Can You Get a VA Loan to Buy a Rental?

Question: “Hi Gary. I’d like to buy a property to rent to my son and his family. Can I use my VA eligibility to get a VA loan?” Answer: Unfortunately, no. You can only get a VA loan on a home that you intend to live in. This is a longshot, but if you don’t
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Should You Apply for a Home Loan from a Credit Union

Question: “What do you think about applying for a home loan from a credit union?” Answer: There are pros and cons. In my opinion… The pro: Very occasionally credit unions may have a slightly lower rate than most lenders The cons (these are tendencies): They’re a little slow They have less loan options than other
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Are Banks to Blame for the Bureaucratic Loan Process?

Question: “[Bank name] is ridiculous! I just refinanced and they asked me for the stupidest things to verify things that shouldn’t even matter and frankly isn’t really any of their business. I will never use them again…” Answer: I don’t blame you for being angry. And frankly, I get mad and frustrated with lenders too.
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Can You Get a Loan on a Fixer-Upper House?

Question: “Is it possible to get a loan on a fixer-upper house?” Answer: It depends on the condition. Conventional Loans If the house needs cosmetics and/or miscellaneous minor to moderate repairs, you can probably get a regular “conventional” mortgage. Purchase/Renovation Loans If it needs more than that, you could possibly get a rehab/purchase loan. These
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A New Change in Buying a Fix-and-Flip Property

Question: “I heard you can’t get a loan any more if you buy a flip property. Is that true?” Answer: No, but there was one change involving buying a flip, or renovated resale property. FHA announced that starting January 1st, if you want to get an FHA loan, you can’t even WRITE your offer until
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How to Refinance Without Paying Another 30-Year Mortgage

Question: “We’d like to refi and get our rate down, but we’ve had this loan 10 years. So we just have 20 years left and don’t want to start over on a 30 year loan. Is there a way to get our current lender to just lower the rate or refinance the loan in place?”
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Should You Cosign a Loan on a San Diego Home?

Question: “My son asked me to cosign on a loan so he can buy his first home. Is there any risk to me doing that?” Answer: Cosigning on a loan makes you as liable as the person you’re cosigning for. So if your son is late on his mortgage, his and YOUR credit will be
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The 10 Commandments of Home Loans

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
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Should You Wait or Lock in Your Loan Rate Now?

Question: “I’m buying a home and my lender says he can get me a rate just under 4%. Do you recommend I lock my rate in now or wait to see if rates drop more?” Answer: WHAT I WANTED TO SAY: Why would you lock in your rate now? Just hang on a little longer
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Buying a Home After Financial Problems

Question: “During the recession, my wife and had a lot of financial problems that really hurt our credit. How long do we have to wait before we can buy a home again?” Answer: Here’s a general guide given to me by a lender: Conventional loan Chapter 7 BK: 4 years from the discharge/dismissal date Chapter
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