[Gustan Cho]

Thank you Sapna. Can you please mark sticky.

[Gustan Cho]

Thank you Ravinder. Very well said and to the point.

[Gustan Cho]

Mortgage Rates on commercial loans that have a 3, 5, or 7 year balloon payment are generally lower than a fixed rate mortgage or an adjustable rate mortgage. Larger commercial loans normally do not offer 15 to 30 year fixed rate mortgages.

[Gustan Cho]

Government and conventional owner-occupant primary home loans require the homebuyer be an owner-occupant on primary homes for at least one year. The homebuyer needs to occupy the home within six months of closing and live on the primary home for at least six months and one day out of the year and cannot use it as a rental for at least one year. Federal regulators such as HUD, the VA, the FHFA, and the CFPB as well as state regulators can do random checks to see whether the borrower committed occupancy fraud. Here is an article about occupancy fraud written by Eric Jeanette of American Home Financing

https://gustancho.com/owner-occupancy-fraud/

gustancho.com

Owner Occupancy Fraud And Guidelines In Home Mortgages

Owner Occupancy fraud is a serious crime and falls under mortgage fraud. A borrower cannot state it is a owner occupied property if it isn't

[Gustan Cho]

Too many unanswered questions about people dying suddenly without prior health issues

Whether it’s the COVID-19 Vaccine or coincidence nobody knows. However, more investigation should be considered

[Gustan Cho]

Angela, there are different types of down payment assistance programs. Forgivable and non-forgiveable down payment assistance programs. EPM, Christian Sorenson has non-forgiveable down payment assistance program at 7.75% rate and 48.99% debt-to-income ratio. Minmum credit score 620 FICO.

[Gustan Cho]

Happy New Year, George. We use Advantage Credit and our soft pull on Experian is two dollars per borrower on Experian and six dollars for Equifax and Transunion. Our tri-merger hard pull is $65.00. Don’t know what will go up to.

[Gustan Cho]

There are certain states like Georgia and Texas who are very strict with collections, charge off accounts and derogatory credit tradelines. Credit scores do not matter. Late payments is okay as long as you are still paying. California does not even look at credit scores. I know people with judgments and tax liens who got their NMLS license in California. More and more states are becoming more aware of bad credit and questioning NMLS MLO applicants for collections, and other bad credit. If you have a written payment agreement you are fine. If you fall behind on your bills but are making an attempt to pay little every month, that is fine too. However, if you totally ignore your prior bad credit than it can be a problem in most of the states. If you file bankruptcy, you are totally fine because that wipes out all of your debts. Here is a popular blog that explains how I had to deal with regulators when I had bad credit and the issues I got in certain states because of derogatory credit tradelines:

https://gustancho.com/can-you-become-a-loan-officer-with-bad-credit/

gustancho.com

Can You Become A Loan Officer With Bad Credit And Get Licensed

Can You Become A Loan Officer With Bad Credit? Absolutely. I have over 50 derogatory credit items such as unpaid collections, charges offs

[Gustan Cho]

Kim, what states are you available to contract process.