Can I get a home loan with bad credit?
Friday, 23 August 2019
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
- Published in Q&A - Home Financing Questions
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Can a lender deny a loan if they don’t believe you’ll live in the home?
Friday, 16 August 2019
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.
- Published in Q&A - Home Financing Questions
Is it more difficult to get a loan these days?
Friday, 18 January 2019
Question: “I’ve heard it’s very hard to get a loan because banks just aren’t lending. Is that true?” Answer: Not at all. It’s true that after the wild and irresponsible days of “fog the mirror” and you qualify for a mortgage, the pendulum swung the other way and banks were overly strict on qualifying. So,
- Published in Q&A - Home Financing Questions
Can I Use VA to Buy Investment Property?
Friday, 23 January 2015
Question: “Can I use my VA to buy an investment property?” Answer: Sorry. VA loans are only for owner-occupants. However, you can move out of the home at a later date and keep your VA loan. Verify with your lender or the VA, but I think you must intend to live there for at least
- Published in Q&A - Home Investing Questions, Real Estate Tips
The 10 Commandments of Home Loans
Monday, 10 November 2014
When you’re applying for a home loan, there are several things you should avoid at all costs. Here are the ten biggest, in the form of a Home Loan Ten Commandments: Thou shalt not change jobs, quit or become self-employed. Thou shalt not make a major purchase such as a new car. Thou shalt not
- Published in Real Estate Tips
Hard to Get a Loan on a Fixer Upper?
Wednesday, 25 December 2013
Question: “Is it hard to get a loan on a fixer upper house?” Answer: It depends on the home’s condition and the loan type. If a home is ugly, worn, or dated that won’t impact financing. If there’s peeling paint, torn carpet, or various other items too lengthy to list here, you can’t get an
- Published in Q&A - Home Financing Questions
Are There Down Payment Conventional Loans For 3% Down?
Wednesday, 27 November 2013
Question: “I keep hearing that there are low down payment conventional loans out there, for as little as 3% down. Is that correct?” Answer: Mortgage lending programs keep “evolving.” A few months ago, Fannie Mae began accepting (buying) 3% down conventional loans up to $417,000 for the first time since the mortgage meltdown. Well, they’ve
- Published in Q&A - Home Financing Questions, Real Estate Tips
Is APR the Best Way to Shop for a Loan?
Saturday, 10 December 2011
“Is APR the best way to shop for a loan?” Answer: From my preferred lender, Robert Geiler of Rancho Financial: “The APR was developed to show borrowers the true cost of getting a loan as an interest-rate rather than a dollar amount. It was supposed to make it easier for to compare rates because, theoretically,
- Published in Home Financing, Real Estate Resources