All Forum Posts by: Eric Kump

Hey Shawn, I am a loan officer with VIP mortgage and may be able to help give some insight. Conventional and FHA loans require 2 years tax returns. You may be able get away with one in a conventional loan if the business has been around for atleast 5 years and you are showing enough income.

There are other loan products that only look at down payment, credit score, and assets to qualify you, and do not take into account a debt to income ratio. Feel free to message me with any more questions! 

Hey Joe, I bought my STR (airbnb property) about a year ago and relied on Airdna for rent data. I was actually just thinking about airdna this morning and how it seemed to paint a better picture then what I am currently seeing.

There are alot of factors that go into STRs these days. It seems that the Boom is over for most as there are very saturated markets, let people working remotely, amongst other factors. I am in Arizona and will probably give it one more year. 

I agree I think a house hack is a smart way to go. You can put as little as 3% down as a first time homebuyer so use it to your advantage! I'm not sure what your budget is but that is $7500 on a 250k house. The sooner you can get into a home the sooner you break the cycle of paying rent and someone elses mortgage :-)

I am licensed in Oregon and can do mortgage loans there. I am a loan officer with VIP mortgage. Let me know if you have any home loan questions!

Hey Stephan! I am a local lender, I work in Gilbert at VIP Mortgage. I'd love to connect with you and help out on your journey in any way possible :-)

Hey Francisco, 

If I were looking for land the first place I would go would be Zillow or Realtor.com. I would also recommend making an MLS listing if you havent already and post it on facebook pages. There are dozens of open house pages you could post it on, or AZ real estate pages for regular buyers and investors.

Hey Mason, I would recommend using down payment assistance if you have a steady income but do not have a down payment saved up and you feel that you would have a hard time coming up with atleast 3% in the coming months. 

The downside is that you will most likely get a higher interest rate (which sucks right now since rates are already high) and alot of times you would either need to repay the down payment assistance if you were to refinance or sell in under 3-5 years. 

With that being said, I expect anyone buying a home to refi in the next 1-2 years when rates drop. So you wouldn't potentially hurt yourself by not being able to drop your interest rate and payment in the future if you could afford the down payment yourself. 

Feel free to message me with any questions! I am local loan officer in AZ, I am at VIP Mortgage in Gilbert.

I can do doctor loans, I am an AZ Local and a loan officer at VIP Mortgage in Gilbert. Feel free to let me know if you have further questions!

Hey Brian, you have a few options to pull out equity but I think the cash out refinance would give you the most peace of mind. You can have a fixed interest rate that wont fluctuate if you end up being in this loan for longer then you would like. If you opened a Heloc, you would be subject to a variable rate, which of course could increase over time. If something crazy were to happen in the economy and your home lost alot of its value then the bank could either freeze the line of credit or worst case scenario even call it due. The benefit to the Heloc is that you wouldn't need to take out everything at once. You would get all the money at once with the cash out refinance. 

Which ever option you end up doing will hopefully be short term, I expect interest rates to drop in the next 1-2 years in which you should be able to refinance and drop your payment and interest rate on either loan option.

Feel free to message me with any questions. I am a loan officer at VIP Mortgage and am licensed in California. I'd be happy to get you a quote. 

Hi Myla, I do have a home equity loan available that goes up to 90% LTV. How much equity do you have in the home? Income would need to be verified. Feel free to message me if you want more info on this. I am a loan officer at VIP Mortgage.

Hey Josh! I'm not a realtor but I do have relationships with a couple in the East Valley. I grew up in Gilbert and live in East mesa now. I'd be happy to give you some info for a couple great brokerages. Feel free to message me and I can get you more info.