Mortgage Loan Officer Gustan Cho
Mortgage Loan OfficerForum Replies Created
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Eric, I have a client who is a developer and is looking to develop brand new subdivisions with new barndominium Housing units. We have wholesale lenders who finance barndominiums to homebuyers but have specific guidelines for government and conventional loans. From my understanding, barndominiums are more of prebab homes where steel buildings that are built on site. I will have our team due more research and due diligence about barndominium financing and guidelines for every loan program. You will have an answer about barndominium lending guidelines for HUD, USDA, VA, FANNIE MAE, FREDDIE MAC and non-QM loans by early next week.
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Thank you for the valuable information Ali. How about removing lates due to forgetting to pay annual membership. I run into tons of clients who have zero balance credit cards and the creditor does not notify the cardholder to remind them and report them late.
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The Team at GCA Mortgage Group can do one time close ground up new construction loans on two to four unit multifamily homes. The OTC NEW CONSTRUCTION Loans on two to four unit multifamily home loans are available for owner occupied homes, second homes, and investment properties. On owner occupied one time close multifamily new construction loans the down payment requirement is 5% down payment OTC for two to four unit multi family new construction loans. Here’s a matrix
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@Wendy GM Lahn, Esq., MBA, LL.M. do you know any wholesale investors who would finance a condo with building violations but the condo building HOA started worm to fix the line items on the violations. It is not litigation but rather somewhat of citation. The court is not real circuit or district Court. Its the city of Chicago and often referred to as administrative hearing. It’s a joke and shame. Many people refer administrative hearing in Chicago as Kangaroo County.
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Most Mortgage lenders frown upon financing homes on large acreage. VA loans allow homes on large acreage such as a house on 80 acres. However, other loan programs have issues on financing homes on large acreage. HUD, the parent of FHA, will only cap the lot size up to 10 acres. Any acreage larger than 10 acres will not be given any value. USDA LOANS should not be a problem. Fannie Mae and Freddie Mac will not finance homes on large acreage.
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Thank you. When are you available today to continue our discussion
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Late payments is the worst thing a lender wants to see. It is alright to have collections, charge-off accounts, late payments and other derogatory credit tradelines. However, all lenders want to see timely payment in the past 12 months. For FHA loans manual underwriting, you need 24 months of timely payments. VA loans you need one year of timely payments in the past 12 months.
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Condotels, short for condominium hotels, are a type of hybrid property that combines the features of a condominium with those of a hotel. They are typically large buildings with individual units that are owned by individuals, similar to traditional condominiums. However, unlike traditional condos, condotel units are typically managed and operated by a hotel company.
Condotel owners have the option to use their units as personal vacation homes or rent them out as hotel rooms through the hotel’s rental program. When the unit is rented out, the hotel management takes care of guest services, housekeeping, maintenance, and marketing, much like a traditional hotel.
Condotels offer several benefits to both owners and guests. Owners can generate rental income from their units when they are not using them, and they also have access to the property’s amenities and services. Guests, on the other hand, can enjoy the comforts of a hotel stay with the added space and amenities of a condominium.
However, condotels also have some potential drawbacks. Owners typically have to pay management fees and may be subject to restrictions on how often they can use their units. Additionally, condotel units may be subject to fluctuations in rental income and property values, depending on factors such as tourism trends and the performance of the hotel management.
Overall, condotels can be an attractive option for individuals looking for a combination of vacation home ownership and rental income potential, but it’s essential to carefully consider the financial implications and management structure before investing in one.
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Cameron, please get back to me about the condominum with building violations.
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