Mortgage Broker Dustin Dumestre
Mortgage BrokerForum Replies Created
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Wow, Gus. It seems as if the Utah DRE does not want out-of-state PLMs here. Your dogged determination seems to have paid off in the end. As a Utah-based mortgage advisor with ties to the Gus Cho team, I commend all of you on your efforts. See you in the trenches!
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Given your posted information, you have a good chance of getting pre-approved. It will come down to your DTI (Debt-to-Income ratio). I would suggest you do a free consultation with an experienced L.O. who knows the correct questions to ask before you fill out an application. Fill free to reach out if you have questions.
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Mortgage lenders often request a CPA (Certified Public Accountant) letter from borrowers as part of the loan application process to gain additional assurance about the borrower’s financial stability and credibility. This letter, provided by a licensed CPA, serves as a verification of the borrower’s financial information, particularly their income, assets, and sometimes their overall financial health.
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Credit unions are a great option for borrowers who will not qualify for a C.O. refi with a traditional lender due to LTV being too high. I always suggest to my borrowers to have a savings account, CC, and an auto loan with a reputable local C.U. They are a great backup option.
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The short answer is the borrower needs to pay down their debt. Is the borrower trying to access equity in a cash-out refinance? If yes, they can pay off the revolving debt and get the DTI ratio down in the transaction. A quality processor will know what to do. If you are processing your loans as the L.O., this is the best way to move the C.O. refi forward. If we are talking about a purchase, it is straightforward. The borrower will need to pay down the debt with savings. You may need to look at loan programs that will help with DPA. If you are going to need the borrower to pay the debt down with funds possibly set aside as closing costs, earnest money, or down payment look for FHA FTHB programs, USDA or VA loan programs.
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For me, it is simple, the LOs and all the support staff that make our transactions happen will be rewarded immensely for their determination, resilience, and Maximize Opportunity attitude. This industry is not for the meek, you cannot survive on refi’s only. As an LO you must be able and ready to pivot at any time as the market, political climate, or consumer confidence pendulum swings. The financial herd was thinned, and now only the strong survived. If you are still in this game and moving forward, keep pushing, now is the time to get aggressive.
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Manufactured homes are a great value and can be an excellent opportunity for first-time homebuyers. As a Mortgage Advisor/Loan Officer who has originated my fair share of manufactured homes, borrowers need to have an LO who knows how these transactions work. There is a lot more involved with a manufactured loan than most realize.
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You would need to contact a third party tax service and ask them for a CPA letter. In my opinion, having a CPA that you work with quarterly or annually is the best way forward.
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I am assuming H&R Block does have a CPA on staff for this exact scenario. I would assume this would be an extra fee. Personally, if an SBO is using H&R Block for their taxes, they should look elsewhere for their tax needs. Just my opinion.
