||Scott Doruff / Sr. Mortgage Advisor|
CA BRE # 00912848 NMLS # 288485
An experienced veteran of the mortgage industry, Scott has served hundreds of satisfied California homeowners over the past 25 years. His experience includes working with Realtors, builders, investors, CPA’s, and financial planners.
Branch Address: 30 W. Neal St. Suite 105, Pleasanton, CA 94566
Scott served as President of the Silicon Valley Chapter of the California Association of Mortgage Brokers (CAMB) in 2000-2001 when SV CAMB was awarded “Chapter of the Year” at their annual state convention. He continued to serve on CAMB’s local and state boards through 2006. He obtained his CMPS designation in 2007, and is certified for FHA and VA financing as well as conventional and jumbo loans.
Born and raised in the Chicago area, Scott moved to the Bay Area in 1980 and lives in Fremont with his wife, Denise. They married in 1985- the same year he got into the mortgage industry- and have two children, Jeff and Melissa, both recent college graduates. Denise manages a dental practice, Jeff is a Project Engineer for a large construction company, and Melissa works as an Educational Leadership Consultant for her college sorority, Alpha Phi, as well as co-captain of the San Jose Saberkittens dance team.
After fighting and surviving a personal battle with throat cancer, Scott has become active in fundraising for the Oral Cancer Foundation. An avid sports fan, he’s a die-hard fan of the Chicago Cubs, Notre Dame football, the 49ers, the Warriors, the Sabercats, and the Sharks. In his spare time he enjoys playing guitar, tasting wine, golfing, attending concerts, and vacationing in Hawaii with his family.
You've finally found the home of your dreams. There's just one thing standing between you and your new house: The down payment.
Many home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Ordinarily, you can't take money from your 401(K) plan unless you retire, leave the company or become disabled, but many company plans permit certain “hardship withdrawals” when there is an immediate and heavy financial need, including the purchase of the employee's principal residence.
The drawback to a hardship withdrawal is that you will pay taxes and penalties on the amount withdrawn from your plan, which often must be paid in the year of withdrawal. And while hardship withdrawals are allowed by law, your employer is not required to provide them in your plan. Check with your employer’s human resources department if you're not sure if your 401(K) plan allows hardship withdrawal.
Another approach may be to borrow against your 401(K) – often as much as 50 percent of your account balance. You pay interest on the loan, but the interest goes back into your account. The money you receive is not taxable as long it is paid back and plans can give you anywhere from five to 30 years to pay back your loan.
There are risks involved in borrowing from your 401(K). If you lose your job or leave your employer, you must pay back the loan in full within a short period, sometimes as little as 60 days. If the money is not paid back in that time, it is considered a withdrawal from your plan and subjected to the same taxes and penalties. And while 401(K) accounts can usually be rolled over into a new employer’s 401(K) without penalties, loans from a 401(K) cannot be rolled over.
In addition, because the funds withdrawn from your account are no longer earning compound interest, your account will be smaller when you retire. And you’ll be replacing pretax money with after-tax money.
Some lenders will count the money you borrowed from your 401(K) as an additional debt that will go along with your car payments, student loans and credit cards. While it may seem unfair since you are borrowing your own money, most lenders view it as a payment obligation that affects your debt-to-income ratio in qualifying for a home loan. It may be a factor in whether you decide to make a hardship withdrawal from your 401(K) and pay tax penalties or borrow against it.
How can you improve your credit score?
It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't "on the spot." But there are strategies you can live with to make sure when you apply for a loan your score is as high as possible.
Make sure that the information each of the three credit reporting bureaus has on you is consistent and up to date. Order a copy of your credit report about once a year, and dispute any inaccuracies.
Note: Theoretically, if a series of credit reports is requested on your behalf during a limited amount of time, your score goes down until time passes without any inquiries. Changes in the law though have made "consumer-originating" credit report requests not count so much. Also, a series of requests in relation to getting a mortgage or car loan is not treated the same as a number of credit card requests in a limited time. This is because the credit bureaus, and lenders, realize that people request their own credit reports to keep up with what's on them, and smart consumers shop around for the best mortgage and car loans.
Unsolicited credit card solicitations in the mail don't count against your credit report, so don't worry.
The two main components of your credit score are your payment history and the amounts you owe. Bankruptcy filings and foreclosures, which can stay on your credit report for as many as 10 years, can significantly lower your score. It's never a good idea to take on more credit than you can handle.
Late payments work against you. It's extremely important to pay bills on time, even if it's only the monthly payment.
Dont "max out" your credit lines. Since the size of the balance on your open accounts is a factor, lower balances are better.
It's said that by carefully managing your credit, it's possible to add as much as 50 points per year to your score.
Cal Vet Loan Program
FHA approved Condo List
Homepath Loan Program
VA approved Condo List
Free Annual Credit Report- WITH LINKS TO EQUIFAX,EXPERIAN, AND TRANSUNION
California Department of Real Estate- CHECK LICENSE STATUS
Appraiser Independence Requirements (PDF)
Mortgage Disclosure Improvement Act (MDIA) (PDF)
National Mortgage Licensing System
1. What are the most commonly made mistakes in buying or refinancing a house?
2. Should I refinance?
3. Should I pay points? Does a 0 point/0 fee loan really exist?
4. What is a FICO score?
5. Why do interest rates change?
6. What is the difference between pre-qualifying and pre-approval?
7. What is a rate lock?
8. Can my loan be sold? What happens if my lender goes out of business?
9. What is PMI? Can I get rid of the PMI on my loan?
10. What is an APR?
Thanks, Scott! We are currently on the end of a New Year's Eve cruise, but wanted to let you know how much we appreciated all your help in our recent refinancing! We saved $770+ on our current payment and are already working on paying off the credit card and the Credit Union. Of all the times that we have refinanced, this was by far the most pleasant and quickest. We will certainly recommend you, if we know anybody who is interested!
Chester and Linda R., Dublin, CA
“Scott has helped us get several excellent mortgages. But even more than that I appreciate that he follows the trends, keeps us abreast of them, and contacts us when there are alternatives we should consider.”
-Marian Cauwet, Cupertino
“Today was a very satisfying day because I was informed by Scott Doruff that our loan had closed, and I will now have a positive cash flow for all my rentals. I spent about 30 days with Scott restructuring my mortgage debt and with his expertise and experience he was able to save me a lot of money. He was patient and courteous with all our dealings. He explained how the refinancing would benefit us and knows how to recognize and handle potential problems. If you want to refinance, you should call Scott right away. If you want to call me and ask any questions on how Scott does it, please call me at 925-200-3534.”
-Vince Dela Fuente, Pleasanton
“Scott took care of every detail and made any face-to-face meetings convenient for our work schedules. The process was painless, saved us a lot of money, and got us an interest rate and terms we are very happy with. We’ve used Scott for years on several refinances and we will again in the future if needed.”
-Gary Walsh, Fremont
“Scott was superb and especially went above and beyond the call of duty in taking the initiative in helping clear up a case of mistaken identity with Fremont Bank that was highly unusual.”
-Michael Yee, Fremont
“Scott Doruff was extremely helpful, informative, and genuinely kind and courteous! I would not hesitate to recommend RPM but especially Scott to any family member or friend.”
-Maria Magpantay, San Mateo
“Scott educates, prepares, and empowers his clients to handle anything that can stress out of financing a home. He is always honest, proactive, and closes on time with excellent terms. I've had clients who met with Scott, but then chose another lender because they were quoting a better rate. They ended up regretting their decision because the final pricing wasn't much better and the stress they were put through sure wasn't worth the savings. They knew they made a mistake not staying with Scott.”
-Amanda Chun, Realtor, Fremont
“We always enjoy the experience with Scott. He makes the whole process much easier.”
-Peter and Robin Michel, Fremont
“Scott is an excellent agent. Always helpful, efficient, and available to answer questions. He even took the time out of his vacation to meet us and handle our loan closing when we scheduled our signing in an unfamiliar place.”
-John Salter, Dublin
“Scott not only helped me with our loan but he also helped me clean up inaccuracies on my credit and got my score back to normal.”
-Pedro Morales, Fremont
“Scott couldn’t have been more helpful and made a stressful time more manageable- thanks again!”
-Dave and Gail Horn, San Ramon
“Scott was the best at everything! I will only refer to him… and RPM.” -John Wardell, San Jose
"Excellent service and communication. Scott was attentive to my needs as a 1st time home buyer.”
-Lyla Reed, San Francisco
“I would like to say that from my first phone conversation with Scott Doruff I felt like I was dealing with someone who was honest and upfront as to what steps were needed to help me get qualified for a loan. If I asked a question that he didn’t know the answer to, he was truthful about not knowing and said he would fund out and he did. I had some things happening with family and was not the easiest client I’m sure to work with and he was very patient -no pressure- and just a great person to deal with. I was reading and learning about the loan process and was looking for any funny business going on, but Scott was a straight-shooter all the way and even though I didn’t know it at the time, he did have my best interests at heart. He showed up at the closing and helped me look at the figures and answered all my questions about what I was signing. I will use Scott and RPM Mortgage again for my future needs as awell as recommend anybody I come across to use your services. I feel that even though our business is done I have made a friend I can call on. Thanks for all you have done, Scott.”
-Greg Koski, Hayward
Scott Doruff is a real pro- courteous, knowledgeable, patient, and thorough. Enjoyed working with him again…”
-Rich Alvari, Pleasanton
“Scott Doruff is awesome! He makes the process quick, efficient, and painless. Can you please clone him?”
-Evan Taylor, Livermore
To help you find the right type of home loan to meet your specific needs, RPM Mortgage
offers multiple mortgage programs. This variety of residential mortgage lending
solutions puts you in control of your future and enables our knowledgeable, trusted
staff to help create a personalized mortgage solution to make your real estate goals
Our loan programs include, but not limited to: Jumbo loans to $3 million, Agency Conforming, Agency High Balance, FHA Conforming, FHA High Balance, FHA Energy Efficient Mortgages (EEM), VA, VA Interest Rate Reduction Refinancing Loan (IRRL), USDA, Lender Paid Mortgage Insurance (MI) Option, Split, Single and Financed Mortgage Insurance (MI), Concurrent 1st and 2nd, Max Financed Properties (up to 10), Delayed Financing, Fannie Direct Lender, Fannie Mae Service Retained, Freddie Mac Investor Options, DU Refi Plus, HomePath, FHA Flips
Whether you're looking for security, strength or a sterling reputation, RPM is your powerful ally in today's confusing home mortgage refinancing market.
• Expert community-based service
• Exclusive in-house mortgage banking service
• Established position and hard-won reputation for integrity
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