The buyers secured a conventional 30-year fixed rate loan to 80% of the purchase price and a second loan to cover an additional 10%. This second loan, also known as Home Equity Line of Credit, combined with the first loan covered 90.00% of the purchase price!
Generally, any loan that covers over 80% requires mortgage insurance. But these buyers were able to avoid paying any mortgage insurance, saving them thousands of dollars each year!
They also purchased a home in their desired location on a property that was considered a “flip”– meaning the home had been purchased by someone less than 90 days before they got into contract to sell the property again. This was quite an accomplishments since many lenders won’t finance these properties. However, we were able to close escrow in 27 days!
The buyer was represented by Marilyn Cunningham, Broker of Executive Brokers Real Estate Group and 2013 President Elect of the Contra Costa Association of Realtors. When we notified the buyers that they could pick up the keys to their new home I received the following reply:
” That’s great news! Jack, thank you for getting this done for us and thank you for coming through on the referral to Marilyn. It’s hard to believe that everything came together in just two months!”
This is a perfect example of the teamwork we practice at Pacific Funding Group. We are happy to collaborate with professionals like Marilyn Cunningham who successfully negotiated a purchase contract for a home that fit the buyers needs. Realtors like her gives us the opportunity to provide exceptional service. Closing escrow in a timely manner is paramount for all our customers, and is something that Pacific Funding Group takes great pride in!
“Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.”
- Jack Reininga Joins Mason-McDuffie Mortgage Corporation - June 26, 2014
- Pacific Funding Group Streamlines Loans to Avoid Delays During Governmental Uncertainty - October 4, 2013
- FHA Back to Work: Extenuating Circumstances Program - September 20, 2013