Attorney Connie
AttorneyForum Replies Created
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In my book, Rhonda Smith is a Godsend and a great friend 🧡.
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I used to have UWM as my preferred wholesale Mortgage Lender but after listening to Kevin DeLory’s messages, EPM MORTGAGE is Mt Lender of choice. I want Christian Sorenson to be my account rep. I know Gustan Cho is hard to please and if Gus lives Christian Sorenson, I want Christian Sorenson to be my man. END OF STORY.
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Pfizer is grappling with many legal issues due to several allegations. One cannot get specific information regarding the June 2024 lawsuit. Still, it is important to watch reputable media sites for updates. This implies that pharmaceutical firms such as Pfizer face substantial litigation because of the industry’s high stakes, including patent disagreements, product liability cases, and regulatory concerns.
Julian Assange’s release: Julian Assange, founder of WikiLeaks, has faced legal battles for years. This means he scored a milestone in his case in June 2024. Nonetheless, recent news reports did not confirm his release. Therefore, following up on this situation through reliable media houses such as the BBC or Reuters is advisable.
Federal Reserve Hacked: The Federal Reserve was recently invaded by hackers, among other cybercrimes committed by a Malaysian hacker who hacked into the Federal Reserve Bank and several others (Home) (Home). This proves that critical financial infrastructure remains subject to ongoing vulnerabilities and needs stronger cybersecurity measures (Home) (Home). You can find further details in NBC New York articles and official Fe statements since this action was taken against their officials.
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Gustan Cho Associates, NMLS 2315275, is a prominent mortgage company in the United States. It is a branch of NEXA Mortgage LLC, NMLS 1660690, known for its extensive range of mortgage products and services. The company is licensed in 48 states, including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. Gustan Cho Associates offers a variety of loan programs such as FHA, VA, USDA, conventional loans with no overlays, and many non-QM and alternative mortgage loan programs.
The company has a reputation for being able to provide mortgage solutions to borrowers who may not qualify with other lenders due to various reasons such as credit issues or unique financial situations. They also claim to have competitive rates and a wide network of wholesale lending partners. Gustan Cho Associates is led by Gustan Cho, NMLS 873293, the National Managing Director at Gustan Cho Associates. The company emphasizes its ability to offer loans that other lenders cannot, catering to a diverse clientele with different mortgage needs. For more detailed information or specific inquiries about their services and rates, contact Gustan Cho Associates directly or visit their official website.
https://gustancho.com/last-minute-mortgage-denial/
gustancho.com
Reasons For Last-Minute Mortgage Denial From Underwriters
The main reason for a Last-Minute Mortgage Denial is due to the LO not properly qualifying the borrower prior to issuing the pre-approval letter
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Financing an Airbnb property through Gustan Cho Associates involves several steps and meeting specific eligibility requirements and guidelines. Gustan Cho Associates offers a range of loan products, including those tailored for investment properties like Airbnb. Here’s a detailed overview of how you can get financing and what you need to qualify:
Steps to Get Financing on an Airbnb Property
Initial Consultation: Schedule a consultation with Gustan Cho Associates to discuss your financing needs and property details. During the consultation, provide information about the property, your financial situation, and your goals for the Airbnb investment.
Loan Application: Complete a loan application, providing all necessary documentation such as income statements, tax returns, credit reports, and details about the property. Gustan Cho Associates will review your application to determine the best loan options available for your situation.
Property Evaluation: The property must be appraised to determine its value and potential rental income. The evaluation will include assessing the property’s location, condition, and market demand for short-term rentals.
Underwriting: The loan will undergo the underwriting process, during which the lender assesses your creditworthiness, the property’s potential, and compliance with lending guidelines. During this process, additional documentation or clarifications may be requested.
Approval and Closing: Once approved, you will receive a loan commitment letter outlining the terms and conditions.
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- Schedule a closing date to finalize the loan, sign the necessary paperwork, and receive the funds.
Eligibility Requirements and Guidelines
Credit Score: A minimum credit score, often around 620 or higher, is typically required. However, some loan products may accept lower scores with compensating factors.
Debt-to-Income Ratio (DTI): Your DTI ratio should generally be below 50%. Your monthly debt payments should be at most 50% of your gross monthly income. Some programs allow higher DTI ratios if other aspects of your financial profile are strong.
Down Payment: Investment properties usually require a higher down payment than primary residences.
- Expect to put down at least 20-25% of the property’s purchase price.
Income Verification:
- Provide proof of stable income, including W-2 forms, pay stubs, tax returns, and bank statements.
- For self-employed borrowers, additional documentation such as business tax returns and profit and loss statements may be required.
Rental Income Potential:
- The potential rental income from the Airbnb property can be considered in the loan approval process.
- A detailed analysis of expected rental income, including occupancy and nightly rates, may be required.
Property Requirements:
- The property must be suitable for rental purposes, meeting all local zoning and regulatory requirements for short-term rentals.
- It must be in a location with a strong rental market to ensure consistent occupancy and income.
Non-QM Loan Products:
- Gustan Cho Associates offers various loan products suitable for Airbnb properties, including conventional loans, non-QM (Non-Qualified Mortgage) loans, DSCR (Debt Service Coverage Ratio) loans, and others.
- DSCR loans are particularly useful as they focus on the property’s income potential rather than the borrower’s.
Additional Considerations
Interest Rates and Terms: Investment property loans typically have higher interest rates and stricter terms than primary residence loans.
Insurance: Ensure adequate property and liability insurance coverage tailored for rental properties.
Contact Information
For detailed information and to start the application process, you can contact Gustan Cho Associates directly:
- Website: Gustan Cho Associates
- Phone: The contact details are available on their website for scheduling consultations and obtaining more loan program information.
- Member BBB with A+ Rating
By understanding these requirements and following the outlined steps, you can successfully secure financing for your Airbnb property through Gustan Cho Associates.
gustancho.com
GCA Mortgage | Mortgage Experts With No Overlays
Whether you’ve gone through bankruptcy, divorce or you are a first-time homebuyer, Gustan Cho Associates are experts in difficult loans
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Thank you for providing that information about bank statement mortgage loan requirements for self-employed borrowers. You’re correct that the bank statement details are crucial. Let me expand on this and provide a more comprehensive list of typical requirements:
Bank Statements:
- As you mentioned, lenders typically require:
- The statement date
- Total number of days in the statement period (or beginning and ending dates)
- Beginning and ending balance of the account
- Usually, 12-24 months of statements are required
- Statements should be complete with no missing pages
Business Documentation:
- Proof of business ownership (e.g., business license, tax ID number)
- Sometimes, a Profit and Loss statement
Credit Score:
- Often a minimum of 620, with better terms for scores of 700+
Down Payment:
- Typically 10-20% or more
Debt-to-Income (DTI) Ratio:
- Usually, it should be 50% or lower
Cash Reserves:
- Often, 3-6 months of mortgage payments in reserve
Length of Self-Employment:
- Typically, at least two years in the same business
Property Requirements:
- The property must meet the lender’s standards
Income Calculation:
- Lenders often use 50-100% of deposits as qualifying income
Explanation of Large Deposits:
- I may need to explain any unusually large deposits
Personal Tax Returns:
- Some lenders may still request 1-2 years of personal tax returns
Remember, requirements can vary significantly between lenders. Self-employed borrowers should compare offers from multiple lenders and consider consulting with a mortgage professional to find the best option. For more information about bank statement loans for self-employed borrowers, please visit FHA BAD CREDIT LENDERS at
https://fhabadcreditlenders.com/non-qm-loans/
fhabadcreditlenders.com
Non-QM Loans - FHA Bad Credit Lenders
Bank statement, 1099 Income Only, DSCR. Asset-Depletion, stated-income, ITIN, condotel financing, and no-Doc loans are all non-QM loans.
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Thank you for providing that information about bank statement loan requirements. You’re correct that the requirements can vary, but your overview aligns with general industry standards. Let me expand on this and provide a more comprehensive list of typical requirements for bank statement loans:
Credit Score:
- As you mentioned, a minimum score of 620 is often required
- Scores of 700 or higher typically qualify for better rates and terms
Bank Statements:
- Usually, 12-24 months of personal or business bank statements
Down Payment:
- Often 10-20% or more, with larger down payments potentially required for lower credit scores
Debt-to-Income (DTI) Ratio:
- Generally, it should be 50% or lower, though this can vary by lender
Cash Reserves:
- Typically, 3-6 months of mortgage payments in reserve
Business Documentation:
- Proof of business ownership (for self-employed borrowers)
- Sometimes, a Profit and Loss statement
Property Requirements:
- The property must meet the lender’s standards for value and condition
Employment Verification:
- Proof of self-employment for at least two years is often required
Loan-to-Value (LTV) Ratio:
- Often capped at 80-90%, depending on the lender and other factors
Income Calculation:
- Lenders typically use 50-100% of deposits as qualifying income, depending on the type of business
It’s important to note that these requirements can vary significantly between lenders. Some may have stricter criteria, while others might be more flexible. Borrowers should compare offers from multiple lenders to find the best terms for their situation. Also, while bank statement loans can be a valuable option for self-employed individuals or those with non-traditional income, they often come with higher interest rates and fees than conventional mortgages. Potential borrowers should carefully consider the long-term costs and implications before proceeding.
https://non-qmmortgagebrokers.com/bank-statement-loans/
non-qmmortgagebrokers.com
Self-employed borrowers can qualify without income taxes with bank statement loans for a home mortgage by averaging the 12 months of deposits
- As you mentioned, a minimum score of 620 is often required
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NEXA Mortgage has several top-producing branch offices in the United States, which are recognized for their significant contributions and high revenue generation. Here are a few notable ones:
Chandler, AZ: This office is highly influential, with NEXA’s headquarters also in Chandler.
Oakbrook Terrace, Illinois: NEXA Mortgage has a branch located at 17W622 Butterfield Road, Suite 305, Oakbrook Terrace, Illinois 60181. The Oakbrook Terrace, Illinois branch is Gustan Cho Associates, a dba of NEXA Mortgage. The Oakbrook Terrace, Illinois branch is part of NEXA Mortgage, a leading mortgage broker in the U.S., known for its comprehensive mortgage services, including various loan programs and down payment assistance. For more details or to contact this branch, visit their official website at https://www.gcamortgage.com or call them directly at 844-90-RATES.
The Oakbrook Terrace Branch of Gustan Cho Associates is managed by Gustan Cho, with NMLS 873293, is the National Managing Director of NEXA Mortgage, LLC, which operates as Gustan Cho Associates. Known for its no-overlay lending practices, Gustan Cho Associates offers a wide range of mortgage options, including government loans and non-QM loans. They cater to borrowers who may not qualify for traditional financing due to stricter lender requirements. The team is recognized for its expertise and availability, providing support seven days a week. Gustan Cho, NMLS 873293, and his team at Gustan Cho Associates, are licensed to operate in multiple states across the United States. Specifically, they are licensed in 48 states, including Washington D.C., Puerto Rico, and the U.S. Virgin Islands. This wide licensing allows them to offer various mortgage services to a broad range of clients nationwide. For more details, you can visit their official website.
St. Charles, MO: Managed by Dustin Fryer, this branch is known for having the second-highest revenue in the company.
Seattle, WA: Led by Dave Bukovnik, this branch is another top producer, contributing significantly to NEXA’s success.
These branches are well-regarded for their high volume of loan originations and exceptional service. For more details, visit NEXA Mortgage’s https://www.gustancho.com/.
gcamortgage.com
We have every available mortgage program in today’s marketplace including no overlay government and conventional loans, no-doc loans, and thousands of
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TBD Underwriting, Pre-Approvals, and Down Payment Assistance (DPA) ProgramsWhat is TBD Underwriting?
TBD (To Be Determined) underwriting is a process where the borrower’s file is submitted for underwriting without an identified property. Here’s a step-by-step overview of how it works:
Initial Submission: The borrower’s financial information is submitted to a mortgage underwriter.
Conditional Loan Approval: The underwriter reviews the file and issues a conditional loan approval, akin to a loan commitment without the property details.
Property Identification: Once the borrower finds a property, the real estate purchase contract is submitted to the same underwriter.
Property Underwriting: The property is underwritten, an appraisal is ordered and reviewed, and final approval is issued.
Clear to Close: Once all conditions are met, a clear to close is issued.
Benefits of TBD Underwriting
- Stronger Offers: A pre-approved borrower with conditional loan approval can make offers almost as strong as cash offers, which sellers find attractive.
- Speed: Once a property is identified, the closing process can be quicker because much of the underwriting has already been completed.
Down Payment Assistance (DPA) Programs
DPA programs are designed to help borrowers with the down payment and closing costs of purchasing a home. Here are some examples of the DPA programs you mentioned:
Forgivable DPA Program with EPM:
- Lender: Christian Sorenson at EPM
- Type: Forgivable
- DTI Limit: 48.99% for both front-end and back-end ratios
- Compensation: Borrower paid
- Features: Forgivable down payment assistance, making it a highly attractive option for borrowers who meet the criteria.
Non-Forgivable DPA Program with Cameron LeClair:
- Lender: Cameron LeClair
- Type: Non-Forgivable
- DTI Limit: 46.9% front-end, 56.9% back-end
- FICO Requirement: Minimum 680
- Compensation: Borrower paid
- Features: Requires higher credit scores, which may limit eligibility but offers substantial assistance.
Non-Forgivable DPA Program with Yvonne:
- Lender: Yvonne
- Type: Non-Forgivable
- DTI Limit: 46.9% front-end, 56.9% back-end
- FICO Requirement: Minimum 600
- Compensation: Lender paid
- Features: Lower credit score requirement, making it accessible to more borrowers, but the assistance is non-forgivable.
Summary of Preferred Lenders and Programs
EPM (Christian Sorenson):
- Program: Forgivable DPA
- DTI: 48.99/48.99
- Compensation: Borrower paid
- Pros: Forgive assistance, attractive to borrowers.
The Lender Wholesale Mortgage Lender
- Program: Non-Forgivable DPA
- DTI: 46.9/56.9
- FICO Requirement: 680
- Compensation: Borrower paid
- Pros: Higher DTI limit but stringent credit requirements.
Foundation Wholesale Mortgage
- Non-Forgivable DPA
- DTI: 46.9/56.9
- FICO Requirement: 600
- Compensation: Lender paid
- Pros: Accessible with lower credit score, though non-forgivable.
TBD underwriting combined with down payment assistance programs can significantly benefit homebuyers, particularly those with less-than-perfect credit or those who need financial assistance for the down payment. Buyers can strengthen their offers by leveraging these programs and potentially expediting homebuying. Understanding the nuances of each DPA program and lender requirements will help you select the best option.
https://gustancho.com/fully-underwritten-tbd-mortgage-approval/
gustancho.com
Fully Underwritten TBD Mortgage Approval As Pre-Approvals
Fully Underwritten TBD Mortgage Approval are full approvals for borrower on manual underwrites and tougher mortgages without the property