Garcia from Garcia Real Estate Group was amazing, helping to keep the borrowers focused as well as teaming up with us so that everyone was on the same page. She was also instrumental in keeping everyone involved up date throughout the process. We were also fortunate to be working with Jo O’Key and Brian Dittmar from The O’Key Group on the listing side. Both Jo and Brian were able to work with the seller to keep him well-informed about the reason for the changes to the loan, not an easy thing to do. Jo and Brian understood that everyone was on the same team to get the transaction closed and did everything they could to help effect it.
If you have any questions about the new FHA mortgage insurance premiums or are interested in a FHA home loan, call Patrick O’Driscoll @ (818) 681-0873 or apply online at www.PatrickODriscoll.com.
It’s a new year and we’ve got some new challenges for those looking to buy or refinance a house in 2015. January 1st came with some mortgage guideline changes along with the standard frustrations that plague us as we go into the tax season. Let’s dive in.
- Filing 2014 taxes, who is going to invalidate his loan approval this year? - Loan approvals are generally based on a two year historical average of income. Until April 15th, 2015 – we can technically use 2012 and 2013 taxes (plus some year-end information from 2014) to approve a borrower. HOWEVER, most clients will file their taxes prior to April 15th AND most of our clients are making more money these days. It is natural for most borrowers to want their 2012 income to fall off that two year average and instead use 2013 and 2014 income to qualify. That being said, it’s imperative that borrowers review a draft copy of 2014 taxes WITH their loan officer prior to filing in order to ensure that the mortgage approval is still valid. This year I will have at least one client find out after it’s too late that his accountant got a little too creative, took too many deductions and depressed the “provable” income to a point where our buyer can no longer qualify for a loan. Remember, accountants / tax professionals have the exact opposite job of our underwriters. Tax professionals want to show less taxable income, underwriters want to see more.
- Qualifying with 1-year of tax returns - For some of our self-employed borrowers, we have the ability to qualify off of just one year of tax returns to obtain a new mortgage. Assuming a strong down payment, good credit and other positive compensating factors – we may be able to help a borrower qualify off of 2014 taxes alone. This can help many of your borrowers who may have been declined by another lender due to an unforeseen drop in income in 2012 or 2012 that rebounded in 2014. Call me for more details.
- Changing Jobs - New year – new opportunities, I get it Changing jobs can be exciting, provide more income, happiness and better benefits for our clients. HOWEVER, changing jobs can also invalidate a previously issued loan approval. The most common scenario that causes problems is when a client changes from a “standard” W2 employee to a “contract” or “self-employed” employee. Even if our client is still working for the SAME company, this change in pay structure from “traditional” employment to “self” employment can be grounds for a loan denial. With self-employment comes additional tax reporting policies and typically more tax deductible work related expenses. Since an underwriter – in this job-change scenario – has no historical average or tax returns to prove the expenses posted against this new self-employed income – the loan will normally be declined. If you hear about your client changing jobs – get him in touch with us ASAP about how this may affect the loan approval process. We have solutions to this problem, but need to talk to your buyer BEFORE the job change occurs.
- Two-Four Unit Properties Got Much Harder to Finance - Guidelines regarding using rental income to qualify for the purchase of multi-family units got much harder at the end of last year. Instead of using “projected” rents to help buyers qualify for the purchase of a multi-unit home; Fannie Mae now requires that we use ACTUAL rents to qualify. If rent control has kept rents low – this can make it hard for our clients to obtain financing. Freddie Mac (another larger purchaser of loans) will allow “projected” rents – HOWEVER, Freddie Mac only allows rental income to be used for qualifying IF the buyer has previous land-lord experience. If you or your client is thinking about buying multi-units as an owner occupied property OR as an investment; we need to talk and possibly rework these numbers.
If you have any questions about buying or refinancing this year, Call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
The team just closed on this newly “flipped” Highland Park home. Normally we would say we did it in record time, however short closing times have become the norm for us. Our team is expert when it comes to “flips.”
As with many “flips,” the owner of record of this property changed at least three times, and the value increased over 20% between sales. Luckily our company, Movement Mortgage, has excellent procedures to handle these type of situations and ensure that escrow closes quickly. We have several ways to substantiate increases in value and get the deal closed at the new purchase price.
Frankly, we couldn’t have closed this deal without the help of the amazing team at LA Digs. If you’re looking for a home in the Eagle Rock/Highland Park area, we highly recommend Tracy and Keely at the LA Digs.
If you want to have your deals close early, Call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
You can’t tell by the picture but the team just closed on this three-on-a-lot in Altadena. This was not an easy open and close escrow. All multi-unit properties are tricky. Throw in an investment multi-unit and things become a little more difficult. Add to this an out-of-country borrower and you have an extremely hard loan.
The team was able to work with the client in advance and we were able to plan what additional paperwork we were going to need and received them lightning fast. There are restrictions on executing powers of attorney outside U.S. territory or even within U.S. consulates. We were able to coordinate the timing of the escrow so that the client was able to fly to Los Angeles to sign his loan documents in person on a specific day.
With the amazing help of the team at LA Digs setting expectations helping us set expectations with the client upfront, as well as their diligence throughout, this deal would not have been nearly as smoothly.
If you are looking to buy a multi-unit property and want to work with the best in the Eagle Rock/Altadena areas, we highly recommend Tracy and Keely at LA Digs.
Are you a U.S. citizen living abroad and are looking at purchasing an investment property, call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
The team just closed on this awesome horse property in Lakeview Terrace. Working here in the LA area we don’t often work on escrows that are horse properties, so when this one popped up we were very excited.
Once again, our client’s offer was accepted over all other offers because it was written with no loan contingency—just like a cash offer. Our one worry was the appraisal, because there are few horse properties that could be used as comps. As always, our local appraiser was able to find the comps he needed and our value came in higher than the sales price.
We were so lucky to work with the amazing Mark Moskowitz Team. Both Mark Moskowitz and Helene Reinman were invaluable throughout this escrow. If you are looking for a team that knows it’s stuff from Lakeview Terrace to Westlake Village, the team highly recommends the Mark Moskowitz Team.
If you have any questions regarding writing an offer like a cash offer or horse properties, call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
The team just closed escrow on this beautiful home in Eagle Rock. This was another tricky file that the Groves Team was able to close and, more importantly, close on time.
We have worked with clients who are using the proceeds from the sale of a home as their down payment funds. However, this was a little harder. Our clients were receiving gift funds from the sale of a family member’s investment property from out of state. We had to make sure that the investment property, in a slower market, was sold in time for us to close the loan on our end. In addition, our self-employed clients had recently incorporated and added new partners. Because the Groves Team knows how to work with self-employed borrowers, we were able to find a way to make it work, and once the investment property sold we were able to close on time.
As usual, we were working with an amazing agent who was able to help us keep all of the moving pieces of this deal in place. Matt Morgus from Sotheby’s International Realty in Los Feliz was on top of everything throughout the entire process. If you are looking for a realtor in the northeast Los Angeles area, the team highly suggest Matt.
If you have any questions regarding gift funds or funds from the sale of your property, call Scott Groves @ 818-679-5188 or apply online at www.LendLA.com
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.
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