I have a client who was approved for FHA with a different lender. She is in a Chapter 13 bankruptcy and has been paid on for 2.5 years. Approval must be obtained from the BK courts for the purchase. She has only W2s for 2019 and 2020 but doesn’t have tax returns. This lender is stating they need tax returns. Can you get this done without tax returns, w2s only? It’s not a self-employed situation.

I am an independent mortgage loan officer and get paid 1099. I do very well but have a lot of write-offs (unreimbursed business expenses), so I declare very little or negative adjusted gross income on my federal income taxes. Due to the low or negative adjusted gross income, I have had a difficult time getting finance on a 2015 45-foot Catamarans Yacht, which is priced at $525,000. It is 45 feet long by 26 feet wide. I think I need to change paths and get a commercial or business loan on this yacht and tell the lender that I am using this Yacht for business purchases only. Can you write off a yacht as a business expense? Can I get a purchase price expense deduction on a yacht? Can I make the yacht a mobile mortgage office? Can my business write off a yacht? Can you get a 30-year fixed rate loan on a yacht? What is the oldest yacht a bank will finance?

Can you buy a yacht as a business expense? What are the tax benefits of owning a yacht? How long of a loan can you get on a yacht? How hard is it to finance a yacht? Can you deduct mortgage interest on a yacht?

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We live in NC and filed a Chapter 7 bankruptcy on our personal side and a Chapter 11 Bankruptcy on the business side after COVID closed our business. Both my husband and I had upper 700’s for credit before before filing Chapter 7 and Chapter 11 Bankruptcy. Bankruptcy was confirmed in Feb ’21 and final decree was just issued on 11/12/21. We have a home mortgage and HELOC as well as our SBA loan debt repayment that we’d like to roll into one mortgage with a refi. The SBA loan repayment will be repaid by end of 2022 but there is no penalty to repay early if we could refinance. Are we just out of luck with a refi and have to wait 2 years or is there any option to do a refinance now with a decent rate?

How Long Does Bad Credit Stay On Credit Report?

How do I get a mortgage with a recent charge off?

HOW DO LENDERS VIEW MEDICAL COLLECTIONS?

If you lend in California? Are you aware of Prop. 19 Property Taxes? Do you qualify FHA loans, based on Prop. 19 property taxes? When a senior over age 55 sells her home, and purchases her next home, she can carry her current base property tax rate to her new house, thereby helping a lot to qualify for the loan. There is a calculation and explanation at this government. I will most certainly qualify for Prop. 19. The lender will also have to gross up my non-taxable part of my social security income in order to make the income better. This is legally allowed. 33% of my social security income is non-taxable, therefore, this percentage can be grossed up by 1.25% (I think this is the percentage). This makes a difference. Normally, lenders qualify by taking 1.25% property tax in calculations, however, that amount is very high and when it gets added to monthly payment, then the DTI is not met. For example, on a $615,000 home, with a loan of $304,000, the property tax (1.25%) is $651 per month. With Prop. 19 calculations, it comes to only $482.33. This makes a big difference in cases like mine who is trying to qualify for the highest price home possible based on my income. Last question – does the house I am purchasing have to meet FHA loan criteria? Before I go further, I was wondering if you are aware of Prop. 19 and grossing up income? I will try calling you next week.

• This discussion was modified 4 months, 3 weeks ago by  Dawn.

Do you service loans in Northern California? What kind of loan can you offer which would give me the highest Debt to Income Ratio?

My income is short, however, up to 825 credit score, clean credit and steady income documentation. Have a townhome, which would have to sell and put down up to 50% on my next purchase, however, am not meeting DTI. Looking for a single family home, would be my primary home, after selling my current townhome. Need 57% to 60% DTI. Maybe FHA? Not tried that route yet.

• This discussion was modified 4 months, 3 weeks ago by  Dawn.
• This discussion was modified 4 months, 3 weeks ago by  Dawn.

A P and L statement mortgage loan for self-employed borrowers does not require federal income taxes and only requires a CPA letter. Does the self-employed borrower need to have an actual Certified Public Accountant write the CPA letter to the mortgage lender or can a tax preparer do it? If the mortgage lender requires a true CPA to write the CPA letter, how do I get a real Certified Public Accountant to write the CPA letter to the mortgage lender so I can get approved for a P and L statement non-QM mortgage loan for self-employed borrowers.

The question of whether Florida is experiencing or heading toward a housing bubble is a topic of intense debate among economists and real estate experts.

In this subforum, we will cover a careful analysis based on current data and expert opinions.

Signs of a Bubble:

Rapid Price Growth: Florida home prices rose over 20% in both 2021 and 2022, far outpacing income growth.

Investor Activity:

Investors account for about 30% of home purchases in some Florida metros, higher than the national average.

Migration-Driven Demand:

The pandemic-era influx of out-of-state buyers has pushed prices up quickly.

Construction Surge: New home starts are up significantly, reminiscent of pre-2008 levels.

Arguments Against a Bubble:

Strong Fundamentals: Florida’s job market is robust, with unemployment below the national average.

Real Demand:

Much of the demand is from actual homebuyers, not just speculators. Tighter Lending: Unlike in 2008, today’s loans have stricter requirements.

Low Inventory:

Despite new construction, supply still lags demand in many areas.

Cash Buyers:

About 45% of Florida home sales are cash, reducing foreclosure risks.

Regional Variations:

Miami, Tampa, Orlando:

These metros have seen the steepest price hikes, raising more bubble concerns.

Jacksonville, Pensacola:

More moderate growth, less likely to be in bubble territory.

Expert Views:

Some (like those at Florida Atlantic University) say the state is “firmly in housing bubble territory.” Others (like the Florida Realtors Association) argue fundamentals support prices, citing strong migration trends.

2023-2024 Predictions:

Most expect price growth to slow significantly, maybe to 3-5%. Some predict a 10-15% correction in overheated markets like Miami. Few foresee a crash like 2008, given different market dynamics.

Risk Factors:

Interest Rates:

Higher rates could cool demand.

Recession:

An economic downturn would test the market.

Natural Disasters:

Hurricane risks may deter some buyers. The consensus is that while Florida’s housing market is overheated, especially in certain metros, it’s not a clear-cut bubble situation like in 2008. Most experts expect a slowdown or moderate correction rather than a catastrophic burst. However, they caution that external shocks could change this outlook rapidly.

https://www.youtube.com/watch?v=4nOW2aM8Q4k

• This discussion was modified 7 months, 2 weeks ago by  Dawn.
• This discussion was modified 7 months, 2 weeks ago by  Gustan Cho.
• This discussion was modified 7 months, 2 weeks ago by  Sapna Sharma.

The apartment building values started to plummet as much as 40%. Apartment and multifamily properties peaked in May 2022 and started falling since then. Besides plummeting apartment building values, foreclosure of apartment building properties are skyrocketing to 2007 levels. The numbers of apartment building values plummeting and soaring foreclosure rates vary from city and state. We will cover more in this breaking news as more develop in the coming days and weeks. Besides apartment building properties, values of commercial properties in general have and are plummeting at record levels.

https://youtu.be/QuDEubYPMoM?si=sYcSVFDyYmK1MeBC

• This discussion was modified 8 months, 4 weeks ago by  Gustan Cho.

I am seriously thinking investing a substantial portion of my liquid assets to precious metals. What would you recommend between Gold and Silver to invest?

Danny Koker of Counting Cars 🚗 😎 was very popular. However, Danny Koker fell off the face of the Earth. Anyone know whatever happened to Danny Koker of Counting Cars?

Gustan Cho Associates is a mortgage company based in Oakbrook Terrace, Illinois, founded by Gustan Cho NMLS 873293. Gustan Cho Associates NMLS 2315275 is a dba of NEXA Mortgage, LLC, the nation’s largest mortgage broker NMLS 1660690, headquartered in Chandler, Arizona and headed by Chief Executive Officer Michael Kortas aka as CEO Mike and CEO Kortas. Over 80% of the borrowers at Gustan Cho Associates are borrowers who could not qualify at other mortgage companies due to a last minute loan denial due to lender overlays, stress during the mortgage process, or because the lender did not have the mortgage loan program or was not licensed in the state the borrower needed a mortgage loan. Gustan Cho Associates has a national reputation for being able to do mortgage loans other lenders cannot do. Gustan Cho Associates and its subsidiary companies specialize in providing a variety of mortgage options for home buyers and real estate investors, including conventional loans, FHA loans, VA loans, USDA loans, non-QM loans, alternative lending options, commercial loans, hard money loans, bridge loans, SBA loans, business loans, all in one construction loans, overseas land development loans, and any other loans that is based and collateralized with real estate. The company aims to offer personalized service to clients and help them navigate the mortgage process efficiently. Please note that as of the last update, Gustan Cho Associates is thriving and growing during the toughest real estate market in the history of the United States. Gustan Cho Associates is licensed in 48 states including Washington, DC, Puerto Rico, and the United States Virgin Islands (New York and Massachusetts are pending states and should be getting licensed later 2024 or early 2025. The information about Gustan Cho Associates has been verified and is accurate, but there may have been changes since the publication of this post.

Kevin O’Leary one of the host of the Shark Tank blasted the liberal judge that found former President Donald Trump guilty of fraud and fined the former President $350 million dollars because of ruining future real estate developers and real estate investors from investing in New York

https://youtu.be/8pkHpU86Src?si=4wb8iKXz6BXyeoFw

Seems like everyone is an expert in the media where they say that mortgage rates are still low. Jim Kramer of CNN is the biggest liar and bullshitter who has great talent. Jim Krammer talent is lying with a straight face on national television on how great the economy is, how inflation is under control, and how mortgage rates are still low compared to 1980. All of these liberal clowns need to shut down their clownshow and get off the air. What are your thoughts of mortgage rates forecast in the coming months through 2025? What are your thoughts of inflation, the housing market, the stock market, the dollar, unemployment, and investment opportunities?

I heard there are non-QM loans for self-employed borrowers that do not require federal income tax returns and no income documentation and is called P and L Statement Non-QM loans. How does the the P and L Statement Mortgage Loan program for self-employed borrowers work? I heard that a CPA Letter is required on a P and L statement non-QM mortgage loan? How does that work?

Tom Homan rips the Biden Administration due to not continuing on what former President Donald Trump started on building the WALL and made matters worse with having tens of thousands illegally cross the border from Mexico to the United States. Karine Jean-Pierre and other Joe Biden handlers are talking out of their rear ends trying to protect the image and reputation of the elderly Joe Biden where there are talks from many his dementia and mental illness is deteriorating at a rapid rate and his days are number. Besides Tom Homan, other high level Washington top guns from both sides of the isles are not having too much faith on Joe Biden even making it to the November 2024 Presidential election. Biden’s handlers are advising Joe Biden to step down but the senior Biden is struggling and deteriorating at a rapid space.

https://youtu.be/Hpd1GrIuzfM?si=St1eY81OWJuwyabE

• This discussion was modified 10 months, 3 weeks ago by  Gustan Cho.

What is a Shiloh German Shepherd compared to a standard German Shepherd dog? I heard a Shiloh German Shepherd is a mixture between a German Shepherd and Alaskan Malamute and are larger and live longer. Can someone explain?

Reptile lovers reptile expo on February 28th 2024 in Madison Wisconsin. Announced by Charlie “Lzzard Whisperer” Geisler

https://www.eventbrite.com/e/madison-scaled-up-reptile-expo-02-18-2024-tickets-814603269307

eventbrite.com

Madison Scaled Up Reptile Expo 02-18-2024

Scaled Up Expos provides a family friendly opportunity to see and interact with 1000’s of reptiles, amphibians, and much more!