Credit Repair for Veterans: VA Credit Help

According to a recent study, veterans are more likely to have credit issues than civilian borrowers. While your credit score may seem like just another financial number you have to worry about, it’s crucial for obtaining a loan or opening a credit card. Unfortunately, most of us will require various loans throughout our lives. The

Letter of Explanation

If you are going through the process of applying for a mortgage, you understand that you might be asked for certain documentation. For example, your lender will ask for information about your financial situation, the various debts you carry, and where your income is coming from.  To get a better financial picture, they might even

VA ARM Loans: What Are They & How Do They Work?

VA loans allow eligible veterans, active duty service members, and surviving spouses to purchase or refinance a home with a zero percent down payment, competitive interest rates, and more flexible lending requirements. When you apply for a VA loan, you have two options: adjustable-rate vs. fixed-rate mortgages. Each has its pros and cons and is

No-Income Verification Mortgage: Guidelines & Considerations

Purchasing a home is the most significant and fulfilling transaction most people will make in their lifetimes. But first, you have to qualify for a mortgage. And if you have unsteady income, non-traditional sources of income, less-than-perfect credit, job instability, or any potential problems verifying your income, it can seem all but impossible.  Fortunately, no-income

VA Loan Guaranty: What You Need to Know

A VA loan can help you secure financing for a primary residence with more flexibility. VA loan lenders typically have less stringent lending criteria, with lower credit scores and higher DTIs accepted and a zero percent down payment. VA loans are only available for eligible veterans, active duty service members, and surviving spouses. However, understanding

VA Jumbo Loans Explained

Veterans, active-duty service members and surviving spouses may be eligible for VA jumbo loans, a combination of a VA loan and a jumbo loan that exceeds conventional loan limits.  VA loans no longer have limits if you have full entitlement, so you won’t have to pay a down payment, and the Department of Veterans Affairs

VA Loan for a Second Home: Everything You Need to Know

Eligible active duty service members, veterans, and surviving spouses can take advantage of the many benefits of the VA loan, including zero down payment, competitive VA loan rates, and more flexible lending criteria.  VA loans have helped many people who wouldn’t normally qualify for a traditional home loan achieve their dreams of homeownership. However, while

How Many Times Can You Use a VA Loan?

A VA loan can help you achieve your dream of homeownership with more flexible lending criteria. However, these loans are only available for eligible veterans, active duty service members, and surviving spouses. If you’ve used your VA loan before or are considering using your entitlement to purchase your first house, you might wonder, “How many

How to Get a VA Loan After Bankruptcy

Buying a house after filing for bankruptcy can be difficult, but it’s still possible. Likewise, getting a VA loan after bankruptcy may be easier than other types of loans, but it’s still challenging.  Your VA home loan eligibility after bankruptcy will typically depend on the type of bankruptcy, the reason for filing for bankruptcy, and

VA Certificate of Eligibility: A Complete Guide

If you’re interested in applying for a VA loan, you’ll need your Certificate of Eligibility (COE). This form is crucial for helping lenders determine your eligibility and remaining entitlement to ensure you not only qualify for a VA loan but can afford one with zero down payment required.  VA home loans help eligible active duty

Do VA Loans Require Earnest Money?

VA loans help eligible veterans, active duty service members, and surviving spouses secure financing for a primary residence. However, if you’re actively shopping for a house, you might have heard the term “earnest money.” Maybe it came up with your real estate agent, or sellers have asked for an earnest money deposit from interested buyers. 

Can You Buy a Foreclosure With a VA Loan?

Foreclosures often allow buyers to purchase a home under its current market value. Since lenders and banks don’t want to hold onto foreclosed properties, they’re typically motivated to sell, giving buyers more bargaining power.  Of course, foreclosed homes may need repairs because they’re often sold as-is. However, it might be well worth it to save

Preparing a Proof of Funds Letter for Your Mortgage

When shopping for your dream home, sellers want to know you’re someone they can trust. Unfortunately, buyers often sign purchase agreements only for the sale to fall through due to a lack of funding. This happens when buyers agree to purchase a home only to discover that they don’t qualify for a loan or amount.

No Doc Loans

Traditional mortgages have stringent lending requirements. Lenders verify your income in several ways, including reviewing pay stubs and W-2s. But what happens if you don’t have those documents? Many borrowers are self-employed, retirees, and business owners who don’t get these documents because they’re not employees of a single company. Instead, they might run companies or

Portfolio Loans: Understanding the Basics

Qualifying for a conventional mortgage can be challenging for many types of borrowers, including real estate investors, retirees, and small business owners. Luckily, several loan options are available for purchasing a home. If you’re having difficulty securing a home loan, a portfolio loan might be the right option for you. Understanding how they work can

Using a VA Loan For Investment Property

Investing in real estate is a great way to build wealth over time, and a VA loan may help you purchase investment property. If you’re a service member, veteran or surviving spouse, you may have heard you can only use your VA entitlement to purchase a primary residence. While the VA restricts what you can

Bank Statement Loans for Self-Employed Homebuyers in San Diego

As a self-employed individual in San Diego, obtaining financing to buy real estate can be challenging. However, the growing community of entrepreneurs, business owners, gig-workers, and self-employed individuals in San Diego can access alternative financing options such as Bank Statement Loans to make their dream of homeownership a reality.   KEY TAKEAWAYS Self-employed individuals face

San Diego Real Estate Investing

Real estate investing can be a profitable and reliable way to build wealth over time, and San Diego is no exception to this rule. Over the past several decades, San Diego has seen a steady increase in home prices, making it an attractive market for real estate investors. According to Zillow, the median home value

How to Get Approved For a Home Loan

Most people know that if they want to buy a house, they’ll need to take out a home loan. However, not everyone knows how to go about that. They don’t know how to get a mortgage or the necessary requirements for getting approved for the loan.  Getting a home loan is fairly straightforward, but you’ll

Can My Spouse Use My VA Loan Without Me?

You may qualify for the VA home loan if you’re a veteran, active duty service member, or surviving spouse. The VA loan offers members unique benefits that allow them more flexibility in the approval process. For example, VA borrowers can expect lower (or no) down payment requirements, credit score flexibility, and more competitive interest rates.

Understanding VA Loan Closing Costs

If you’re an eligible veteran, active duty service member, or surviving spouse you may qualify for a VA home loan backed by the US Department of Veterans Affairs (VA). VA loans offer many advantages compared to traditional loans. For example, they offer no down payment required, no private mortgage insurance (PMI) for putting less than

DSCR Loan vs Conventional Loan

If you are a new or seasoned real estate investor, it can be difficult to qualify for traditional forms of financing, such as conventional loans for first-time buyers. Fortunately, investors can use alternative financing options if a potential investment doesn’t qualify for a conventional home loan. One such option is the debt service coverage ratio

VA Funding Fee

VA loans are available to active-duty members of the military and veterans. With a VA loan, you can secure a home loan with a relatively low interest rate without supplying a down payment or paying private mortgage insurance (PMI). While these benefits are certainly nice, there is a price attached to them. That is where

What Is the Minimum Credit Score for VA Loans?

The United States Department of Veterans Affairs provides a valuable home loan benefit to current service members, veterans, and eligible surviving spouses. VA loans are often easier to secure because the approval criteria and lending qualifications tend to be less restrictive than other available types of mortgage loans. The VA offers, through a network of

The Benefits of VA Loans

Qualifying veterans, active-duty service members, and surviving spouses may be eligible for VA loan benefits that can help them get into their dream homes, such as zero money down, lower interest rates, and more flexibility.  VA home loans were created in the 1940s and have drastically changed over the last 70-plus years as they have

What Is a Good Debt Service Coverage Ratio?

Real estate investors seeking an investment property loan should consider their debt service coverage ratio (DSCR) to measure their cash flow and ability to pay debts. Lenders can use a borrower’s DSCR to determine their ability to repay the loan based on cash flow rather than income or job history.  DSCR loans, also known as

Home Affordability Calculator

Becoming a homeowner is a big step, and you must be financially prepared. Asking yourself, “How much house can I afford?” can help you determine whether you’ll qualify for a loan based on income, debt obligations, down payment, housing expenses, available funds, loan terms, and more.  Use our home affordability calculator to help you determine

HELOANs for Self-Employed Homeowners

Home equity loans, also known as HELOANs or second mortgages, can be a great way for self-employed borrowers to pull cash out of their property and use it for a variety of purposes, such as consolidating debt, making home improvements, or funding a business venture. However, for self-employed borrowers, the process of qualifying for a

DSCR Loans in New York

A debt service coverage ratio (DSCR) loan is a type of commercial loan that is typically used for investment properties. For lending purposes, the DSCR is a financial ratio that compares a property’s gross rental income to its debt service (i.e. mortgage payments). The higher the DSCR, the more income the property generates relative to

FHA Loans for First-Time Home Buyers

FHA loans for first-time home buyers make it more affordable for aspiring homeowners to purchase a home. The Federal Housing Authority (FHA) was established in 1934 as part of an effort to make homeownership more affordable for buyers that meet specific criteria. An FHA home loan for first-time home buyers is insured by the federal

VA Loans for First-Time Home Buyers

Serving your country in the military can make you eligible for a VA loan, a home financing option that comes with a number of valuable benefits. That’s why we encourage both present and former service members to consider VA loans as they weigh their home financing options.  VA loans for first-time buyers can potentially save

Types of Home Loans

If you are interested in purchasing a home, there is a good chance that you will have to take out a mortgage. Not a lot of people can purchase a home with cash, but thankfully there are multiple types of mortgage loans to choose from. It is important to think about the different types of

DSCR Formula and Calculation

“No tax returns needed! No income verification! Use your rental income to finance your investment properties!” Have you seen ads promising easy funding from DSCR loans? In truth, there is nothing magical about the DSCR (debt-service coverage ratio). But it’s an important measure of the financial stability of a real estate investment project and your

Earnest Money

If you are interested in purchasing property, you may have to take out a loan. There are different types of loans available, including FHA loans, investment property loans, and even a VA home loan. At the same time, before you can purchase the house, you may be required to place an earnest money deposit. If

Escrow Explained

If you are thinking about applying for a home loan, there is one word that is going to come up over and over again: escrow. So, what is escrow in a mortgage, and what do you need to know about mortgage escrow? There are some situations where this could be beneficial, and there are other

February Market and Company News!

Jobs report gives Fed green light for more rate hikes The Federal Reserve is almost certainly raising interest rates in March. The only question now is by how much. The strong January jobs report is the last piece of evidence the Fed needs to show that inflation pressures are not going away anytime soon. With

November News

High home prices could drop in November as mortgage rates increase, economist says Home prices are rising, though not at the same record pace as earlier this year. As a result, economists say both homebuyers and homeowners should expect substantial home value increases annually, but decreases month-over-month toward the end of 2021. “The typical home

Welcome To October!

HOME EQUITY HAS HIT A RECORD HIGH. As home prices continue their rapid rise, many Americans are sitting on a pile of equity in their homes.  Homeowners with mortgages gained $2.9 trillion in equity in the second quarter of 2021, a 29.3% year-over-year increase, according to a new report by CoreLogic.  This marks an average gain

Avoiding PMI Costs With a VA Loan

When looking into VA home loans as an option for purchasing or refinancing your home, one of the many questions on your mind might be “What are VA loan benefits?” More specifically, you may be asking yourself, “Do VA loans have PMI?”. During your home loan research, you may have taken note of how PMI,

VA Loans vs Conventional Loans

VA loans are special home loans available only to veterans and active duty service members. They’re popular among those in the military because they boast lower interest rates than conventional mortgages often offer, and sometimes come with the perk of no down payment and more flexible credit requirements. However, before you rush to get a

How to Apply for Your First VA Loan

If you are a veteran looking to buy your first home, you may qualify for a VA Home loan. Most members of the regular military, veterans, reservists, and National Guard are eligible as well as surviving spouses of military members who died while on active duty or as a result of a service-connected disability. Are

Buyer’s Market

The real estate market has officially become a ‘buyers market’ in some areas of the country and within some areas of your town. Remember, corrections happen regionally based on the local economy while crashes happen nationally/globally. This is not a crash, it is simply the end of a cycle and is part of the normal

Breaking: Real Estate Inventory Low

America’s luxury home market is facing an inventory shortage but it’s not as deep or severe as the one in the wider housing market. Redfin says that inventory of homes priced $1 million or more was down 20.4% in the first quarter of 2018 compared to a year earlier, pushing prices in the luxury sector

Why Are Millennials Money Hungry?

Millennials have consistently been the butt of jokes in the last decade. Many older generations criticize millennials for not preparing for their future or being lazier than previous generations. But these stereotypes are largely inaccurate. In fact, 63 percent of millennials are saving their money, according to Bank of America’s Better Money Habits millennial Report.

Buyer Beware: 3 Tips For First-Time Buyers

Buying your first home in the San Diego market can be difficult, especially for a young family just getting started. Before you decide to go house hunting, read up on these tips shared by third generation realtor and local San Diegan, Teevan McManus of Lyons Realty. Pick the right lender and get pre-approved. Getting a

Millennials Continue to Shake Housing Market

Millennials Leading the Way Millennials are increasingly entering the housing market as first-time buyers and are expected to lead the growth in new home buyers too, the National Association of Home Builders reports from its analysis of Census data. The overall homeownership rate of millennials is at 36 percent, which is the largest gains among all

Today We Celebrate National Flag Day

Each year, the United States celebrates Flag Day on June 14. Never has a piece of decorated cloth inspired so much pride, patriotism, and even controversy, than our American Flag. The history of Flag Day dates back to 1885, when it is believed school teacher BJ Cigrand arranged for the pupils in the Fredonia, Wisconsin Public

Student Loan “Cash-Out Refinance”

The new changes Fannie has put into place will waive the increased fees & higher interest rates associated with “traditional cash out” refinance transactions. Mortgage Lenders (including Griffin Funding) have changed how student debt is calculated by accepting the student loan re-payment amount listed on the clients credit report. Previously, lenders were required to factor in 1% of

Mortgage Closings Keep Getting Quicker

The time it takes to close all loans (both purchase and refinance) fell to 42 days in April, down from 43 days in March and a substantial drop from the beginning of 2017 when the average was 51 days in January. Although refinances are still closing faster than purchases, purchase originations continue to rule the market. This past month, refis

Homeownership Most Often Delayed By Downpayment Confusion

According to a survey by by Genworth Mortgage Insurance, misperceptions about downpayments are deterring what would be homeowners from purchasing their first home. They found that a majority of borrowers still believe that it is a requirement for purchasing a home. Even the many prospective borrowers who know that a 20 percent downpayment is not mandatory still think it would be difficult to

New Products and 2017 Predictions

The mortgage industry is going through a lot of changes right now. It’s always a good idea to review your situation at least once a year. We can set a free consultation to ensure you are on track. Give us a call at 888-721-0003 or request a consultation on the right hand side of this page. New Products at

Top 4 Benefits of VA Loans

Veterans are able to receive home loans backed by the government at a lower rate than the general public. As conventional loan rates begin to creep back up, VA loans get even better. Here are the top four benefits of a VA loan. Payments Are Lower No mortgage insurance and lower interest rates than conventional

Shelter to Soldier Partnership

Graham Bloem, Founder of Shelter to Soldier (STS) and William Lyons, CEO of Griffin Funding, are pursuing the goal of being able to underwrite the cost of rescuing and training three shelter dogs and matching them with participating veterans by the end of this year. STS is a San Diego-based 501(c)(3) non-profit organization that rescues