What is Fannie Mae?

Question: “I hear all this talk about Fannie Mae. What is Fannie Mae exactly?” Answer: Fannie Mae or FNMA, stands for the Federal National Mortgage Association.  It’s a major market for buying and selling home loans and they have certain critical guidelines. If a loan doesn’t meet FNMA guidelines, it’s harder to sell, which typically
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Are FHA loans only for first-time buyers?

Question: “Can I get an FHA loan if I’ve owned a home before?” Answer: Yes, contrary to what many people believe, you don’t have to be a first-time buyer to get an FHA loan. I think the confusion is because many first-time buyers do get FHA loans.
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Can I get an FHA loan if I’ve owned a home before?

Question: “Can I get an FHA loan if I’ve owned a home before?” Answer: Yes, contrary to what many people believe, you don’t have to be a first-time buyer to get an FHA loan. I think the confusion is because many first-time buyers do get FHA loans.
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Why you shouldn’t use lenders who are also real estate agents.

Question: “I just went to your investing seminar and heard you say never to use a lender who’s also an agent. Sadly, I heard this too late. I bought my home and my (ex) agent did my loan. It was a nightmare. It took almost three months to close and my loan had a much
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Are online lenders safe?

Question: “What do you think of getting a mortgage from an online lender?” Answer: Personally, I’m NOT a fan as most of my clients who used (or tried to use) online lenders had poor experiences. They tend to be based out of town and impersonal. And because they don’t have local representatives, there’s no personal
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Do I have to talk to a lender before I see a home?

Question: “A real estate agent told me she wouldn’t show me any homes unless I talked with a lender to see if I was qualified. Isn’t that a bit much? Having to talk with a lender just to see one home?” Answer: It doesn’t sound like the agent explained the benefits to you of talking
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Should I take out a reverse mortgage?

Question: “What do you think of reverse mortgages?” Answer: I think they’re a great option for many older people. My parents had one and it allowed them to stay in their home until they passed away. The downsides are the high 15K+ upfront costs and the obvious fact that the equity is slowly used up
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Is it more difficult to get a loan these days?

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,
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Getting Stepped-Up Basis in Your San Diego Home

Question: “My wife inherited a home six months ago and moved in. We don’t really like the neighborhood and would love to sell and move now. But her dad paid next to nothing for the house, so we have to wait until we’ve been here two years or we’ll pay taxes on the sale, correct?”
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Can You Borrow Money for a Home Down Payment?

Question: “Can you borrow the money for the down payment on a home?” Answer: It depends how and when you borrow the money. Generally, banks only want you to borrow from a secured asset: HELOC, car loan, savings account loan, 401-k loan, etc. They don’t like personal loans that are not secured by an asset
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