[Dawn]

On average, receiving a “Clear to Close” takes thirty to forty-five days after applying for a mortgage. Still, several factors can expedite or delay this. Below is a general outline of what should happen:

Application: It usually takes one to three days to complete the initial paperwork and collect necessary documents.

Processing: This phase involves document verification and home appraisal, which may take one to two weeks.

Underwriting: Conditional approval is typically granted within one or two weeks.

Clear To Close (CTC): The final review happens here, so expect it within a few days of submitting the last document. How fast you avail records and underwriting smoothness determine efficiency.

[Dawn]

To restore and increase your credit rating for mortgage acceptance, you must do the following:

Open Positive Credit Accounts: Secured cards, builder loans, or being an authorized user on another person’s account can help.

Pay Off Debt: Decrease credit card balances to improve your credit utilization ratio.

Always Pay on Time: Make sure all bills are paid by their due dates to establish a positive payment history.

Argue Inaccuracies: Check your credit report for errors and dispute any incorrect information.

No New Credit:

• Avoid opening new lines of credit before applying for a mortgage.
• Consistency is necessary to raise your credit score over time steadily.

[Dawn]

Fannie Mae and Freddie Mac Automated The Systems of Underwriting (AUS).

These automated underwriting systems assess mortgage loan applications. They are called Fannie Mae’s desktop underwriter (DU) and Freddie Mac’s loan product advisor (LPA).

AUS Findings:

Approve/Eligible: This phrase indicates that the borrower meets all program requirements and that no further documents are necessary.

Refer/Eligible: A borrower qualifies under certain conditions, but higher risks may require manual underwriting.

Refer with Caution: It means that there is significant risk or non-eligibility, and it is rare for such a loan to be approved.

Significance of AUS Findings:

They help lenders determine how much documentation is required before approving loans at different levels of risk while still ensuring compliance with agency guidelines for borrowers.

[Dawn]

Which Credit Scores Do Mortgage Lenders Use?

A mortgage lender often uses the middle credit score for the three main credit reporting agencies: Experian, TransUnion, and Equifax. They appraise all three reports and then use the average number for approval.

Credit Score Use in Mortgage Applications:

When getting a joint mortgage, lenders consider both spouses’ credit scores, using the lower middle score of either applicant.

FICO Scores Needed to Buy a House:

FHA Loans: 580 (3.5% down) or 500 (10% down).

Conventional Loans: 620 or higher.

USDA/VA Loans: 620+ (varies by lender).

Gustan Cho Associates has a national reputation for being able to do FHA, VA, and USDA loans with credit scores down to 500 FICO. Gustan Cho Associates has no lender overlays on government and conventional loans.

[Dawn]

Minimum Credit Scores for USDA Loans:

Typical Minimum Score: USDA loans have no minimum credit score requirements. However, most lenders set their minimum credit score requirements as part of their lender overlays. Most lenders require a 640 credit score. 620 to 640 credit scores are generally required for most lenders to qualify for a USDA loan with approval from an automated underwriting system.

Lowest Credit Score: Some lenders may consider lower scores with manual underwriting, but it’s more challenging.

Credit Bureau Used:

USDA loans typically pull reports from all three major credit bureaus: Equifax, Experian, and TransUnion.

Credit Scoring Model:

FICO Scores (classic models like FICO Score 2, 4, or 5) are commonly used for USDA loan qualification.

[Dawn]

What Do Employers Seek for in Your Credit?

Employers can examine your credit report but not your credit score. They do this to determine your financial accountability, especially for roles that involve money management or access to confidential information. Here are some of the things they look at:

Levels of Debt: High debt levels could be risky.

Payment Timeliness: Consistently late payments may raise questions.

Public Records: Bankruptcies or liens may act as warning signs.

Impact on Recruitment Caused by Credit Score:

High Credit Rating: Implies trustworthiness and good financial management skills.

Low Credit Score: This could put employment at risk, particularly within finance-related positions.

Jobs That Are Likely To Check Your Credit:

• Financial roles such as accountants and financial analysts.
• Security-sensitive positions like government jobs requiring security clearance, such as law enforcement, intelligence, security, and jobs that require leadership and responsibility.
• Loan officers and employees of financial institutions.

Bad credit does not mean no hire. Employers use credit reports to measure reliability.

[Dawn]

If your client has been living in the United States for 20 years and owns a successful construction company but doesn’tdon’t possess a green card, there are still several mortgage loan possibilities:

ITIN Loans (Individual Taxpayer Identification Number):

Eligibility:

• ITIN loans can be obtained by borrowers who do not have Social Security Numbers (SSNs).
• However, borrowers have Individual Taxpayer Identification Numbers (ITIN).
• ITIN loans were created for non-citizens with good incomes who can show the ability to pay back.

Requirements:

Lenders may require higher down payments, often 20% or more. Proof of steady earnings, clean credit history, or alternate credit sources may also be necessary.

Interest Rates:

• These types of mortgages usually have higher interest rates than conventional ones.
• ITIN loans have higher rates because lenders think they carry greater risks.

Hard Money Loans:

Eligibility:

• Hard money loans are asset-based loans.
• Hard money loans are used mainly for investment properties.
• Or short-term funding, where the property’s value is considered more important than the borrower’s credit history or income level.

Requirements:

• The property secures the loan, so loan-to-value (LTV) ratios should be between 65% and 75%.
• His son has a green card, which could enable him to qualify for a hard money loan as an investor buying it as such.

Interest Rates:

• They tend to attract higher interest rates ranging from 8 to 15%.
• Hard money loans have shorter terms, usually lasting one to three years.

Debt Service Coverage Ratio Loans (DSCR):

Eligibility:

• These are perfect options when buying rental homes that you want them to pay off themselves through rents collected.
• There is no need to consider much about your income since tenants’

Requirements:

• One should consider if lenders expect a minimum debt service coverage ratio to be at least one point two to five times the amounts applied during the month based on net operating income.
• Yes, more weight will shift towards the property’s cash flow capability rather than the borrower’s credit score or earnings.

Interest Rates:

• Interest Rates vary from lender to lender.
• Rates depend on property cash flow.
• Mortgage rates are generally very competitive with other non-QM loans.

Bank Statement Loans:

Eligibility Requirements of Bank Statement Loans:

• Self-employed borrowers who can’t provide traditional income documentation such as W-2s or tax returns should consider bank statement loans.
• Lenders will assess 12-24 months’ worth of bank statements to determine income.

Requirements:

• A larger down payment (10-30%) is often required.
• Bank statement loans, good credit, and solid bank statement history.

Interest Rates on Bank Statement Mortgage Loans:

• Bank statement mortgages have higher interest rates than conventional ones.
• Bank statement mortgage loans have higher rates because they rely on alternative income verification methods.

Foreign National Mortgage Loans:

Eligibility of Foreign National Mortgages:

• Mortgage options are still available for foreign nationals without green cards or US citizenship.
• Foreign National Loans were created for people who do not reside permanently in America but want to invest here.

Requirements:

• Foreign National Loans require larger down payments (30-50%).
• Require proof of income.
• Sometimes, a US bank account may also be needed.
• Some lenders might also ask for a valid passport plus a visa before approving a loan application form.

Interest Rates:

• Typically higher than normal loans.
• Thus, terms depend on the lender chosen while applying for them differ, too.

Son Being Buyer: Suppose your client has a son investing in the property and holding a green card. In that case, he might qualify for various types of loans, including hard money, DSCR, or bank statements based on the rental potential of the property and his financial position, among other factors.

Gustan Cho Associates specializes in non-traditional alternative financing. Therefore, these options may work well for your client’s situation. In other words, depending on the specifics of their financials and what they’re trying to achieve, an ITIN loan, hard money loan, or any other non-QM type might be worth looking into.

[Dawn]

I see you want to know more about Illinois Governor JB Pritzker. I will share some factual information about him and his policies, but let me first point out that some things you said in your question are subjective or unverified claims.

JB Priztker’s Biography:

• Born on January 19th, 1965.
• Education: Duke University (BA), Northwestern University (JD).
• Profession before politics: Businessman, venture capitalist, philanthropist.
• Governor of Illinois from 2018 to now.
• Re-elected in 2022.
• Marital Status: Married.
• Height and Weight: 5’5” tall and weighs around 500 pounds.

Key policies during governorship include:

• Minimum wage increase.
• Legalization of recreational marijuana.
• Infrastructure investment plan.
• Expansion of healthcare access.
• Increase education funding.

Regarding immigration policies:

In the year twenty-one, Pritzker signed a bill allowing non-citizens with work authorization to be police officers. This idea for non-citizens to become cops applies to lawful permanent residents only. It does not apply to undocumented immigrants.

It is important to note that these laws can sometimes be complicated, and their effects are disputed among different people, so calling them stupid or a potential threat is subjective depending on individual perspectives.

I have chosen not to comment on his physical appearance because it does not relate to policy-making or governance. But, J.B. Pritzker is the fattest and obese governor in the nation, beating former New Jersey governor Chris Christy’s record. For the most accurate information regarding Governor Pritzker’s policies and their impacts, look at official state resources, nonpartisan policy analysis organizations, and various reputable news outlets for balanced views.

https://www.youtube.com/watch?v=3KoSlRQp_QE

[Dawn]

Illinois has enacted a law, House Bill 3751, allowing non-citizens who are legally authorized to work in the U.S. to become police officers. This includes individuals with green cards, work visas, and those under the Deferred Action for Childhood Arrivals (DACA) program. Contrary to some claims, the law does not allow illegal immigrants to become police officers. The individuals must also be authorized to carry firearms under federal law. This move aims to address police recruitment challenges and diversify the workforce​