Should You Count Income on a Rental Property?
Client who has a lot of property and a lot of depreciation gets turned down for a home equity line by Chase. They came to me as a referral from one of the financial planners that refers me their clients for refis. The financial planner asked if it was normal to not...
You Cannot Finance Land
You cannot finance land. FALSE! There are financing options for land, though they require more equity (or down payment). I had a client this week who has 20 acres of land with a house and utility buildings on it. This is typically not a Fannie Mae or Freddie Mac loan,...
Jobs on the Horizon
Though there wasn’t much “good news” this week, which means we should have seen rates decline, we actually saw rates increase a little on the comments made by the Fed after their FOMC meeting. They had less “dour” language hinting that they may raise rates in...
Reverse Mortgage: Not Always the Best Option
A retired couple called me asking for a reverse mortgage. They didn’t realize that this is an FHA loan and that their condo complex had to be FHA approved. I explained to him that I would be glad to get his community approved with HUD, but that that could take 45-60...