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California Primary Residence Owner-Occupied Home Loans
First Security Mortgage is one of the few private money lenders in California offering consumer purpose loans secured by a borrower’s primary residence. Here are some of our guidelines for Purchase and Refinance loans:
- Loan Amounts: $50,000 to $1,500,000
- Minimum Down Payment for Purchase: 30% Cash
- Max Loan-to-Value for Refinance: 65% LTV (appraised value)
- Property Types: SFR, Condo, 2-4 Units
- Loan Term: 30-year fixed rate due in 7 years
- No Pre-Payment Penalties
- Personal Use Loans OK
- Business Use Loans OK
- No Minimum FICO Score
Please note: We do not offer purchase loans for land or construction.
Credit Score, Tax Return Income, Employment Status, Citizenship Status are MINIMAL FACTORS in qualifying.
Using Private Money can help your offer more likely to be accepted as we can provide an approval letter that indicates all LOAN and APPRAISAL Contingencies can be removed within 3 days of the accepted offer.
We can typically close an owner-occupied purchase in 10 working days and non-owner occupied investment properties in 5 working days.
Our Loan Terms are typically 7 Years with No Pre-Payment Penalties. You can pay interest only or as much principal as you like each month.
For a Refinance loan, please provide us the following information to secure your detailed Loan Proposal:
- Property Address
- Property Value
- Loan Amount desired
- Balances owed on existing mortgages if any
- Anticipated Payoffs of existing mortgages if any
- Amount of Net Loan Proceeds (cash out) you desire at close
- Purpose of Loan
Why choose First Security Mortgage?
No Prepayment Penalties
Our hard money loans have terms of up to 7 years with No Pre-Payment Penalties, so they can be paid off at any time with no penalties!
Minimal Income Requirements
Our private money loans are Equity Based, your credit score, adjusted gross income and employment history are minimal deciding factors in qualifying.
No Minimum Fico Scores
Credit Score, Tax Return Income, Employment Status, Citizenship Status are MINIMUM FACTORS in qualifying.
All payments are made locally at our office in San Diego.
Fast Approval and Funding
Private money loans are meant to close fast and without the hassle! On owner occupied purchase properties we may close in as little as 10 days. On non-owner occupied, we may close in as little as 5 days.
We can provide you with a detailed loan proposal within 30 minutes and we only need the general terms of the transaction.
We have the highest level of professionalism and reliability in the market. Of course, many companies declare professionalism and reliability, but we have not changed our name or phone number since 1972! Many small businesses start up but quickly are required to change their name due to regulatory violations and poor business management. However, we have been serving California homeowners under the same name since 1972, plus we have originated and serviced over 10,000 real estate loans.
So, whether you’re a potential borrower, realtor, or loan originator with a hard-to-place loan, please reach out to us and give us the opportunity to earn your real estate financing business.
First Security Mortgage is a family owned and operated company that has been arranging private money loans for California residents since 1972.
Founded in 1972 and located in San Diego, First Security Mortgage Home Loans Inc. is a broker and servicing company for hard money loans. We originate loans in California only.
One major advantage that separates us from our competition is we handle ALL aspects of the loan process in-house. From the initial contact to closing, we are your point of contact. Once your loan closes all monthly payments are made to First Security Mortgage for the life of the loan. We handle all aspects of the Mortgage Process.
Once we close your loan, 99% of the time the servicing rights will not be sold!
CA DRE Broker Lic. 00655580, NMLS ID 337470
Office Locations11839 Sorrento Valley Road, Suite 903, San Diego, California 92121
Our Minimum Loan Amount Is
What We Do
- Owner-Occupied Home Loans in CA
- Purchase Loans up to 70% LTP
- 30% Cash Down Payment Required
- Refinance Cash-Out up to 65% LTV
- NO 100% Financing (30% cash required)
- NO Land Loans
- NO Ground-Up Construction Loans
- NO Properties Outside of California