![[Under Construction]](images/undercon.gif)
| | Getting StartedTo get started, simply Download our Basic Application Package (PDF) that has all the forms you will need and be ready to provide the information below. We require the first six items on the submission checklist in order to issue a "Conditional Letter of Approval". Once you have completed the required information please fax to (510) 824-8942.
Photographs should be e-mailed here. (please do not forget to reference the property address and borrower name when e-mailing photgraphs) | - Current Rent Roll
- 2 Year Profit & Loss Statements for the subject property
- Photos of subject property and surrounding area (No polaroids)
- Purchase Agreement & Escrow Instructions (if applicable)
| - Complete 1003 Loan Application
- Schedule of Real Estate
- Credit Report or signed and dated Consent Form
- Last two years Federal tax returns for each entity
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DOWNLOAD FORMSTo have Reoa Corp perform a prequalification review at no charge please download the standard application below and contact us to speak with a representative about your project. If you would like to receive an application package via regular mail or fax please call us at 510-490-9990. Download our Basic Application Package (PDF) Standard Application:Once you have completed the application forms and spoken with a Reoa Corp representative please send the forms to us via mail, fax, or email. Other Forms:These forms are for use only when applicable per the Prequalification Checklist or when specifically requested by a REOA representative. If you have trouble downloading any of the forms please contact us and we will email, fax or mail the form(s) to you. |
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 Accounts Receivable Financing | | Asset Based Lending Loan | | Bridge Loan | | Business Credit Card | | Buying a Business Loan | | Equipment Financing Loan | | Hard Money Loan | | Inventory Financing Loan | | Factoring Invoice | | Line of Credit under $100K | | Line of Credit over $100K | | Retail/Merchant Cash Advance | | SBA Loan | | Term Loan | | Unsecured Business Loan | | Working Capital Loan | | |
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| Agriculture/Forestry | | Aircraft Equipment | | Audiovisual/Camera | | Computer | | Construction | | DJ, Stereo, Satellite | | Exercise/Fitness | | Farm Equipment | | Healthcare/Medical | | Industrial | | Musical Equipment | | |
| | Office Equipment | | Phone Equipment | | Playground/Camping | | Printing | | Restaurant | | Sports Equipment | | Hockey, Baseball, etc. | | Transportation | | Other Leasing | | Quicklease < $75K |
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| Home Equity Loan | | Home Mortgage Refinance | | Home Equity Line of Credit | | |
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| | Apartment Loan | | 5-20 Units | | 21+ Units | | Construction Loan | | New | | Renovation | | Development Loan | | Commercial | | Residential | | Healthcare/Medical Loan | | Assisted Living | | Congregate Care | | Hospital | | Independent Living Facility | | Medical Clinic | | Rehabilitation Center | | Skilled Nursing Facility | | Hotel/Motel Loan | | Full Service Hotel | | Limited Service Hotel | | Resort Hotel | | Suite Hotel | | Convention Hotel | | Flagged Motel | | Independent Motel | | Industrial Building Loan | | Light | | Manufacturing | | Office-Warehouse | | Research & Development | | Warehouse/Multi-Tenant | | Warehouse/Single-Tenant | | |
| | Retail Center Loan | | Car Care Center | | Community Centers | | Convenience Stores | | Factory Outlet | | Neighborhood Center | | Regional Malls | | Single-Tenant Building | | Strip with Anchor | | Strip without Anchor | | Office Building Loan | | Business Condos | | High Rise Building | | Medical | | Suburban | | Single-Tenant Building | | Other | | Other Commercial Loan | | Auto Malls/Dealerships | | Church | | Condos/PUDs/Co-ops | | Gas Stations | | Golf Courses | | Historic Rehabs | | Land (A&D) | | Marina/Dockominiums | | Mini Storage | | Mixed-Use Projects | | Mobile Home Parks | | Parking Garages | | Restaurant Real Estate | | | | | | | | | | | | |
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FAQs (Frequently Asked Questions)| Q: | What is a credit score? |
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| A: | A credit score is an indication of your credit history and assist in measuring your ability to repay a debt in the future. |
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| Q: | Can I become a homebuyer even if I have had bad credit, and don't have much for a down-payment? |
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| A: | Yes. Your credit doesn't have to be perfect to purchase a home. Difficult financial situations are often because of illness, divorce, or temporary unemployment. If you can demonstrate that the problem was in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in a good position to get a mortgage loan. |
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| Q: | How do I know if I can get a loan? |
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| A: | A good start is, you try our mortgage calculators to see how much mortgage you could pay. You are also welcome to contact us using any of the methods provided on the menu.We will help you evaluate your loan potential. We are in the business and know what kinds of mortgages programs are out there and can help you choose a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you apply for a mortgage before you actually start looking for a home. Then you'll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.
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| Q: | How do I find a lender? |
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| A: | What are we doing here! Contact us. |
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| Q: | How does the loan process work? |
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| A: | A qualified broker/lender work with you to choose the best loan program and interest rates available to you. You then need to provide a list of the documents/documenation needed to complete your loan and once this is done your final loan papers are signed by you and you get a date when the loan will be completed. |
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| Q: | What documents I need to have ready while appling for a mortgage? |
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| A: | Good question! You should atleast have: - If you and your spouse are applying for the loan, social security numbers for both you and your spouse
- Consecutive pay stubs for the last month
- Copies of your checking and savings account statements for the past 6 months
- Evidence of any other assets like bonds or stocks
- List of all credit card accounts and the approximate monthly amounts owed on each
- List of account numbers and balances due on outstanding loans
- Copies of your last 2 years' income tax statements
Depending on your lender, you may be asked for other information/documents too. |
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| Q: | I don't have the standard documentation necessary to get a loan, can I still apply for loan? |
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| A: | We offer special loan programs for such type cases, for further information contact us using the "contact us form" from the menu. |
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| Q: | When should I refinance my mortgage? |
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| A: | To determine whether you should refinance, compare the following:- Current interest-rates compared the rate you are currently paying.
- Your current payment compared to what your payment would be with a lower rate, or features such as interest-only payments.
- The amount of time you expect to live in your home.
- The cost to refinance your mortgage.
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| Q: | How can a shorter term save me money on a Fixed-Rate Mortgage? |
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| A: | Simple, if you go for a shorter term, you can save thousands of dollars in interest expense because you'll be paying off the loan sooner. Although your payment will be more each month, it may not be as much as you may think. |
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| Q: | What is a good faith estimate (GFE)? |
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| A: | A good faith estimate (GFE) is an estimate that outlines the costs you will incur during the mortgage process. This is provided to you when you apply for your loan. |
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| Q: | How are the funds from my escrow account used? |
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| A: | The funds from your escrow account are used to pay property taxes and insurance. The payment is called an escrow payment, and a mortgage servicer withdraws the money. |
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| Imperfect or Bad Credit | Most, if not all loan programs can be utilized even if a borrower does not have perfect credit. In these cases, the rates will be higher and LTV's allowed will be lower. Most lenders have special divisions specifically created for the marketing and sales limited programs as incentives, when they recognize an area where there is a need. | |
| - Potential for reestablishing credit if you pay your mortgage on time.
- When used for debt consolidation you may be able to reduce your monthly debt payment.
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| - Slightly high interest rates.
- Terms may not be as favorable.
- Harder to get long term fixed loans.
- Loans may have prepay penalties.
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We are specialized to help customers with imperfect and bad credit. This may be your golden opportunity to re-establish your credit and recover from overwhelming debt or consolidate your high interest debt in one easy, low interest monthly payment, or buy a new home with low interest rate with poor or imperfect credit. We take exceptional pride in helping homeowners repair their credit and putting them on the golden road to recovery. Even your have been turned down for a home loan before, or you do not think that you can qualify - We can Help you even if you fall under categories like late payments, no credit, collection accounts, unemployment or laid off, turned down by a bank, judgments, liens, and charge offs. Apply right now. |
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| What is a FICO score? | A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. The higher your score, the lower the risk to lenders. | |
| - Getting loan is easier and faster.
- Credit decisions are fairer.
- Less credit "mistakes".
- More credit is available.
- Overall low credit rates.
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| - If low slightly high interest rates.
- Terms may not be as favorable.
- Possible low credit limits for low FICO scores.
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Your FICO score is calculated by a series of questions based on both your credit report & debt-to-income ratio. Each answer accumulates a certain number of points that are then added together for your final score to best predict future credit performance. Your score can be anywhere between the high 300’s and the low 800’s.
FICO scores analyze a borrower's credit history considering numerous factors such as: - The amount of time credit has been established
- Too many recent credit inquiries
- Employment history
- The amount of credit used versus the amount of credit available
- Late payments
- Public records, such as tax liens, judgments, or bankruptcies
What is considered a good score?
The credit score studies showed that borrowers with scores above 680 almost always made their payments on time. Therefore individuals with FICO scores above 680 are generally deemed to be "acceptable" for standard pricing. However, the higher your credit score is, the greater your chances of getting better rates. If your score is below 620 you can still qualify for a mortgage, but the terms may be less favorable.
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| Payment & Interest Chart It is confusing to get a loan amount with monthly payments and not be able to compare it with different interest rate options; therefore, we created a standard chart for a base loan amount of $100,000 and interest rate ranging from 4.500% to 10.00%. However, these payments may vary depending upon the loan programs and closing costs. The monthly payments are based on a $100,000 loan amount for 30 and 15 year fixed, and ARM programs ranging from 1 year to 10 years. | | 30 year | 15 year | 10 year ARM | 7 year ARM | 5 year ARM | 3 year ARM | 1 year ARM | | Interest Rate | 360 monthly payments | 180 monthly payment | Monthly payments fixed for 120 months and afterwards payment charges | Monthly payments fixed for 84 months and afterwards payment charges | Monthly payments fixed for 60 months and afterwards payment charges | Monthly payments fixed for 36 months and afterwards payment charges | Monthly payments fixed for 12 months and afterwards payment charges | | 4.500% | $507.00 | $765.00 | $507.00 | $507.00 | $507.00 | $507.00 | $507.00 | | 4.625% | $514.00 | $771.00 | $514.00 | $514.00 | $514.00 | $514.00 | $514.00 | | 4.750% | $522.00 | $778.00 | $522.00 | $522.00 | $522.00 | $522.00 | $522.00 | | 4.875% | $529.00 | $784.00 | $529.00 | $529.00 | $529.00 | $529.00 | $529.00 | | 5.000% | $537.00 | $791.00 | $537.00 | $537.00 | $537.00 | $537.00 | $537.00 | | 5.125% | $544.00 | $797.00 | $544.00 | $544.00 | $544.00 | $544.00 | $544.00 | | 5.375% | $560.00 | $810.00 | $560.00 | $560.00 | $560.00 | $560.00 | $560.00 | | 5.500% | $568.00 | $817.00 | $568.00 | $568.00 | $568.00 | $568.00 | $568.00 | | 5.625% | $576.00 | $824.00 | $576.00 | $576.00 | $576.00 | $576.00 | $576.00 | | 5.750% | $584.00 | $830.00 | $584.00 | $584.00 | $584.00 | $584.00 | $584.00 | | 5.875% | $592.00 | $837.00 | $592.00 | $592.00 | $592.00 | $592.00 | $592.00 | | 6.000% | $560.00 | $844.00 | $560.00 | $560.00 | $560.00 | $560.00 | $560.00 | | 6.125% | $608.00 | $851.00 | $608.00 | $608.00 | $608.00 | $608.00 | $608.00 | | 6.250% | $616.00 | $857.00 | $616.00 | $616.00 | $616.00 | $616.00 | $616.00 | | 6.375% | $624.00 | $864.00 | $624.00 | $624.00 | $624.00 | $624.00 | $624.00 | | 6.500% | $632.00 | $871.00 | $632.00 | $632.00 | $632.00 | $632.00 | $632.00 | | 6.625% | $640.00 | $878.00 | $640.00 | $640.00 | $640.00 | $640.00 | $640.00 | | 6.750% | $649.00 | $885.00 | $649.00 | $649.00 | $649.00 | $649.00 | $649.00 | | 6.875% | $654.00 | $892.00 | $654.00 | $654.00 | $654.00 | $654.00 | $654.00 | | 7.000% | $665.00 | $899.00 | $665.00 | $665.00 | $665.00 | $665.00 | $665.00 | | 7.125% | $674.00 | $906.00 | $674.00 | $674.00 | $674.00 | $674.00 | $674.00 | | 7.250% | $682.00 | $913.00 | $682.00 | $682.00 | $682.00 | $682.00 | $682.00 | | 7.375% | $691.00 | $920.00 | $691.00 | $691.00 | $691.00 | $691.00 | $691.00 | | 7.500% | $699.00 | $927.00 | $699.00 | $699.00 | $699.00 | $699.00 | $699.00 | | 7.625% | $708.00 | $934.00 | $708.00 | $708.00 | $708.00 | $708.00 | $708.00 | | 7.750% | $716.00 | $941.00 | $716.00 | $716.00 | $716.00 | $716.00 | $716.00 | | 7.875% | $725.00 | $948.00 | $725.00 | $725.00 | $725.00 | $725.00 | $725.00 | | 8.000% | $734.00 | $956.00 | $734.00 | $734.00 | $734.00 | $734.00 | $734.00 | | 8.125% | $742.00 | $963.00 | $742.00 | $742.00 | $742.00 | $742.00 | $742.00 | | 8.250% | $751.00 | $970.00 | $751.00 | $751.00 | $751.00 | $751.00 | $751.00 | | 8.375% | $760.00 | $977.00 | $760.00 | $760.00 | $760.00 | $760.00 | $760.00 | | 8.500% | $769.00 | $985.00 | $769.00 | $769.00 | $769.00 | $769.00 | $769.00 | | 8.625% | $778.00 | $992.00 | $778.00 | $778.00 | $778.00 | $778.00 | $778.00 | | 8.750% | $787.00 | $999.00 | $787.00 | $787.00 | $787.00 | $787.00 | $787.00 | | 8.875% | $796.00 | $1007.00 | $796.00 | $796.00 | $796.00 | $796.00 | $796.00 | | 9.000% | $805.00 | $1014.00 | $805.00 | $805.00 | $805.00 | $805.00 | $805.00 | | 9.125% | $814.00 | $1022.00 | $814.00 | $814.00 | $814.00 | $814.00 | $814.00 | | 9.250% | $823.00 | $1029.00 | $823.00 | $823.00 | $823.00 | $823.00 | $823.00 | | 9.375% | $832.00 | $1037.00 | $832.00 | $832.00 | $832.00 | $832.00 | $832.00 | | 9.500% | $841.00 | $1044.00 | $841.00 | $841.00 | $841.00 | $841.00 | $841.00 | | 9.625% | $850.00 | $1052.00 | $850.00 | $850.00 | $850.00 | $850.00 | $850.00 | | 9.750% | $859.00 | $1059.00 | $859.00 | $859.00 | $859.00 | $859.00 | $859.00 | | 9.875% | $868.00 | $1067.00 | $868.00 | $868.00 | $868.00 | $868.00 | $868.00 | | 10.000% | $878.00 | $1075.00 | $878.00 | $878.00 | $878.00 | $878.00 | $878.00 |
Disclaimer: The above payment chart is an approximation of the payments. The intent of the chart is to clearly explain a concept with different interest rates; payment amounts may vary for which you may qualify. |
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