How long should I wait to buy a home after having credit problems?

Question: “My wife and I have had a lot of credit problems, including a car repossessed. But we’ve kept good credit for the past couple of years. Now we’re finally ready to buy our first home. Will the lender find all our old credit problems? If so, how long do we have to wait before
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Are solar loans a problem when you sell your house?

Question: “I’ve heard that those solar loans are a problem when you sell. Is that true?” Answer: Yes, most if not all solar loans (often called HERO or PACE loans) are a problem unless your buyer is paying cash. That’s because they won’t go “junior” to a buyer’s new loan, meaning the solar loan stays
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What’s the difference between a mortgage banker and a mortgage broker?

Question: “I’m shopping lenders for my home loan and one said she’s a mortgage banker. Is that the same as a mortgage broker?” Answer: Great question…and the answer is “no.” Mortgage BANKERThey handle everything in-house and lend you their own money, though they’ll probably sell the loan later. Mortgage bankers include banks, credit unions, and
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Should I get a loan or pay cash?

Question: “I want to buy a home and can afford to pay cash. Do you recommend getting a loan or paying cash?” Answer: Congratulations on being able to pay cash for your home! The answer to your question depends on your circumstances and priorities. Reasons to pay cash include: Your offer will be much stronger
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Can I get a home loan with bad credit?

Question: “I have pretty bad credit, so it’s not even worth trying to get a home loan…” Answer: Maybe. Maybe not. One of our lenders just got someone with “awful” credit a mortgage and they were able to realize their dream to own their own home. So unless you’re a professional mortgage lender, let a
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Can a lender deny a loan if they don’t believe you’ll live in the home?

Question: “Years ago, I wanted to scale down and buy a condo in my neighborhood and keep my old house. But the lender denied my loan because they didn’t believe I was actually going to move into the condo. Is that even legal?” Answer: Yes. In fact, it just happened on one of my transactions.
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Why do so few condos offer VA financing?

Question: “I’ve been trying to buy a condo using VA financing, but so many are not offered VA. Why do you think that is?” Answer: Great question. There are a few reasons… Many condo complexes are not VA approved. It requires lots of paperwork to get approved. And there’s not always a motivated party to
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Can I still sell my San Diego duplex even if my rents are way below market value?

Question: “We own a duplex and are considering selling it. Our rents are way below market because we’re just not very good landlords and our tenants have been there forever. Will that be a problem?” Answer: You’ll still be able to sell your duplex. But because a large percentage of potential buyers are investors, and
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Is a single family house a good investment?

Question: “What do you think of buying a single family house as an investment?” Answer: Funny you should ask. I’ve never been a fan of buying houses in San Diego as a buy-and-hold investment. But I just closed on my very first one ever, earlier this month. So I guess my views have changed. For
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Can a home seller legally require me to qualify with their lender?

Question: “I just made an offer on a home. I’ve been qualified by a mortgage broker I know, but the seller wants me to qualify with a lender they know. Is this even legal? I’m a private person and don’t want to share my personal information.” Answer: Yes, it is legal. What may or may
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