Purchase Loans

GEM Mortgage is are a Direct Lender.  We offer residential loans for first time buyers, second homes and investment properties.  We have many specialty products that are not offered at retail banks and credit unions. Due to our volume we are able to offer great rates.

Most banks will have different income, credit, and collateral requirements. Borrowers and properties often have unique situations. Being a Direct Lender enables us to offer  unlimited solution in combination with a fast closing. With 24 years of personal mortgage experience, I am extremely helpful and resourceful through the buying process.

I have provided some answers for some frequently asked questions by realtors and buyers.

What types of loan do you do?

Standard Loans
These are residential loans for one to four unit properties.  In 2016 the maximum loan amount is $417,000 on a single unit property.

High Balance Loans
These are residential loans for one to four unit properties. In Los Angeles and Orange County the minimum loan amount is $417,001 and maximum loan amount is $625,500 on a single unit property. This category applies only in high cost areas.

Jumbo Loans
These are residential loans for one to four unit properties.  This category of loans will range from $417,0001 up to $3,000,000.

Portfolio Loans Loans
Loans for residential properties that do not conform to government agency guidelines. This allows the each bank to make their own guidelines.

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What kind of rates and fees do you offer?

A customer working with a bank or credit union will obtain retail rates. We obtain wholesale rates which enable us to offer rates below most retail banks and credit unions. We are offer extremely low rates. We offer “no-fees” and “closing cost assistance” programs.

We are able to provide better rates and fees than most credit union and banks.

Do you do Flip Transactions, Short Sales, or Bank Owned properties?

I have a vast amount of knowledge and experience with Short Sales, Bank Owned Properties, Flips, Property upgrades and many more complex transactions. I have a strong understanding of guidelines, restrictions, and experience working on complex transactions.

When buying a home, most buyers have only 21 days to remove their loan contingencies and you don’t want to spend those valuable days reapplying with different banks. Avoid an unpleasant and stressful experience during your home purchase. Experience matters.

It’s not that I can’t make mistakes, however I did most of them at the beginning of my career. In other words, the learning curve will not be at your expense.

How reachable are you?

The best times to reach me is between 8am to 5pm. I am available on evening and weekends. At times when writing or negotiating offers it can be a huge benefit to be able to get answers on the fly.

I am usually reachable by phone, text, or email.

What is the difference between banks?

Each bank will have different income, asset, property and credit guidelines. Some banks are lenient on credit but stricter on the property; while the next bank may be tougher on assets and easier on income requirements. This is why sometimes a buyer may get a declined at one bank but approved with another.

When buyers are putting a smaller down it’s extremely important to know which banks will permit the buyers and property circumstance(s). An example would be having a perfect qualifying buyer but the property is a flip transaction or bank owned property.

Not all banks will do these purchase loans. If they do each will have different restrictions. Retail banks are often the strictest.

What kind of experience do you have?

I have been in the mortgage industry for over 24 years. I have a deep understanding of my craft because I have been originating mortgage loans since the early 90’s. I served as a coach and trainer for loan officers and underwriters for nearly 10 years. I was responsible for developing the training and curriculum for new employees with my former company.

You will find that I can give you answers to most loan questions on the spot. You will rarely hear “let me ask my underwriter”.  I keep up with the changing trends and changes of our industry. I have the experience, knowledge, and resources to make the buying or selling experience a smoother experience.

I offer a Money Back Guarantee which is extremely rare for lenders.