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Roadmap: You've Decided to Buy  A Home - Now What?

1

Get Pre-Approved

This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.

2

Select Your Loan Program

Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.

3

Loan Application

Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. You will need to provide documentation, including a photo I.D., pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don't worry, we will let you know exactly what is needed for the loan application so you can be fully prepared.

4

Processing and Underwriting

Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.

5

Loan Approval

Before your loan is approved, you will receive pre-approval and a list of closing conditions that need to be met. These conditions can include verification that your employer is current and proof that homeowner’s insurance has been obtained. Once closing conditions have been satisfied, the underwriter issues a clear to close. Congratulations, your loan has been approved!

6

Close the Loan

With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!

Let us help you find the home loan to reach your financial goals.

FIXED RATE

The peace of mind of a fixed rate and payment is the right choice for most borrowers.

*Please visit our Disclosures Page for more details for all loan types

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Conventional Mortgage

A conventional mortgage is a home loan that falls under the conforming loan limit of $453,100 (which is set annually by the Federal Housing Finance Agency)

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Jumbo Home Loans

Loans for premium real estate areas that exceed the conventional conforming loan limits (ranging between $453,100-$679,650 depending on area)

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FHA Mortgage

A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans allow for down payments as low as 3.5%* and lower credit scores than most conventional loans. There are maximum loan amounts that vary by county.

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VA Home Loans

Loans for veterans, service members or surviving spouses. With qualifying income and credit, you can buy a primary residence with no money down at a fantastic rate.

First Time Buyers

When you are ready to become a first-time home buyer, we are here to help you through the entire process. You want clear instructions, easy steps to follow, and no surprises. We want to educate you about the mortgage process, and guide you through to a quick, hassle-free close.


The Home Loan Process, Simplified

Let us simplify the mortgage process for you. Together, we will explore your home loan options, and the steps you need to be pre-approved. We will educate you on the process and available options for first-time home buyers. When you are ready, we will be sure that you are pre approved so you can be ready to make the strongest offer when you find your perfect home.

American Pacific Mortgage Programs

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Bridge Loan Programs

Our Bridge Loan programs can help you purchase a new home before your existing home is sold. If a seller is unwilling to consider purchase offers with sales contingencies, we have two programs to choose from:

Close with Confidence Bridge Loan

This loan program is designed for borrowers who are in contract for the sale of their existing property, and want to make an offer on another property without a sales contingency. Under this program, you can take the equity from your current home (that is a pending sale) and use the funds to purchase a new home.

Debt Inclusive Bridge Loan

This loan program is designed for borrowers who want to take equity from their current home that is listed for sale and use the funds to purchase another home. All of the debts for the departing residence including any payments on the bridge loan (if any are required) are factored into the borrower’s total DTI when purchasing the new home.

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Jumbo Programs

If you are looking to buy a home that exceeds conforming loan limits in your area, you may need a Jumbo loan. We offer nearly a dozen Jumbo investor loan programs to choose from. With our in-house delegated underwriting we can make sure your deal closes fast!

  • In-House Delegation to $2M

  • 85% LTV to $3M

  • 90% LTV up to $1.5M-No MI

  • 80% LTV to $2M-Non-Warrantable Condos Available

  • 2nd homes up to 80% LTV

  • 5/5 and 15/15 ARM loan terms available*

  • Foreign National Options available

  • ARM Interest Only Available

  • Up to 50% DTI and 55% with an exception for well qualified borrowers

  • FICOs as low as 620

  • Down payment gift funds available (after borrower minimum contribution)

  • Owner occupied cash out up to $400K up to 80% LTV

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SecureLock

Lock your rate and secure peace of mind. With our SecureLock program, you can lock in today’s competitive rates while you shop for a home, sell your home, or while your home is under construction. You can also take advantage of a one-time float to market if rates improve prior to signing your loan documents. If rates go up, you are secure!

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*To qualify for this program, APM must give full credit approval to all borrowers on the loan. There are specific terms for each lock, based on which variation of the SecureLock program is used. Eligible states include: Alaska, California, Colorado, Hawaii, Idaho, Kansas, Oregon, Texas, and Washington.

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Contact us today for full details. 

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Keys on Time

Welcome to the 20-day Close with your offer backed by the purchasing power of a full loan approval. Our Keys on Time program will help your purchase offer stand out in a competitive market because we will work with you to get full underwriting loan approval to ensure your loan will close on time, even if you have not yet identified the property. We are 100% committed to owning what it takes to get your loan funded on or before the close of escrow. If your loan does not close on time, we will credit you $895 in closing costs.*

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You can combine Keys on Time with our SecureLock program to have the security of a locked in interest rate even prior to making a purchase offer.

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  • Over 90% of owner-occupied homes qualify

  • First-time and move-up homebuyers are eligible

  • Single-family, condos, investment, second-homes

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Peak Loan Program

Our Peak Loan program allows you to buy a home up to $1.5M with only 5% down*. The loan terms can even be extended to 40 years, with the first 10 being interest-only payments. 

The Peak 2nd Lien loan program can also be an option for you to access the equity in your current home (up to 95% combined loan to value) and use it toward home improvement, debt consolidation, or as a source of down payment on a second home.

1st Lien Qualifications:

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  • Loan amounts up to $2.5M

  • 5/1 ARM, 30 year fixed, and 30 or 40 year fixed with 10-year Interest Only options available.*

  • 620 minimum credit score

  • 50% maximum debt to income ration

  • Non-warrantable condos allowed

2nd Lien Qualifications:

  • Loan amounts from $20,000 to $500,000

  • 10, 15, 20, and 30 year fixed terms available

  • Available in 2 different options:

    • Stand alone

    • Second mortgage closing concurrently with a loan (for either a purchase or refinance)

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If you are looking to finance a home that exceeds conforming loan limits, our High Balance Solutions program will get the deal done.

Under this program, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through conforming mortgage products.

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Expanded Access

With our Expanded Access program, we have opened the doors to borrowers who need access to financing but don’t “fit” the standard agency or jumbo program guidelines.

The Expanded Access program provides financing options for borrowers that have difficulty documenting their income, or have debt-to-income (DTI) up to 50% (or even 55% on an exception basis).

Expanded Access also provides options to borrowers with a recent credit event such as a short sale/foreclosure or a mortgage late.

Expanded Access offers fully amortizing fixed, ARM and interest only ARM options to facilitate financing on primary, second home and investment properties.

  • Loan amounts from $100K-$2M

  • Up to 90% Loan to Value with full documentation

  • Up to 85% LTV with bank statement documentation

  • 620 minimum FICO credit score

  • Recent credit events allowed include mortgage lates, settled housing events, and 12 month seasoning on a bankruptcy

  • 30-year fixed, 5/1, and 7/1 ARMs*

  • Interest only options on 5/1 and 7/1 ARMs*

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Investor Advantage

Income Property Financing Just Got Easier

If you are looking to purchase your next investment property, our Investor Advantage loan programs will get the deal done.

Investor Advantage gives you purchasing power in the market today for investment properties. There are two loan programs to choose from to fit your needs:

Investor Advantage

  • Minimum FICO – 640

  • Max LTV- 80%

  • Max Loan Amount- $2M

  • SFR & 1-4 unit properties

  • Non-warrantable Condos allowed (on an exception basis)

  • Income documentation required 

Investor Advantage Pro

  • Minimum FICO – 640

  • Max LTV- 75%

  • Max Loan Amount- $2M

  • SFR & 1-4 unit properties

  • Non-warrantable Condos allowed (on an exception basis)

  • No income documentation required. Appraisal and asset documentation required

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Asset Inclusion Loan Program

This mortgage program is for borrowers who have high assets, but an unsteady monthly income. With the Asset Inclusion Loan program, borrowers can factor in the assets they have remaining — after their down payment and closing costs — as sources of qualifying income.

  • Eligible for Primary, Secondary, and Investment properties

  • Loan amounts up to $1.5 million

  • Up to 80% loan-to-value

  • 700 minimum FICO score required

  • Not available in Hawaii and Nevada

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Dream Home Renovation

If you can dream it, you can make it a reality. With our Dream Home Renovation program, you can buy the property that needs some renovation. Save time and money by financing the purchase with the cost of the repairs included in your mortgage.

  • Create your dream home instead of buying someone else’s

  • The loan amount is based on future assessed value of home

  • Take advantage of properties in great locations that need renovation

  • 640 minimum FICO required

  • 110% loan to value

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Home Ready  

As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.

Qualifications:

  • The mortgage is a fixed rate loan up to $484,350

  • Up to 97% LTV financing (3% down)*

  • Eligible properties are single family-dwellings, PUD or condos as the owner’s primary residence

  • Gift funds or Community seconds are allowable for the down payment

  • Non-occupant co-borrower’s income can be used for qualifying

  • Single-family accessory unit or boarder income can be used in qualifying

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Freddie Mac Home Possible Advantage SM 

If you are looking to purchase a home with a low down payment and flexible sources of funds, our Freddie Mac Home Possible AdvantageSM offers flexibility:

  • Max loan amount up to $484,350 for single-family dwellings in most US counties and $726,525 for high-cost areas**

  • Up to 97 percent LTV financing (3 percent down)*

  • Down payment assistance programs and/or affordable second mortgages available

  • Flexible sources of funds can be used to qualify

  • Low to moderate-income buyers

  • Lower mortgage insurance coverage requirements, which means lower payments

** Each county limit is published on FHFA's website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virigin islands.

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STaR Loan

A mortgage program dedicated to saving our selfless teachers, first responders and correctional officers a little money on their home loans. Current full-time employed teachers, police, firefighters, and correctional officers are eligible for our STaR program, which makes the process of obtaining a mortgage a little bit easier.

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  • Save up to $500 in reduced Lender Fees for qualified Teachers, First Responders, and Correctional Officers

  • Gift fund options available which can be used for 100 percent of the home purchase down payment

  • Take advantage of lender paid mortgage insurance options to reduce your monthly mortgage expense

  • Gain peace of mind with a one-time interest rate renegotiation option, if rates improve prior to your closing docs being drawn

Borrower Qualifications

  • Teachers: Must hold an appropriate teacher credential and be currently full-time employed in a public/private school

  • Police/Sheriff/CHP: Must be currently employed full time with City, County, or State Law Enforcement

  • Firefighters/First Responders: Must be currently employed full time with the City, County or State

  • Correctional Officers: Must be currently employed full time with City, County, or State Law Enforcement

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Medical Professional Loan Program

You care for others every day, so when it comes to your home financing needs – let us take care of you!

Whether you are considering a home purchase or refinance, we’ve created a specialized mortgage program with flexible terms for medical professionals like you. With this unique program, your student debt can be excluded from your debt-to-income qualification (some conditions apply). 

It’s our way of saying thank you for all that you do.

Program Highlights

  • Up to 95% loan-to-value (LTV) for lans up to $1M

  • Up to 85% loan-to-value (LTV) for lans up to $2M

  • Up to 43% debt-to-income (DTI)

  • Student loans may be excluded from the DTI with proof of >/= 12 months of deferment/forbearance

Eligibility

  • Medical Doctors (including DOs) 

  • Dentists and Dental Surgeons

  • Veterinarians 

  • Newly licensed medical residents/students (must be currently employed, in residency or fellowship within 60 days of closing) 

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Financing provided for the purchase and refinancing of manufactured homes.

  • Conventional, FHA and VA loans

  • Minimum FICO – 620

  • Max DTI – 45% (may be higher based on borrower credit scoring)

  • Primary residences and second homes

  • Up to 95% on a conventional primary purchase & rate-term refinance

Manufactured Housing

Content by The Belfor Team, Mortgage Lender California

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