Aug 1, 2014
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VA Loan on a 4 Unit- We Can Do That

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If you ask most lenders about a VA loan all you will get back is a blank stare.  The few lenders who do know VA loans have pre-conceived notions in their heads that certain loans are only for certain property types.  The moment a loan officer hears “VA” he or she instantly thinks of a single family residence without thinking about units.  We here at The Groves Lending Team are experts in VA loans and know that there are multiple opportunities to use a VA loan.

Not only was our borrower able to purchase this property with no money down, but he will have the rental income pay his mortgage.  This is truly a win-win situation for our borrower.  We were also lucky to work with one of our favorite agents, Eugene Ridenour, on this escrow.  Eugene was able to keep all parties on track throughout the escrow.

If you are looking for an amazing realtor to work with, the team highly recommend Eugene Ridenour at Berkshire Hathaway in Los Feliz. Eugene can be reached at (323) 671-1276 or at Eugene@ErideProperties.com.

If you have any questions about VA loans or multi unit properties, you can reach Patrick O’Driscoll at (818) 681-0873 or email him at Patrick.ODriscoll@MovementMortgage.com

 

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Aug 1, 2014
groveslendingteam

10% Down Duplex – We Can Do That

Bradford

The Groves Lending Team just closed on this duplex in Silverlake.  Most lenders when they hear a borrower wants to put less than 20% down on a duplex will say that the only loan they can get is a FHA loan. We here at The Groves Lending Team know better. We were able to do an 80-10-10 loan on the duplex since it is owner occupied. The borrower was able to put 10% down and get a second loan for the remaining 10%.  It is this kind of out of the box thinking that sets our team above the rest.

Thanks to the expertise of Dan Ortega, his buyers contacted us early enough to find the best loan program for them.  Dan was also able to help the team keep everyone, from the buyers to the escrow officer, on track.  If you are looking for a realtor who is an expert and a true professional, the team highly recommends Dan. Dan can be reached at (323) 839-3936 or at DansMyRealtor@gmail.com

If you are looking for a lender with out of the box thinking and solutions please contact Scott Groves at (818) 679-5188 or email him at Scott.Groves@MovementMortgage.com

 

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Aug 1, 2014
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Refinance To Get Rid Of My PMI, With No Closing Costs – We Can Do That

Wilson

The Groves Lending Team just completed a refinance for this property. After the market collapsed, no one thought that home prices would skyrocket the way they have.  In this case home prices increased enough for our borrower to refinance out of their mortgage insurance.  Homeowners often forget that with home prices rising so fast they can often eliminate their mortgage insurance.  This is often true for those who have purchased a home with an FHA loan in the last year.

In previous years the mortgage insurance for a FHA loan would go away between 5 and 10 years of having their mortgage.  However, since recent changes were adopted for FHA loans, the mortgage insurance is for the life of the loan, making refinancing into a conventional loan the only way to eliminate the mortgage insurance.  We were able to do the refinance for this property at no cost to the borrower.  By doing this, we were able to save the borrower around $300 a month on their mortgage payment.  What could you do with an extra $300 or so a month?

If you are interested in getting rid of mortgage insurance and putting that money back in your pocket, contact Scott Groves at

(818) 679-5188 or at Scott.Groves@MovementMortgage.com

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Aug 1, 2014
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Closing Brokered Loans At Super Speed

Barron

Groves Lending Team at Movement Mortgage just closed escrow on this beautiful craftsman in Eagle Rock, the most desirable place to live in the U.S. according to Redfin.

Most lenders have trouble closing routine loans on time.  Throw in a brokered loan and you are guaranteed to close late.  Here at The Groves Lending Team we know that speed when closing a loan comes down to one thing: loan structuring.  Anyone can put a loan together, but not everyone is able to look at the full picture.  We are able to anticipate problems that might arise later in the life of a file and structure the deal to avoid them.  When it comes to brokered loans, not does the loan officer have other people looking at the file, but additional guidelines to deal with.  Because at Groves Lending Team we are able to plan ahead, this loan closed at lightning fast speed.  This loan was submitted on a Wednesday and approved on Monday with no conditions.   To everyone’s delight, we were able to close the deal two weeks early.

We were so lucky to work with some of our favorite realtors on both sides of this deal.

Courtney Smith Wiesmore from  Courtney and Kurt Real Estate in Atwater represented the buyer.  Courtney knows that building the perfect loan package takes time.  By having her clients contact the team long before making their first offer, Courtney ensured we had enough time to find the right product for her buyers. The team highly recommends Courtney for all of your real estate needs. She can be reached at courtney@courtneyandkurt.com or at (323) 667-0700.

Tracy King and Keely Myres from Teles Properties in Pasadena represented the seller.  Both Tracy and Keely are rock star agents that are experts in the area you are working in and can truly help out when you need it. The team highly recommends Tracy and Keely for all of your real estate needs. They can be reached at via email at Info@TracyKing.com.

If you are looking for a way to close a brokered loan at light speed to give your offer an advantage, contact Scott Groves at (818) 679-5188 or email him at Scott.Groves@MovementMortgages.com

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Aug 1, 2014
groveslendingteam

Can A Structural Issue Cause a Deal to Fall Apart?

The team just closed on the purchase of an awesome house in the Mount Washington area with one of our favorite Realtors, Mark Mintz.

This property and the deal was not without some challenges.  Contrary to popular belief, appraisers don’t know everything about the properties they appraise.

Frequently, if an appraiser sees an issue while evaluating a property, notices a building or construction concern or generally sees something peculiar with a  property, he will note it in the report.  Appraisers aren’t contractors or inspectors, they aren’t termite specialists and they aren’t structural engineers.  Appraisers are going to note in their report what they visually observe.  This note signals the underwriter to make a judgment call.  The lender may decide to extend a loan on the property as is,  or ask for certain items to be repaired prior to the close of escrow, or the underwriter may simply request more information.

With less-experienced lenders, a negative note by an appraiser can be a death blow to an otherwise solid deal.

Fortunately, our team and our underwriters have extensive experience with unique and older properties.  With the help of a structural engineer, we were able to get appropriate information to our underwriter about the condition of the property and close a deal that may have fallen apart with a lesser lender.

Of course, we couldn’t have done it without our referral partner and Rock Star Realtor Mark Mintz.   If you’re looking to buy or sell a home in Highland Park, Eagle Rock or Glassell Park – Mark is your man and can be reached at Mark@MintzRE.com or 310-991-3808.

If you have questions about avoiding mortgage insurance or closing a purchase in Los Feliz, Atwater or Echo Park – call Scott Groves at 818-679-5188

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Aug 1, 2014
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FHA Trust Sale – We Can Do That

Barnett-Boyle Hieghts

The Groves Lending Team just closed on this amazing property in Boyle Heights. When another lender ran into trouble, we were lucky to have been asked to step in and close the loan.  Our team is used to closing very difficult loans that no other lender can close, and this was one of those loans. Not only was it an FHA loan, but the sale was a trust sale with its own set of issues.  As first time homebuyers, people tend to get frightened by the smallest occurrence during the escrow process.  Add a trust sale and all of the hurdles this brings, and it is enough for anyone to be scared.   Fortunately, the Groves Lending Team specializes in FHA, trust sales, and first time homebuyers.

We were fortunate to work with amazing agents on both sides of this deal.  Jennie Gaio from John Aaroe Sunset Strip was instrumental in helping to keep the borrower calm and well-informed throughout the process. We were also fortunate to have Harry Hull at Hull Homes in Glendale, who is a trust sale expert representing the seller.

If you are looking for an agent that not only knows her stuff but is also amazing with first time homebuyers, the team highly recommends Jennie Gaio.  Jennie can be reached at jennie@jenniegaio.com or at (323) 401-2111.

If you are considering selling your home and want an agent who has both knowledge and the experience to back you up, the team highly recommends Harry Hull.  Harry can be reached at harry@hullhomesrealty.com or at (818) 551-9844.

If your lender is dropping the ball or if you have questions about FHA financing, please contact Patrick O’Driscoll at (818) 681-0873 or email him atPatrick.ODriscoll@MovementMortgage.com

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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
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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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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)