Rilian Ball

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Explaining Mortgage Options for Self-Employed Borrowers with Irregular Income

May 9, 2025 by Rilian Ball

Securing a mortgage can be challenging for self-employed borrowers, especially those with irregular income. Traditional lenders typically rely on W-2s and steady paychecks to assess financial stability, which can make qualifying more complex for business owners, freelancers, and gig workers. However, several mortgage options cater specifically to self-employed individuals, allowing them to secure financing based on alternative income verification methods. Challenges for Self-Employed … [Read more...]

Filed Under: Mortgage Tips Tagged With: Mortgage Options, Mortgages, Self-Employment

The Impact of Homeowners Associations (HOAs) on Mortgage Approval

May 7, 2025 by Rilian Ball

When purchasing a home in a community with a Homeowner’s Association (HOA), it’s important to understand how this organization can impact your mortgage approval. While HOAs provide benefits like maintaining neighborhood amenities and enforcing community standards, they also add financial obligations that lenders consider when evaluating your loan application. How HOA Fees Affect Mortgage QualificationMortgage lenders assess a borrower’s total debt-to-income ratio (DTI) to … [Read more...]

Filed Under: Mortgage Tips Tagged With: HOAs, Mortgage Approval, Mortgages

Should You Use a 401(k) for a Down Payment?

April 30, 2025 by Rilian Ball

Buying a home is a major financial milestone, and saving for a down payment can be one of the biggest challenges. If you’re struggling to gather the necessary funds, you might be considering using your 401(k) retirement savings to cover the cost. While this option is available, it’s essential to weigh the potential benefits and risks before making a decision. How Can You Use a 401(k) for a Down Payment?There are two primary ways to access funds from your 401(k) for a home purchase: … [Read more...]

Filed Under: Mortgage Tips Tagged With: 401k Loans, Down Payment, Mortgages

What Percentage of Your Income Should Go Toward a Mortgage?

April 29, 2025 by Rilian Ball

When buying a home, one of the most critical financial decisions is determining how much of your income should go toward your mortgage. Striking the right balance ensures that you can comfortably afford your home without stretching your budget too thin. Lenders use various guidelines to help buyers determine affordability, but personal financial goals and lifestyle should also factor into the decision.General Mortgage Affordability GuidelinesA common rule of thumb is the 28/36 rule, which … [Read more...]

Filed Under: Mortgage Tips Tagged With: DTI, Mortgage Payments, Mortgages

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Rilian Ball


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NMLS # 202687

Call: (559) 697-5322
info@firstcg.com

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Rilian Ball
NMLS # 202687

Company NMLS: 35960
www.nmlsconsumeraccess.org

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