Can You Have More than 1 FHA Loan at a Time?
You can only have 1 FHA loan at a time. FALSE! FHA regulations say that you can have more than 1 FHA loan at a time if: 1) The first property has 25% equity, you are keeping that property, and moving to a new home. Of course the “why” you are moving to a new home for...
If I refinance my property taxes will go up.
If I refinance and my property appraises for more than when I bought the home, my property taxes will go up. FALSE! The property tax bill, because of Prop 13, can increase more than 2% of the assessed value year to year. The assessed value is determined by the County...
Can a Foreign National Get Financing?
A foreign national cannot get financing. FALSE! Someone who is not a US citizen and does not have a green card, can get a loan. With 35% down, no credit and no US income we can still get them financed. So, if you have a friend, client, or relative who wants to own...
You Can Only Use Your VA Benefit One Time. FALSE
I was just talking to a veteran who thought he was out of the game because he bought a home using his GI Bill in 1979. He was so happy to hear that if he paid off the loan in good standing he can get reinstated and use his VA again. He will pay a higher Funding Fee...