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Looking for a portfolio loan of 13k in Orange County

by from Laguna Niguel, California. Jun 17th 2016 Reply

I haven't worked for 2 years and just started working now as 1099 but I have good credit score (796) and my wife and I have 170k in bank account and 30k assets.We are looking for a 180k condo with 25-30% down so we only need a 130k loan. Would we be able to qualified for any asset based loan or portfolio loan out there? If so what are some good options in Orange County. We live in Aliso Viejo but looking to buy one in Santa Ana.

Jun 17th 2016
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

You would be looking at a hard/soft money loan.. rates and terms will be high, but they can use your bank statements as proof of your ability to pay.. Try contacting a LOCAL mortgage broker and ask if they have access to reduced/alternative income doc loans. If they do, then you can apply with them.. and once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Jun 20th 2016
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