Using an FHA Loan to Buy Apartments

Question: “Can I use an FHA loan to buy apartments that I’m going to live in?” Answer: FHA loans are for 1-4 unit owner-occupied properties. So in theory, you can use one if you buy a duplex, triplex, or fourplex. However, the qualifying for a triplex or fourplex is so poorly thought out that’s it’s
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Will Lenders Make a 30-Year Loan to a Senior?

Question: “I’m 63 years old and would like to move and buy a home in San Diego. Will lenders make a 30 year loan to a senior? That would mean I’d be 93 when the loan is paid off” Answer: Good news. Lenders are not allowed to discriminate based on age. If you qualify, they’ll
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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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Can You Avoid Taxes by Exchanging into a Property You Own?

Question: “An agent told me that if sell my triplex rental and put $$ into the other side of the duplex I live in that I can avoid taxes. Is that correct?” Answer: Sorry, but no. To defer your taxes, IRS Code Section 121 requires you to exchange into a property that you buy. You
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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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Why Have a Seller Pay Closing Costs for the Buyer?

Question: “What’s the benefit of having a seller pay closing costs for the buyer? They’ll want a higher price, so I don’t get why people do it.” Answer: Indeed, when I get an offer on a client’s home and the buyer wants the seller to pay their closing costs, many of my clients object. And
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Advantages of Cash Offers on San Diego Homes

Question: “Gary, a question. As the seller, what is the difference between a cash offer and one where the buyer gets a mortgage? Essentially, what’s in it for me? Are my closing costs lower with cash?” Answer: Your costs aren’t lower. What’s in it for you is: Your sale is more certain Possibly a shorter
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Refinancing Home Loans to Avoid Disaster Later

Question: “On my house and four rentals I have all adjustable mortgages and everything is going great. The rates vary from 2.5% to 3.5% and you can’t touch rates like that on fixed rates.” Answer: You didn’t ask, but I’m going to give you some advice. The conventional wisdom is that rates will go up
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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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