Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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I lived in Marina del Rey from 1989 until 1992. My daughter Monica was born in Little Company of Mary Hospital in Torrance. I had a hard time getting my first born name. I knew I was having a daughter. Then one day I was driving and was stuck in traffic and saw a big sign Santa Monica Bank. That is how my daughter got her name. California has beautiful weather, great beaches, breathtaking views. On the filpside, tons of crazies, high crime, everything is expensive, and politicians are absolutely nuts.
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I cannot wait to see your new Doberman Pinscher pup, Peter. Great exciting day tomorrow on your closing of your brand spanking new home. Congratulations to you, Doreen, and your family.
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Hilarious 😂 prank video call clip on the Butter diet
Funny.
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Senile old fool thinks he is a great President.
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Rhonda, I suggest you contact the rep and talk to them. See how they sound and their level of service. You can ask other loan officers and see if any of them worked with Quontic.
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Of course! I am happy to provide more information about FHA Jumbo Loans or High-Balance FHA Loans. These loans are for borrowers in high-cost areas whose home prices exceed the standard FHA loan limits.
FHA Jumbo Loans Compared to Traditional FHA Loans:
The main difference is in the loan amount, where FHA Jumbo Loans exceed the standard FHA loan limits within a given area but still fall under the maximum limit set by the Federal Housing Administration (FHA) for these loans in high-cost areas.
Key features of an FHA jumbo loan include:
Down Payment Requirements:
- Minimum 3.5% down payment for credit scores above 580.
- 10% down payment for credit scores between 500-579.
- This is similar to traditional FHA loans; however, it will be higher because the loan size is bigger.
Debt-to-Income Ratio (DTI):
- They are normally capped at 46.9% front-end and 56.9% back-end on Automated Underwriting System-approved files.
- ManualManual underwriting can be up to 40% front-end and 50% back-end, with two compensating factors, such as a higher credit score and a larger down payment.
- Just like traditional FHA loans.
Credit Score Guidelines:
- Minimum of 500 (with 10% down).
- 580 or higher with a 3.5% down payment.
- Some lenders may have higher minimums for jumbo amounts.
Income Guidelines:
- Must show stable and reliable income.
- Typically, one needs two years of employment history.
- Self-employed borrowers usually require two years of tax returns.
Loan Limits:
- They differ from county to county.
- In one-unit properties, Federal Housing Administration, the national low-cost area mortgage limits are $498,257 for 2024.
- The national cap on FHA high-balance loans is $1,149,825 for one-unit properties in high-cost areas.
- The same applies here: anything over this limit but below their high-cost area mortgage limit would qualify as a “jumbo” Federal Housing Administration-backed loan.
Property Types:
- Single-family homes
- Multi-unit properties (up to four units)
- Condos (need to be approved by the Federal Housing Administration)
- Manufactured homes (with restrictions)
Mortgage Insurance:
- The Upfront Mortgage Insurance Premium (UFMIP) is 1.75% of the loan amount. Depending on the term and LTV, the annual MIP is 0.55% of the loan amount.
Interest Rates:
- Usually in line with conventional jumbo loans.
- However, because these loans are for larger amounts, interest rates may be slightly higher than those charged on standard FHA loans.
Occupancy:
Owner-occupied primary residence only
Refinancing Options:
Available through Federal Housing Administration Streamline Refinance (with restrictions)
Differences from Traditional FHA Loans:
Loan Amount: Bigger than standard Federal Housing Administration loans.
Property Values:
Targetted at high-cost areas
Lender Availability:
Fewer lenders provide Federal Housing Administration jumbo mortgages
Underwriting on FHA High-Balance Loans:
It may have more rigid underwriting requirements due to the greater borrowed sum involved.
Documentation:
This could necessitate extensive documentation
Processing Time on FHA Jumbo Loans:
It can take longer due to bigger loan sizes, which require more complex underwriting procedures.
Closing Costs: They might be higher based on a larger loan amount
Key Benefits of FHA Jumbo Loans:
- Lower down payment relative to conventional jumbo mortgages.
- More lenient credit requirements compared to traditional jumbos.
- Allows for higher DTIs than many non-jumbo conforming loans.
- Easier qualifying standards vs. other similar-sized mortgage options.
Considerations:
Mortgage insurance is required throughout the life of the loan if less than 10% down. The property has to meet FHA standards. Even though it is a high-cost area, the laws and regulations governing these programs still set limits.
Remember: Although the Federal Housing Administration sets general rules for all its products, each lender can add extra conditions, especially when dealing with larger sums of money like those in this category. Always shop around and compare offers from different companies before deciding.
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This reply was modified 1 year, 10 months ago by Gustan Cho.
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German Shepherd dog gets surprise when owner returns home from deployment. Look at how happy this German Shepherd dog is.
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This is everything I know about FHA Jumbo Loans:
Loan Limits:
Change each year based on middle home prices:
FHA Loan Limit in Median Priced Areas of the United States for 2024:
- 1-unit: $498,257
- 2-unit: $637,950
- 3-unit: $771,125
- 4-unit: $958,350
Differ depending on county and property type (1-4 units)
FHA Loan Limit in High-Cost Areas of the United States:
These are the FHA high-cost area limits for 2024:
• 1-unit: $1,149,825
• 2-unit: $1,472,250
• 3-unit: $1,779,525
• 4-unit: $2,211,600
Down Payment:
If the credit score is 580 or higher, then the minimum is 3.5%
10% if the credit score is between 500-579
Can be from family members or eligible non-profits
Credit Score Requirements:
Absolute minimum: 500
Minimum for 3.5% down: 580
Many lenders have higher minimums (620-640) for jumbo loan amounts as part of lender overlays.
Debt-to-Income Ratio (DTI):
- Front-end DTI (housing expenses): Usually capped at 46.9%.
- Back-end DTI (all debts): Normally capped at 56.9%.
- It can go up to 40% front-end and 50% back-end on manual underwriting with compensating factors.
Income Verification:
- Usually, you need two years of steady employment history.
- Self-employed borrowers usually need two years of tax returns.
- Multiple income types are accepted (salary, hourly, commission, etc.).
Property Requirements:
- Must be a primary residence.
- Allowed property types include one to four units.
- Must meet FHA property standards.
- Condos must be FHA-approved.
Mortgage Insurance:
- Upfront Mortgage Insurance Premium (UFMIP).
- Charged as a percentage of the loan amount – usually around 1.75%.
Annual MIP: Varies based on loan term and LTV ratio – 0.55%.
MIP duration:
- It lasts for life on loans with down payments below or equal to ten percent.
- For others, it ends after 11 years.
Interest Rates:
- Competitive with conventional jumbo loans.
- It can be fixed or adjustable.
Loan Terms:
- 15 or 30-year terms are the most common.
- Some lenders offer 20 or 25-year terms.
Closing Costs:
- Similar to standard FHA loans, they may be higher due to the larger loan amount.
- It can be partly covered by seller contributions (up to six percent of the sales price).
Appraisal Requirements:
- It would help if you used an FHA-approved appraiser.
- Property must meet FHA’s Minimum Property Requirements (MPR).
Occupancy Requirements:
- Must be owner-occupied within 60 days of closing.
- Must remain primary residence for at least one year.
Refinance Options:
- FHA Streamline Refinance is available after six months.
- FHA Cash-Out Refinance is available after twelve months.
Assumability:
Lender approval is required to assume FHA loans, including jumbos.
Bankruptcy and Foreclosure Waiting Periods:
Chapter 7 Bankruptcy: Must wait two years from discharge date.
Chapter 13 Bankruptcy: May qualify after one year of on-time payments under certain circumstances.
Foreclosure: Three years must pass before you can get approved again.
Eligible Borrowers:
U.S. citizens
Permanent residents
Non-permanent residents with valid work authorization
Co-borrowers:
Non-occupying co-borrowers allowed (with restrictions)
Cash Reserves:
Typically, they need one to two months of mortgage payments in reserve
May require more reserves for three and four-unit properties
Employment:
A minimum of two years of continuous employment history is generally required.
It may qualify with strong compensating factors if it is under two years old.
Debt Payoff for Qualification:
Allowed on debts being paid off to meet qualification requirements; not permitted with all types of mortgages, though, so check first!
Student Loans:
Counted in DTI even if in deferment; calculated as follows – use greater than one percent of the loan balance or actual payment.
Manual Underwriting:
Available for borrowers with no credit score or non-traditional credit; additional requirements apply.
Energy Efficient Mortgage (EEM):
It can be used in combination with FHA Jumbo for energy-efficient improvements.
Renovation Options:
Can be combined with the FHA 203(k) program for home improvements
Seller Concessions:
- You are limited to 6% of the sales price.
- You can only use seller concessions for closing costs, not down payments.
Remember that while these are FHA guidelines, individual lenders may have stricter requirements, especially regarding jumbo loan amounts. Always shop around and compare offers from multiple FHA-approved lenders.
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Of course! I would love to help. Based on my experience as a loan officer, here is an extensive guide on non-QM 1099 income mortgage loans for owner-occupied homes, second homes, and investment properties.
Owner-Occupied Homes: Eligibility Requirements:
- Proof of 1099 income (typically 1-2 years)
- Bank statements (12-24 months)
- Proof of assets
- Business license or proof of self-employment
Credit Scores:
- Minimum: Often 600-620
- Preferred: 660+
- Best terms: 700+
Down Payment:
- Minimum: Can be as low as 10% for strong borrowers
- Typical: 20-25%
- Lower credit scores may require 30%+
Property Types:
- Single-family homes
- Condominiums (including some non-warrantable)
- Townhouses
- 2-4 unit properties (if one unit is owner-occupied)
- Planned Unit Developments (PUDs)
Second Homes: Eligibility Requirements:
- Similar to owner-occupied, plus
- Property must be suitable for year-round occupancy
- Generally located in a resort or vacation area
- The borrower must have exclusive control over the property
Credit Scores:
- Minimum: Often 620-640
- Preferred: 680+
Best terms: 720+
Down Payment:
- Minimum: Usually 20%
- Typical: 25-30%
Some lenders may require up to 35-40%
Property Types:
- Single-family homes
- Condominiums
- Townhouses
- Some lenders may allow small multi-unit properties
Investment Properties: Eligibility Requirements:
- 1099 income documentation or bank statements
- Proof of assets
- Some lenders may require landlord experience
- DSCR (Debt Service Coverage Ratio) may be used instead of income
Credit Scores:
Minimum: Often 640-660
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