Would you like to buy a home but you’re not sure if you’ll qualify? Don’t worry with all of the different products available today, you can get a mortgage. The issue just may be when. If you have less than perfect credit, you may have to repair your credit before you apply. Nevertheless, conventional loans...
Tag: CPA
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DO YOU HAVE THE RIGHT LENDING SOURCE?
Are you looking to buy an apartment building or a multi-unit property? Or a business and the building it operates out of, such as a restaurant or a gas station? Do you need help financing this purchase? Who would you go to? Would you ask a friend? Would you go to your local bank? Did...
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WHAT’S BEST FOR THE FIRST-TIME HOMEBUYER?
I see time and again advertisements on the internet for no down payment first time homebuyer loans. The down payment is typically in the form of a grant that does not need to be paid back. Many people push these loans enticing first time homebuyers to buy a home without any money out of their...
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WHY WOULD ANYONE WANT ONE?
Hard Money loans are usually obtained by borrowers who cannot qualify or the property does not qualify for conventional financing; many people doing fix and flips obtain these loans. The interest rate and costs for these loans is higher than what you can get conventionally. The reason is that there is more risk to the...
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I HAVE STUDENT LOAN DEBT, CAN I QUALIFY FOR A HOME LOAN?
College education is more expensive than ever. Many students leave school with substantial student loan debt. They may feel that they cannot purchase a home. Let’s take a look at how lenders consider student loan debt when underwriting a mortgage application. If the monthly payment for the student loan appears on the credit report, it...
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WHAT MATTERS TODAY IS LOAN SALEABILITY
When our parents and grandparents went to the local bank years ago to get a loan, they would meet with a banker who may have known them and they would apply for a loan. The banker would consider many factors, including their personal relationship, to approve the loan; this is not the case today. Today,...
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HOW OLD IS TOO OLD?
Lenders cannot discriminate based on age. So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage. This applies regardless of whether it is a forward mortgage or a reverse mortgage. A forward mortgage is the mortgage you are familiar with, I.e. you make monthly payments....
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RESIDENTIAL FINANCING
If you are purchasing multi-unit investment properties, the type of loan will depend on the properties. If you are buying 1-4 unit properties, conventional residential financing applies. If you are looking at 5+ units, then commercial financing applies. Often times, residential financing will give you better terms than commercial financing. For example, you can get...
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FRIDAY THE 13TH, DON’T BE AFRAID
Here we are on Friday the 13th and you are thinking about buying a home. You have heard horror stories by others regarding the home buying process. You are starting to reconsider and feel that renting will be easier. Well, don’t be afraid, you can buy that home and the process can be smooth. What...
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TAX AND INSURANCE IMPOUND, WHAT SHOULD YOU DO?
An impound account is an escrow account funded monthly by the borrower which includes a pro-rata amount of insurance and real estate taxes. When the insurance and tax bills become due, the lender pays them out of the escrow account. In many instances, you have the option of whether to Impound your insurance and taxes...