Hard to Get a Loan on a Fixer Upper?

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
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Are There Down Payment Conventional Loans For 3% Down?

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
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Will Running Your Credit Multiple Times Ruin Your FICO Score?

Question: “I recently had a realtor tell me that running my credit multiple times for the purposes of obtaining a home loan/mortgage would not take points off my credit score. Is this true?  Is this different than having my credit run several times for, say, an auto loan?” Answer: That Realtor was correct.  To get
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Can the Bank Require Home Repairs?

“I’m buying a house with 20% down and my bank just said that there’s a cracked window and some electrical items that need to be fixed.  Can they do that?” Answer: Remember the golden rule: “He who has the gold makes the rules.” So yes, the bank can require that. This is more common on
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You’re Taxed on Taxable Gain When Selling, Not Net

Question: “I have no mortgage on my home and I know when I sell I’m going to pay a lot in taxes.  Can I just put a big loan against it so I pay less tax when I sell?” Answer: Sorry, but you’re taxed on your taxable gain, not on your net. Here’s the basic
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Must You Stay in San Diego to Keep Your Low Tax Base?

Question: “I heard that if you’re over 55 and sell your home, you can keep your low Proposition 13 tax base.  Do you have to stay in San Diego County to do that?” Answer: (I’ve addressed this before, but so many seniors are unfamiliar with it, I’m happy to go over it again…) Many seniors
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Refinance and Still Pay Off Your Loan

Question: “I’d like to refinance, but I’ve had my loan 18 years and have got myself in a position where I only have 12 years to pay it off.  I don’t want to blow that and start over with a 30 year loan.” Answer: I hear this a lot! And with some math or going
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Should People Start Considering Adjustable Mortgages?

Question: “I read in the paper Sunday that with rates having gone up, people are starting to consider adjustable mortgages.  What do you think?” Answer: With our still historically low interest rates, getting an adjustable mortgage would be bad advice for most people. No one can predict the future, let alone the direction of interest
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Can You Borrow Money for a Down Payment?

Question: “Is there any rule against borrowing money for a down payment?” Answer: Yes.  In fact, I don’t know of any lenders that will make you a home loan if you borrow your down payment, unless you’re borrowing against your own 401K or real estate. As a side note, with certain restrictions, many loans allow
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What’s a Loan “Approved with Conditions”?

Question: “Hi Gary.  I’m selling my home and my agent told me that my buyer just got what she called ‘loan approved with conditions’.  My agent said she doesn’t know exactly what that means and told me not to worry about it. What does that mean?” Answer: Yours is a simple question.  And if your
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