Tim Storm
Frost Mortgage Lending Group
12241 Newport Avenue, #100
Santa Ana, CA 92705
877-786-4243 ext 7
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Anybody considering purchasing a home should definitely talk to a lender first. A good Loan Officer can prepare loan scenarios that will let the First Time Home Buyer or Move Up Home Buyer know not only how much they qualify for, but also how much money will be required to close escrow.

Example of Recent FHA Loan Closing in Irvine ,CA

I recently closed a loan for a First Time Buyer in Irvine, CA. It was an FHA loan amount of $360,000. I had PreApproved the borrower 2 months before he made his first offer on a home. What may be surprising to some people is that it is difficult to get an accepted offer in this price range in Orange County. For the first time in many years, prices are at a level where, after the tax benefits of owning a home are taken into consideration, a rent payment is similar to a mortgage payment.  First Time Buyers are making multiple offers on homes before getting an accepted offer. My buyer was able to get his offer accepted partially because we were able to prove to the seller that we have a complete loan package already and had approved the buyer based on his credit, income, and down payment. Without that preapproval, there would not have been an accepted offer.

I like to prepare a complete breakdown of the payment and closing costs for the potential home buyer. The last thing anyone wants is a surprise on the day they are closing escrow to buy a home. A good estimate should be within a few hundred dollars of the actual final amount needed to close escrow. With an accurate estimate of closing costs up front, before an offer is made, there would still be an opportunity to negotiate for the seller to pay closing costs. On an FHA loan, the sellers are even allowed to pay "Prepaid" expenses such as taxes, insurance, and interest.

Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

* Licensed by California Dept. of Real Estate.  Lic. # 01190897