Felix, how many down payment assistance mortgage program does Gustan Cho Associates have? I heard GCA Mortgage Group has over 200 down payment assistance programs. Is that correct? Can you please give me the specifics. Much appreciated.

Deciding between investing in 22 single-family homes or a 22-unit apartment building as a rental property investment is a significant decision and depends on various factors. Here are some considerations to help you make an informed choice:

1. Location: Location is crucial in real estate. Consider the location of both options in terms of job growth, population trends, proximity to amenities, schools, and crime rates. A well-located property typically has better long-term potential for appreciation and lower vacancy rates.

2. Management: Managing multiple single-family homes can be more time-consuming and costly compared to managing a single apartment building. With an apartment building, you have economies of scale, and you may be able to hire professional property management services to handle day-to-day operations.

3. Cash Flow: Calculate the potential cash flow for each option. Apartment buildings often have a more stable cash flow because vacancies in one unit can be offset by income from others. Single-family homes may have more fluctuating cash flows due to individual vacancies.

4. Financing: Consider your financing options. Financing for single-family homes may be easier to obtain, but apartment buildings may offer better financing terms due to the potential for higher rental income.

5. Maintenance and Repairs: Factor in maintenance and repair costs. With multiple single-family homes, you’ll have more individual properties to maintain, which can be more expensive and time-consuming compared to a single apartment building.

6. Diversification: Diversification is a risk management strategy. Owning 22 single-family homes can spread risk, as issues with one property won’t necessarily affect the others. In contrast, an issue with a large apartment building can have a more significant impact.

7. Market Conditions: Consider the current and future market conditions in your area. The demand for single-family homes and apartment units can vary based on economic trends and local factors.

8. Exit Strategy: Think about your long-term goals and exit strategy. Are you planning to hold the properties for rental income indefinitely, or do you have a specific exit plan, such as selling after a certain period?

9. Financing and Capital: Assess your financial situation and access to capital. Apartment buildings often require a larger initial investment, both in terms of down payment and ongoing expenses.

10. Risk Tolerance: Evaluate your risk tolerance. Single-family homes may provide more diversification and lower risk, but apartment buildings can offer potentially higher returns.

Ultimately, the choice between investing in 22 single-family homes or a 22-unit apartment building depends on your financial goals, risk tolerance, and the local real estate market. It’s advisable to consult with real estate professionals, financial advisors, and conduct thorough market research before making your decision. Additionally, considering a mix of property types in your investment portfolio can provide diversification and reduce risk.

Cash-out refinancing is a great way for homeowners, including first home buyers, to access the equity they’ve built up in their homes. This process involves getting a new mortgage that’s larger than your current one, and the difference is given to you in cash. This extra cash can be used for buying another property, paying off debt, or making home improvements. In this blog, we’ll explore the ins and outs of cash-out refinancing and answer common questions.

What is Cash-Out Refinancing?

Cash-out refinancing means replacing your existing mortgage with a new one that’s larger. The extra amount you borrow is given to you in cash, which you can use for various needs like home renovations, paying off high-interest debt, funding education, or investing.

For example, if your home is worth $800,000 and you owe $400,000 on your mortgage, you might refinance for $500,000. You’d pay off the $400,000 loan and get $100,000 in cash.

How Does Cash-Out Refinancing Work?

Here’s how cash-out refinancing generally works:

1. Assessing Home Equity: Calculate your home equity by subtracting what you owe on your mortgage from your home’s market value. Lenders typically allow you to borrow up to 80% of your home’s value, but this can vary.

2. Applying for the Loan: Contact your current lender or shop around for the best refinancing deal. You’ll need to provide documents like proof of income, credit history, and details about your current mortgage.

3. Home Appraisal: The lender will appraise your home to determine its current market value.

4. Approval and Terms: If approved, you’ll receive the terms of the new loan, including the interest rate, repayment period, and any fees.

5. Settlement: The new loan pays off your existing mortgage, and you get the difference between the old and new loan amounts as cash.

Pros and Cons of Cash-Out Refinancing

Pros:

• Secure better loan terms and interest rates.
• Use the cash to pay off high-interest credit cards and personal loans.
• Lower your monthly payments by extending the loan term.

Cons:

• Risk of arrears if you can’t make the repayments.
• Longer loan term means paying more interest over time.
• High closing costs for the new mortgage, though lower monthly payments might offset this if you stay in your home long-term.
• Using cash-out refinance for debt consolidation might extend your loan term more than necessary.

Considerations and Risks

• Costs and Fees: Refinancing can be costly, with expenses like application fees, valuation fees, legal fees, and sometimes break fees for ending your original mortgage early.
• Longer Repayment Period: While lower monthly payments are possible, extending your mortgage term means paying more interest over the loan’s life.
• Impact on Equity: Taking cash out reduces your home equity, affecting your financial stability and future options, especially if property values drop.
• Risk of Arrears: If you can’t meet the repayment terms, you risk arrears, putting your home in jeopardy.
• Qualification Requirements: Lenders will check your creditworthiness, income, and home value. Poor credit or insufficient income could lead to less favorable loan terms or even rejection.

How Much Can You Borrow with a Cash-Out Refinance?

The amount you can borrow depends on several factors: the current market value of your property, the loan-to-value ratio (LVR) allowed by the lender, and your creditworthiness.

Lenders typically allow a maximum LVR between 80% and 90% of your property’s appraised value. To find out how much you can borrow, calculate the difference between what you owe and 80% of your property’s value.

For example, if your property is appraised at $500,000 and your current mortgage balance is $300,000, a lender allowing an 80% LVR might let you cash out up to $100,000.

Check with lenders for their specific terms and guidelines, as these can vary. They might also have restrictions on how you can use the cash-out funds and require documentation or proof of intended use.

To get an exact amount you’re eligible to borrow, consult with mortgage brokers or lenders. They can assess your situation and give you accurate information based on their criteria.

Benefits of Cash-Out Refinancing

Cash-out refinancing can be a smart financial move, allowing you to tap into your home’s equity. Here are some reasons why it’s popular:

• Access to Funds: You get a lump sum of money based on your home’s equity. This can finance projects like home improvements, starting a business, investing, education costs, or paying off high-interest debt.
• Competitive Interest Rates: Refinancing often means securing a better interest rate on your loan. Shop around with different lenders to find the best rates and loan terms.
• Potential Tax Benefits: Depending on how you use the funds, the interest on the portion of the loan used for investments might be tax-deductible. Consult a tax advisor to understand your specific situation.

Conclusion

Cash-out refinancing is a valuable option for homeowners, including first home buyer, to access their property’s value for various financial purposes. Whether you want to invest in another property, consolidate debt, or cover major expenses, it’s essential to understand how cash-out refinancing works and its impact.

Ready to Cash-Out Refinance? Seek advice from financial experts to ensure your decisions align with your long-term financial plans. For more information, read our related articles.. Book a consultation call at 1300 GET LOAN today and make the right financial decisions!

FAQs

1. How much can I cash out when I refinance? Typically, lenders limit cash-out refinance amounts to 80% of your home’s value. For example, if your home is valued at $250,000 and your mortgage balance is $150,000, you could cash out up to $50,000.

2. Can I cash out a refinance to buy another property? Yes, you can use the funds from a cash-out refinance to purchase another property. This strategy is often employed by investors looking to expand their real estate portfolio or by homeowners wishing to buy a second home.

3. Can I refinance and get cash out? Absolutely. The primary feature of a cash-out refinance is that it allows you to refinance your existing mortgage and access a portion of your home equity as cash. You can use this cash for various purposes, such as home improvements, education expenses, or debt consolidation.

4. Is a cash-out refinance taxable? The cash received from a cash-out refinance is not considered taxable income. However, if you invest the funds and generate additional income, such as rental income from a new property, that income may be taxable. Consult a tax professional to understand the implications specific to your situation.

5. How to calculate cash-out refinance? Calculating a cash-out refinance involves determining the amount of equity you can tap into. Typically, lenders allow you to borrow up to 80% of your home’s appraised value. Subtract your existing mortgage balance from this amount to find out how much cash you can potentially receive. For example:

   • Appraised home value: $800,000
   • Maximum allowable loan (80%): $640,000
   • Current mortgage balance: $400,000
   • Potential cash-out amount: $240,000 (before closing costs and fees)

6. Can I cash-out refinance my rental property? Yes, in Australia, you can cash-out refinance your rental property. Lenders typically allow refinancing for investment properties, but terms may vary.

7. Can you cash-out refinance a car? No, cash-out refinancing is usually for real estate properties, not vehicles in Australia.

8. Is a home appraisal required? Yes, in most cases, an appraisal determines your home’s market value, crucial for determining how much cash-out you can receive in refinancing.

9. Does a cash-out refinance change your interest rate? Yes, a cash-out refinance can change your interest rate. It might secure a new rate that’s more competitive or less favorable depending on market conditions and your financial situation.

10. Does cash-out refinance affect credit score? Yes, applying for a cash-out refinance can temporarily affect your credit score due to the credit inquiry and new loan account. Responsible management can positively impact your credit over time.

11. Does cash-out refinance increase mortgage payments? Yes, cash-out refinancing could increase your mortgage payment if you borrow more or extend your loan term. Consider the impact on your monthly budget.

12. How long does a refinance cash-out take? Similar to a regular refinance, the timeframe for a cash-out refinance varies but generally involves a process that can take weeks from application to settlement.

13. Cash-out refinance vs. home equity loan: What’s the difference? Both allow accessing equity but differ in process. Cash-out refinancing replaces your original mortgage with a new one, while a home equity loan adds a new loan without changing your original mortgage.

Per U.S. District Court, bankruptcy filings in the United States is up 13% and surging higher. Inflation, high rates, and cost of goods and services are leading cause of unemployment and financial crisis among Americans.

https://www.uscourts.gov/news/2023/10/26/bankruptcy-filings-rise-13-percent

Is it possible to get a USDA AND FHA Loan at the same?

Can a homebuyers qualify for USDA LOANS with unpaid collection accounts and two charge off accounts. Late Payments 7 months.

I have a client who wants to buy a house during Chapter 13 Bankruptcy with USDA LOANS. He was. Told yes from Cross-country Mortgage on FHA loans but not USDA LOANS. Two years into a five year Bankruptcy repayment plan.

Does USDA loans have a streamline refinance mortgage program like FHA streamline refinance and VA streamline refinance. How is the refinance process done step by step on USDA loans?

https://www.youtube.com/watch?v=0trHQUkUTUU

Our government is run by complete idiots. The Federal Reserve Board Chief needs to get replaced by someone who is competent and knowledgeable about the housing industry and mortgage markets. What is going on? 30 year treasuries are over 4.8% and surging. Mortgage Rates are North of 8.00% plus points. FHA rates on 540 FICO borrowers are 8.125% plus 3 5% points. The federal government is trying to crush the housing market. FED Chairman need to stop increasing rates and start stabilizing mortgage rates by buying MBS and stop trying to destroy the United States and crushing the real estate market. Here’s a snapshot of the 30 year treasuries

• This discussion was modified 1 year, 6 months ago by  Gustan Cho. Reason: Forgot snapshot,

My Branch Manager wants me to sign a employment and compensation agreement between me and my mortgage company. Do I need to get a lawyer to review the employment and compensation agreement as well as a team agreement or should I just sign it. My Branch Manager said not to worry about it and just sign it. My manager said that I am too small for my employer to come after me. What do I need to look out for and anything I should focus on? My last Lender said I could not bring my loan officer assistant and processor and if I do I will go to jail and regret it. I did not bring anyone in fear I get sued.

Unsecured credit cards are a type of credit card that does not require the cardholder to provide collateral or a security deposit to obtain the credit line. Instead, the credit card issuer extends a line of credit to the cardholder based on their creditworthiness and ability to repay the borrowed funds. Unsecured credit cards are the most common type of credit card and are widely used for various financial transactions.

In the following sub-paragraphs, we will cover key characteristics of unsecured credit cards:

1. No collateral: Unlike secured credit cards, which require a cash deposit as collateral, unsecured credit cards do not require any form of security deposit.

2. Creditworthiness: Approval for an unsecured credit card is typically based on the applicant’s credit history, income, and other financial factors. Lenders assess the risk of lending money without collateral and may offer higher credit limits and better terms to applicants with stronger credit profiles.

3. Revolving credit: Unsecured credit cards typically offer a revolving line of credit, which means that cardholders can borrow up to their credit limit, repay the borrowed amount, and then borrow again as needed. This cycle can continue as long as the account remains in good standing.

4. Interest rates and fees: Unsecured credit cards may have varying interest rates, annual fees, and other charges. The terms and conditions of the card, including the interest rate, credit limit, and fees, are typically disclosed in the cardholder agreement.

5. Payment flexibility: Cardholders have the option to pay their credit card balance in full each month to avoid interest charges or make minimum payments and carry a balance, in which case interest will be applied to the remaining balance.

6. Credit building: Responsible use of an unsecured credit card can help individuals build or improve their credit history, as positive payment history is reported to credit bureaus. Conversely, late payments or excessive debt can have a negative impact on one’s credit score.

It’s important for individuals considering unsecured credit cards to carefully review the terms and conditions of the card offers, manage their spending and payments responsibly, and avoid accumulating high levels of debt to maintain a healthy financial profile and avoid potential credit issues.

Business credit refers to a company’s creditworthiness and its ability to borrow money or obtain goods and services on credit. It is similar to personal credit but specifically applies to businesses and is used to assess their financial responsibility and ability to manage debt.

Here are some key aspects of business credit:

1. Credit Reporting Agencies: Business credit is typically tracked by credit reporting agencies that specialize in collecting and maintaining financial information about businesses. These agencies gather data from various sources, such as trade creditors, lenders, and public records, to create a credit profile for a company.

2. Credit Scores: Like individuals have personal credit scores (e.g., FICO scores), businesses have business credit scores. The most well-known business credit scoring system is provided by Dun & Bradstreet (D&B), which assigns a PAYDEX score to companies based on their payment history with suppliers and vendors. Other agencies like Experian and Equifax also provide business credit scores.

3. Credit History: A company’s business credit history includes information about its credit accounts, payment history, outstanding balances, and any past delinquencies or defaults. A positive credit history can help a business secure financing, lease equipment, and establish favorable terms with suppliers.

4. Building Business Credit: To establish a strong business credit profile, a company needs to demonstrate responsible financial behavior. This includes making timely payments to creditors, maintaining low debt levels relative to credit limits, and managing credit accounts responsibly.

5. Uses of Business Credit: Good business credit can benefit a company in various ways, such as:

   • Securing Loans: A strong credit profile makes it easier to obtain business loans, lines of credit, and other forms of financing.
   • Attracting Investors: Investors may review a company’s creditworthiness before investing capital.
   • Vendor Relationships: Suppliers and vendors may offer better terms and pricing to businesses with good credit.
   • Business Opportunities: A strong credit history can open doors to partnerships, contracts, and other business opportunities.

6. Legal Structure: Business credit is typically associated with legal business entities, such as corporations, LLCs, or partnerships. Sole proprietors and freelancers often rely on personal credit, as their business and personal finances are intertwined.

It’s important for business owners to actively manage and monitor their business credit to ensure it remains favorable. Regularly reviewing business credit reports and addressing any inaccuracies or negative information is crucial for maintaining a healthy credit profile. Building and maintaining good business credit can be a valuable asset for long-term financial stability and growth.

Question: In the middle of approving someone to purchase property , which was going to be investment loan. Their home catches on fire total loss. Their home was paid for, they are now residing in hotel. Rental well we know terrible. So my thinking buy something so have a place to put head. what investors would allow to purchase home being owner occupied. While they have property in name. They will be residing in home, after renovations to be done. Don’t even have a home in mind. But I may know of one that they could purchase, and live in for a year or so. Until they decide what they will do.

To me I don’t think issue, have proof that they will have to reside in home.

I remember years ago the commercial,” I’ve fallen and I can’t get up.” I always laughed at the commercial. Now, I’m 70 I don’t find this funny anymore.

Even with interest rates at a two-decade high and mortgage applications and existing home sales slipping back to 20th-century levels, home prices continue to rise. The S&P CoreLogic Case-Shiller indices increased for the seventh consecutive month while the Federal Housing Finance Agency (FHFA) reports a ninth straight gain in its Housing Price Index (HMI).

Case-Shiller’s U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, reported a 2.6 percent annual change in August, up from 1.0 percent in the previous month. The 10-City Composite showed an increase of 3.0 percent, compared to 1.0 percent in July and the 20-City Composite annual gain rose from 2.0 percent to 2.2 percent.

mortgagenewsdaily.com

Today's Mortgage Rates

View today's current mortgage rates with our national average index, calculated daily to bring you the most accurate data when purchasing or refinancing your home. Follow our daily market analysis with Mortgage Rate Watch and we'll tell you where and … Continue reading

I never knew any of my grandparents, but I was fortunate enough to know my great-uncle, who was my grandfather’s brother. My grandfather, Alfonso, arrived with his brother Francesco in New York around 1900. The brothers were born in Cava de’ Tirrini, a city in the Campagna region of southern Italy. The brothers didn’t take to American life; one example would be never really learning English.

My grandfather Alfonso died soon after the Depression, and his brother Francesco became my surrogate grandpa. Zio “Cheech,” as we called him along with Grandpa. He lived in Corona, New York, lived to be 86, and died in 1964, when I was ten. My memories are fading with age. However, I do vividly recall his basement in Corona. The walls were decked with the Sunday comics from The Daily News, “Terry and the Pirates, and “Gasoline Alley.” The old guy never understood the text of the comics; he loved the colors, and they were everywhere.

He had a modest garden of tomatoes, herbs, peaches and grape vines. He also made his own wine. One memory I will always remember was his smell; he smoked DiNapli cigars, short smokes we called “Guinea Stinkers,” and he wore the same old, grey sweater.

My parents would visit every Sunday for dinner in Corona. As soon as we arrived, he took me down to the cellar. I was the youngest and clearly his favorite. He showed me the latest edition of Sunday comics, and he always smiled. Then he’d sit me down and pour me some home-made wine. I was eight back then. He would slice a piece of peach and put it in our wine glasses. The wine was so strong in alcohol that it had to be cut with the sweetness of the peach. The “Godfather” scene at the end depicts Cheech in a tee, peach, and gray sweater.

He would serve wine in Flintstone jelly jars. I had a serious crush on Wilma until I was twelve.

What I would give for one more visit down his cellar, drinking wine and smelling those nasty cigars.

What is the difference between mortgag bankers, correspondent lenders, mini-correspondent lenders, mortgage brokers, retail loan officers, and wholesale mortgage lenders?

When using child support as income, which of the following is required to verify the income for an FHA loan?

7(a) loans

SBA’s most common loan program, which includes financial help for businesses with special requirements.

Content

1. What is a 7(a) loan?
2. Am I eligible?
3. How do I use the 7(a) loan?
4. What do I need to apply?
5. How do I pay back my 7(a) loan?
6. Existing borrowers

What is a 7(a) loan?

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is a good option when real estate is part of a business purchase, but it can also be used for:

• Short- and long-term working capital
• Refinancing current business debt
• Purchasing and installation of machinery and equipment
• Purchasing furniture, fixtures, and supplies

The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. Your lender will help you figure out which type of loan is best suited for your needs.

Am I eligible?

To be eligible for 7(a) loan assistance, businesses must:

• Operate for profit
• Be considered a small business, as defined by SBA
• Be engaged in, or propose to do business in, the United States or its possessions
• Be able to demonstrate a need for a loan
• Use the funds for a sound business purpose
• Not be delinquent on any existing debt obligations to the U.S. government
• Be creditworthy and reasonably assure repayment of the loan

Some businesses may not qualify for a 7(a) loan. Read more about Terms, conditions, and eligibility.

How do I use the 7(a) loan?

Basic uses for the 7(a) loan include:

• Long- and short-term working capital
• Revolving funds based on the value of existing inventory and receivables
• The purchase of equipment, machinery, furniture, fixtures, supplies, or materials
• The purchase of real estate, including land and buildings
• The construction a new building or renovation an existing building
• Establishing a new business or assisting in the acquisition, operation or expansion of an existing business
• Refinancing existing business debt, under certain conditions

What do I need to apply?

The contents of the loan application generally vary depending on the size of the loan and the lender’s processing method. When you’re ready to apply, begin the process by working with your lender to determine which documents they will require you to provide.

The loan application documents required will generally include SBA Form 1919, Borrower’s Information Form. Use the following checklist to ensure you are prepared if your lender asks you for any of the following information:

• Borrower information form (required): Complete SBA Form 1919 and submit it to an SBA-participating lender.
• Financial statements (as applicable): The lender may require personal financial statements for the applicant(s) or owner(s) of the applicant.
• Business financial statements (as applicable): Submit the following to help show your ability to repay a loan:
  • Profit and loss statement – Current within 180 days of your application. Also include supplementary schedules from the last three fiscal years.
  • Projected financial statements – Include a detailed, one-year projection of income and finances and explain how you expect to achieve this projection.
• Ownership and affiliations: Provide a list of names and addresses of any subsidiaries and affiliates.
• Business license or certificate (as applicable): Provide a copy of the original business license or certificate of doing business. If your small business is a corporation, stamp your corporate seal on the SBA loan application form.
• Loan application history (as applicable): Include records of any loans you may have applied for in the past.
• Income tax returns (required for the lender to verify applicant’s size): Include signed business federal income tax returns of your business for the previous three years.
• Resumes (as applicable): Include personal resumes for each principal.
• Business overview and history (as applicable): Provide a history of the business and its challenges. Include an explanation of why you need the SBA loan and how it will help your business.
• Business lease (as applicable): Include a copy of your business lease, or a note from your landlord, with the terms of the proposed lease.

If you are buying an existing business, gather the following information (required):

• Current balance sheet and profit and loss statement of the business being acquired
• Federal income tax returns for the previous three years of the business being acquired
• Proposed bill of sale/purchase agreement, including the terms of sale
• Asking price with schedule of inventory, machinery and equipment, and furniture and fixtures

You may be required to submit more SBA forms based on the specific use of proceeds or fees paid on a loans package or to a broker or agent.

How do I pay back my 7(a) loan?

Loan repayment terms vary according to several factors.

• Most 7(a) term loans are repaid with monthly payments of principal and interest from the cash flow of the business
• Payments stay the same for fixed-rate loans because the interest rate is constant
• For variable rate loans, the lender may require a different payment amount when the interest rate changes

sba.gov

7(a) loans | U.S. Small Business Administration

7(a) loans | U.S. Small Business Administration

Do German Shepherd dogs require a fenced yard. My homebuyer finally found their forever house. Problem is the house is in South Barrington, Illinois where all homes are in subdivisions. Subdivision HOAs ban fences on all homes. Homes have a one acre minimum. My buyers put a deposit on two German Shepherd dogs wanted to put a fence for them. Their late Old English Mastiff never needed a fence. What are your thoughts on German Shepherd dogs. Are German Shepherd dogs runners in nature like hunting dogs or can they be trained to stay on your property without a fence.

Whether Maine is a good place to live depends on your personal preferences and priorities. Maine offers several advantages, but it also has its drawbacks. Here are some factors to consider:

Pros of Living in Maine:

1. Natural Beauty: Maine is known for its stunning natural landscapes, including rugged coastlines, picturesque lakes, and dense forests. If you enjoy outdoor activities like hiking, camping, and fishing, Maine offers abundant opportunities.

2. Quality of Life: Maine often ranks highly in terms of quality of life metrics, including low crime rates, good healthcare, and a strong sense of community.

3. Four Seasons: Maine experiences all four seasons, which can be appealing if you enjoy a variety of weather conditions and outdoor activities associated with each season.

4. Education: Maine has some excellent schools and universities, making it a good place for families looking for educational opportunities.

5. Lobster and Seafood: Maine is famous for its seafood, particularly lobster. If you’re a seafood lover, you’ll find plenty of delicious options.

6. Low Population Density: Maine has a relatively low population density compared to many other states, which can mean less crowded living conditions and a slower pace of life.

Cons of Living in Maine:

1. Harsh Winters: Maine’s winters can be long and harsh, with heavy snowfall and cold temperatures. If you dislike cold weather, this may not be the place for you.

2. Economic Factors: Maine’s economy is diverse but has faced challenges in the past, including a relatively high cost of living in some areas and limited job opportunities in certain industries.

3. Rural Areas: While the natural beauty is a pro for many, it can also mean that some parts of Maine are quite rural and may lack access to urban amenities and services.

4. Tourism Impact: In some areas, particularly coastal communities, the local economy is heavily dependent on tourism, which can lead to seasonal fluctuations in job availability and increased living costs during tourist seasons.

5. Limited Diversity: Maine has a predominantly white population, which may not appeal to those seeking a more diverse cultural environment.

Ultimately, whether Maine is a good place to live depends on your lifestyle preferences and priorities. It’s a state with unique natural beauty and a strong sense of community, but it may not be the right fit for everyone, especially if you’re not fond of cold winters or prefer a more urban environment. It’s a good idea to visit and spend some time in the state to get a feel for what it’s like before making a decision to move there.

I am a loan officer and realtor but am not too familiar with USDA loans. Anyone have information about getting qualified for a USDA loan after Chapter 7 Bankruptcy? What is the waiting period to qualify for a USDA loan after bankruptcy. What is the minimum credit scores required to qualify for a USDA loan? What are the eligibility requirements to be eligible and qualify for a USDA loan?

What is the consequences by the CFPB and state and federal regulators if a NMLS Licensed loan officer gets caught giving or receiving referral fees and kickback.

Breaking NEWS from CEO MIKE KORTAS over the announcement of NEXA MORTGAGE 100. Effective immediately, all NEXA Mortgage loan originators who recruit one full time independent Mortgage Loan Originator and that loan officer does one loan a month in one or all three wholesale lending mini-correspondent investors (EPM, MLB, and UWM) the loan officer will make 100% of the revenues. Let’s dive into the details of NEXA Mortgage’s commission structure. If you’re a self-producing Mortgage Loan Originator (MLO) looking for a change in brokerages, NEXA has some exciting possibilities for you:

1. Base Commission:

   • The first layer of NEXA Mortgage’s compensation plan is the Base Commission. You start by selecting a margin applied to your lender-paid compensation deals.
   • While you have the flexibility to choose different margins, it’s recommended to opt for 275 basis points, which grants you 220 basis points.
   • With this competitive rate, your commissions can significantly increase, especially when closing larger loan amounts.

2. Bonus Commission:

   • NEXA rewards hard work and dedication with the Bonus Commission.
   • Once you hit $3 million in funded volume per month, you’ll receive a 100% commission on everything beyond that threshold.
   • This bonus structure motivates MLOs to exceed their targets, and the potential for increased earnings is substantial. So, the sky’s the limit when it comes to achieving higher commissions!

3. Partnership Compensation Plan:

   • Taking their commitment to growth and recognition a step further, NEXA introduces the Partnership Compensation Plan.
   • When you’ve introduced 10 Originators producing at NEXA, you become eligible for this plan.
   • Instead of waiting to hit $3 million, you get a 100% commission starting at $2 million in production.
   • This incentive encourages MLOs to contribute to the company’s success by bringing in top-performing Originators.

4. Revenue Share Program:

   • Interested in building a business within a business? NEXA Mortgage offers an enticing Revenue Share Program.
   • By introducing other Originators to NEXA, you can earn a portion of their commissions, creating a powerful source of passive income.
   • As you develop your downline and help others succeed, your Revenue Share can grow significantly.

5. Daily Payouts:

   • Gone are the days of waiting for weeks to receive your commissions.
   • NEXA Mortgage pays you daily, treating you like a realtor and ensuring you get your hard-earned money promptly1.

Remember, always do thorough research and consider all aspects before making any decisions. If you’re interested in joining NEXA, reach out to them directly to explore the opportunities further!

https://gustancho.com/career-opportunities/

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

Please make sure all LO’s have this

How to find active builders and spec builders.

one way is to go to realtor.com, choose a large city go to filters, click home, age no min, and less than 1 year. this should list the new construction homes. get the addresses. The agent usually doesn’t want you speaking with their client, however, call the agent anyway and let them know that you can help theri builder to build more homes, and sometimes they will introduce you. if not, then do a google search for parcel search using the city, or county, and state. Usually, they have a gis map, and you can use this to locate the owner and the owner’s address, where you can further search and get a cell phone. realtor.com is a great source to see who is building where and at what price.

realtor.com

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Non-QM Mortgage Brokers is a national mortgage broker and correspondent lender licensed in 48 states, including Washington, DC, Puerto Rico, and the United States Virgin Islands. Non-QM Mortgage Brokers is a wholly-owned subsidiary of Gustan Cho Associates, Inc. Gustan Cho Associates, also referred to as GCA Mortgage Group NMLS 2315275 is a dba of NEXA Mortgage, LLC NMLS 1660690, the nation’s largest mortgage broker and correspondent lender with nearly 3,000 licensed mortgage loan originators and equally number of support, operations, and third-party independent contractor service providers. Non-QM Mortgage Brokers specialize in providing mortgage options for individuals who may need to meet the standard lending criteria set by the Consumer Financial Protection Bureau (CFPB). Licensed mortgage loan originators at Non-QM Mortgage Brokers offer more flexible mortgage loans regarding income and credit requirements, which can benefit borrowers such as business owners, self-employed individuals, and gig workers.

Here are some key features of non-QM loans:

Flexible Income Documentation: Borrowers may use alternative methods, such as tax returns, bank statements, or 1099s, to demonstrate their ability to repay the loan.

Higher Debt Limits: Some non-QM loans allow for debt-to-income ratios over 50%, compared to the standard 43%.

No Waiting Period After Bankruptcy: Certain non-QM loans do not require a waiting period after bankruptcy or foreclosure, enabling quicker access to a mortgage.

Higher Down Payment Requirements: Non-QM loans often require a larger down payment, typically between 15% to 20%.

Higher Interest Rates: Due to the increased risk associated with these loans, non-QM mortgages usually come with higher interest rates.

If you’re considering a non-QM loan, it’s important to shop around and compare offers from different lenders to find the best terms for your situation. Remember that while non-QM loans can provide a path to homeownership for those who don’t qualify for traditional mortgages, they also come with higher costs and risks. It’s advisable to consult with a financial advisor or mortgage broker to understand all the implications before proceeding. Non-QM Mortgage Brokers is the nation’s largest mortgage broker of non-qualified mortgages. For more information, visit us at Non-QM Mortgage Brokers, Inc. at

https://www.non-qmmortgagebrokers.com/

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James O’Keefe an undercover journalist and former President of Project Veritas went on a date with a gay senior White House Cyber Security Executive Advisor confirming Dementia Joe Biden does have Dementia and is Senile. Also mentioned is Kamala Harris is not liked and not respected by staff members and senior White House advisors

https://youtu.be/UfAvM7c4Jz0?si=IES5sHCVpkDPrg7O

What type of down payment assistance programs are available in the state of Washington. Many wholesale lenders does not allow down payment assistance programs in Washington State.

As a Utah resident and licensed in the surrounding states. I would not suggest Idaho as an option to get your MLO license. Unless you have solid connections with real estate agents from several regions throughout the state. I have only found success as an MLO in the state of Idaho due to targeting real estate investment groups outside the state. Rental properties are a good opportunity near the Air Force base in Mountain Home Idaho. Obviously, anything near Sun Valley will do well, but most of that property was swallowed up over a decade ago. Idaho Falls is seeing a huge influx of non-residents due to the recently built U.S. Government laboratories just outside of Idaho Falls. But the residents of Idaho Falls, Pocatello, and other small communities along the I-15 corridor are NOT excited about the expansion and are actively not selling their homes to investors.

Make sure you take a hard look at what Idaho has to offer you before you make the jump into that market.