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I remember every Columbus day weekend as a kid getting together with a few dozen relatives and having a fun day canoeing on the Ipswich river. We would rent the canoes from Foote brothers. They would drive us a few miles up river and then we would begin the slow trip back. Stopping multiple times along the way for meals, drinks, etc.

Has anyone else in Mass done this?

Texas just announced it had the single largest property tax decrease in the history of the United States. Earlier several weeks ago, there were talks about Texas eliminating property taxes and today we get this breaking news about Texas reducing property taxes with potentially having the lowest property taxes in the nation. I will post updates on this developing story once I get more details on this topic.

• This discussion was modified 1 year, 11 months ago by  Gustan Cho.

Moving to a new state and buying a house can be an exciting, but complex process. Here are some tips to help you navigate it.

1. **Research**: Understand the living conditions, crime rate, quality of education, weather, healthcare facilities, local culture, job market, and cost of living in different parts of Arkansas.

2. **Choose the Right Location**: Arkansas is known for its diverse landscapes, ranging from mountainous regions to lowlands along the Mississippi River. Key cities include Little Rock (the capital), Fayetteville, Fort Smith, and Jonesboro, each with its own unique character and community. Rural vs. urban, proximity to amenities, and commute times may all influence your decision.

3. **Understand the Local Real Estate Market**: The cost of housing in Arkansas is relatively affordable compared to the national average, but prices can vary based on the area. Consult a local real estate agent or do an online search to get a sense of prices in your preferred locations.

4. **Get Pre-approved for a Mortgage**: Before you start looking for a house, get pre-approved for a mortgage. This will give you a clear idea of what you can afford and show sellers that you’re a serious buyer.

5. **Find a Reputable Real Estate Agent**: An agent can help you find homes within your budget and in your preferred location. They can also provide valuable insights about the local market, negotiate prices, and guide you through the closing process.

6. **Home Inspection**: Once you’ve found a house you like, arrange for a home inspection to identify any potential issues such as structural problems, electrical or plumbing issues, etc.

7. **Closing**: After your offer is accepted and your home inspection is completed, you’ll go through the closing process, which involves signing a lot of documents and, finally, getting the keys to your new home.

Remember, moving and buying a home is a major life event and it can be stressful. Be sure to plan ahead, budget for unexpected costs, and take your time to find the right home for you. Good luck!

Moving to a new state and buying a house can be an exciting, but complex process. Here are some tips to help you navigate it.

1. **Research**: Understand the living conditions, crime rate, quality of education, weather, healthcare facilities, local culture, job market, and cost of living in different parts of Arkansas.

2. **Choose the Right Location**: Arkansas is known for its diverse landscapes, ranging from mountainous regions to lowlands along the Mississippi River. Key cities include Little Rock (the capital), Fayetteville, Fort Smith, and Jonesboro, each with its own unique character and community. Rural vs. urban, proximity to amenities, and commute times may all influence your decision.

3. **Understand the Local Real Estate Market**: The cost of housing in Arkansas is relatively affordable compared to the national average, but prices can vary based on the area. Consult a local real estate agent or do an online search to get a sense of prices in your preferred locations.

4. **Get Pre-approved for a Mortgage**: Before you start looking for a house, get pre-approved for a mortgage. This will give you a clear idea of what you can afford and show sellers that you’re a serious buyer.

5. **Find a Reputable Real Estate Agent**: An agent can help you find homes within your budget and in your preferred location. They can also provide valuable insights about the local market, negotiate prices, and guide you through the closing process.

6. **Home Inspection**: Once you’ve found a house you like, arrange for a home inspection to identify any potential issues such as structural problems, electrical or plumbing issues, etc.

7. **Closing**: After your offer is accepted and your home inspection is completed, you’ll go through the closing process, which involves signing a lot of documents and, finally, getting the keys to your new home.

Remember, moving and buying a home is a major life event and it can be stressful. Be sure to plan ahead, budget for unexpected costs, and take your time to find the right home for you. Good luck!

Ronda Butts wrote an article about the best neighborhoods in Phoenix Arizona with Water Features

Gustan Cho Associates and Lending Network LLC are Mortgage Lenders licensed in Alaska and can help borrowers who need residential, business, and commercial loans.

Many Mortgage companies are hurting. Mortgage rates are at 26 year highs, the Feds keep on increasing rates, inflation is out of control, home prices are increasing despite high rates and a weak unstable economy. Over half the licensed loan originators are expected not to renew their NMLS mortgage licenses for 2024. We will keep this thread going

Cameron LeClair just told me about their great rental financing program for first-time real estate investors and Donal Trump wannabees. Cameron is a wholesale account rep at The LENDER. The Lender has creative financing programs on non-QM loans. This month’s special at The Lender is Their No-Doc 25% down payment rental property financing program with no DSCR, no income verification, and no doc. It is like a hard money loan but non-hard money fees and LTV. First-time investors are allowed from $150,000 to $2 million. This month’s special is no points on rate, and only the borrower paid compensation at 1.5%. Contact Cameron LeClair at The LENDER. Here is a blog written by Dale Elenteny on investor cash-flow financing on rental properties:

https://gustancho.com/investor-cash-flow-financing-for-rental-properties/

gustancho.com

Investor Cash-Flow Financing For Rental Properties

Gustan Cho Associates offers the no-doc Investor Cash-Flow Financing For Investment Properties where we just underwrite the rental property

Does blood sugar spike due to eating rice every day?

Lending Network, LLC has 100% loan-to-value equipment financing with zero money down and same-day closing with no income docs, no tax returns, and no bank statement required on any type of equipment financing up to $150,000 dollars. The only requirement is a 700 credit score and the borrower need to have been in business for at least two years. Lending Network’s equipment financing program is different than equipment leasing where equipment leasing requires the first month and last month payment and you do not own the equipment after the payment is over. Contact us at gcho@gustancho.com to qualify and get approved.

You would be surprised at the amount of people that pay a higher rate on their auto financing because they use the dealership. When I was a finance manager, I used to hate it when people used to bring in outside financing because we made a lot less profit on the vehicle by marking up the rate from the bank.

We now have credit union auto financing available with excellent terms that are normally better than what you’ll find at a dealer.

Looking for insights on boat financing options. How do folks typically fund their boat purchases? Any recommendations, experiences, or tips to share? Thanks!

Has anyone went to aviation school and learned to fly a helicopter? What was the hardest part? Is there any safety concern or safety measures that are taken since it only has one engine?

People,

Just to clarify. It is illegal to do HARD MONEY LOANS for owner-occupant properties in every state in the nation. If someone is trying to sell you hard money loans on an owner occupant home, it is 100% a crime and violation of mortgage guidelines and could be classified mortgage fraud. HARD MONEY LOANS is a great loan program for investment real estate properties and commercial properties ONLY. Owner-occupant primary homes are regulated and the DODD FRANK rules and regulations apply.

Gustan Cho, the President and CEO of LENDING NETWORK, LLC, https://www.lendingnetwork.org, has launched the Equipment Financing no-doc, no-income verification, one day closing EQUIPMENT FINANCING business loan program at LENDING NETWORK, LLC. Self-employed borrowers who have been in business for at least two years and have at least a 700 credit score are eligible 100% loan-to-value equipment financing loan. No documentation required. No income tax returns, no P and L statements, no CPA letter, no bank statements. Need to have been self-employed for two years and have a 700 credit score. Read more on https://lendingnetwork.org/equipment-financing/

• This discussion was modified 1 year, 12 months ago by  Sapna Sharma.
• This discussion was modified 7 months, 2 weeks ago by  Gustan Cho.
• This discussion was modified 3 months, 1 week ago by  Sapna Sharma.
• This discussion was modified 2 months, 3 weeks ago by  Sapna Sharma.

A hard money loan is a type of loan that is secured by real estate. They are primarily used by property investors who intend to renovate or resell a property. Hard money loans are not usually provided by traditional banks, but rather by private investors or firms.

If you’re a loan officer dealing with hard money loans, here are some things you might be responsible for:

1. **Evaluating Applications**: You would be required to evaluate loan applications and documentation by confirming credit worthiness, improving loan applications and documentation, and also rejecting incomplete or unacceptable applications.

2. **Property Evaluation**: You would need to accurately evaluate the potential value of the property after repairs or renovations (After Repair Value or ARV) to ensure that the loan amount is appropriate.

3. **Risk Assessment**: Assessing the risk associated with the loan, taking into consideration factors like the property’s condition, location, and the borrower’s plan for renovation or resale.

4. **Determining Loan Terms**: You would set the interest rate and other terms of the loan, typically based on the perceived risk of the loan. Hard money loans often come with higher interest rates and shorter terms than traditional loans.

5. **Loan Servicing**: Servicing the loan, including collecting payments, handling insurance and tax payments, and possibly managing the foreclosure process if the borrower fails to pay back the loan.

6. **Networking**: Building relationships with real estate investors, real estate agents, and other professionals can be essential for a hard money loan officer, as it can lead to more business opportunities.

Remember, as a hard money lender, you are not as heavily regulated as banks and other financial institutions, but you still have to abide by all relevant laws, including usury laws and the Dodd-Frank Act’s requirements on fair lending.

Welcome to Day 3 of our comprehensive series on credit repair tailored for our esteemed U.S. military veterans. As we progress, our goal remains to empower you with the knowledge to navigate the intricate world of credit. Today, we will delve deep into the heart of credit basics – the credit report. Often seen as just a piece of paper, this document holds the power to shape significant financial decisions in your life.

The Essence of a Credit Report

A credit report is akin to a financial report card, meticulously detailing your borrowing and repayment activities. Think of it as a blueprint of your credit history. At its core, the credit report includes:

• Personal Information: Your name, addresses (past and present), social security number, and potentially your employment details.

• Credit Accounts: From credit cards to mortgages, this section lists all your credit accounts, including the date they were opened, credit limits or loan amounts, current balances, and payment histories.

• Credit Inquiries: Every time a lender checks your credit due to a transaction initiated by you, it’s listed here.

• Public Records: Serious financial red flags like bankruptcies, foreclosures, and tax liens appear in this section.

• Debts: Details about any overdue debt from collection agencies.

Why Should Veterans Care?

For veterans transitioning to civilian life, establishing trust with financial institutions is crucial. Whether you’re hoping to buy a home, take out a personal loan, or even secure certain jobs, your credit report might be reviewed. This report provides lenders, landlords, and sometimes employers, an insight into your financial reliability.

Additionally, the act of regularly reviewing your credit report can help you spot and rectify discrepancies or fraudulent activities, ensuring your score isn’t unduly affected.

Your Right to a Free Annual Report

One of the lesser-known facts is that every individual is entitled to a free copy of their credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion – once a year. This means veterans can essentially check their credit three times a year (once with each bureau) at no cost.

To get your free report, the recommended website is AnnualCreditReport.com. It’s a centralized service where you can request your reports. Remember, while your report is free, getting your credit score might come with a fee. However, many financial institutions and credit card companies now provide credit scores to their customers for free.

Spotting and Addressing Discrepancies

Errors in credit reports are more common than one might think. For veterans, these discrepancies can be especially concerning, as they can inadvertently impact your credit score.

Here’s a simple guide to handling discrepancies:

• Identify the Error: From personal details to unfamiliar credit inquiries, review each section meticulously.

• Gather Evidence: If you believe there’s an error, gather any documentation that supports your claim.

• Contact the Credit Bureau: Call them to get the fastest response ( Be persistent!!!). I personally have seen this work and had a big jump in my score. You just have to keep calling and reach a real person and explain the situation. Gus has a whole section on his website about it that I used. https://gustancho.com/how-to-reach-a-human-at-the-credit-bureaus/

• Contact the Reporting Company: Inform them about the error and share the same evidence.

• Wait for Investigation: Once you raise a dispute, credit bureaus are typically required to investigate (unless they deem the dispute frivolous) within 30 days.

• Review the Results: Post investigation, the bureau will provide you with the results and a free copy of your credit report if the dispute results in a change.

Leveraging Credit Reports for Financial Well-being

For many veterans, the financial landscape can be daunting, but understanding your credit report can be the compass that guides you through potential pitfalls. Regularly reviewing your report can help you:

• Understand Financial Health: Seeing all your credit information in one place can help you assess where you stand.

• Plan Major Financial Moves: Whether you’re looking to buy a house or a car, reviewing your report can ensure you’re in the best position to make these significant decisions.

• Avoid Fraud: In an age of rising digital threats, regularly checking your report can alert you to suspicious activities.

Concluding Thoughts

A credit report isn’t just a reflection of past financial behaviors; it’s a tool that, when used correctly, can pave the way for a secure financial future. For our veterans, who have dedicated their lives to serving our nation, understanding and utilizing this tool becomes crucial in ensuring that their civilian lives are built on a foundation of financial stability.

As we continue this month-long journey into credit repair for veterans, we’ll explore more facets, strategies, and insights. With every step, our commitment remains firm: to empower our veterans with knowledge, ensuring a bright financial horizon.

gustancho.com

How To Reach a Human At The Credit Bureaus

GCA Mortgage Group has developed a special way on how to reach a human at the credit bureaus in a matter of minutes without waiting for hours.

Lending Network LLC will be offering steel building, pole building, equipment financing, RVs, auto, aircraft, helicopters, boats, yachts, sheds, doctors loans, food trucks, bobcats, tractor financing. Stay tuned. We will have announcements her at http://www.gcaforums.com.

Great Content Authority Forums Activities

Launching a Month Focused on Credit Repair

Every year, countless U.S. military veterans transition from active duty to civilian life. This shift, while an essential part of their journey, brings with it numerous financial challenges, among which navigating the intricacies of credit stands out. As a result, understanding, managing, and repairing credit becomes paramount. Today, we’re launching a month-long series dedicated to credit repair, exclusively tailored for our brave veterans. We aim to empower you with knowledge and resources to strengthen your financial future.

Why Is Credit Repair Important?

At its core, a credit score isn’t just a number; it’s a reflection of your financial habits, discipline, and credibility. It can influence everything from the interest rates you’ll get on loans to your ability to rent an apartment or even land certain jobs. For veterans, many of whom might be buying homes or starting businesses post-service, a healthy credit score is crucial.

However, the hustle and bustle of military life, coupled with the unique financial challenges that service members face, can sometimes lead to credit hiccups. Missed payments due to deployments, confusion over military benefits, or simply the transitional phase from active duty to civilian life can impact credit scores.

Credit Repair: A Beacon of Hope

While the term “credit repair” might sound technical and daunting, it’s essentially about rectifying and improving your credit score. This could involve identifying errors in your credit reports, understanding the factors affecting your score, or adopting strategies to improve it over time. Repairing your credit isn’t just about rectifying past mistakes but also about preparing for a financially secure future.

For veterans, specifically, credit repair is an avenue to ensure that their service and sacrifice are rewarded with financial opportunities in civilian life. Be it securing a mortgage for a dream home, getting favorable rates on car loans, or even supporting a child’s education – a strong credit score can make all the difference.

Why A Month-Long Focus?

Credit, with all its nuances, isn’t a topic that can be adequately addressed in a day or even a week. There’s so much to unpack – from the basics of what a credit score is, how it’s calculated, to more complex topics like handling bankruptcies, negotiating with creditors, and leveraging veteran-specific benefits.

This month, we’re committing to a deep dive. Each day will bring a new topic, strategy, or story related to credit repair for veterans. By dedicating a month, we aim to cover the breadth and depth of this crucial subject, ensuring that our veterans have a comprehensive resource to refer to.

Join Us on This Journey

As we embark on this 30-day credit repair journey, we invite all veterans, their families, and anyone interested in strengthening their financial well-being to join us. Whether you’re a veteran looking to buy your first home, someone trying to understand their credit report, or just a civilian who wants to better their financial habits, this series promises value for everyone.

In closing, the transition from active military service to civilian life is monumental. While there are many challenges on this journey, with the right information and resources, financial challenges, especially those related to credit, don’t have to be one of them. Let’s take this journey together, one day at a time, towards a brighter financial future for all our veterans.

My associate at GCA Mortgage Group, Wendy Lahn, recommended this  DIY credit repair program. I need to handle some issues with my Discover Credit Card, and I signed up for this DIY credit repair service. I will keep you posted. I will be disputing fraudulent credit card charges. I trust Wendy Lahn’s recommendations and am confident I will benefit greatly.

• This discussion was modified 1 year, 11 months ago by  Gustan Cho. Reason: Updates

Cameron, can you please write a detailed first-time homebuyer down payment assistance program for homebuyers? Here are the basic questions:

• Is the down payment assistance program forgivable or NOT forgivable.
• What is the minimum credit score requirements and debt-to-income ratio cap
• What is the mortgage rates and can you buy down the rate
• What is the credit and income requirements? Are there income caps? Is there household income cap?
• What are overlays on top of agency guidelines?
• What type of down payment assistance program is it? Conventional loans, FHA loan, or VA loan?
• Can the Lender’s DPA program be lender paid or borrower paid or is there an option?
• What is the minimum loan amount?
• Are there states like Washington state where the down payment assistance program is not allowed?
• What are the parameters to qualify for the down payment assistance program? Do you need to be a first-time homebuyer?
• Can you have non-occupant co-borrowers?
• Can you be in an active Chapter 13 Bankruptcy repayment plan to qualify for the down payment assistance program?
• Can the down payment assistance program allow outstanding collections and charge off accounts or other derogatory credit tradelines?
• What type of properties can you purchase with the down payment assistance program.
• Do you need to complete a HUD approve housing class or any other courses to be eligible for the down payment assistance program?

Besides the down payment assistance program, do you guys have homes for heroes for police officers and first-responders or any other specialized niche mortgage loan programs.

Yes, you can secure a mortgage immediately following a Chapter 13 Bankruptcy. Most lenders will require one tradeline open for 24 months or more, or three tradelines open for 12 months. We do have access to a lender that will allow non-traditional tradelines such as rent history, utilities and subscriptions.

Minimum Loan to value is 70%. The lender will require reserves of 6 months and a credit score over 640. This is a great option for a borrower to get into a home and rebuild. They can refinance into a more traditional product in a few years when they have met the BK seasoning requirement.

I love supporting small businesses. Local bakeries are such a special part of any neighborhood. Some of my favorites are –

https://www.webersbakery.com – Weber’s is a Chicago institution. Old-school, full-service bakery.

https://wolfsbakery.co/ – Wolfs has been my favorite since I was little. The Atomic cake is a South Side staple – layers of whipped cream, strawberries chocolate, and pineapple sandwiched between alternating layers of yellow and chocolate cake. The angelfood cake with chocolate buttercream frosting is my favorite!

https://www.deettasbakery.com/home – prettiest cake balls ever!

https://www.hahnsbakery.com/ – family owned and operated. Lovely people. Great scones and donuts.

https://www.floriole.com/ – the baked goods are almost to pretty to eat! Super trendy.

https://simplelakegeneva.com/bakery/ – organic farm to table cafe and bakery in Lake Geneva.

There are so many amazing places. Tell me about your favorites. 🙂

One thing about mortgage lending is every case can have its own separate case scenario. There is always a unique case scenario for each individual borrower. We  will go over the hundreds of case scenarios we encounter as loan officers.

How Long Does a Repossession Stay On Your Credit Report?

Many potential home buyers would like to know. They have a car repo and have concerns about getting approved for a mortgage.

• This discussion was modified 2 years, 3 months ago by  Eric Jeanette.

Michael Robinson Obama’s gynecologist is extremely confused

Which is better, a 2,000 SIP per month for 5 years or a 120,000 lump sum?

Can anyone pass the class and the test? I heard it is harder than the real estate agent’s test.

I am 38 years old now and I want to have 1 core when I turn 50 years old. What kind of investment should I start to get that amount?

We do not see a real credit score minimum published anywhere. However, most lenders are not accepting low credit scores for a USDA loan. What is the truth here? What is the lowest score possible for an FHA loan?

My employer sent me a legal notice through an advocate for not serving the notice period, where I served 30 days instead of 45 days. They asked me to pay 40K as compensation and 20K for legal notice. What should I do?