Summit Lending of Long Beach

12/22/2021

California Mortgage Relief Program
Governor Gavin Newsom announced that California’s plan to provide $1 billion in mortgage relief grants to tens of thousands of homeowners who have fallen behind on housing payments or reverse mortgage arrearages during the COVID-19 pandemic has been approved by the U.S. Department of the Treasury, clearing the way for a full program launch in the coming weeks. Under Governor Newsom’s plan, the California Mortgage Relief Program will help an estimated 20,000 to 40,000 struggling homeowners, with funds reserved for homeowners in socially disadvantaged and underserved communities often hit hardest by the pandemic. The California Mortgage Relief Program will begin accepting applications in the coming weeks through an online portal. Interested applicants can visit the website to review program and eligibility information leading up to the launch of the application portal.

While the COVID-19 pandemic has affected millions of Americans and created turmoil for homeowners, California is on track to receive $1 billion in mortgage relief funds from the American Rescue Plan Act’s Homeowner Assistance Fund. Homeowners who have fallen behind on their mortgage payments due t...

06/11/2021

Principal Residence Properties. Did you could have two homes and one does not have to be just a vacation home? Children wanting to provide housing for their parents where the children buy the home owner occupied and are not living in the home. This is for parents that don't qualify to buy. Parents just have to go on title at close of escrow. So in the past this would have had to be done as a non owner occupied loan with 25% down and much higher interest rate.

06/03/2021

The new Fannie Mae RefiNow will be available for loan application taken on or after 6/5/2021. The purpose of the product is to help low income borrower who missed the opportunity to refinance to a record low rate that we had last year.

Below are restrictions to this product:

• Loan must be currently owned by FNMA
• Loan must be season for 12 months
• R&T refinance only, 1 unit property (SFR, PUD, Condo). Owner occupied only, 95% Max LTV/CLTV/HCLTV
• Borrower needs to meet the income restrictions applicable to the AMI limit for the subject property
• All current borrower on the loan must stay on the loan,
• Reduction in mortgage payment must be at least $50.00
• Maximum incidental cash-back is $250


Below incentive for the borrower to help them qualify:

• Max DTI can go up to 65%
• If appraisal is required, Summit Lending will credit at closing $500 towards appraisal fee

Please spread the word, if you know anyone that got denied in the past for qualifying for a refinance now could be the opportunity so save on the mortgage payment with these historic low interest rates.

05/18/2021

01/13/2021

Investors can expand their real estate investment portfolio to generate income.

12/15/2020

Happy Holidays from Summit Lending.

10/28/2020

It's possible to refinance with an historic low rate, stress free and quick closings! Not all lenders are the same as not all borrowers are the same, These two loans we're with great borrowers, we got appraisal waivers and being a direct lender these clients fit into our BOX perfectly. It's really great to be apart of successful closings where everyone is happy and will continue to refer Summit Lending.

07/10/2020

Refinance while interest rates are low! Feds issue stimulus funds for Homeowners looking to save BIG with refinances! 2 percents interest rates and typically we will waive the need for an appraisal. Summit Lending saving homeowners thousands on mortgage payments.

06/26/2020

VA Loans 2.375%, Conventional 2.625% FHA 2.275% The Mortgage Market has gone crazy! Who wants to buy or save massive with a refinance? Most loans we're getting 1 day approvals, refinances we're getting appraisal waivers. How about missing two month mortgage payments with a refinance? This is just to much good stuff had to share!

05/08/2020

What is a Virtual Appraisal?
•Ability for a borrower to complete an appraisal from their smart phone
•No need for an appraiser to enter their home
•Inspector virtually guides the user through their home
•100% web based – no app download required
•Video conference can also be performed by the real estate agent
•Great alternative to a drive by appraisal for homes that have recently been renovated, when data on the property’s interior is not available, or the subject’s interior is superior to likely comparable sales
What loans qualify?
•Conventional loans with AUS findings through Freddie Mac/Loan Product Advisor®
•Primary residence or second home
•Purchase or rate/term refinance
•LTV/CLTV 80% or less
•Eligible LPA findings
What properties qualify?
•1-unit SFRs/PUDs and 1-unit detached condos
•Single family
•Gross Living Area under 3,500 square feet
•Age less than 100 years
•1-acre lot or less
There may be other property qualifications once the order is placed
How do I know if my loan qualifies?
•If the loan meets the minimum requirements, once the loan is imported into our system we will know. Pretty cool?

05/07/2020

Check out this listing!

Move-In Ready, Prime Location. Top School District, Best Education. Well Ventilated, Open and Spacious. Natural Lighting in the House is Pretty Gracious. A Very Rare Find in This Neighborhood. This 3 Beds 2 Bath Home is Just Too Good! Newly remodeled and light-filled 3 bed/2 bath home in Palm Garden...