Buying and Selling a Home

Can a borrower sign an inspection waiver? How long does usually it take to send an inspector to a property?

In 2022, inventory was at rock bottom and buyers were facing intense competition with multiple offers, bidding wars, and homes disappearing in just a couple of days.

I put together a short video walking through how things have shifted since then. The data shows:

• The pre-pandemic range from 2017 to 2019, when inventory was more balanced
• The February 2022 low point at about 346,000 homes for sale
• Where we stand today, with just over 1.1 million homes on the market, which is more than three times higher than the 2022 bottom and about 25 percent higher than last summer

This trend is moving us back toward pre-pandemic levels, which means more options and more negotiating room for today’s buyers.

You can watch the full breakdown below.

https://www.youtube.com/shorts/pGxVcOPkJ1s

Should I get section 8 or market rent tenants for my investment properties? What are the pros and cons having tenants with section 8 vouchers or market rent tenants?

This flyer below is what our ITIN loans. It compares are different investor criteria. Here are some quick highlights.

• Loan-to-Value (LTV) Options: Multiple tiers available, such as 80% LTV (ALT/80LTV-FULL/85LTV), 75%, and 70%, depending on program type and borrower profile.
• Credit Score Requirements: Minimum FICO scores start at 640 for the WHITE program and 680 for the BLUE program.
• Loan Amounts: Minimum loan amounts are $125,000 (WHITE) and $150,000 (BLUE), with maximums up to $2,500,000 (WHITE) and $1,500,000 (BLUE).
• Income Documentation: No WVOE (Written Verification of Employment) or P&L (Profit & Loss) required for WHITE; DSCR (Debt Service Coverage Ratio) only for BLUE.
• Reserves: Reserve requirements vary, with 6 months typically required.
• Down Payment: Minimum borrower contribution is 5% for primary, 10% for second homes in WHITE; 3% in BLUE.
• Occupancy: Lease allowed up to 120% with proof.
• Geographic Restrictions: Some overlays apply in states like FL, NY, NJ, IL, CT for BLUE.
• Other Features: No mortgage insurance, flexible documentation, and options for both primary and investment properties.

These highlights make the program attractive for borrowers seeking flexible qualification and higher LTVs, especially those who may not meet traditional documentation requirements. For full details, see the attached one-pager.

APB Wholesale: Powering Your Non-QM Success

Key Highlights:

• Lightning-Fast Turn Times: Get decisions in as little as 24 hours!
• Streamlined Approvals: Approval with a simple Skinny File submission.
• Maximize Portfolio Potential: Cross-collateralize up to 25 properties!
• Rural Opportunities: Financing for non-agricultural rural properties.
• Versatile Mixed-Use: DSCR options for 2-8 unit mixed-use properties.
• Flexible Income Docs: P&L accepted with PTIN certified preparer (non-CPA).
• Specialty: Financing available for Condotels and Non-Warrantable Condos.
• Expanding Reach: We work with ITIN borrowers.

Exciting News on the Horizon!

Stay tuned for our upcoming One-Time Close – Construction and Portfolio products!

ITIN-One-Pager-4.3.25-1.pdf 640 KB PDF - Click to view

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Primary owner-occupant homes, also known simply as owner-occupied homes or primary residences, refer to residential properties that are primarily occupied by the owner of the property as their primary place of residence. These are homes where the owner lives and resides, as opposed to properties that are primarily used for rental or investment purposes.

Key characteristics of primary owner-occupant homes include:

1. Residence of the Owner: The owner of the property lives in the home as their primary place of residence. It’s where they reside on a day-to-day basis.

2. Personal Use: The property is used for personal and family purposes rather than being rented out to generate rental income.

3. Potential Tax Benefits: In many countries, primary owner-occupant homes may qualify for certain tax benefits or exemptions, such as property tax reductions or capital gains tax exclusions when selling the property.

4. Mortgage Considerations: When financing the purchase of a primary residence with a mortgage, there may be different lending terms, interest rates, and down payment requirements compared to investment properties.

5. Homeowner’s Insurance: Homeowner’s insurance policies are typically used to protect primary owner-occupant homes and their contents.

6. Homestead Exemption: Some jurisdictions offer homestead exemptions, which can provide property tax relief or protection from creditors for primary residences.

It’s important to distinguish primary owner-occupant homes from investment properties, vacation homes, or rental properties. These other types of properties are typically acquired with the primary goal of generating rental income or capital appreciation, whereas primary owner-occupant homes are meant for the owner’s personal use and enjoyment.

What is an Accessory Dwelling Unit or an ADU? How does the accessory dwelling unit model work?

This message is more towards John Strange, the FHA and VA STREAMLINE REFINANCE expert. Can you please explain how FHA and STREAMLINE REFINANCE loans work

Second homes, often referred to as vacation homes or secondary residences, are residential properties that individuals or families own in addition to their primary residence. These homes are typically located in different geographic areas, such as vacation destinations or scenic rural areas, and they serve various purposes depending on the owner’s preferences and needs. Here are some key characteristics and reasons why people own second homes:

1. Vacation Getaways: Many people purchase second homes in attractive vacation spots or resort areas. These homes provide a convenient and comfortable place to spend holidays, weekends, or extended vacations away from their primary residence. This allows individuals and families to enjoy leisure activities, relaxation, and a change of scenery.

2. Investment Properties: Some individuals buy second homes as investment properties. They may rent out these homes when not in use to generate rental income and potentially benefit from property appreciation over time. Investment properties can be a source of passive income and a way to diversify one’s investment portfolio.

3. Retirement Planning: Some people acquire second homes with the intention of using them as retirement residences in the future. Owning a retirement home in a desirable location allows individuals to secure their ideal retirement lifestyle and potentially enjoy a lower cost of living.

4. Family and Friends: Second homes can serve as a place to accommodate family members, friends, or guests when they visit the area. This can be especially useful for those with large families or frequent visitors.

5. Lifestyle and Hobbies: People with specific interests or hobbies, such as golf, skiing, fishing, or boating, may buy second homes in areas that offer easy access to their preferred activities. These homes provide a convenient base for pursuing hobbies and recreational pursuits.

6. Tax Benefits: In some cases, owning a second home may offer tax advantages, such as deductions for mortgage interest and property taxes. However, tax benefits can vary depending on the location and usage of the second home, so it’s essential to consult with a tax professional for guidance.

Second homes can vary in size and style, ranging from small cottages to luxurious estates. The reasons for owning a second home vary from person to person, and they can provide a sense of escape, relaxation, and convenience for their owners. It’s essential to carefully consider the financial and logistical aspects of owning a second home, including maintenance costs, property management, and potential rental income, before making such an investment.

Buying a house in Montana can be an exciting and rewarding experience, as Montana offers a unique blend of natural beauty, outdoor recreational opportunities, and a relatively low population density. Here are some steps to consider when buying a house in Montana:

1. Determine Your Budget: Before you start searching for homes, assess your financial situation and determine how much you can afford to spend on a house. Consider factors like your down payment, monthly mortgage payments, property taxes, and maintenance costs.

2. Research Locations: Montana is a large state with diverse landscapes and communities. Decide on the area or city in Montana where you want to buy a house based on your preferences, such as proximity to work, schools, outdoor activities, and lifestyle.

3. Work with a Real Estate Agent: Hiring a local real estate agent who is familiar with the Montana real estate market can be a valuable asset. They can help you find properties that match your criteria, negotiate on your behalf, and guide you through the buying process.

4. Get Pre-Approved for a Mortgage: Speak with a mortgage lender to get pre-approved for a mortgage loan. This will give you a better idea of your budget and make you a more competitive buyer when you find a house you like.

5. Start Your Search: Begin looking for homes that meet your criteria, whether online through real estate websites, local listings, or with the assistance of your real estate agent. Attend open houses and schedule private showings to see potential properties in person.

6. Make an Offer: When you find a house you want to buy, work with your real estate agent to make a competitive offer. Be prepared to negotiate with the seller, and consider including contingencies in your offer to protect your interests.

7. Conduct Inspections: After your offer is accepted, schedule a home inspection to identify any potential issues with the property. You may also want to consider additional inspections for things like radon or well water quality, depending on the property’s location.

8. Secure Financing: Finalize your mortgage financing by working closely with your lender. Ensure that you have all the necessary documentation and information to complete the loan application process.

9. Closing: Once all the contingencies are met and the financing is in place, you’ll schedule a closing date. At the closing, you’ll sign all the necessary documents and officially take ownership of the property.

10. Move In: Congratulations! After closing, you’ll receive the keys to your new Montana home. Plan your move and enjoy all that Montana has to offer.

Keep in mind that the Montana real estate market can vary by location and season, so it’s essential to stay informed and work closely with professionals throughout the buying process. Additionally, consider factors like property taxes, homeowner’s insurance, and ongoing maintenance costs when budgeting for your new home in Montana.

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Montana Mortgage Loans - GCA Mortgage

Explore the best Montana mortgage loans, including FHA, VA, USDA, Conventional, Non-QM, and Jumbo Loans. Discover DPA, and best rates.

You may have heard about the lawsuit where the National Association of Realtors was sued whereby the Plaintiffs alleged that NAR conspired to inflate commissions for Sellers, also alleging that Buyers would pay their own brokers, if not for NAR basically holding Sellers hostage to getting their properties listed on the MLS. As I read some of the commentary, it sounds as though the Plaintiffs allege price fixing, and lack of transparency in real estate transactions. WOW! Is all I can say to that. Being a Realtor for going on 32 years now, I would have to disagree with some of this. From the very first class, the trainers beat it into our heads that commissions are negotiable. That agency relationships must be disclosed to buyers and sellers. That dual agency must be approved by both the buyer and the seller and they must both understand what fiduciary duties they are giving up because of the dual agency arrangement. Disclose, Disclose, Disclose is what we heard. Now as the market has changed on a dime, we are seeing anything and everything but fixed prices. Commission rates are all over the place in our market, and that is because they are NEGOTIABLE. Of course there can always be some bad actors out there in the marketplace, but to try to change a business practice that helps buyers buy, and sellers sell, and allows them the right to negotiate their price, terms and commission rates with their brokers and each other, I believe would be so disruptive and counterproductive, that the parties will just find new ways to negotiate around it.

To pay today’s real estate commission, a seller factors that into his asking price, and so does the entire market place. If that changes and the buyer now has to pay his own broker, then the pricing of homes will need to decrease, and sellers will not be happy. Or, Buyers will need to offer a higher price and ask for Seller Concessions to help pay the buyer’s real estate commission, because Buyers will still be shopping with a limited amount of money to make their purchase, and will require down payment help, closing cost help, and now lets add on Buyer commission help? So all of you real estate agents out there, better start letting your voices be heard to your local, state and national associations about this issue. And BTW, all you mortgage brokers, you need to put in your commentary as well, because this can have a huge impact on getting your borrowers qualified, if they now have to start coming up with a Buyer’s side commission, along with all the other costs they pay on the ALTA. Personally, my hope is that this gets appealed and overturned, because we don’t need to turn an entire industry upside down to make improvements in transparency and fair dealing. We can do that by self regulating ourselves, as we have been doing for over 100 years. I would love to hear your thoughts on this lawsuit and where you think we might be headed because of it.

PROS AND CONS ON BUYING VERSUS RENTING A HOME

The price of houses in Miami has been increasing rapidly, some are priced higher than prehousing market crashes a few years back. Should a buyer wait a little longer to see where this trend is heading?

Renting a home for two years, the owner decided to sell to me via notice to vacate. I have bad credit, owe taxes and zero for a down payment. What are my options in Michigan.

Help with financing 2nd home – Rental Income Property

Why Rent when you can own a Home?

Will a personal loan (unsecured loan) used to payoff cc’s improve my score?

I discovered a website today http://www.prosper.com that offers personal loans for all sorts of reasons. It looks like the real deal. Somehow tied in such that it reports to your credit report though. So my question would be: If I have a personal loan for ~$14k on my report-pay back over 3 yrs., is that better for my score than the 7 different credit cards that total the same? I am just looking for chances to consolidate and strengthen my score.

Mortgage Dove A Trusted American Mortgage Lender from refinance to buying a new house, we offer a wide range of mortgage options suitable to your needs, because building your future is not an easy task Fast closing with low rates and low fees.

https://mortgagedove.com/

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Mortgage Dove - A Trusted American Mortgage Lender

Mortgage Dove - A Trusted American Mortgage Lender from refinance to buying a new house, we offer a wide range of mortgage options suitable to your needs, because building your future is not an easy task.Fast closing with low rates … Continue reading

I am going through a divorce, and the last piece is buying my spouse out of the home. I have lived off-site since we started the process. I was about to close a loan to pay off my spouse, but the loan stalled as the lender stated I had to have lived there for at least 12 months. The home is paid for, so I would functionally take out a first mortgage. I have been unable to find anything other than I must occupy the home within 60 days of closing. Does this sound like lime? Lender rule, or am I missing something? The FHA guidelines?

Anyone had success getting a personal loan to pay off and consolidate bills? Scores 521, 550, 578. I have 11 years of credit with several autos pif. Derog over 3 years ago, but nothing since.

Which type of investment is best for cash flow. Single family home or multi family home. Or apartment buildings?

If I get a co-borrow to sign on the loan but they sign a non owner occupied will they still have access and rights to the home. If they chose to move in if I’m the primary resident

I am currently being relocated and will be selling a home in Birmingham AL which will allow me the minimum $25,000 on $250,000 down payment with my current scores between 500-550… Do you write loans in the state of TN?

I have a 705 credit score and zero late payments. I have a 16 year job history and make 80,000 per year. I also have a nine year rental history. I have the opportunity to purchase the townhome that

I’ve been renting but I’m concerned because my DTI is 48.5%. Do you think I will still get an approval? And if so, do you know if I will need mortgage reserves and if so approximately how much? I’m using a 401(k) loan for the down payment and closing costs. Any info would be appreciated! I’m so glad I discovered your website as there is so much valuable information to help educate first time homebuyers!

I am a recent graduate 150k student loan debt, cc $11k car loan $450 a month. New job offer $53K starts 9/1. I did not work while in graduate school. My husband worked same job since 5/18. But income was significantly reduced last year( received unemployment) now he works 30-50 hours a week with mostly overtime and double time. His Ch 7 was discharged 7/19. Our middle scores are around 658-660. His hourly rate is 26 but his pay is more overtime and double time. he has small credit rebuilder cards of less than 1000 limits across all 3 reports. his income is around $60k, We are first time homebuyers Can he buy a home for $100k or less rent rooms out $850×3, and I do the same and use that to qualify for a home around $490K. We lived on savings this last year and are down to our last $5k we would each buy a home without any first time assistance programs that have a occupancy requirement. Once rented we would use our income and rental income to build savings to about 15k. And we want new construction and will finance our cc. Is this possible?

Rent-to-own with Home Partners of America enables rents to get a home with the option to purchase at a later date. The renter would be guaranteed the home they are renting until a loan officer work on their credit so the renter qualifies for a mortgage. The rent to own homebuyer would either need to rebuild their credit or income during they are renting. Home Partners of America (HPA) coordinates the rent-to-own homes. Here is a link to Rent-To-Own Homes

Hello…. I just spoke with the managing broker where I am licenses as a realtor…..they are giving me some pushback about being the Realtor AND the loan officer on the same transaction….stating that although its ALLOWED that our E&O may not cover us donig this transaction…..is anyone else having this issue with THEIR real estate broker?

If you or someone you know is considering the purchase of a home, this is a must read article that identifies 6 key considerations.

A home purchase is likely the most significant investment you will ever make. This is not a time where you will want to act impulsively or emotionally. The development of a detailed plan will be the best protection to ensure your investment is safe and sustainable.

After reading this article if you have any questions or need assistance with developing your plan, please reach out for assistance.

Buying a home? Here are key steps to consider from top-ranked advisors

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Buying a home? Here are some key steps to consider from top-ranked advisors

If you plan to buy a home, you need to take proper steps to prepare for the purchase. Here's how to get there and what to consider, according to experts.

Builder and Developers can get hard money loans. Land acquisition and construction loan. 25% down payment and up to 100% construction. No credit scores, no debt to income ratio, no income. No DSCR, NO RED TAPE. FAST CLOSINGS. For one to four units residential non-occupant projects.

How is the National Realtor Association ruling affect real estate agents making money especially buying agents. Thank you in advance.

What factors should I consider when buying a primary home?