Frequently Asked Questions
What’s the difference between a loan officer and a financial advisor, and why should I work with someone who does both?
As a licensed loan officer and financial advisor, I help you see the full picture—not just getting you a home loan, but making sure it fits into your long-term financial goals. Most lenders only focus on the mortgage. I look at your credit, income, and future retirement so that your home becomes part of a solid wealth-building strategy.
How can I qualify for a home loan if I’m self-employed or own a cash-based business?
Traditional loans can be tricky if you’re self-employed or run a cash-heavy business. That’s why I offer flexible programs like the 2-month bank statement loan, which lets us use your bank deposits instead of tax returns. It’s perfect for business owners, hairstylists, rideshare drivers, and anyone who doesn’t get a regular paycheck.
What financial steps should I take before buying my first home?
Start by checking your credit, saving for a down payment, and getting pre-approved with a loan officer (like me!). I’ll also help you understand how much home you can afford and build a personalized plan so you’re financially ready—not just for the purchase, but for the future.
Do I need to have perfect credit to qualify for a mortgage?
Not at all! Many programs are designed for buyers with low credit scores, and I work with lenders who are flexible. I’ll help you find the right loan and also give you credit-building tips so you’re in the best position possible when it’s time to buy.
What’s the best loan program for first-time homebuyers in California?
California offers several first-time buyer programs with down payment assistance, low interest rates, and flexible guidelines. Depending on your income, location, and credit score, we can explore options like CalHFA, FHA, or even conventional loans with just 3% down.
Can I buy a home with just 2 months of bank statements?
Yes! My bank statement loan program allows qualifying buyers to submit only 2 months of statements instead of the usual 12–24. This is great for self-employed or 1099 workers who have strong deposits but don’t show a lot of taxable income.
How does homeownership help build generational wealth in Latino communities?
Buying a home is one of the most powerful ways to build equity and pass on financial security to future generations. As a Latina professional, I’m passionate about helping our community close the wealth gap through homeownership, investing, and smart financial planning.
Is now a good time to buy a house, or should I wait for interest rates to drop?
Timing the market is tough, but building equity now can often outweigh waiting for perfect rates. I help my clients weigh their current finances, goals, and the pros of refinancing later. Sometimes waiting costs more in rent or rising prices. Let’s review your situation and make the best move for you.
What should business owners know before applying for a mortgage?
Business owners often write off income on taxes, which can make qualifying tricky. That’s why I offer non-traditional loan options that use your actual cash flow—not just your net income. With just 2 months of bank statements, you could be closer to a home loan than you think.
How much should I save for a down payment?
It depends on your loan type. Some programs allow as little as 3% down, or even 0% with VA or USDA loans. I’ll show you the numbers based on your goals and even help you find down payment assistance if you qualify.
What’s the difference between pre-approval and pre-qualification?
Pre-qualification is an estimate. Pre-approval is a real, verified letter from a lender showing sellers you’re serious. I’ll walk you through both and get you pre-approved quickly so you can start shopping with confidence.
What if I’ve been denied for a mortgage before?
Don’t stress—it’s more common than you think. I offer second-look services and help clients create action plans to improve their financial profile. You might just need the right loan program or a few small tweaks to qualify.
Can I get financial advice even if I’m not ready to buy yet?
Absolutely! Whether you’re a year away or just getting started, we can create a financial roadmap together. I work with clients on budgeting, credit, and investing so they’re prepared and confident when the time comes.
What makes working with Eva Melgarejo different from other loan officers?
I bring both heart and strategy. With a background in community work, a Master’s in Financial Planning, and a record of helping over 350 families, I don’t just close loans—I guide clients through life-changing decisions with clarity, culture, and care.
