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Can Get a Loan if You’re on a Fixed Income?
Myth Buster of the Week: True or False: Retired people, or people on fixed income cannot qualify for a Loan. False! It’s surprising to me just how many people think that being on social security or disability means you can’t get a loan. That is simply not true. As...
Can You Use an All Gift Downpayment?
Myth Buster of the week: You need your own savings to buy a home. Not true! Both FHA and FNMA allow for an all gift down payment. FNMA allows 5% up to $417,000. FHA allows it all the way to the max $625,500 (even on duplexes, however not on 3 and 4 units). So if your...
When Do You Have to Pay PMI?
Myth Buster of the week: When you have less than 20% down you HAVE to pay PMI. NOT true. When you have 10% down, you can borrow the difference (the other 10%) from the bank. We work with a couple of banks who will give you the difference needed for 20% down and have...