Ask me anything! First up: what size mortgage loan can I qualify for?

What can you qualify for? I don't know.  How's that? Only a local mortgage person can tell you that after looking at your income (and how you earn it), your credit score, and your debt-to-income ratios.  I highly recommend selecting a local, direct lender or credit union.  Many online-only lenders will promise the moon and then not deliver.  You'll want somebody that you can go "live" with, who will be responsive to your calls and answer all of your questions.  If you'd like some lender recommendations, please visit the "Local Partners" page on my website at JudyGraff.com.  It's under the "Resources" tab.

Credit Unions for Mortgages? Yes

As you may have heard, some credit unions are getting into the mortgage lending game.  This is good for borrowers as credit unions are not-for-profit.  Have I tried out one of these credit unions as a lender on a property? No, and I am a little nervous that it may take longer to get the loan to go through than it usually does.  But back to the highlights:
- Credit union interest rates are a little bit cheaper than conventional lender interest rates.
- CUs are big on adjustable rate mortgages, although they have fixed-rate loans available, too.  ARMs haven't been popular in recent years, and most people prefer fixed-rate mortgages.  But in a time of rising values, I think there is no reason to fear ARMs -- once a property has equity, a borrower can refinance into a fixed-rate loan.
- Current CU lending guidelines say a buyer needs 10% down for an ARM, or 20% down for a fixed-rate loan.  The borrower's credit score needs to be pretty high, too.
- CUs will make loans on properties that other lenders won't touch.  For example, they will make loans on condos where the condo building's owner occupancy is low.
Note for 7/18/13: a Twitter contact says 5% down, 5/5 ARMs are coming soon to credit unions.

Speaking of condos with low owner occupancy, please check out my listing at 5227 Denny #101 in North Hollywood. It will be open this Sunday from 2 to 5.