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Can you explain the concept of “debt layering” and its impact on mortgage underwriting?

What is private mortgage insurance (PMI), and when is it required?

What Happens Between Clear to Close and Closing?

Analyst’s forecast for homebuyers for 2024 is not good. Real Estate media giant ZILLOW NEWS forecasts home prices will keep increasing into 2024 despite skyrocketing Mortgage Rates. ZILLOW estimates a 4.9% increase in home prices from August 2023 to August 2024 due to short housing inventory. There’s a shortage of homes Nationally and many first time homebuyers are getting priced out of the housing market. Many homebuyers are finding it more difficult coming up with the down payment of a home purchase.

https://www.biggerpockets.com/blog/zillow-predicts-5-percent-increase-in-home-prices-by-august-2024?utm_source=Iterable&utm_medium=email&utm_campaign=Newsletter%20%7C%2009/24/23%20Free%20(Control)

• This discussion was modified 1 year, 6 months ago by  Sapna Sharma.

biggerpockets.com

Zillow Predicts a 4.9% Rise in Home Prices by Next August—Is That Possible?

Zillow is really bullish on housing, but are they right? How much are they projecting prices to grow? And who's in disagreement?

EPM EMPOWERED DPA program is the best down payment assistance mortgage grant program in the nation. You need a 620 credit score, front and back end debt to income ratios of 48.99%, rate of 7.75%, borrower paid compensation, and need an automated underwriting system findings approval. The EMPOWERED DPA PROGRAM is for first time homebuyers, first Responders, Veterans, Volunteers, teachers, medical professionals, veterans, government workers, and families who have income no greater than 140% of the areas median household income. Here is a guide on the EPM EMPOWERED DOWN PAYMENT ASSISTANCE PROGRAM. The EPM EMPOWERED DPA PROGRAM is available in all states except for Washington state. If you are interested in qualifying for EPM EMPOWERED DPA PROGRAM Contact Gustan Cho Associates dba of NEXA Mortgage LLC at gcho@gustancho.com or call 262-627-1965. Text us for a Faster Response. GCA MORTGAGE GROUP is licensed in 48 states including Washington DC, Puerto Rico, and the U.S. VIRGIN ISLANDS.

https://www.gustancho.com/down-payment-assistance

gustancho.com

Down Payment Assistance

Down Payment Assistance

Inflation rates are soaring like never in history. Mortgage Rates are at 25 year highs. Mortgage rates we 2.5% 18 months ago and today is 7.625% for prime borrowers. Borrowers with sub 680 credit scores are paying 7.75% plus 3.5% in discount points. Home prices are at historic highs. Many would be homebuyers are priced out of the housing market. The mortgage industry lost 50,000 licensed mortgage loan originators from 140,000 to 90,000 and is expected to see more loan officers leave the mortgage industry. Every thing is going up. Car prices have skyrocketed and continues to go higher. Homeowners insurance premiums are increasing like never before. Joe Biden makes a speech a few days ago saying that Inflation is low under his watch. What is this guy thinking?

https://youtu.be/94-xcl1m6hk?si=g29nmNkMs2ZvY_Mg

Lending Network, LLC is aggressively looking commercial loan officers as independent contractors

https://lendingnetwork.org/commercial-loan-officer-career-opportunities/

lendingnetwork.org

Commercial Loan Officer Career Opportunities

Lending Network, LLC offers commercial loan officer career opportunities with no experience to select goal oriented individuals.

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

https://fhabadcreditlenders.com/rent-to-own-homes

fhabadcreditlenders.com

Rent-To-Own Homes With Home Partners of America

Rent-to-own homes with Home Partners of America helps renters move into a home today while getting ready to get qualified for a mortgage loan.

Danny Vesokie is President of Affiliated Financial Partners Commercial Loan School, a training program for Commercial Loans. It is a three day one on one training school online with lifetime support. I have known Danny Vesokie for years and he has trained people who want to get into Commercial lending through his Affiliated Financial Partners Commercial Loan Officer School.

• This discussion was modified 5 months, 2 weeks ago by  Gustan Cho.

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?

I like to introduce my dear friend Bill Burg

Bill Burg and I go back 2017 which is six years. I hired Bill i n2017 at USA Mortgage. I was boufgr Mr. Burg was hired as a loan officer. He was offered a larger salary and position that it was better than he had at USA Mortgage at a different Mortgage Company about a year later. We kept in touch over the years until he recruited me and my team in January 2021. We grew our friendship and are still going strong with common interests we share. Bill Burger-King will be an important part and contributing partner in this section.

• This discussion was modified 1 year, 7 months ago by  Gustan Cho.

Can you use Georgia Dream with your VA Loan?

German Shepherds with long coats are a variety of the breed that has a longer, silkier coat compared to the standard short-haired German Shepherds. These long coats can be the result of a genetic variation in the breed, and they are not as common as the short-coated German Shepherds. The long coat variation is still recognized by kennel clubs and breed standards.

When it comes to German bloodlines, there are several well-known bloodlines and breeding programs in Germany that have produced high-quality German Shepherds. These bloodlines often prioritize specific traits, such as temperament, working ability, and conformation to the breed standard. Some of the famous German bloodlines known for producing excellent German Shepherds include:

1. West German Working Lines (WGL): These lines are known for their strong work ethic, intelligence, and versatility. They are often used in various working roles, including police work, search and rescue, and Schutzhund.

2. East German DDR Lines: Dogs from the former East Germany (DDR) were bred for their endurance and courage. They have a different appearance and temperament compared to West German Shepherds and were originally used for border patrol and military work.

3. Czech Working Lines: These German Shepherds are highly regarded for their work in protection sports like IPO (formerly known as Schutzhund). They are known for their intense drive and athleticism.

4. Show Lines: Some German Shepherds come from show lines, which prioritize conforming to the breed standard in terms of appearance. These dogs may not have the same working ability as those from working lines but are still bred for good temperament.

5. American Lines: American breeders have developed their own lines, often mixing German and American dogs. Some of these lines prioritize specific traits for different purposes, such as show, working, or family pets.

When you’re looking for a German Shepherd from specific bloodlines or with a long coat, it’s essential to do thorough research and find a reputable breeder. Reputable breeders will have a strong understanding of their dog’s lineage, health, and temperament, and they will be transparent about the bloodlines they work with.

Always prioritize the health and well-being of the dog over aesthetics or specific bloodlines, and consider adopting from a rescue organization or shelter, as there are often many wonderful German Shepherds in need of loving homes regardless of their bloodlines or coat type.

https://www.youtube.com/shorts/LGpn9HIkP0k

• This discussion was modified 1 year, 7 months ago by  Gustan Cho. Reason: Want to get notified

I have owned a lot of horses but this one was special… Here I am with Hez Party Impressive way back in the day… He won Weanling Stallions and was Reserve Champion Stallion that day… If you show AQHA in TX, you know that’s not easy…

I am more interested in the spec builder new construction loans. My brother Javier and business partner told me he heard Lending Network LLC offers land acquisition and construction loans that does not require a lot of red tape. Thank you.

Loan Officers who have case scenario questions about commercial loans through Lending Network, LLC, please post them on this thread and either Gustan Cho or myself will answer them as soon as possible. Please be detailed in your questions regarding the property, such as the type of property, location, history, and other pertinent facts. Share the purpose of the loan, the current value or P and L, the repairs required, the loan amount, the scope of work, and projected P and L. Besides the purpose of the loan, explain in detail what the money will be used for, and the projected proforma P and L after the renovation or improvements. Explain the current value of the house, the renovation costs, the after improved value, and expected time to stabilize the property. The down payment the borrower has to put down, reserves, and experience of the guarantor or guarantors. If we decided this will be a loan that has merits, the next step will be to have the client complete and personal financial statement and summary sheet to us via email. If you have any questions, please post on this thread or start a new thread. We will start all inquires, case scenario, Q and As on this forum.

https://www.lendingnetwork.org

• This discussion was modified 1 year, 10 months ago by  Sapna Sharma.
• This discussion was modified 5 months, 2 weeks ago by  Gustan Cho.
• This discussion was modified 1 month, 1 week ago by  Sapna Sharma.
• This discussion was modified 1 month, 1 week ago by  Sapna Sharma.
• This discussion was modified 1 month ago by  Sapna Sharma.
• This discussion was modified 1 month ago by  Sapna Sharma.

lendingnetwork.org

Home - Lending Network, LLC

COMMERCIAL LOANS, COMMERCIAL REAL ESTATE

More and more insurance companies are leaving Florida. It is becoming more difficult to insure homes in Florida due to hurricanes. Hurricanes is costing Florida homeowners insurance companies billions of dollars in losses. The latest property and casualty insurance company to exit the Florida market is Farmers Insurance.

https://gustancho.com/being-prepared-for-hurricanes/

gustancho.com

Being Prepared For Hurricanes in Florida

Being prepared for hurricanes in Florida is a matter of priority. People should prepare days or weeks ahead of the target hit date of a hurricane.

I can eat pizza every day. Crispy thin crust is the way to go. Prefer sausage and meatball as toppings. The Chicago deep dish is delicious, but eats like a meal…not pizza.

What do you prefer?

• This discussion was modified 2 years, 1 month ago by  Eric Jeanette.

You have worked so hard all year! use that time off and reward yourself with a vacation. I can help you plan your next getaway.

Here’s an updated article on Gold investment

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.forbes.com/advisor/investing/gold-price/&ved=2ahUKEwi3rfi-9PeAAxXtIkQIHapZBZgQFnoECCQQAQ&usg=AOvVaw1Dej3GqLpaGApu0thoykVY

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

cnbc.com

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.

This thread pertains to John Parker. John, can you please explain what AXEN Mortgage is about and how AXEN MORTGAGE works. Many people are confused about AXEN Mortgage and why NEXA MORTGAGE doesn’t talk about AXEN Mortgage more often.

Amanda had a question on a real estate investor who has a 35 unit apartment building needing to refinance out of a bridge loan. The apartment building was purchased needing work. As a real estate investor of 7 apartment complexes consisting of 3,000 units, lenders require the following:

1. Summary sheet of the purpose of the loan and property detail. Location. What condition is building in A, B, C, D tier and what type of area is the apartment in A, B, C, D.

2. Personal financial statement

3. Three years of tax returns for conforming traditional commercial loans

4. Current P and L and rent roll which is current and proforma. Eventually need copy of leases. Need to itemized income and expenses which includes insurance, property tax, payroll, utilities, maintenance, water, and third-party vendors. Number of units, and approximate square footage. Number of rooms, bedrooms, bathrooms, and does it have dining rooms. Parking spaces or carports.

5. Type of work done and itemized cost

6. Real estate purchase contract

7. Appraisal if available and estimation of value of the property

8. How many are market rent, and section 8 housing

9. Comparable rents in the area for studio, one bedroom, two bedroom, etc.

10. What type of loan program does the borrower prefer and/or expect: Recourse, or non-recourse. How many owners to the property. Is property individually owned or in a LLC or partnership. Traditional conforming commercial loan or hard money loan, or bridge financing.

11. Any deliquent outstanding bills such as mechanics lien, tax liens, or pending lawsuit.

• This discussion was modified 1 month, 1 week ago by  Sapna Sharma.
• This discussion was modified 1 month ago by  Sapna Sharma.

First time spec home. Problem- can’t seem to get a lender to give a loan. Apparently, I’ve been told I need experience with two new builds, which is rather odd in my book because for three years I was a commercial construction company’s superintendent that has overseen jobs worth 40 million+ dollars in work. Yet, due to these jobs being commercially based and not for personal use, the lender claims I do not have an ideal amount of experience. Have any suggestions?

Veterans and Credit Inquiries: Navigating the Double-Edged Sword

Welcome to Day 18 of our comprehensive series designed to guide our esteemed veterans through the intricacies of civilian credit. Today, we steer our ship into the waters of credit inquiries – a topic often shrouded in misconceptions but paramount in shaping your credit landscape.

Unraveling Credit Inquiries: Hard vs. Soft

Credit inquiries, at their core, are requests made by lenders to assess your credit report. They come in two flavors:

• Hard Inquiries: These occur when a lender checks your credit for lending purposes, like a credit card application or a mortgage. These can slightly reduce your credit score for a short duration.

• Soft Inquiries: When you check your own credit score or when companies do so for promotional purposes, it’s a soft inquiry. These don’t impact your score.

Why Veterans Should Care about Credit Inquiries

Active-duty military personnel may not encounter frequent credit inquiries, but in civilian life, these become more common. From renting an apartment to buying a car, credit checks become part and parcel of many financial decisions.

How to Tactfully Handle Credit Inquiries

• Space Out Hard Inquiries: If you’re shopping for credit, try to do so within a short timeframe. Multiple inquiries for mortgages, auto loans, or student loans within a 45-day window are typically treated as a single inquiry.

• Review Your Credit Report: Regularly review your report for any unauthorized inquiries. If found, you can dispute them.

• Understand Before You Authorize: Before allowing anyone to run a credit check, understand which type of inquiry it will be.

A Veteran’s Field Guide to Inquiries

• VA Loans and Credit Checks: Securing a VA loan will usually involve a hard inquiry, but the benefits often outweigh the temporary dip in your score.

• Frequent Relocations: Military life might involve frequent relocations, leading to multiple rental applications. Veterans should be aware that these might involve hard inquiries.

• SCRA and Credit Inquiries: The Servicemembers Civil Relief Act (SCRA) provides certain protections, but it doesn’t prevent or alter the effects of hard inquiries. It’s pivotal to understand this distinction.

Potential Pitfalls and Their Counterstrategies

• Inquiry Overload: Applying for multiple credit cards or loans in rapid succession can be detrimental. Strategy: Plan major credit activities and spread them out.

• Unfamiliar Inquiries: Finding unfamiliar hard inquiries can be alarming. Strategy: Regularly review your report and dispute any unauthorized checks.

• Misunderstanding Inquiry Types: Many veterans, and civilians alike, may not discern between soft and hard inquiries. Strategy: Educate yourself on the differences and always inquire about the type before authorizing.

Seeing Credit Inquiries in the Grand Scheme

While inquiries are a small portion of your credit score (about 10% of your FICO score), they’re integral to understanding the bigger picture. Every ding on your report from a hard inquiry can accumulate, especially if unplanned. However, their impact diminishes over time and they fall off your report after two years.

Concluding Day 18: Charting a Course Through Inquiry Waters

Credit inquiries, much like navigating through unknown terrains in military expeditions, require knowledge, strategy, and foresight. For our veterans transitioning into civilian financial realms, understanding the terrain of credit inquiries can be the difference between smooth sailing and choppy waters.

As we wrap up today’s exploration, our compass remains set on a singular mission: equipping our nation’s heroes with the tools, knowledge, and insights necessary to command their financial destiny.

Join us for Day 19, as we continue this enlightening journey, ensuring every veteran is prepared for the challenges and opportunities in the world of credit.

It was a pleasure speaking with Kelce Rock, a residential, business, and commercial loan officer with his own team and extensive experience in commercial and business loan originator. Mr. Kelce Rock truly goes above and beyond for his clients and I have absolutely no doubt Kelce will make a phenomenal state senator and future member of U.S. Congress where he will make a difference. We need politicians who serve American Families and not dumbocrats like Imbecile Biden and Sex and Crack Addict Hunter Biden who enrich themselves and are known pedophiles. Dumbass Hunter Crackhead Biden has absolutely no morals and even goes and marries his dead brother’s wife. What a pig.

https://www.youtube.com/watch?v=h3YHiQe3jh4

Is it possible to utilize a conventional loan for Airbnb properties? Any insights or experiences are appreciated. Thanks!

How do you go about getting a lost replacement title for an RV that is under a family members name? Can I get it from DMV or does my family member need to go in person. Trying to transfer RV from my family member to me and the lender needs the title since I am taking out on it.

Veterans and Credit History Length: A Journey Through Time

Welcome to Day 15 of our dedicated series, where we continue to equip our veterans with the essential tools and knowledge for navigating the civilian credit landscape. Today, our focus is on the length of credit history and its impact on credit scores, offering insights into how veterans can optimize this facet of their financial story.

Understanding Credit History Length: The Timeline Matters

The length of your credit history, or the duration over which you’ve managed credit, accounts for roughly 15% of your FICO score. This considers the age of your oldest account, the age of your newest account, and the average age of all your accounts.

The Importance of Credit History Length for Veterans

A longer credit history can provide a clearer picture of your financial habits over time. For lenders, it offers a more extended view of how you’ve managed credit. For veterans transitioning from military to civilian life, understanding this aspect is crucial, especially if there were periods of inactivity or limited credit usage during service.

Strategies to Enhance Credit History Length

• Maintain Older Accounts: It might be tempting to close that old credit card you seldom use, but keeping it open can positively influence the length of your credit history.

• Think Before Opening New Accounts: While new credit can be beneficial, opening numerous accounts in quick succession can reduce your average account age.

• Check for Errors: Ensure all accounts listed on your credit report are accurate. If an old account isn’t listed, it might be worth contacting the credit bureau to rectify the error.

Veteran-Specific Insights

• Reactivating Dormant Credit Lines: If you had credit accounts before your military service and they’ve become dormant during deployments, consider reactivating them. This can strengthen your credit history length.

• Military Credit Protections: Some credit protections for active-duty military members can influence credit history length. Be sure to familiarize yourself with the Servicemembers Civil Relief Act (SCRA) and its implications on your credit.

• Leverage Joint Accounts: If a spouse or family member maintained a strong credit profile while you were on active duty, consider being added as an authorized user to their account. This can potentially boost your credit history.

Challenges in Managing Credit History Length

• The Temptation of New Offers: The allure of new credit offers with lucrative benefits can be tempting, but remember that frequently opening new accounts can impact the average age of your credit.

• Being Unaware of Account Ages: Not knowing the age of each account might lead to inadvertently closing an older account. Periodically review your credit report to stay informed.

• Overlooking the Comprehensive Picture: While the length of credit history is significant, it’s just one component of credit health. Maintaining a holistic view is essential.

Credit History in the Grand Tapestry of Financial Health

Your credit history length offers a glimpse into your financial journey over time. It paints a picture of consistency, reliability, and responsibility. For veterans, this timeline is uniquely intertwined with their service, sacrifices, and transitions.

Concluding Day 15: Embracing the Past to Forge a Brighter Future

The length of one’s credit history is, in many ways, a testament to their financial journey’s resilience and evolution. For our veterans, it’s a timeline punctuated with moments of valor, sacrifice, and adaptability.

As we wrap up today’s insights, our dedication remains steadfast: to illuminate the path of financial literacy for our nation’s heroes, ensuring they stride forward with confidence, armed with knowledge and foresight.

Stay with us for Day 16, as we continue to unravel the intricacies of credit, providing our veterans with the strategies and insights they deserve in their financial endeavors.

Veterans and Credit Utilization: Striking the Right Balance for Financial Health

Welcome to Day 12 of our series designed to empower our nation’s veterans with a solid grasp of credit intricacies. Today’s spotlight shines on credit utilization, a pivotal factor in determining credit scores. As veterans reintegrate into civilian life, understanding how to manage and optimize their credit utilization can be key to maintaining a healthy credit profile.

Breaking Down Credit Utilization: More than Just Spending

Credit utilization refers to the ratio of your current credit card balances to your credit card limits. It’s a measure of how much of your available credit you’re using. For example, if you have a credit card with a $5,000 limit and you’ve used $1,500, your credit utilization rate on that card is 30%.

Why Credit Utilization Matters to Veterans

Credit utilization is a significant component, contributing to 30% of your FICO score. A high utilization rate can indicate potential financial strain or over-reliance on credit, which might deter lenders. For veterans transitioning to civilian financial habits, being vigilant about their utilization ratio can help ensure their credit score remains robust.

Guidelines for Optimal Credit Utilization

• Aim for Low Ratios: It’s generally recommended to keep your credit utilization below 30%. This shows lenders you’re not maxing out your credit cards and can manage credit responsibly.

• Regularly Pay Balances: Even if you pay off your balance in full by the due date each month, high utilization can still impact your score if your lender reports the balance before you’ve paid it. Regular payments, possibly bi-monthly, can help maintain a lower utilization ratio.

• Request Credit Limit Increases: Without increasing your spending, a higher credit limit can reduce your utilization ratio. However, only consider this if you trust yourself not to overspend with the added credit.

Tailored Insights for Veterans

• Post-Deployment Debt: It’s not uncommon for veterans to accrue debt during deployments or periods of active duty. Prioritizing paying down these balances can improve both credit utilization and overall financial health.

• Utilizing VA Benefits: Certain veteran-centric financial programs or counseling services can offer insights and strategies tailored to manage credit utilization effectively.

• Avoid Closing Accounts Post-Service: If you’ve been using a credit card during service and are considering closing it post-deployment, think twice. Closing an account can reduce your overall credit limit, inadvertently increasing your utilization ratio.

Avoiding Credit Utilization Missteps

• Only Paying the Minimum: While paying the minimum amount keeps your account in good standing, it doesn’t help reduce your utilization ratio significantly.

• Accumulating Large Balances: Large purchases can spike your utilization rate. If possible, make immediate payments or spread out significant expenses.

• Ignoring Balance Alerts: Setting up balance alerts can help you stay informed and act promptly if your utilization rate goes beyond your desired threshold.

The Broader Picture: Utilization in the Credit Ecosystem

Credit utilization, while crucial, is one of several factors determining credit scores. While it’s essential to optimize it, it’s equally important to maintain a holistic approach to credit management.

Veterans, with their disciplined and systematic approach honed during service, can incorporate these principles into their financial management strategies, ensuring not just optimal credit utilization but overall credit health.

Wrapping Up Day 12: The Art of Financial Equilibrium

The essence of credit utilization is balance – a balance between available credit and used credit, a balance between financial needs and financial capabilities. For our nation’s veterans, mastering this equilibrium can lay the foundation for a promising financial future.

As Day 12 comes to a close, our commitment remains strong: to guide, inform, and empower our heroes in every aspect of credit. Tomorrow, we continue this journey, diving deeper into the multifaceted world of credit, ensuring that every veteran is well-prepared for the financial challenges and opportunities ahead.