Is It More Expensive to Sell with VA Financing?

Question: “I’ve heard it’s more expensive to sell with VA financing. Can you explain?” Answer: Happy to. VA (aka Veteran or G.I.) financing is a government program and has certain rules. Most are to ensure that veterans only buy homes in good condition. The downside is that these rules can cost homesellers and discourage some
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How Are FICO Scores Measured?

Question: “I’ve been working again now for 6 months, so my FICO score should be improving…” Answer: While having a job means you have more money to pay your bills, it does not directly impact your FICO or credit score. FICO scores measure 5 things: 35% Payment history 30% Amounts owed (as a % of
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Is It Easy to Get a Loan for a San Diego Home?

Question: “I’ve heard conflicting stories about how easy or hard it is to get a home loan. What’s your take on it?” Answer: There are two competing forces impacting people’s ability to get a home loan. On the plus side, today’s ridiculously low mortgage rates and resulting low payments make it much easier to qualify
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What Interest Rate Can You Get for a Home Loan?

Question: “What interest rate can I get for a home loan?” Answer: Years ago, that was a simple question with a simple answer. But today, you have to answer these questions first: Owner occupied or investment property? For single family, 2 units/duplex, or 3-4 units? Fixed or adjustable? If fixed, fixed for 3, 5, 7,
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Hard to Find a Seller Who’ll “Carry the Loan”

Question: “I can’t get a bank loan because of some bad credit and I’ve been reinvesting most of my profit into my business, so my tax returns don’t show much income. Can you find a home for me where I can make payments to the owner? I think that’s called owner carry…” Answer: Right now,
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Why Are There 3 Different FICO Scores?

Question: “I just talked to a lender about refinancing my condo and he told me my FICO scores. They’re 719, 729, and 744. How come there’s 3 different scores?” Answer: There are three nationwide credit bureaus, each with their very own FICO score name: Experian has “Experian/Fair Isaac Risk Model” TransUnion has “FICO Risk Score,
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Can You Waive the Appraisal Contingency?

Question: “I want to buy a home in the $400,000 range, but I know there’s heavy competition and multiple offers on many homes. I think I read in one of your newsletters that you suggest one way to make your offer more attractive is to waive the appraisal contingency. Will a lender let you do
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Advantages of an FHA Loan

Question: “What’s the advantage of getting an FHA loan? And is that only for first-time homebuyers?” Answer: Good questions! I’ll take the second one first: Contrary to somewhat popular belief, there’s no requirement that you be a first-time homebuyer to use an FHA loan. FHA loans are generally easier to qualify for, and specifically to
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Beware Bad Lenders When Buying a San Diego Home

Question: “Hi Gary. We’re ready to look for a home and have already talked to a lender, so…” Answer: Careful! Just like there are very nice but very bad Realtors, the same holds true for lenders. I could write 100 pages telling you of all the bad experiences my clients and I have had from
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Paying Off the Loan if the Owner Dies

Question: “My father passed away and left his house to me and my sister. She wants to move in and keep the house. But isn’t there some rule where you have to pay off the loan when the owner dies or moves out?” Answer: If available, you should read the loan documents and/or call the
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