Answers by Antonio Cousin

You generally cannot borrow the down payment and hide it inside the mortgage. Mortgage lenders require the source of your down payment to be documented, and they review bank statements closely during underwriting. If the down payment is borrowed, the lender must count that new payment in your debt-to-income ratio, which can affect whether the loan is approved. There are a few legitimate ways buyers handle this situation: • Gift funds from family. Many loan programs allow a family member to gift the down payment with a signed gift letter. • Down payment assistance programs. Many states and local housing agencies offer grants or second loans that help cover the down payment. • Piggyback loans. Some buyers use an 80-10-10 structure. The first loan covers 80%, a second loan covers 10%, and the buyer brings 10% to closing. • Loans with less than 20% down. Many buyers put down 3–5%. This usually requires private mortgage insurance (PMI), but PMI is often less expensive than people expect and it can be removed later once enough equity is built. Also, just to clarify one common misconception: the extra cost when putting less than 20% down is not a tax. It is mortgage insurance, which protects the lender in case of default. After working with buyers for many years, I’ve seen many people delay buying because they think they need 20% down. In reality, many successful buyers get started with far less and build equity over time. The best next step is to speak with a lender and review the loan programs available in your area. You may find there are more options than you expect.

The first step is speaking with a local real estate agent before doing anything else. Many homeowners assume they should start by fixing everything, hiring contractors, or calling the bank. In reality, a good agent will help you decide what is worth fixing and what is not, which can save you a lot of money. When I meet with sellers, the first thing I usually do is review three key things: • Current market value of the home based on recent comparable sales • Simple improvements that may help the home show better without overspending • Estimated proceeds so you know what you will walk away with after paying off the mortgage and closing costs You do not need to contact the bank first. Your agent and the closing attorney or title company will request the mortgage payoff when the home goes under contract. You also do not need professional photos yet. Those are typically arranged by the listing agent once the home is ready to go on the market. Another important step many sellers overlook is understanding how selling your home affects your next move. A good agent can help you coordinate selling and buying so you do not feel rushed or stuck between homes. I have worked with homeowners for many years, and the sellers who get the best results usually start with a strategy conversation before spending money on updates. Often the house needs far less work than people expect. Start by interviewing one or two experienced agents in your area. A short consultation will give you a clear plan for the next steps. Good luck!

If a home has been on the market for a month with very few showings, that usually points to one of three things: pricing, exposure, or positioning. The fact that the property was entered in the wrong area on the MLS is a significant issue. Many buyers search by location first, so if the home was categorized incorrectly, a large group of potential buyers likely never saw it. A few things I would suggest reviewing right away: • Pricing. Even a well-updated home will sit if it is priced above what buyers perceive as market value. Buyers compare every listing online. • Online visibility. The home should appear correctly on the MLS, Zillow, Realtor.com, and other sites with strong photos and a clear description. • Showing activity. Low showing volume often signals that buyers are skipping over the listing before they ever step inside. Another concern you mentioned is the lack of feedback from showings. Most agents actively follow up with buyer agents after each showing to gather feedback and share that information with the seller. That feedback helps determine whether the issue is price, condition, or something else. Being a part-time agent does not automatically mean someone cannot do a good job, but selling a home requires consistent attention and marketing effort. Before making a decision to change agents, I would recommend asking your current agent for a clear plan that includes: • Correct MLS placement • A review of pricing compared to recent sales • A marketing strategy to increase exposure • Regular feedback from showings If you feel that those things are not being handled or you are not receiving clear communication, it may be worth interviewing another agent. In my experience, when a listing gets the pricing and exposure right, showings usually increase quickly. And once showings increase, offers tend to follow. Good luck!

Selling your first home can feel overwhelming, but the process is more straightforward once you understand the basic steps. When the home sells, the money from the buyer goes to the closing attorney or title company. From there, several things happen in order: 1. Your mortgage is paid off. The lender provides a payoff amount and that balance is paid at closing. 2. Closing costs and commissions are deducted. This includes things like agent commissions, title fees, and any prorated property taxes. 3. The remaining amount is your equity. That money is then wired to your bank account or provided as a check after closing. A few other things first-time sellers should know: • Pricing matters more than upgrades. Many homeowners assume they must renovate before selling, but often the right pricing strategy matters far more. • Prepare for inspections. Most buyers will order a home inspection, so be ready to address repair requests or negotiate credits. • Understand your timeline. If you are also buying another home, your agent can help coordinate both transactions so the timing works smoothly. • Know your estimated proceeds early. A good agent can prepare a net sheet showing roughly how much equity you will receive after all expenses. One more thing many first-time sellers do not realize is that homeowners who have lived in their property for at least two of the last five years may qualify for a capital gains tax exclusion on a large portion of their profit, depending on the situation. The best first step is to sit down with a local real estate professional who can walk you through the numbers and create a clear plan for selling and moving forward.

Yes, it is possible, but a 540 credit score will limit your options with most traditional lenders. Most banks and mortgage lenders prefer to see a minimum score around 580–620 for home equity loans or cash-out refinancing. At 540, many lenders will consider the credit risk too high even if the home is paid off. However, a few paths may still work. First, because you own the home free and clear, you have equity. Some smaller banks, credit unions, or portfolio lenders will still review the loan based on the property value, your income, and overall financial picture. Second, since you are a U.S. military veteran, it may be worth speaking with lenders who specialize in VA loans or veteran lending programs. While VA loans still require credit approval, some lenders who work heavily with veterans are more flexible. Third, another option some homeowners explore is a home equity agreement or private lending, though those should be reviewed carefully because the terms can be expensive. From my experience working in real estate and previously as a bank examiner reviewing lending practices, the first step I would suggest is speaking with a local credit union or community bank. They sometimes have more flexibility than large national lenders, especially when the home has no mortgage. You may also want to ask a lender what specific items are holding the score down. Sometimes a score can move from 540 to 580 relatively quickly by paying down balances or correcting items on the credit report, which can open many more lending options. Thank you for your military service, and I hope this helps point you in the right direction.

To place a home on the MLS (Multiple Listing Service), the property must be listed through a licensed real estate broker or agent who belongs to the local MLS. Homeowners cannot directly add properties to the MLS themselves because access is restricted to licensed professionals who are members of that system. You typically have two main options: 1. List the home with a real estate agent. This is the most common approach. The agent enters the property into the MLS, arranges professional photos, markets the home online, schedules showings, and negotiates with buyers. 2. Use a flat-fee MLS service. Some brokerages offer a limited service where they place the home on the MLS for a fixed fee while the owner handles showings and negotiations. This option still requires a licensed broker to submit the listing. Once a property is placed on the MLS, it is automatically syndicated to many major websites such as Zillow, Realtor.com, Redfin, and hundreds of brokerage websites. That exposure is one reason MLS listings tend to attract more buyers. After working in real estate for many years, I have seen that the MLS is still the primary marketplace where buyers’ agents search for homes, which is why getting a property listed there is so important when selling. If you are considering selling, a short consultation with a local agent can help you decide whether a full-service listing or a flat-fee MLS option makes the most sense for your situation.