[Gustan Cho]

A condominium is classified as warrantable condo if over 51% of the occupants of the condo complex are owners who own the condominium unit as a primary owner-occupant condominium and not rent the condominium out. If the owners of the condo complex rent out 51% or more of the condominium units as a rental, the condo complex is classified as non-warrantable condo complex. You cannot get a government-back mortgage loan or conventional loan on a non-warrantable condo unit. You can only get a portfolio or non-QM loan on non-warrantable condos. This is why a condominium questionairre is important. In the condo questionairre, the HOA manager will state the number of owner-occupant versus rental condominium units. A warrantable condo complex can become a non-warrantable condo complex and a non-warrantable condo complex can turn into a warrantable condo complex. Here is an informative article about non-warrantable condominium units from GCA Mortgage Group

https://gustancho.com/?p=45603

[Gustan Cho]

[Gustan Cho]

If a website is listed as a Google News publisher, it means that Google has approved the website to have its news articles and content included and displayed in the Google News service.

Google News is Google’s news aggregation service that compiles news articles from thousands of publications around the world. Being listed as a publisher on Google News provides some key benefits:

1. Content Visibility: Articles from approved publishers get prominent visibility and distribution through Google News. This can drive significant traffic to the publisher’s website from Google News users.
2. Credibility: Google has specific guidelines and vets publishers before approving them for Google News. Being listed lends credibility and authority as a trusted news source.
3. Search Visibility: Google News content often gets prioritized in regular Google Search results for news-related queries.
4. Monetization: Google allows approved publishers to monetize their content in Google News through AdSense ads.

To become a Google News publisher, websites must follow Google’s Publisher Policies which cover criteria like accountability, content quality, operational security and more. Google assesses factors like author bylines, publication dates, overall website credibility etc.

In summary, having Google News publisher status means a website has received Google’s stamp of approval as a professional news source worthy of inclusion and prominent display through their major news platform. It provides visibility, credibility and monetization benefits.

[Gustan Cho]

https://apnews.com/article/robert-hur-biden-special-counsel-classified-documents-0f8e4a9d99f8b7d035f75f78e9b8d3d3

apnews.com

Who is Robert Hur? A look at the special counsel due to testify on Biden classified documents case

Robert Hur will testify before a congressional committee Tuesday as House Republicans try to keep the spotlight on unflattering assessments of Biden.

[Gustan Cho]

Adam Schiff slams Special Counsel Robert Hur for creating a political firestorm for releasing Biden’s memory health illness and defamation against Joe Biden. Special Counsel Robert Hur says that Joe Biden did commit a crime but his team will not pursue charges because Joe Biden’s mental health issues.

https://www.youtube.com/watch?v=xB8sY4XzoWk

[Gustan Cho]

Time for me to get back out of hibernation and get studying for the Utah PLM practice tests because my 40 hour UTAH PLM COURSE expires May 2nd

I purchased the AX5 UTAH PLM PRACTICE TESTS, The Mortgage Educators UTAH PLM PRACTICE EXAMS, and another UTAH PLM PRACTICE TESTS which I will post.

[Gustan Cho]

Getting approved for a VA loan with poor credit scores can be challenging, but it is still possible under certain circumstances. Here are some key points to consider:

1. No Minimum Credit Score Requirement: The VA itself does not have a minimum credit score requirement for VA loans. However, most VA-approved lenders will have their own credit score requirements, typically ranging from 580 to 620.
2. Compensating Factors: VA lenders are more likely to approve borrowers with poor credit scores if they have strong compensating factors. These can include:
   • Significant cash reserves or assets
   • A high residual income (income remaining after debts and expenses)
   • A stable and long-term employment history
   • Extenuating circumstances that led to the poor credit
3. Manual Underwriting: When credit scores are low, VA lenders may opt for a manual underwriting process instead of an automated one. This allows for a more comprehensive review of the borrower’s overall financial profile and creditworthiness.
4. Credit History Analysis: VA lenders will carefully review the borrower’s credit report to understand the reasons behind any derogatory items, late payments, or collections. They may be more lenient if the negative items were due to extenuating circumstances, such as job loss, medical issues, or divorce.
5. Waiting Periods: If the borrower has experienced significant credit events like bankruptcy, foreclosure, or short sale, there are mandatory waiting periods before they can be eligible for a VA loan. These waiting periods can range from 1 to 3 years, depending on the event.
6. Down Payment: While VA loans typically require no down payment, some lenders may require a down payment (usually around 5-10%) for borrowers with poor credit scores to offset the perceived risk.

It’s important to note that VA lenders have some flexibility in their underwriting guidelines, and each lender may have different overlays or requirements when it comes to credit scores. Working with an experienced VA lender or mortgage broker can help you navigate the process and understand your specific eligibility based on your credit situation.

Additionally, taking steps to improve your credit score, pay down outstanding debts, and increase your cash reserves can significantly improve your chances of qualifying for a VA loan with poor credit scores.

[Gustan Cho]

Getting approved for an FHA loan with bad credit can be challenging, but it is possible under certain circumstances. Here are some key points to consider:

1. Credit Score Requirements:
   • FHA loans have relatively flexible credit score requirements compared to conventional loans.
   • Generally, a credit score of 580 or higher is required for borrowers with a minimum 3.5% down payment.
   • For credit scores between 500 and 579, a 10% down payment is typically required.
   • Scores below 500 are usually not eligible for FHA loans.
2. Compensating Factors:
   • FHA lenders may consider compensating factors if your credit score is on the lower end, such as having a higher down payment, substantial reserves, or a strong employment history.
   • These compensating factors can help offset the risk associated with a lower credit score.
3. Waiting Periods:
   • If you have previous derogatory events like bankruptcies, foreclosures, or short sales, there are mandatory waiting periods before you can qualify for an FHA loan.
   • For Chapter 7 bankruptcy, the waiting period is typically 2 years.
   • For Chapter 13 bankruptcy, you may be eligible after 12 months of on-time payments.
   • For foreclosures and short sales, the waiting period is usually 3 years.
4. Credit Report Analysis:
   • Lenders will closely review your credit report to understand the reasons behind any derogatory items or late payments.
   • They may be more lenient if the negative items are due to extenuating circumstances, such as job loss, medical issues, or divorce.
5. Debt-to-Income Ratio:
   • FHA loans have more flexible debt-to-income ratio requirements compared to conventional loans.
   • Generally, your total monthly debt payments (including the new mortgage) should not exceed 43% of your gross monthly income.
6. Documentation:
   • Be prepared to provide documentation explaining any derogatory credit events, such as letters of explanation, proof of extenuating circumstances, and evidence of re-established credit.

It’s important to note that while FHA loans are more lenient with credit requirements, lenders may still have additional overlays or stricter guidelines. Working with an experienced FHA lender or mortgage broker can help you navigate the process and understand your specific eligibility based on your credit situation.

Additionally, taking steps to improve your credit score, reduce outstanding debts, and increase your down payment can significantly improve your chances of qualifying for an FHA loan with bad credit.

[Gustan Cho]

Getting approved for a mortgage loan after a timeshare foreclosure is possible, but it can be challenging with many lenders. A timeshare foreclosure is not a real estate foreclosure. Timeshare foreclosure is the same as an installment debt so there is no waiting period guidelines after a timeshare foreclosure. However, many mortgage underwriters still consider a timeshare foreclosure as a real estate foreclosure. Here are some key points to consider:

1. Impact on credit score: A timeshare foreclosure will likely have a negative impact on your credit score, as it is considered a derogatory event. Lenders place a significant emphasis on credit scores when evaluating mortgage applications.
2. There is no waiting period after a timeshare foreclosure: Most lenders will require a waiting period after a foreclosure before considering you for a new mortgage. This waiting period can range from 2-7 years, depending on the type of loan and the lender’s specific guidelines.
3. Extenuating circumstances: If you can demonstrate extenuating circumstances that led to the timeshare foreclosure, such as job loss, medical issues, or divorce, some lenders may be more willing to consider your application sooner.
4. Re-established credit: During the waiting period, it’s crucial to re-establish a positive credit history by making all payments on time for other debts and maintaining low credit card balances.
5. Down payment: Lenders may require a larger down payment, often 20% or more, to offset the perceived risk associated with the previous foreclosure.
6. Documentation: Be prepared to provide a detailed explanation and documentation regarding the timeshare foreclosure, including any extenuating circumstances that contributed to it.
7. Seek flexible lenders: Some lenders, particularly those offering non-qualified mortgages or portfolio loans, may be more flexible and willing to consider borrowers with a timeshare foreclosure on their record.

It’s important to note that the specific requirements and guidelines can vary among lenders, and some may have stricter policies regarding timeshare foreclosures. Working with an experienced mortgage broker or loan officer who understands your situation can increase your chances of finding a lender willing to work with you.

Additionally, the longer the time that has passed since the timeshare foreclosure, and the stronger your current financial situation, the better your prospects for mortgage approval will be. Patience, credit rebuilding, and demonstrating responsible financial behavior can improve your chances of securing a mortgage loan after a timeshare foreclosure.