We are answering all of your home loan questions today. Patricia Chavez is here to help us out.
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We are delighted to be joined today by Patricia Chavez of Pacific Funding Group. She is here to answer questions from some of our great viewers about home loans.
The first question comes from Linda, who wants to know if it’s possible to use two different types of financing (VA and conventional) on one loan. Sorry to say, but that is not actually possible. When you are applying for a VA loan, the only other person allowed on the loan is a spouse. If you want to apply jointly, you have to be married or do it through a conventional loan.
Another question we got was about individual programs available for move-up buyers. While there aren’t specific programs for these buyers, there are a number of different options you have in how to proceed. You can sell your current home and use the proceeds for a down payment. You can also rent your current home and use the rental income to qualify for your application.
Now, which institution will give you the best access to a loan? In our experience, it’s less about the institution than it is about the lender themselves. If the lender doesn’t do everything they need to do correctly, it can cause delays in your transaction. This could ultimately lead to you not being able to purchase the home.
When you’re hiring someone to help you with your loan, make sure you trust them. That will ease a lot of the stress. Part of Patricia’s approach that I found so helpful when she helped me with a loan was that she tries to address any potential issues up front. That way, once your file is in the process of being underwritten, we can proceed as smoothly and painlessly as possible.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.