Are my computations correct?
My loan has a 3% interest rate and I've been paying for 2 years and 6 months now. I've computed the taxes and insurance and lender has pocketed $15k and applied $10k on my loan so far, is this a normal ...
First time home buyer excited to buy a home
What are the benefits of being a first time homebuyer? I heard that if we haven't owned a home in 3 years we are considered first time homebuyers, is this true? Our income is close to $180k a year and o...
Trying to figure out occupancy to avoid high interest
Son and grandson are purchasing a house for a sick parent in Florida since winter is not good for grandfather here in Chicago. Son already owns a primary home and has paid it off. Only grandpa will liv...
I got denied on my application, should I try again?
I am trying to qualify for a $450k loan making $100k a year. I have credit scores of close to 700 but I have a lot of debt including cards, student loans and car payments. DTI seems to be a problem and ...
Can we apply for a USDA to build rental homes?
We own land through an escrow company on a real estate contract with a relative. We plan to build rental homes on the land for passive income. Can we apply for a USDA worth $150k to finance the build? W...
Question about VA loans
I am smitten by an old but lovely single family home that was built in the 1900. I plan to take out a VA loan for the purchase but am concerned that inspection and appraisal may be too strict in this ca...
Is a refi a good idea right now?
Experts said that the current interest rate spike would go down in the next 6 to 9 months. After the market response to the recent fed hike I'm afraid that rates would go up and stay high for several ye...
Self employed trying to apply for a loan
I am self employed and got approved for a loan 2 months ago using a year's worth of W2s. If I decide to hold off another year on a new purchase I'll have 2 years of W2s. Will my lender ask for P and Ls ...
Why does my FHA loan require a 20% down?
Can anyone answer why an FHA loan would need a 20% down on a loan that’s less than $300k? My DTI isn’t that high so I’m wondering why my lender would require such a high down payment.
Question about buying a second home
I have a question on buying a second home. How much income should I have to buy a second property worth $450k? I pay 2.5k monthly for my current mortgage and I’m not planning to have the first home re...
Do I choose a local lender over Rocket Mortgage?
First time buyer here and I have no idea how to start. I've heard about Rocket Mortgage but some say it would be better to deal with a local lender. I am buying the house I am living in, equity will be ...
Arlington, AZ - Aug 10th 2022
3 answers
- Latest answer by
Bob Heidrich | Equal Housing Lender
Apr 8th 2024
Are inspections needed to close on a home?
Are inspections a requirement in order to close on a home? We have placed multiple offers on homes but keep getting beat by others waiving the appraisal and inspection. Isn’t waiving inspections a ris...
Can we get a cash out loan on a paid off house we inherited?
100% equity but not good credit. I would like to get a rental property and use the income to pay off loan & live on... is that possible with bad credit?
Looking for a lender who does a HELOC
Is it possible to find a lender who can provide 90% LTV via HELOC? I plan to buy a rental property here in Washington. It’s a 4 unit multi-family that needs a little rehab. The market is hot where I a...
What are the pros and cons of getting an FHA loan?
Hi everyone, I have a question concerning obtaining an FHA loan. I currently have a conventional loan but I was able to lock in a lower rate with an FHA loan. What are the benefits and disadvantages of ...
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