Mortgage Questions

Every question this site answers, grouped by topic, each linking to the page that answers it in full.

VA and Veterans 81

• Can I assume a loan and also borrow more?
• Can I buy a duplex with a VA loan?
• Can I buy a duplex with either loan?
• Can I buy a fourplex with a VA loan?
• Can I buy a rental property with it?
• Can I buy a rental property with this?
• Can I buy a two to four unit property?
• Can I buy one as a rental or second home?
• Can I buy with a friend or a sibling who is also a veteran?
• Can I get a VA loan with a partner I am not married to?
• Can I get the funding fee back?
• Can I really finance the repairs?
• Can I rent out the other units?
• Can I take cash out if I own my home free and clear?
• Can I use a VA loan for a condo?
• Can I use a VA loan if I have used one before?
• Can I use it to refinance?
• Can I use non traditional credit?
• Can I use the benefit more than once?
• Can I use this on a rental or a vacation home?
• Can you buy a mobile home with a VA loan?
• Can you get a VA loan for a modular home?
• Do I ever pay mortgage insurance?
• Do I have to apply for the exemption?
• Do I have to be a veteran to assume a VA loan?
• Do I have to live in the home?
• Do I have to live in the property?
• Do I have to pay the VA funding fee?
• Do I need a Certificate of Eligibility for an FHA loan?
• Do I need to use my full VA entitlement?
• Do I still avoid monthly mortgage insurance?
• Do I still have to qualify?
• Does a joint loan take longer?
• Does a VA loan have mortgage insurance?
• Does my DIC count as income toward qualifying?
• Does my VA entitlement change at a low score?
• Does my VA entitlement work the same on a manufactured home?
• Does the exemption reduce the fee or remove it?
• Does the FHA premium ever go away?
• Does the home have to be livable when I buy it?
• Does the home have to be on tribal land?
• Does the interest rate stay the same?
• Does the manufactured home have to be a double wide?
• Does the VA have a minimum credit score?
• How do I get a Certificate of Eligibility?
• How do I prove I am eligible?
• How is the amount available for repairs decided?
• How is this different from a standard VA loan?
• How long does an assumption take?
• How much cash will I need to close?
• I am a surviving spouse. Do I pay the fee?
• I am a veteran and my spouse is not. Is that a joint loan?
• Is assumption automatic if the seller agrees?
• Is the funding fee different on a manufactured home?
• Is there a limit on my VA loan?
• Is this the same as a regular FHA loan?
• My disability claim is still pending. Does that count?
• My husband and I were both on the VA loan and he has passed away. Can I refinance it?
• Someone is going on title with me but not on the loan. Does that matter?
• The loan was only in my late husband’s name. Can I still refinance it?
• We are both veterans. Does that make it a joint loan automatically?
• We are engaged and closing before the wedding. What happens?
• What credit score does the VA require?
• What documentation shows eligibility?
• What documents will you need?
• What does full entitlement actually mean here?
• What happens if the automated system declines me?
• What happens to the seller’s VA entitlement?
• What if I have used my VA benefit before?
• What if the home is in an HOA?
• What is a VA joint loan?
• What is residual income, and why does it keep coming up?
• What is residual income?
• What is the difference between the VA refinances?
• What kind of property can I buy?
• What terms are available?
• Which one should I choose?
• Who does not pay the VA funding fee?
• Who is eligible for Section 184?
• Who is exempt from the VA funding fee?
• Will the appraisal be a problem?

FHA 51

• Are you actually licensed in Hawaii?
• Can a family member be on the loan without living there?
• Can I build a rental or a vacation home with it?
• Can I buy a home that also needs work?
• Can I buy one as a rental or a second home?
• Can I do the work myself?
• Can I get help with the down payment?
• Can I pay off my second mortgage or home equity line at the same time?
• Can I refinance a rental property this way?
• Can I use this for a second home or a rental?
• Can my parent co sign to help me qualify?
• Can someone help me with the down payment?
• Did my old home have to be inside the disaster area?
• Do I close twice?
• Do I have to already have the lease?
• Do I have to own the land first?
• Do I have to rebuild on the same lot?
• Does a lower score mean a bigger down payment?
• Does FHA mortgage insurance ever go away?
• Does mortgage insurance apply?
• Does mortgage insurance still apply?
• Does my current loan have to be an FHA loan?
• Does the age of the home matter?
• Does the loan I am refinancing have to be an FHA loan?
• How damaged does the home have to be?
• How do I know if my area qualifies?
• How do I know if my county has a higher limit?
• How is this different from a standard FHA loan?
• How large can the loan be?
• How long do I have to own the home before I can refinance?
• How much money can I get back at closing?
• I took a partial claim during a forbearance. Can that be paid off?
• Is a modular home the same as a manufactured home?
• Is the appraisal different?
• Is the down payment any different?
• Is there a deadline to apply?
• Is this the same as a mobile home loan?
• Is this the same as Section 184?
• My loan was modified. Am I eligible?
• What costs are included?
• What happens if the automated system will not approve me?
• What if a borrower has no credit score?
• What if I want to refinance and repair instead?
• What is the difference between Limited and Standard 203(k)?
• What is the lowest credit score you accept?
• What kind of home can I build with this?
• What makes a manufactured home eligible?
• What rules apply where Section 247 is silent?
• Who is eligible for Section 247?
• Why can I not just use a normal FHA loan?
• Why is Texas excluded?

USDA and Rural 30

• Can I build a rental or a vacation home?
• Can I build a stick built house with it?
• Can I buy a duplex or a rental?
• Can I take cash out later?
• Can I use this on a brand new house?
• Do I need a new appraisal for a USDA streamline refinance?
• Do outbuildings cause a problem?
• Does it have to be my primary home?
• Does the land have to be in a rural area?
• How do I know if the property is in an eligible area?
• How do I know if the property qualifies?
• How is the repair work handled?
• How is this different from a standard USDA refinance?
• How long do I need to have had my USDA loan?
• How much land is too much?
• Is rural property harder to finance?
• Is USDA the same thing as a rural property loan?
• What are the income limits?
• What can I actually build with this?
• What if the home only needs cosmetic updates?
• What if the house has been mostly torn down?
• What is a USDA streamline refinance?
• What kind of manufactured home qualifies?
• What should I bring to the first conversation?
• What term is available?
• When does it become a normal mortgage?
• Who is eligible for a USDA streamline refinance?
• Why does the appraisal cost more?
• Why would I use this instead of the FHA or agency version?
• Will a private road stop the loan?

Home Equity and Second Mortgages 84

• Are there places this is not available?
• Are there tax consequences?
• Can a friend do this instead of family?
• Can I do this on a refinance instead?
• Can I get a HELOC if I am self-employed?
• Can I get a HELOC without an appraisal?
• Can I just take a new line of credit instead?
• Can I really put a second lien on a rental?
• Can I really take equity out of a vacation home?
• Can I refinance my first mortgage and keep my HELOC?
• Can I use it on a home I live in?
• Can I use it on the home I live in?
• Can I use it to buy a home?
• Can you get a HELOC on an investment property?
• Can you get a HELOC with bad credit?
• Can you reuse the appraisal from when I bought the house?
• Can you use a HELOC for a down payment?
• Do I have to refinance my current mortgage?
• Do I have to refinance my first mortgage?
• Do I need to document my personal income?
• Do you need an appraisal for a HELOC?
• Does a HELOC affect your credit?
• Does anyone come to my house?
• Does it avoid mortgage insurance entirely?
• Does it matter what I used the line for?
• Does it sit behind any first mortgage?
• Does it sit behind my existing mortgage?
• Does keeping the HELOC hurt my new loan?
• Does skipping the appraisal cost me anything?
• Does the first mortgage lender have to agree?
• Does the seller give me money?
• How does paying back a HELOC work?
• How far ahead should I start?
• How fast can I get pre-qualified?
• How is interest calculated on a HELOC?
• How is the payment calculated for qualifying?
• How is the size of the gift decided?
• How is this different from a home equity loan on a rental?
• How is this different from a normal HELOC?
• How large can the second lien be?
• How long do I have to own it first?
• How long does it take?
• How much can I borrow with a HELOC?
• How much can I borrow with a home equity loan?
• How much equity do I need for a HELOC?
• Is a HELOC a second mortgage?
• Is a HELOC the same as a home equity loan?
• Is a home equity loan the same as a HELOC?
• Is it available everywhere?
• Is it available for a purchase?
• Is it cheaper to just pay the HELOC off?
• Is there a minimum I have to draw?
• Is this a cash out refinance?
• Is this a line of credit?
• Is this available on an investment property?
• Is this the same as a HELOC?
• What about an investment property instead?
• What about down payment assistance seconds?
• What are the prepayment penalty options?
• What can I use a HELOC for?
• What can I use a home equity loan for?
• What can I use the money for?
• What coverage ratio do I need?
• What documentation do you need?
• What does piggyback actually mean?
• What does the draw period mean?
• What exactly is a gift of equity?
• What happens after the draw period ends?
• What happens when I check my options?
• What if my first mortgage rate is low?
• What if the automated value comes back too low or uncertain?
• What is a first lien HELOC?
• What is a HELOC draw period?
• What is resubordination?
• What paperwork is involved?
• Which loan programs accept it?
• Who has to agree?
• Why did my neighbor need a full appraisal and I did not?
• Why not just do a cash out refinance?
• Why not just do a cash-out refinance?
• Why would I consolidate a HELOC at all?
• Why would I want two loans instead of one?
• Will a HELOC affect my current mortgage?
• Will a home equity loan affect my current mortgage?

Refinancing 90

• Are there states where this is not available?
• Can I do a cash-out refinance after a forbearance?
• Can I do a rate and term refinance instead?
• Can I do this before the divorce is final?
• Can I do this on a property I am going to rent out?
• Can I do this on a rental or a second home?
• Can I do this on a rental property?
• Can I get a home equity loan or HELOC after a forbearance?
• Can I get cash out after my home was listed?
• Can I pay off just part of a loan?
• Can I refinance a second home?
• Can I refinance while my house is still listed for sale?
• Can I take cash out when I shorten my term?
• Can I take cash out with this option?
• Can I take extra cash out at the same time?
• Can I take out a home equity loan or HELOC instead?
• Can I use a home equity loan to pay it off?
• Can I use this on a home I live in?
• Can PMI be removed without refinancing?
• Can the property be in my LLC?
• Do I have to already be on title?
• Do I have to cancel the listing before I apply or before closing?
• Do I have to own the house for six months before I can refinance it?
• Do I have to prove I am going to live in the house?
• Do I have to take cash out?
• Do you have to refinance to get rid of PMI?
• Do you look at my income at all?
• Does a cash-out refinance replace my current mortgage?
• Does a duplex or a fourplex qualify?
• Does a forbearance show on my credit like a foreclosure?
• Does my payment have to go down as well?
• Does my payment history under the contract count as credit?
• Does my spouse’s student debt count?
• Does the divorce decree take my ex off the mortgage?
• Does the money come to me?
• Does the payment have to drop too?
• How do I buy out my brother and sister?
• How do I find out if Freddie Mac owns my loan?
• How do I know if Fannie Mae owns my loan?
• How is this different from a normal cash-out refinance?
• How long do I have to own the home first?
• How many appraisals will I need?
• How much can I clear?
• How much can I refinance?
• How much can I take out?
• How much cash can I take out?
• How much cash will I need at closing?
• How much debt can I consolidate?
• How much does my rate have to drop?
• How much equity do I need?
• I listed the house twice in the last year. Can I still refinance?
• I missed payments during forbearance. Am I disqualified?
• I own a duplex. Does that work?
• I own my house outright. Can I get a mortgage on it?
• I took a forbearance but never missed a payment. How long do I have to wait?
• I took the listing down two months ago. Is that a problem?
• Is a second home or rental eligible?
• Is this a normal cash out refinance?
• Is this a purchase or a refinance?
• Is this worth doing?
• My bank said no. Is that the end of it?
• My contract was never recorded. Is that a problem?
• Probate has not finished. Can we start?
• Should I move federal loans onto my mortgage?
• What about a two- to four-unit property?
• What about reserves?
• What can I use the cash for?
• What counts as the area median income?
• What do I actually do with the money?
• What if I have several student loans?
• What if my forbearance turned into a loan modification?
• What if my rate would only drop a little?
• What if the house is held in an LLC?
• What if the property was awarded to me in a divorce instead?
• What if the seller still has a mortgage on the property?
• What income limit applies?
• What is a land contract?
• What is a rate and term refinance?
• What is the difference between this and RefiNow?
• What paperwork do I need before I apply?
• What value do you use, the old one or the current one?
• What value will be used?
• Which debts can be consolidated?
• Why can I not just cancel the insurance?
• Why does the classification matter?
• Why is it called cash-out if I am not taking cash?
• Why would I shorten my loan term?
• Will I need a new appraisal?
• Will this replace my current mortgage?
• Would a home equity loan be simpler?

Self-Employed and Business Owners 57

• Am I eligible if I am self-employed?
• Are chiropractors eligible?
• Business account or personal account?
• Can I access equity with this loan?
• Can I buy a rental or a second home with it?
• Can I buy an investment property this way?
• Can I get a 1099 mortgage in California?
• Can I qualify with 1099 income?
• Can I qualify with bank statements?
• Can I use business accounts?
• Can I use it for an investment property?
• Can I use it to build a house?
• Can I use this as a resident?
• Can I use this for an investment property?
• Can my spouse use W-2 income on the same loan?
• Can you get a mortgage with 1099 income only?
• Do I have to provide tax returns?
• Do I need employment income?
• Do I need to prove my degree?
• Do I need to provide bank statements as well?
• Do I need to provide tax returns?
• Do I still need a profit and loss statement?
• Do I still need pay stubs and W-2s?
• Do I still need tax returns?
• Do you look at my tax returns at all?
• Do you need tax returns for a bank statement loan?
• Do you offer bank statement loans in San Diego and California?
• Does my employer have to fill it out?
• How are assets converted into a qualifying figure?
• How do bank statement loans work?
• How do you get a mortgage when self-employed?
• How do you qualify for a mortgage when self-employed?
• How is self-employed income calculated for a mortgage?
• How long do I need to be self-employed?
• How long does the statement need to cover?
• How many months of bank statements do you need for a home loan?
• How many months of statements do you need?
• How many statements do I need to send?
• How many years of 1099s do you need?
• I am not a U.S. citizen. Can I still apply?
• I have only been self-employed for a year. Does this work?
• Is a co-borrower allowed?
• Is the credit score requirement lower?
• Is this available on a jumbo loan?
• Is this available on a second home or a rental?
• What if I have several 1099s?
• What if my business account is shared?
• What is a bank statement loan?
• What is a written verification of employment?
• What is an expense factor?
• What kinds of assets count?
• Which degrees qualify?
• Which documentation option is right for me?
• Who has to prepare the statement?
• Who is a bank statement loan best for?
• Who is this actually for?
• Why would I use twelve months instead of twenty four?

Income and Employment 76

• Can a debt I pay off at closing be left out of the ratio?
• Can I buy a house with cryptocurrency?
• Can I go above fifty percent on an investment property?
• Can I qualify on retirement income alone?
• Can I really qualify before I start the job?
• Can I use crypto toward reserves rather than closing funds?
• Can I use interest income from the same account I am using for my down payment?
• Can I use retirement income for an investment property?
• Can I use RSU income on an FHA loan?
• Can I use RSUs for my down payment or reserves?
• Can I use variable income for an investment property?
• Can my spouse or partner be the boarder?
• Can rent from a roommate really count as income?
• Can trust income be my only source of income?
• Do dependents make it harder?
• Do I have to prove I am not the primary obligor?
• Do I have to sell it first?
• Do I need tax returns?
• Do I need to prove the income is untaxed?
• Do I need to verify employment?
• Do the rules change from one program to another?
• Does a USDA loan handle employment gaps differently?
• Does a verbal offer count?
• Does disability income count?
• Does every lender do this?
• Does every program use the same gap threshold?
• Does it help my residual income too?
• Does one late payment ruin the exclusion?
• Does overtime count the same as bonus?
• Does residual income replace the ratio?
• Does the explanation letter have to be signed?
• Does this work for an investment property?
• Does this work if I am changing jobs in the same field?
• How do I prove the two years before my absence?
• How do I prove they live with me?
• How early should I convert?
• How long do I need to have received commission income?
• How long do they have to have lived with me?
• How long does an employment gap have to be before I have to explain it?
• How much can Social Security be grossed up?
• How much RSU history do I need?
• How much will my income be grossed up?
• I am 62 and retiring next year. Should I buy now or wait?
• I am a first-time buyer. Can I use the expanded ratio?
• I bought a note from someone else. Is that different?
• I collect unemployment between seasons. Does that disqualify me?
• I hold a note from selling a property. Does that income count?
• I just finished school. Do I still need six months on the job?
• I just took a new job with a guaranteed bonus. Does it count?
• I rent out a converted garage. Is that boarder income?
• If I do not file a tax return, what rate is used?
• Is 6 months of payment history ever enough?
• Is this available on any loan program?
• Is this income eligible on a home equity loan?
• My commission dropped this year. Can I still use it?
• My divorce decree says my ex pays the house. What else do I need?
• My exchange account only shows a username. Is that a problem?
• My RSU income varies a lot year to year. Does that hurt me?
• They pay me through Venmo. Does that work?
• What counts as a compensating factor?
• What does grossing up mean?
• What if I do not have all twelve months of payments?
• What if I have already started?
• What if I work part-time or seasonally?
• What if my grant is from a private company that has not gone public?
• What if my income comes from a trust?
• What if my start date slips past 90 days?
• What if my trust pays a different amount each year?
• What is the catch?
• What is the highest debt-to-income ratio you can work with?
• What proves the exchange account is mine?
• What share price will you use?
• Where does the money have to sit once I convert?
• Which income qualifies?
• Who can and cannot make the payments for me?
• Will my paystubs be enough on their own?

Investment and Rental Property 71

• Are interest-only options available?
• Are loan amounts different for first-time investors?
• Are loan amounts different from a standard rental loan?
• Are there state-specific rules?
• Can a partnership or corporation hold title instead?
• Can I buy a house if I have never paid rent?
• Can I buy a rental property this way?
• Can I buy a rural rental with it?
• Can I buy an investment property in my LLC’s name?
• Can I get back more than I paid?
• Can I hold title in an LLC?
• Can I live in the property?
• Can I move my house into an LLC and refinance it?
• Can I really buy a rental with just an ITIN?
• Can I take cash out on a rental property?
• Can I use cash-out proceeds toward reserves?
• Can I use this for my own home?
• Can the tenant’s lease outrank my lender’s lien?
• Do I have to get the existing lease before I close?
• Do I have to show personal income?
• Do I need a lease in place?
• Do I need a long-term lease?
• Do I need investing experience?
• Do I need more reserves for each property?
• Do I need tax returns to qualify?
• Do I need to have owned a property for a while to refinance it?
• Do I need to live in the property?
• Do I need to own rental property already?
• Do I need to show tax returns?
• Do local rules affect eligibility?
• Do second mortgages have other limits?
• Do you finance short-term rentals?
• Do you review my personal income?
• Does every property get appraised?
• Does it matter how the properties are held?
• Does it work on an investment property?
• Does my primary residence count toward the total?
• Does the LLC need its own credit?
• Does the LLC protect me if the loan goes bad?
• How does qualifying work?
• How is it different from your ITIN home loan?
• How is short-term rental income documented?
• How is the rent counted toward my qualifying income?
• How many properties can I finance?
• How many properties do I need?
• How much can I borrow on an investment property?
• How soon after closing can I do it?
• I live with my spouse who owns the house. Does that count?
• I was told I was capped at ten. Is that wrong?
• Is it non-recourse?
• Is there a hard limit on how many properties I can finance?
• Is there a prepayment penalty?
• My parents are also giving me the down payment. Is that a problem?
• The tenant pays cash and there is no paperwork. Does that count?
• What changes on an investor program?
• What do I need to document?
• What does no ratio mean?
• What happens if one of the units is empty?
• What if I borrowed the money to buy it?
• What if my LLC is owned by another LLC?
• What if the lease pays more than the appraiser’s market rent?
• What is a DSCR loan?
• What is a rent-free letter?
• What is delayed financing in one sentence?
• What is the fastest way to get an answer?
• What is the limit on a home equity loan?
• What property types work?
• What should I tell you up front?
• Why did my lender say no when the deal was fine?
• Why not just take a normal cash out refinance?
• Will it cost me a higher rate?

Jumbo and High Balance 42

• Are non-warrantable condos really eligible?
• Can a first-time buyer use a jumbo purchase?
• Can I buy a second home with a jumbo loan?
• Can I finance investment property this way?
• Can I get a jumbo loan with less money down?
• Can I keep my money invested instead of putting it into the house?
• Can I qualify without showing much income?
• Can I take cash out of a second home?
• Can I use assets instead of income?
• Can I use cash-out proceeds as reserves?
• Can I use it for a second home or a rental?
• Can I use it for a second home or an investment property?
• Can my family gift me funds?
• Do you work with my CPA or wealth manager?
• Does that change the loan structure?
• Does the property have to be a single unit?
• How does asset utilization work?
• How does the bank statement option work?
• How is it different from a bank statement loan?
• How is it different from a jumbo loan?
• How long after a bankruptcy or foreclosure?
• How many months of reserves will I need?
• How much can I borrow on a jumbo purchase?
• How much do I need in reserves?
• I was declined by a big lender. Does that matter here?
• Is this a fixed rate loan?
• Is this only for a home I live in?
• Is this only for a primary residence?
• What are the 2026 limits?
• What credit score does it take?
• What does expanded prime actually mean?
• What is a high-balance loan?
• What is a jumbo loan?
• What loan amount does it go up to?
• What makes this different from a regular jumbo loan?
• What property types are eligible?
• What property types can I buy?
• What property types qualify?
• When does a purchase become a jumbo loan?
• Why do I keep getting declined when I clearly have the money?
• Why do the rules seem to change depending on who I ask?
• Will I need two appraisals?

Property Types 115

• Are there PUD situations you cannot finance?
• Can I build a new home in a flood zone?
• Can I build a new modular home with a construction loan?
• Can I buy a co-op as an investment property?
• Can I buy a flipped house with an FHA loan?
• Can I buy a fourplex as my first home?
• Can I buy a house from my parents?
• Can I buy a single-width home?
• Can I buy one as a vacation home?
• Can I do a cash-out refinance on a building I already own?
• Can I finance an investment condo?
• Can I finance it as an investment property?
• Can I get a HELOC or home equity loan on my modular home?
• Can I get a jumbo loan on a leasehold?
• Can I get a mortgage on a property zoned mixed use?
• Can I get an FHA loan on a leasehold?
• Can I have two of them?
• Can I live in one of the units?
• Can I take out a home equity loan on my leasehold home?
• Can I use a VA loan on a modular home?
• Can I use the rent from it to qualify?
• Can I waive the escrow for flood insurance?
• Can the ADU be bigger than the house?
• Can the same appraiser do the second appraisal?
• Can the seller pay off the solar loan at closing?
• Do I need a PUD Eligibility Letter?
• Do I need to show my personal income?
• Do I really have to live in the building?
• Do solar panels stop me getting a mortgage?
• Do these rules apply to conventional loans too?
• Do you also handle non-warrantable condos?
• Do you finance cooperatives?
• Does being in a flood zone make my home ineligible for a mortgage?
• Does modular work for a two-to-four-unit property?
• Does my converted garage count as living space?
• Does the board still have to approve me?
• Does the driveway really matter?
• Does the land have to be included?
• Does the price have to be full market value?
• Does this affect refinancing too?
• Does this apply to FHA and VA both?
• Does this work on a cash out refinance?
• How do I know if my townhouse is in a PUD?
• How do I know if the unit I am looking at qualifies?
• How does the rent from the other units help me?
• How far can HOA dues come ahead of the mortgage?
• How is a co-op different from a condominium?
• How is DSCR calculated here?
• How many years does the lease need to have left?
• How much can I borrow to build?
• How much flood insurance do I have to carry?
• I am buying a home that has panels. What should I do?
• I am buying a manufactured home in a flood zone. What is different?
• I am renting the house and the landlord wants to sell it to me. Does that count?
• I want to run my business from the property. Does that change things?
• Is a modular home harder to finance than a stick-built home?
• Is a PUD the same thing as a condo?
• Is a space heater enough?
• Is cash-out refinancing available?
• Is gravel acceptable for the driveway?
• Is the process different?
• Is the review process different?
• Is there a limit on how much of my income it can be?
• Is there a limit on my flood insurance deductible?
• Is there a standard definition?
• Is this a different loan program from a standard manufactured home loan?
• Is this available on a second home or rental?
• Is this different from a chattel loan?
• Is this the same as an investment property loan?
• My flood policy expires right after closing. Is that a problem?
• My house is detached but the title says condominium. Which is it?
• What about a building with a shop on the ground floor?
• What about a VA loan?
• What actually makes a home MH Advantage?
• What are the exceptions?
• What can I do if the property is still inside the window?
• What counts as accessible from the interior in a functional manner?
• What counts as an ADU?
• What does built in keeping with the main dwelling mean?
• What does primarily residential mean?
• What happens if I move out later?
• What happens if the space fails one of the tests?
• What happens if there are no other MH Advantage homes nearby to appraise against?
• What if my project is not warrantable?
• What if the sticker is gone?
• What if there is a lien for the panels?
• What insurance does the HOA have to carry?
• What is a leasehold property?
• What is a UCC filing and why does it matter?
• What is an identity of interest?
• What is an on-frame modular home?
• What is the ALTA 13.1 endorsement?
• What is the difference between owned and leased panels?
• What is the one thing that is not allowed?
• What kinds of manufactured homes qualify?
• What loan amounts are available?
• What makes a condominium non-warrantable?
• What makes a condominium warrantable?
• What makes a mixed-use property ineligible?
• What makes a unit a condotel rather than a regular condo?
• What rate structure is available?
• What reserves will I need?
• What should I send you first?
• What triggers a second appraisal?
• When does the ninety day clock start?
• When should I bring the relationship up?
• When should I raise it?
• Where do I find the HUD Data Plate?
• Which programs allow this?
• Who decides how the space is allocated?
• Who exactly counts as a family member?
• Why do so many lenders refuse condotels?
• Why is five units treated so differently from four?
• Will the appraiser use site-built comparable sales?
• Will the rate be different from a normal condo loan?

Credit and Eligibility 40

• Am I eligible if I am a veteran?
• Can I actually buy a house with DACA status?
• Can I buy a primary residence with this?
• Can I buy a primary residence, or only an investment?
• Can I buy a rental property?
• Can I buy an investment property?
• Can I combine it with down payment assistance?
• Can I get a home equity loan or HELOC with no score?
• Can I get an FHA or USDA loan?
• Can I get an ITIN mortgage in San Diego or California?
• Can I use it with an FHA or VA loan?
• Do I need a Social Security number?
• Do I need to be a US citizen to get a mortgage?
• Does it help me qualify for a larger loan?
• Does manual underwriting take longer?
• Does my visa type matter?
• How do I document my income?
• How do I get one?
• How long after a foreclosure can I buy?
• How many references do I need?
• I have no credit score. Does that force a manual file?
• I pay my landlord in cash. Does my rent count?
• If my spouse has a score and I do not, does that help?
• Is having no credit score the same as having bad credit?
• Is my credit score minimum different?
• Is there any program where it does not work?
• Is this the same as a foreign national loan?
• My card expires in four months. Should I wait?
• My lender said the automated system declined me. Is that final?
• What causes a file to be downgraded to manual?
• What counts as a housing event?
• What documentation does the lender need?
• What documents prove my status?
• What documents will I need?
• What if I have not been here two years yet?
• What is a mortgage credit certificate?
• What is an ITIN loan?
• What is the difference between permanent and non-permanent resident?
• Will my debt ratio have to be lower?
• Will utilities and cell phone bills count?

Buying a Home 89

• Are first-time buyers eligible?
• Can a family member abroad gift me the money?
• Can I buy a duplex with it?
• Can I buy before I sell my current home?
• Can I combine assistance with a gift?
• Can I combine this with an assistance program?
• Can I qualify if I’m self-employed?
• Can I qualify without employment income?
• Can I really use my business account for a down payment?
• Can I rent out my second home?
• Can I take cash out at the same time?
• Can I take cash out on a second home?
• Can I take cash out when I move up?
• Can I take cash out?
• Can I use it on a construction or renovation project?
• Can I use my 401(k) for a down payment?
• Can I use savings from another country for my down payment?
• Can I use the cash value of my life insurance policy?
• Can I use this to buy my first home?
• Can Saxton provide the homebuyer education course?
• Can someone gift me the money?
• Can the seller help with closing costs?
• Can they come off the loan later?
• Can we do this on a refinance?
• Do both of us have to take the homebuyer course?
• Do I have to be a first-time buyer?
• Do I have to cash out my retirement account?
• Do I have to sell my current home first?
• Do I have to use my own money for the down payment?
• Do my business partners have to know?
• Do the statements need to be translated?
• Do they go on the title as well?
• Do you offer adjustable-rate (ARM) options?
• Do you offer interest-only or adjustable-rate options?
• Do you provide the assistance yourself?
• Does a condo qualify?
• Does every borrower have to be a first-time buyer?
• Does HomeReady require homebuyer education?
• Does HUD housing counseling count instead of a course?
• Does it have to be a family member?
• Does it have to be converted to dollars?
• Does it work on a duplex?
• Does my 401(k) loan count against my debt ratio?
• Does this work for buying a rental property?
• How current does the appraisal have to be?
• How do HomeReady income limits work?
• How do I find out what I qualify for?
• How is this different from HomeReady or Home Possible?
• How is this different from the FHA or agency construction loans?
• How long does the money need to be here?
• How much can I borrow as a first-time buyer?
• How much can I borrow on a second home?
• How much can I borrow on my next home?
• How much can I borrow?
• How much do I need for a down payment?
• How much do I need to put down?
• How much does the homebuyer education course cost?
• How much of my balance actually counts?
• How much of the account can I use?
• How much will I actually need at closing?
• How recent do my account statements have to be?
• I am on a work visa. Does that change anything?
• Is the asset-based route only for primary residences?
• Is there mortgage insurance?
• Is this only for first-time buyers?
• Should I just move the money to my personal account first?
• What are the HomeReady income limits?
• What can I use this loan for?
• What counts as a second home?
• What credit score do I need?
• What does single close actually mean?
• What if I own less than a quarter of the business?
• What if my funds come from a sanctioned country?
• What if one of us has owned a home before?
• What if the lot has an unpermitted structure on it?
• What is the difference between HomeReady and Home Possible?
• What is the homeownership education requirement?
• What kinds of assistance can I use?
• What kinds of homes are eligible?
• What makes a property rural eligible?
• What proof do I have to turn in when I finish?
• What retirement and insurance assets are not allowed?
• When does it turn into a normal mortgage?
• When does the course have to be finished?
• Who can be a non occupying co borrower?
• Who qualifies for veteran financing?
• Whose credit is used?
• Why does my accountant have to write a letter?
• Will I have to pay mortgage insurance?

Closing Costs and Fees 49

• Are waivers available on FHA, VA, or USDA loans?
• Can a gift cover my reserves?
• Can anyone waive escrow?
• Can concessions cover my deposit instead?
• Can I add escrow back later?
• Can I get rid of it later like regular mortgage insurance?
• Can I request an appraisal waiver?
• Can I transfer an exterior only appraisal or an appraisal waiver?
• Can I transfer my appraisal to a new lender?
• Can I use a gift on a second home or a rental?
• Can I use a holdback for improvements I want to make?
• Can I use it on an investment property?
• Can I waive only part of it?
• Can my parents give me money toward a home?
• Can the seller really pay my closing costs?
• Does a waiver help if I am worried the value is low?
• Does a waiver mean the lender is not checking anything?
• Does it change my loan amount?
• Does it lower my monthly payment?
• Does it matter whether the home is a rental?
• Does my credit score affect whether the appraisal can transfer?
• Does this mean I have no mortgage insurance?
• How does the escrow get released?
• How long is a waiver good for?
• How much can the seller contribute?
• How old can the appraisal be when it transfers?
• I already paid for an appraisal. Can I switch to a waiver?
• Is it available on both agencies?
• Is it risky?
• Is there a debt-to-income limit?
• So which one is better?
• What documentation is needed?
• What does waiving escrow actually mean?
• What happens if my appraisal is more than a year old?
• What if the money is already in my account?
• What if the seller offers more than the limit?
• What is a CU score and does it affect a transferred appraisal?
• What is an escrow holdback?
• What paperwork documents the arrangement?
• What properties are eligible?
• What would make a property ineligible?
• When do I ask for this?
• When should I raise this?
• When should I tell you about a gift?
• Who has to order the appraisal for it to transfer?
• Who holds the money?
• Why did my neighbor get one and I did not?
• Why does title have to get involved?
• Why is more money held back than the repair costs?

Loan Structure and Terms 40

• Can I get an appraisal waiver?
• Can I get an ARM on an FHA or a non-QM loan?
• Can I use it on a rental?
• Can I use it to buy an investment property?
• Can I use one on a rental property?
• Can I use this on a refinance?
• Do all borrowers need a credit score?
• Do I have to plan the whole renovation up front?
• Do I qualify on the lower payment?
• Does it work on a condo?
• Does it work on a manufactured home?
• Does it work with a temporary buydown?
• Does the state I buy in matter?
• How is an ARM qualified?
• How is this different from an FHA 203(k)?
• How is this different from the standard interest-only option?
• How long can a buydown last?
• Is a 3/6 available?
• Is an extended term fixed the same as an interest-only loan?
• Is it available on rental property?
• Is it available on the no ratio rental program?
• Is the mortgage insurance the same as FHA?
• Is this the same as HomeStyle Renovation?
• Should I write my offer around this?
• What about a duplex I live in?
• What about a Texas home equity cash-out?
• What do the two numbers actually mean?
• What does after-improved value mean?
• What does extended amortization mean?
• What happens when it ends?
• What happens when the interest-only period ends?
• What improvements actually qualify?
• What is an interest-only loan?
• What stops the rate running away from me?
• When does an ARM make sense?
• When does the work happen?
• Which structures are available?
• Who actually pays for a buydown?
• Why does the appraisal work differently?
• Will I pay more interest over the life of the loan?

Legal and Ownership Situations 21

• Can I get a mortgage if my home is in a living trust?
• Can I rent it to a family member?
• Can I rent out my current home and still buy another?
• Can I use one on a cash-out refinance?
• Can someone else sign my closing documents?
• Do I have to take the property out of the trust?
• Does the state I live in matter?
• Does the state matter?
• Does this change which loans I qualify for?
• How much of the rent counts toward qualifying?
• I am deploying. What should I do?
• My spouse and I are both overseas. Can we both use one?
• They paid me in cash. Is that a problem?
• What about an irrevocable trust?
• What if the lease is written above market?
• What is an inter vivos revocable trust?
• What proof do I need that they paid?
• What will you need from me?
• When does a comparable rent schedule get ordered?
• When does the document need to be ready?
• Will a general power of attorney work?

Taxes and Debt 7

• Can I do this on an FHA or VA loan?
• Do I have to pay off my tax debt before closing?
• Do I need a history of payments on the plan?
• I have a federal tax lien. Is that the end of it?
• What about state or local tax debt?
• What is the difference between a payment plan and a tax lien?
• Will the payment plan hurt how much I can borrow?

Other Situations 27

• Are medical collections treated differently?
• Are there loans where every collection has to be paid?
• Can I buy a house without my spouse on the loan?
• Can I get a home loan if I am self-employed?
• Can I use child support to qualify for a mortgage?
• Can I use money from our joint account?
• Can support income be my only income?
• Do collection balances count in my debt-to-income ratio?
• Do I have to pay off my collections to get a mortgage?
• Does my spouse have to sign anything?
• How do I find out which loan I qualify for?
• How long do the payments have to continue?
• How much payment history do you need to see?
• How recent is too recent for a collection account?
• Is Saxton Retail Mortgage a lender or a broker?
• My child support ends in two years. Does it count?
• My ex pays but there is no court order. Can I still use it?
• We live in a community property state but are buying elsewhere. Does that matter?
• What about an IRS repayment plan?
• What credit score do I need to buy a home?
• What documents do I need?
• What if I have no credit score at all?
• What states does Saxton lend in?
• Which states does this apply in?
• Will my spouse be on the title?
• Will my spouse’s bad credit stop us?
• Will unpaid collections stop a VA loan?