Author: Ted Erickson

How the federal qualified mortgage rules work, what makes a loan non-QM, how to tell which one you have, and which to try first, from California broker Ted Erickson.

What a non-QM loan is, how it differs from a qualified mortgage, the main types (bank statement, asset depletion, DSCR) and the trade-offs, from California broker Ted Erickson.

Most guides to buying in Marin or Sonoma County talk about neighborhoods, schools and commutes. All important. But the deals that fall apart usually fall apart on the money: the wrong loan type, a pre-approval that was not really an approval, or a surprise in the insurance quote. Ted Erickson lives in Novato and has…

You have real money in the bank, in a brokerage account or in a retirement plan. What you do not have is a paycheck. Maybe you retired early, sold a business or live off investments. Traditional lenders look for monthly income, so they see you as someone with nothing coming in. An asset depletion mortgage…

When you need a mortgage, you have two basic choices. Go straight to a bank or other direct lender, or work with a mortgage broker who shops multiple lenders for you. Neither is always better. It depends on your situation. Ted Erickson has been a mortgage broker in Novato for 24 years, so take this…

California has real help for first-time buyers. The problem is that it is scattered across state agencies, joint powers authorities, counties and cities, each with its own rules and funding windows. Many buyers either do not know it exists or find out after they have already written an offer. Ted Erickson is a CalHFA-approved mortgage…

Getting a mortgage denial hurts, especially if you are already in escrow. But a denial from one lender is one lender’s decision, based on one lender’s rules. It is not a final verdict on whether you can own a home. Ted Erickson, a Novato mortgage broker with 24 years in the business, takes a “second…

Fix and flip loans and bridge loans solve the same core problem: you need money fast, for a short time, on a property a regular bank will not touch yet. Maybe the house needs a new roof and kitchen. Maybe you are buying your next property before the last one sells. Ted Erickson, a Novato…

You run a profitable business. Your accountant does a good job keeping your taxable income low. Then you apply for a mortgage and the bank says your income is too low to qualify. That is the most common problem self-employed borrowers bring to Ted Erickson, a Novato mortgage broker with 24 years in the business….

A DSCR loan lets a real estate investor qualify for a rental property mortgage based on what the property earns, not on personal income. No W-2s. No tax returns. The lender looks at the rent and asks one question: does this property pay its own bills? For California investors, that matters. Plenty of experienced landlords…