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I think the C-8 Corvettes are hands down the best buy of the century. The C-8 Corvettes Corvertible are so sharp and priced for a fraction than its Italian exotic car countertparts. I really do not know what the price is on C-8 Corvettes but gave up looking for one because at one time, the C-8 corvette was selling $40,000 or more about its $70,000 msrp. Does anyone have any more information about the latest prices on the C-8 Corvettes? Are Corvettes a good investment?

I recently posted about the high prices for houses in Florida, especially Tampa. With the diligent help of Gustan Cho, Angie Torres and Donna Davidson, bless her Irish heart, they have come through! There is a place in Florida where the prices are reasonable. A brand new house on a quarter acre. Three bedrooms, two baths for under $270,000 list. Its a bit rural but beautiful. If you are curious about the area contact: Donna Davidson, she ultimately made our dream come true!

Just saw an ad for glass coffins, do you think it will take off? Remains to be seen.

I’m not sure where to post this, religion, pets, or hobbies.

Sex before marriage is a sin, unless you do it doggy-style, all dogs go to heaven.

In our Forums, users or visitors can search or find member according to their profession which they used at time of registration.

For this search: – got o member page https://gcaforums.com/members/ and you can see All Type dropdown list, choose the profile type there like if you choose Doctors, the page show all members which select Doctor as their profession or profile type

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Peter Arcuri is a professional writer and author of four books. Peter Arcuri and his wife Doreen live in Florida. Born and raised in New York, Peter Arcuri is a man of many talents and is a consultant to many entrepreneurs and businesses including GCA Group and its subsidiary partners. Peter Arcuri is also a member of GCA FORUMS and a contributer to the news division of Gustan Cho Associates and third party editor for all GCA Group websites and social media platforms. Here’s a Video by Peter Arcuri tge singing Wine Guy

https://youtu.be/RG1H-KkxwpQ?si=isq4xrXbFNmUTZ87

My family told me to get help with my drinking…so I hired a bartender.

Senator John Kennedy slams Joe Biden for ruining the United States economy. Joe Biden keeps on repeating he drove inflation down from. 9% to 3% and created jobs, infrastructure, and stability for Americans which are blatant lies..

https://youtu.be/X_hX0B5Glmc?si=KmJ6ljGXu90LH1rU

Here’s a short prank racist joke

https://youtube.com/shorts/ndGw5skUW_o?si=PU91DEHaxci8i7h0

https://youtu.be/W7nV45YhFG8?si=mvtKdI293ft4s9et

20 Million people are forecasted to lose their homes all at the same time. Many baby boomers took early retirement and now they cannot afford their homes. More on this topic coming.

Here’s a funny comedy short from the Johnny Carson show

https://www.facebook.com/share/r/xCqEdP6dVFda6MzV/?mibextid=D5vuiz

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Part 2 - Tommy Smothers Walks Out As Johnny | Carson Tonight Show | Part 2 - Tommy Smothers Walks Out As Johnny | Carson Tonight Show | By Video Funny1980Facebook

Part 2 - Tommy Smothers Walks Out As Johnny | Carson Tonight Show

Who Pays for Lenders’ Mortgage Insurance?

In Australia, if you’re buying a house with a small deposit (less than 20% of the home’s price), you might need Lenders Mortgage Insurance (LMI). This insurance protects the lender if you can’t make your mortgage payments and they have to sell the house for less than what you owe. Usually, it’s the homebuyer who pays for it, not the bank. Think of it as an extra cost to help the lender feel secure about giving you the loan also feel free to reach out.

How is LMI Calculated?

LMI is primarily calculated based on the loan-to-value ratio (LVR), which is how much of the house’s value you’re borrowing. The higher the LVR, the more expensive the insurance. Other factors, like the size of your loan, also play a role. Typically, you can pay LMI as a one-time fee upfront or include it in your loan repayments. Different lenders have their own methods for calculating it, but they all consider similar factors like the amount you’re borrowing and the property’s value.

Can LMI Be Avoided?

Yes, you can avoid paying LMI by saving up a deposit of 20% or more of the home’s price. This makes you less risky to lenders. If saving that much isn’t possible, you might still avoid or reduce LMI by:

• Saving more to borrow less.
• Getting a guarantor, like a family member, to back your loan.
• Finding lenders offering no LMI deals for certain professions or conditions.
• Negotiating with your lender if you have strong finances.

Is LMI Transferable Between Loans or Properties?

No, LMI isn’t transferable. If you switch loans or buy a new property, you’ll likely have to pay LMI again if your deposit is less than 20% of the new property’s price. Each new loan application requires an evaluation of your borrowing amount and property value to determine if LMI is necessary.

What Happens to LMI If I Refinance?

When you refinance your mortgage in Australia, the LMI you paid on your original loan usually doesn’t carry over. If your new loan is more than 80% of your property’s value, you might need to pay LMI again. Each new loan application involves a fresh assessment of your borrowing needs and property value.

Does LMI Protect Me If I Can’t Make My Loan Payments?

No, LMI does not protect you if you can’t make your loan payments. It protects the lender. If you default on your mortgage and the lender sells your property for less than what you owe, LMI covers their losses. It doesn’t provide any financial help to you if you’re struggling with payments.

How Can I Reduce the Cost of LMI?

You can reduce the cost of LMI by:

• Saving more upfront to borrow less and lower the LMI cost.
• Shopping around for lenders with cheaper LMI rates.
• Getting a guarantor to avoid LMI altogether.
• Negotiating with your lender if you have a strong financial profile.
• Looking for special deals or discounts for certain professions or areas.

Are There Any Tax Implications with LMI?

For most people, there aren’t any direct tax implications with LMI. You usually can’t claim it on your taxes like mortgage interest. However, if LMI helps you get a bigger loan, you might pay more mortgage interest, which is tax-deductible for investment properties. If the property is used to earn income, the LMI cost might be deductible. It’s best to consult a tax professional for personalized advice.

How Do I Know If I’m Getting a Fair LMI Rate?

To ensure you’re getting a fair LMI rate:

• Shop around and compare rates from different lenders.
• Understand how your loan amount, deposit, and property value affect the rate.
• Compare multiple quotes to find the best deal.
• Consider the overall mortgage package, including interest rates and fees.
• Seek advice from a mortgage broker or financial advisor.

Can I Pay LMI Upfront or Does It Have to Be Capitalized on the Loan?

You have two options:

• Pay the full LMI cost upfront to reduce overall interest.
• Include the LMI cost in your loan amount and pay it off over time with your regular repayments.

What Factors Affect the Cost of LMI Apart from the Loan-to-Value Ratio (LVR)?

Other factors that affect LMI cost include:

• The loan amount: higher loan amounts usually mean higher LMI premiums.
• Property type: certain property types may be considered riskier.
• Your credit history: a good credit history might result in lower LMI rates.
• Loan term: longer loan terms can increase LMI costs.
• The lender’s LMI provider: different providers have varying rates.

Is There a Difference in LMI Rates Between Owner-Occupied Homes and Investment Properties?

Yes, LMI rates for investment properties are generally higher than for owner-occupied homes. Investment properties are seen as riskier because of potential rental income fluctuations and the borrower’s financial stability. This difference in rates should be considered when calculating the overall cost of purchasing an investment property.

Can LMI Be Refunded If I Pay Off My Mortgage Early?

No, in Australia, LMI is typically non-refundable. Once you’ve paid it, you can’t get a refund, even if you pay off your mortgage early.

What Are the Alternatives to Paying LMI for Low-Deposit Borrowers?

Instead of paying LMI, consider:

• A family guarantee, where a family member uses their home’s equity to secure your loan.
• Government schemes like the First Home Loan Deposit Scheme (FHLDS) for first-time buyers.
• Special offers from lenders that waive LMI if you meet certain conditions.

In a Nutshell

Understanding Lenders Mortgage Insurance (LMI) in Australia is essential for homebuyers. Knowing who pays for it, how it’s calculated, and ways to reduce costs can help you make smarter choices when getting a mortgage. By exploring these FAQs, you’ll feel more confident managing LMI and finding the best deal for your situation.

This is a frequently asked question from many real estate agents on behalf of their homebuyers. There are more and more homebuyers with bad credit than ever before. Many homebuyers with bad credit think they are the worst of the food chain and should not shop for the best mortgage rates. However, mortgage lenders today are starving for business and will work with bad credit borrowers in getting them the best rates. I just saw this guide on can you shop for the best mortgage rates with bad credit and I wanted to share this with everyone. It does make sense. By shopping for a mortgage with the best rates means getting a mortgage with bad credit with low credit scores with no discount points. Discount points are a total waste of money and you will never recoup discount points even on a refinance later when mortgage rates drop.

https://gcaforums.com/shopping-for-best-rates/

Biden Administration cronies are big fat liars. JOE BIDEN and his idiot gang of liars are in a state of denial on the economy. Look at this video Neil Caputo drilling one of BIDEN’S big fat lie on how Biden took over an economy with a 9% inflation and inflation is now under control. Total Bull Shit. Biden Administration screwed up the economy and America.

https://youtu.be/JKMLfPbAn30?si=e7qzTWpNDOPL-S1B

What are the benefits of investing in coins? Investing in coins, particularly rare and collectible coins, can offer several benefits. Here are some of the key advantages:

1. Historical Value: Many collectible coins have historical significance, making them valuable to collectors who appreciate their historical and cultural context.

2. Tangible Asset: Unlike stocks or bonds, coins are physical items that you can hold. This tangibility can be reassuring for investors who prefer physical assets.

3. Portfolio Diversification: Investing in coins can diversify your investment portfolio. Tangible assets like coins can help balance a portfolio that includes stocks, bonds, and real estate.

4. Potential for Appreciation: Rare and collectible coins can increase in value over time, especially if they are well-preserved and have a limited supply.

5. Inflation Hedge: Precious metal coins, such as gold and silver, can act as a hedge against inflation. The value of these metals tends to rise when the purchasing power of paper money declines.

6. Tax Advantages: In some jurisdictions, profits from selling collectible coins might be taxed differently from other investments, potentially offering tax benefits.

7. Ease of Storage and Transport: Coins are relatively easy to store and transport compared to other physical assets like real estate or large collectibles.

8. High Liquidity: Rare coins often have a strong market, making them relatively easy to buy and sell. There are numerous coin dealers, auctions, and online platforms dedicated to coin trading.

9. Privacy: Coin investments can be made and held privately, offering a level of confidentiality that is not possible with some other types of investments.

10. Enjoyment and Hobby: For many investors, coin collecting is also a hobby. The enjoyment and educational value of collecting coins can be a significant benefit beyond financial gains.

11. Limited Supply: The rarity of certain coins can make them highly desirable. Limited mintage and historical scarcity can drive up their value over time.

12. Global Market: Coins have a global market, meaning they can be bought and sold internationally. This broad market can provide more opportunities for liquidity and appreciation.

Considerations

While there are many benefits to investing in coins, it’s also important to be aware of potential challenges:

• Expertise Required: Successfully investing in coins often requires specialized knowledge. Understanding the market, grading standards, and authenticity verification is crucial.

• Risk of Fraud: The coin market can be susceptible to counterfeits and fraud. Working with reputable dealers and getting coins authenticated can mitigate this risk.

• Market Volatility: Like any investment, the value of coins can fluctuate. Market demand, economic conditions, and trends in collecting can all impact coin prices.

• Storage and Insurance: Proper storage is essential to preserve the condition of coins. Additionally, insurance may be necessary to protect against theft or damage.

By considering both the benefits and the potential challenges, investors can make informed decisions about whether investing in coins aligns with their financial goals and interests.

I thought I’d start boxing again, but one round with Doreen set me straight.

Here’s a funny clip

https://www.facebook.com/share/r/eoRe8Qxi96oS7UGf/?mibextid=D5vuiz

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It’s just a joke! 🤣🤣🤣 #comedy #skit #justjokes #funny | Jerrold Benford | Jerrold Benford · Original audio

It’s just a joke! 🤣🤣🤣 #comedy #skit #justjokes #funny. Jerrold Benford · Original audio

5 Pillars of a Home Loan

Become the qualified Buyer that Lenders are looking for!

Understanding what components make up a home loan will give you the advantage of being able to take the right steps towards homeownership.

I’ve been in the home lending industry since Fall of 2011. In that time, I’ve had to go through the highs and lows of understanding the home lending process. In my experience, I’ve had numerous conversations with clients that simply did not understand the home lending process. As I gained more experience, I coined the “5 Pillars of a Home Loan”. When I started explaining the lending process in this fashion during my initial consultation calls, my clients were able to quickly grasp the concept of the risk assessment of lending. This led to a boost in confidence in my clients which gave them the courage to take action. In writing this post, I’m hoping that I can go from a limited one-on-one conversation and expand my reach to communicate this concept to a larger audience to help more people find their confidence to realize that the process of homeownership doesn’t need to be this mysterious or unattainable process. It’s open to whomever is willing to obtain it.

The 5 Pillars are:

1. Credit
2. Repayment Ability
3. Funds Needed for Closing
4. Subject Property
5. Loan Program

As a Borrower, before you even get started the first three pillars are the most important actionable categories you will be preparing for BEFORE you try and get pre-approved or go under contract for purchase.

Credit:

Of course this is an obvious point. But the key to understand here is this concept: “Before the lender extends you more credit, they must first determine your creditworthiness by evaluating your current credit profile”. Think about it this way: If you have a friend, and they ask you to borrow $200.00, but that has a history of never paying people back on-time/ever. If you had it to lend, would you do it? If we’re honest with ourselves, we would say no; of course a strong emotional attachment would say otherwise, but even in that statement we must deal with the reality that lenders don’t have a strong emotional attachment to their customers, outside of paying their bills on-time. This isn’t a charity, as they would say. If you want to know how to go about working on your credit, I would suggest going to https://www.myfico.com/credit-education. There you will get a TON of free information on how credit REALLY works. If you are in a position where you need credit repair, then my good friends at Kredit Kleanse have a very good track record of helping people Kleanse their credit.

Repayment Ability:

Think “personal cash-flow”. The technical lending term is debt-to-income ratio “DTI”. This is what mortgage licenses were originally created to address: to ensure lending professionals are taking the appropriate action of making sure the borrower can actually afford the home loan so that we don’t have the 2008 housing crisis all over again. The equation I use is (credit debts + court debts + proposed subject property housing expense) / (Total calculated gross income). The numbers used will vary program to program, but overall this is the basis in which all DTI is calculated. There are two distinct DTIs:

1. “Housing DTI” which is ONLY: (proposed subject property housing expense) / (Total calculated gross income). A ratio of 30% is considered “healthy”
2. “Total DTI” This is the complete equation: (credit debts + court debts + proposed subject property housing expense) / (Total calculated gross income). A healthy ratio is 45%.
3. Key takeaway. Knowing EXACTLY what your DTI is will vary based on (1) the market in terms of what the fed-rates are, (2) which lender you are getting approved through since lenders decide their own margins and loan-pricing-levels which will dictate the final interest rate used for your housing payment, (3) the selected loan program, due to the requirements for things like debt-calculations and housing expenses like PMI, and (4) The subject property housing expenses like property taxes, homeowners insurance premiums, and community dues like HOAs.

Funds:

There’s 4 REALISTIC categories that you must consider when trying to purchase a home with a loan:

1. Down-payment: People like to lump this into closing costs, but by true definition that’s simply not the case. Down-payment is a “MIR” minimum investment requirement, meaning that it’s not truly a cost (a cost is something you “spend” to acquire something). In the sense of a down-payment you are converting your liquid-cash into a hard-asset which is home equity. With this clarity, you can expect to get your money back at a later date whether that’s through selling or cash-out refinancing your home. You can put down as little as 3% of the purchase price, and there are loan programs available that don’t require a down-payment like with VA loans, USDA loans, and down-payment assistance loan programs.
2. Transactional Costs: This includes appraisal costs, title costs, government fees, inspections, lender costs, etc. Typically this amount ranges from 3-6% of the purchase price and greatly depends on what market your home is in along with the final loan structuring. There are ways to get most of these costs covered. It’s best to consult with a mortgage professional to know what your options are.
3. Reserves: This is not always required for a home loan, but if it does come up during your approval process, it’s good to know just what the heck lenders are talking about. In short what this means is: “after all the necessary transactional funds”, how many monthly total housing expense payments do you have remaining in your account(s). Example: If your proposed total housing payment is $3,865/mth, and you have $52,862 left in your account(s), then you have 13-months of reserves remaining in your account.
4. After transaction expenses: This last point has no bearing on whether you will get approved for a home loan or not, but it is something that needs to be addressed, as some people are so excited about becoming homeowners that they forget non-transactional costs like: moving expense, deposits for utilities, time away from work for relocating, housewarming parties etc. These costs are completely unknown and not factored into your home buying process, and falls in the category of “living expenses”.

Subject Property:

Of course buying the right home for you and your family is most important to you, but when it comes to finalizing your loan approval to get to the closing table, these are the factors that the lenders care about:

1. Loan-to-Value “LTV”. Without losing you with all the LTVs that there really is, in this context is do you have the minimum required equity requirement in the home according to the loan program. In ALL cases even if you have 50% equity in the home, if the loan program requires a MIR down-payment then you would have to bring those eligible funds to the closing table.
2. Property Condition: Is the property habitable? Is the property safe in terms of potential obstacles that could cause injury to you or another person. In the appraisal report, there’s a property condition report that outlines these conditions. Different programs have different program requirements, so you may hear Sellers say I only want to sell to a person that has a conventional home loan knowing that conventional loan programs are the most lenient when it comes to property conditions required for final loan approval.

Loan Program:

This last pillar is more along the lines of the first 4 pillars being weighed against. In other words does your credit, DTI, Funds needed for closing, and subject property fit within the guidelines of the loan program. As you change loan programs the whole lending process changes, and even “meaningless” changes can affect your ability to close on the home. Working with the right company and professional will make all the difference in getting that home you want. Some lenders ONLY work VA loans, or don’t do USDA loans, or have “lender overlays”. A “lender overlay” is an additional guideline the lender places on-up of the actual loan program guideline. Having a consultation call with a lending professional to determine what they are capable of can save you a lot of time and stress.

A couple of my deals:

There’s one deal that comes to mind, and for the sake of privacy I will refer to the client as Gina. Gina was looking to purchase a home, but everything she went to a lender, she always got denied, but never received a clear explanation as to why. Eventually she got connected with me and we began to address each loan pillar. In doing so, it was uncovered that the funds that she was using were considered unsecured loan funds which is a no go for ANY loan program. Upon further inspection, I noticed that the funds were deposited into her account in about 45-days, with this knowledge I was able to leverage the proper interpretation of the lending guidelines. In short, we held closing another 2 weeks that way the deposited unsecured funds would be seasoned for 60-days and now would be considered eligible funds for closing. If the previous lending professional knew this they would have gotten the deal done.

Another deal I did, and again for the sake of privacy I will refer to the client as Ben. Ben had found a home that he wanted to buy, however when the appraisal report came back, there were some property conditions that neither the Seller or Buying was willing to fix, because it totaled over $40,000.00. Instead of denying the loan, we changed the loan from FHA to FHA 203k which is a renovation purchase loan, and was able to finance the cost of the repairs into the loan. A lot of lenders don’t even offer this special loan program let alone know how to actually do it late in the lending process.

What I always tell people:

Most people are just too afraid to buy a home, because it seems like such a lot of steps to get into a home. And to those people I would say you’re ABSOLUTELY correct (not what you wanted to hear huh?). The truth of the matter is that the home buying process is difficult, but the great thing about it is that you don’t need to know everything, you just have to know the right person that does know.

Another misconception is that you have to have perfect credit to buy a home, and that’s not true! I’ve gotten a lot of people with sub-600 credit scores into a home.

Lastly, getting with an experienced and knowledgeable professional early could make a huge difference. For instance there was a wonderful lady I helped become a homeowner, but it was a whole 2 years before she was ready! The key was that she had her free consultation call early, when she didn’t know which way was up. I was able to give her an action = plan that actually works, and she took my advice and implemented everything I told her. During those two years, she had challenges and unexpected financial situations that came up that ended up delaying her progress. However, she preserved and never gave into the setbacks, and now she’s a proud homeowner. You could be next!

My take on it:

Through my 12+ years of experience, I’ve seen a lot of different financial situations, and the overarching commonality is that there’s always a creative way to get anyone into a home. It could be on your part in the form of financial changes, discipline, knowledge, etc.; or the experience, knowledge, creativity, etc. of the loading professional. Is this a difficult process, yes! But it doesn’t have to be hard! ANYONE can own a home, and if you have made it this far, then that means you have the ability to become a homeowner.

When looking to use ANY financial loan instrument, the first 3 pillars are what you should be constantly working on. Focus on becoming a well qualified borrower and lenders will love lending you money because your behaviors display financial & credit worthiness. Ask yourself: “What if I am considered financial & credit worthy to lenders?” & “How do I go about becoming this person?”. Swallowing the red pill and putting in the work, will open doors that you could never have had imagined.

There was a client of mine a couple years ago that implemented the strategies I gave her. I’ll refer to her as Susie, and this is her story: Susie reached out to me about buying her first home. She had good intentions: more space for her kids, tired of paying her landlord, building towards generational wealth, and a lot of other great points. She imagined “what if” I could make this work. When she reached out to me in the Fall of 2021 and had her free home loan consultation we were able to come to the conclusion that she was not financially ready to purchase a home. Instead of allowing the reality of her situation to destroy her dreams, she asked “how do I get ready”. At this point I had to get her to willingly swallow the red pill, so I asked if she was ready for me to be brutally honest? She said, “Yes, please! I really want to do this!”. Then I said to her, “This is REALLY what the banks are saying behind closed doors, you simply don’t make enough money for the home you want. You got to make more money!”. She replied, “OK, then that’s what I’m going to do”. Now, in my experience, normally people don’t actually do what it takes to live the dreams they have. A few months went by, and she reached out to me the following Spring. When we reconnected over the phone, she said in a very confident tone, “OK , I’m ready now!”. We restarted her pre-approval process and she provided her bank statements. When I reviewed them I thought she was going to jail for criminal activities! Susie had saved over $200k, mind you her previous qualifying income was $50,000.00/year. So, how on earth did you get that much money in roughly 6-months? Come to find out, she became a tax preparer and made more money in 6-months than she’s made in the last 4+ years! I still had to do some creative loan structuring due to the loan guidelines on employment history, but she’s a homeowner now!

Final Thoughts:

By understanding the 5 Pillars of the home loan, you can come up with a good plan to work towards homeownership. If you are trying to get prepared to buy a home, then focus on the first three pillars to become a well qualified borrower. They are:

1. Credit
2. Repayment Ability
3. Funds needed for closing
4. Subject Property
5. Loan Program

The time between when you have a good idea and the moment you act on that idea is the #1. #2 is executing a plan consistently over time in spite of the hardships that may arise. The first step is getting the right information from an experienced & knowledgeable professional. If you made it this far then you can become a homeowner.

• This discussion was modified 7 months, 1 week ago by  Sapna Sharma.
• This discussion was modified 7 months, 1 week ago by  Sapna Sharma.
• This discussion was modified 1 month, 1 week ago by  Sapna Sharma.
• This discussion was modified 1 month, 1 week ago by  Sapna Sharma.

FHA 203k Loans are great acquistion and renovation mortgage loan programs all in one loan closings. An FHA 203(k) loan is a type of mortgage loan offered by the Federal Housing Administration (FHA) for properties that need renovations. It allows the borrower to include both the cost of the home and the cost of necessary repairs or improvements in a single loan. Here are the key features and benefits of FHA 203(k) loans:

Key Features:

1. Loan Types:

   • Standard 203(k) Loan: Suitable for extensive repairs and improvements, including structural changes. Minimum repair cost is $5,000.
   • Limited 203(k) Loan: Also known as a Streamline 203(k), it is for minor repairs and improvements, with a maximum repair cost of $35,000.

2. Eligibility:

   • The property must be at least one year old.
   • Eligible properties include single-family homes, multi-family properties (up to 4 units), condos, and mixed-use properties.
   • The borrower must meet FHA credit requirements, which generally means a credit score of at least 580, though some lenders may require higher scores.

3. Loan Amount:

   • The total loan amount is based on the lesser of the property’s value after repairs or 110% of the appraised value before repairs, plus repair costs.
   • The loan covers the purchase price of the property plus the cost of repairs.

4. Interest Rates:

   • FHA 203(k) loans typically have slightly higher interest rates compared to standard FHA loans due to the additional risk associated with the renovation process.

Benefits:

1. Single Loan for Purchase and Renovation:

   • Simplifies the financing process by combining the purchase and renovation costs into one loan, avoiding the need for separate home improvement loans.

2. Low Down Payment:

   • Like other FHA loans, FHA 203(k) loans require a low down payment, usually 3.5% of the total loan amount.

3. Flexible Credit Requirements:

   • More lenient credit requirements compared to conventional loans, making it accessible to more borrowers.

4. Potential for Increased Property Value:

   • Renovations and improvements can significantly increase the property’s value, potentially offering a good return on investment.

Steps to Obtain an FHA 203(k) Loan:

1. Find an FHA-Approved Lender:

   • Work with a lender experienced in FHA 203(k) loans to understand the specific requirements and process.

2. Get Pre-Approved:

   • Obtain pre-approval to determine your borrowing capacity and budget for purchasing and renovating the property.

3. Find a Property:

   • Identify a property that qualifies for an FHA 203(k) loan and requires repairs or improvements.

4. Work with a Consultant:

   • For Standard 203(k) loans, you may need to work with a HUD-approved 203(k) consultant to evaluate the property and estimate repair costs.

5. Submit Your Loan Application:

   • Include detailed renovation plans and cost estimates. The lender will appraise the property based on its after-repair value.

6. Close the Loan:

   • Once approved, close the loan, and the funds for repairs will be held in escrow and disbursed as work is completed.

Considerations:

• Contractor Selection:
  • Borrowers must choose licensed and insured contractors for the renovation work. The lender may need to approve the contractors.
• Timeline and Budget Management:
  • Ensure realistic timelines and budgets for the renovation work to avoid complications during the project.

If you have specific questions or need more details about FHA 203(k) loans, feel free to ask!

Here is a blog written by Peter Arcuri

https://gustancho.com/fha-203k-contractor/

gustancho.com

FHA 203k Contractor Role For Homebuyers of Fixer-Uppers

Hiring the right FHA 203k Contractor is so important. Good communication skills and a FHA 203k Contractor you can get along with is a must.

I may have been destined to become a concert pianist. After all, I began my piano lessons at age 7, like my two older sisters. Piano playing was a prerequisite for the Catholic school we attended. A nun, Sister Stella had a sister who was also a nun at St. Anthony of Padua in lower Manhattan; her name was Sister Catherine Marie. Sister Stella, who was in her 80’s, small and ornery, had the difficult task of teaching us. My love of music was put on the back burner after I realized the pain and agony involved in learning. A wooden ruler would grace your knuckles for every sour note, not like the piano was ever properly tuned. The fear of striking the wrong key would resonate through my body. I would begin to sweat, and I already stuttered, which didn’t help. By the time I was eight, my knuckles were raised with callouses. I was the envy of the martial arts world.

My earliest memory of nuns was when I was in the first grade, standing in line after lunch, waiting to go back inside the classroom. The kid behind me didn’t appreciate his lunch, or maybe he was scheduled for a piano lesson and threw up on my pants. He vomited all over the back of me. The nuns felt this was not part of their job description to clean me and began to yell at me. What did I do? They called for my older sister, who was in the 8th grade, to come down and clean me up. I was crying, stuttering, and everyone was yelling at me. That day I learned every curse word in the book; my sister was muttering them under her breath.

As I have mentioned, I stuttered, and I was a big kid, so I sat in the back of the classroom. Because I stuttered, I was made fun of, and the nuns who were teaching me thought I was either an idiot or I couldn’t see well. But they didn’t move me to the front of the class. Instead, they told my parents I needed glasses. Duh? Glasses to cure stuttering! I started wearing reading glasses when I was 55; to this very day, my distance vision is great. Funny, back then, whatever a nun would suggest, my parents, and all parents, would blindly follow.

I wasn’t particularly bright. Since I stuttered, I never raised my hand to give the answer. One day I knew the answer; I raised my hand. I am beaming with information this time, “Sister, Sister, Sister.” She ignored me and said, “John, what’s the answer.” As John searched his heart and soul for the answer, my insides were bursting, and I yelled out the answer. No one knew I even had a voice; I did, and I wanted to answer. When I bellowed out the answer, the nun turned to me and said, “Is your name John?” I was sent to Mother Superior’s office. Mother Bettina was not a force to be reckoned with. She was 90 if she was a day. You knew you were in deep trouble when she rolled her sleeves up. I always wondered what was up their sleeves? She kept a metal ruler handy, not wood, metal, probably because the wooden rulers cracked after so much use. If you failed a test by 10 points, that meant ten cracks on your open palms to make up the difference in your grade. If you still failed, they didn’t give you back the points, just the pain. My knuckles were sore, and my palms were beet red; I could hardly hold a pencil. That yelling out in class got me ten cracks, and I knew the answer! What a way to teach.

My sister Joanne was left-handed. The nuns constantly tried to correct this; they thought being left-handed was a problem. Ironically, my sister became a Sister herself. I never thought nuns were human; I thought they had wheels for their feet like robots. Then one day, their habits were adjusted for more comfort. Imagine my surprise!! Oh, my, they have hair and feet! I then realized they were human.

Some of my works, all available on amazon

AOC is in full panic mode

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Cheeseburger in paradise by the late Jimmy Buffet, no relationship to Mr. Bill Burger-King @Bill Burg is one of all time favorites.

https://youtu.be/jBsPZV14I-k?si=qGeMKkc52pY04ZHN

Lenders Mortgage Insurance (LMI) sounds complicated, but it’s a safety net for lenders when your deposit is less than 20% of the property’s value. Unfortunately, you have to pay for it.

Understanding LMI means knowing how property value, deposit size, and loan type work together. You can avoid paying LMI by having a 20% deposit or getting help from family or government schemes.

Key Facts about LMI

• LMI is a one-time payment added to your home loan’s total amount.
• It protects the lender, not you if you default on your home loan.
• To avoid LMI:
  • Put down a larger deposit (over 20%).
  • Use government programs like Keystart home loans.
  • Remember, if you refinance later, LMI doesn’t go away.

What is Lenders Mortgage Insurance (LMI)?

If your deposit is less than 20% of the property’s value, you might have to pay LMI. This happens because loans with a higher Loan-to-Value Ratio (LVR) are seen as riskier by lenders.

LMI is a non-refundable fee charged to you as an upfront cost, added to your loan if your deposit doesn’t meet the lender’s requirements. It’s a way for lenders to protect themselves in case you can’t repay the loan and they can’t recover the full amount through the sale of the property.

How is LMI Calculated?

Lenders use a tiered system to calculate LMI based on:

• The value of your property.
• Your deposit size.
• The amount you borrow.
• The type of loan.
• The type of property.

Generally, the higher your LVR, the higher your LMI. Investment loans usually have higher LMI than owner-occupied loans. It’s best to get a quote from your lender since calculations can vary.

How Much Does LMI Cost?

LMI can range from 1% to 5% of your total loan amount, depending on your LVR. For example, here’s a rough estimate:

Note: These are indicative only. Actual costs can vary with different lenders.

Should You Pay LMI Upfront or Add It to Your Loan?

Paying LMI upfront is the least expensive option, but many borrowers choose to add it to their loan to spread out the cost. The downside is you’ll pay interest on both your home loan and the LMI amount. Consider using an offset account to reduce your interest.

Are There Benefits to Paying for LMI?

We usually recommend avoiding LMI, but if you can’t, here’s why it’s not all bad:

• No need for a guarantor: You won’t need someone else to secure your loan.
• Enter the market sooner: You can buy a home earlier and avoid paying rent.

How to Get LMI Waived

1. Guarantor: A family member can use their home equity to help you avoid LMI.
2. Home Guarantee Scheme: Government programs like the Home Guarantee Scheme can help you buy with a smaller deposit and no LMI.
3. Save a 20% Deposit: Aim to save 20% of the property value to avoid LMI.
4. Lender Discounts: Some lenders offer LMI discounts for certain loan products or professionals.
5. Professional Waivers: Certain high-paying professions may be eligible for LMI waivers.
6. Parental Help: Parents can gift money or act as guarantors to help you avoid LMI.

Who is Eligible for an LMI Waiver?

Professionals such as doctors, surgeons, lawyers, accountants, and engineers may qualify for LMI waivers, depending on the lender. Requirements often include a high credit score, a minimum annual income, and membership in a professional organization.

Pay LMI or Keep Saving?

Paying LMI:

• Lets you buy a home sooner.
• Can be a good choice if property prices are rising.

Saving a Larger Deposit:

• Reduces your mortgage repayments.
• Eliminates or lowers LMI costs.

How to Avoid LMI When Refinancing

To avoid LMI when refinancing, ensure you have at least 20% equity in your home. You can increase your equity by improving your home’s value or paying off your mortgage early. Remember, LMI isn’t transferable between lenders or loan programs.

Got More Questions?

If you have more questions or need help with LMI, check out Nfinity Financials. They assist first-time homebuyers in purchasing their own homes and avoiding LMI.

Here’s Willie Nelson funny clip with Steve Colbert

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We love WILLIE!! 🤠 ♥️ | Broken Spoke | brokenspokeaustintx · Original audio

We love WILLIE!! 🤠 ♥️. brokenspokeaustintx · Original audio

How many is too many shoes? My husband asked me this question and I was dumbfounded! What do you think?

Back in the day, a long time ago, we had a band called The Hinges, we used to open for the Doors.

People always ask, “how do I come up with topics to write about?” I’m a creative writer,, so I’m a dreamer. My four children write better than I, there are technical writers, couldn’t come up with a creative thought. One daughter is a veterinarian, the other daughter is a teacher, one son is a Michelin chef, and one son is a savant. To creative you have to be a little odd and think of things others don’t. I can suffer from writer’s block for weeks and turn around and write 3000 words in a morning. They way to cure this is to sit in front of a blank piece of paper, dream and write, just start writing, everything else will fall into place.

The most misunderstood wine