How does Proposition 19 in California work? How does the Proposition 19 Property Tax Rule Benefit Homeowners buying a new house? What are the eligibility requirements for PROP 19 in California?

How much house can I afford vs how much house can I qualify? How much house can I qualify compared to my salary? How much income do I need to make to afford a $300000 house? What credit score is needed to buy a $300K house?

• This discussion was modified 6 months ago by  Sapna Sharma.

Davey Jones was one of the most talented people and founder of The Monkeys 🐒. One of the classic songs he wrote was Day Dream Believer

https://youtu.be/3OnB7Qls5w8?si=Hfd_jhS3mb_rcm1N

What is a mortgage broker? What is the role of a mortgage broker? What is the difference between mortgage brokers and mortgage bankers? What is the difference between mortgage broker, mortgage banker, Full-Eagle Mortgage Banker, direct lender, correspondent lender, and mini-correspondent lender? How Do Mortgage Brokers Get Compensated? How do mortgage bankers get compensated? How do full-eagle bankers get compensated? How do direct lenders get compensated? How do correspondent and mini-correspondent lenders get compensated? What is yield spread premium? How do mortgage companies get compensated?

• This discussion was modified 6 months ago by  Gustan Cho.

Can you please explain in detail what is the NAR Settlement for 2024? How will the NAR Settlement affect realtors? What is the ruling against the National Realtors Association? Who is going to benefit and receive money from the NAR settlement? Walk me Through August 17th, Buyers Now Pay Their Realtor’s Commissions. I started reading more into the August 17th 2024 date where suddenly homebuyers now pay the buyer real estate agent. Home sellers are only responsible to pay their seller real estate agent. As someone who plans to be both a seller and a buyer sometime in the near future, I am interested in both sides of this. This is really complicated and many real estate agents think they will be out of business. Maybe there are no real answers yet, but I want to hear other’s thoughts.

https://youtu.be/QKItI0C3K6M?si=X5fPAt7i4sEd783H

• This discussion was modified 6 months, 1 week ago by  Lilly.
• This discussion was modified 6 months, 1 week ago by  Gustan Cho.

One hundred seventeen thousand homes in Florida are currently for sale, and many of these properties are owned by large corporations. Some homeowner associations (HOAs) for these properties are based in Texas.https://www.tampabay.com/news/business/2024/08/22/florida-homes-owned-by-corporate-investors-117000-counting/

tampabay.com

Florida homes owned by corporate investors: 117,000 — and counting

Experts say investors capitalized on the state’s population growth and minimal renter protections.

Do you know any banks that offer 10% down on second mortgages or 90% CLTV or HELOC with a 700 credit score or better with income of over 70,000 yearly?

I am looking to buy a house in Alabama but don’t have the 3.5% down payment and the closing costs for an FHA loan. Is there down payment assistance in Alabama or can I finance the down payment? What are my options as a first-time homebuyer? Am I able to buy a house if I do not have the down payment and closing costs for an FHA loan?

How can I get a home loan with low mortgage rates? How do lenders price mortgage rates? What are the step by step process on how mortgage lenders price mortgage rates on conventional and government loans and non-QM loans?

How to get rid of FHA Mortgage Insurance Premium?

How long do derogatories stay on your credit report? Can you please break down how long the following types of credit stays on your credit report: Late Payments, Credit Inquiries, Collection Accounts, Charge-Off Accounts, Judgments, Tax-Liens, Repossessions, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Chapter 11 Bankruptcy, Judgment, Short-Sale, Deed-in-Lieu of Foreclosure, Child Support, Alimony, Unpaid Parking and Traffic Tickets, Medical Collections.

What are mortgage rates today Monday August 5th, 2024. Why is the Dow Jones Industrial Average Down 1,000 points? Why are the 30-year U.S. Treasuries down and what does this mean to mortgage rates? Why is Gold and Silver down and what this mean? What is the Federal Reserve Board thinking?

I want to expand my team of mortgage loan originators and expand. What is the best way to recruit loan officers? What type of questions do you ask loan officers? What type of documentation do you ask to make sure the loan officer is a producer or will be a producer? On the flipside, if you are a loan officer interviewing with a branch manager of a mortgage company, how should you present yourself? What type of questions would a loan officer recruit expect from the branch manager interviewing them?

What is a private money loan? What is the difference between a private money and hard money loan? How Do I Qualify for a Private Money Loan? What is the eligibility requirements to qualify and get approved for a private money loan? What is better? Private money loans or hard money loans? Where can I get approved for private money loans fast?

• This discussion was modified 6 months ago by  Gustan Cho.

First-time homebuyers and loan officers. Have you hear of EPM DOWN-PAYMENT ASSISTANCE PROGRAM? Equity Prime Mortgage has a forgiveable down-payment assistance program on FHA loans where the down payment of 3.5% is covered as a second mortgage but it is forgiveable after six months. What does forgiveable mean on DPA programs? Forgiveable means that after a certain period of time, if you sell the house or you refinance out of the FHA EPM DPA loan, you do not have to pay the DPA loan of the 3.5% back. The maximum debt-to-income ratio is 48.99% front-end and 48.99% back-end. The EPM DOWN-PAYMENT ASSISTANCE PROGRAM is borrower paid transaction. Therefore, you need to get a 6% seller concession for you to get into a house with no money down and with no closing costs or little closing costs. In most cases, there is no down payment or closing costs. The EPM DPA Mortgage Program is availble on FHA loans in standard areas and high-cost counties like many counties in California. Here is an article I wrote about the EPM Down Payment Program. People that qualify are first-time homebuyers, homebuyers who are first-responders, teachers, veterans, and professionals in the medical field, and homebuyers who earn a certain amount of income based on their county:

https://gustancho.com/down-payment-assistance-mortgage/

gustancho.com

EPM Empowered Down Payment Assistance Mortgage Program

There are recoverable and non-recoverable Down Payment Assistance Mortgage for Homebuyers is offered at Gustan Cho Associates

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 6 months 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 6 months ago by  Dawn.
• This discussion was modified 6 months ago by  Dawn.

CAN JUDGMENTS BE DELETED OFF YOUR CREDIT REPORT?

Can FHA finance new manufactured home including land and development costs?

CAN I GET A MORTGAGE WITH JUDGMENT OR DO I NEED TO FILE BANKRUPTCY?

Can I Qualify For Mortgage With Late Payments After Housing Event And Bankruptcy?

If yes, then how i can get mortgage without credit score

Can I Qualify For Mortgage Without Meeting Waiting Period If I Get Bankruptcy Deleted?

Can a gift of equity be used to pay off debt on an FHA purchase

What type of mortgage options do I have to finance an condotel unit? What type of non-QM loans are available for condo hotel financing. Can I do a bank statement loan on a condotel in the Florida Keys?

Can a conventional loan appraisal be transferred from one lender to a different lender?

Can anyone tell it possible that I have property in USA and can get mortgage here in UAE?

Can a home buyer qualify for a conventional loan after short sale in 4 years from the date of the short sale with 5% down payment.?

I have always wanted to own a German Shepherd dog. We have been renting for the past ten years and are about to close on a house. We have a small family, my wife, five year old son, and two year old daughter. I have heard so many great things about owning a German Shepherd dog and how easy they are to train and how great they are as protectors. How is it like owning a German Shepherd dog for a small family like ours. Much appreciated.

How can I get an FHA Loan for an auctioned home when FHA Loan requires an inspector to come check out the building and auctioned homes generally don’t allow for people to inspect the house until after purchase?