[Gustan Cho]

There are 9 community property states.

[Gustan Cho]

We do have two other down payment assistance mortgage programs that debt to income ratio goes up to 46.9% front end and 56.9 back end. The down payment assistance funds is not forgivable and needs to get paid once you refinance or sell the house. They are all FHA loans.

[Gustan Cho]

Every state the office of the secretary of state is the agency that issues limited liability company and corporation registration and other licensing matters for business owners.

[Gustan Cho]

The minimum down payment for a six unit multi family apartment building is 15% to 20%. You can become eligible for commercial loans on apartment buildings with zero experience if you intend on hiring a property management company.

[Gustan Cho]

Correct. Mortgage industry is very ambiguous and not every lender has the same guidelines on government and conventional loans. Most lenders have higher credit requirements which are called overlays. Many lenders want credit disputes removed including exempt disputes.

[Gustan Cho]

Mortgage Rates on EPM EMPOWERED DPA PROGRAM is higher than traditional FHA loans. Currently the DPA PROGRAM Rates is at 7.75%. You cannot buy down the rates.

[Gustan Cho]

Felix, initially you just need the executive summary, current profit and loss and projected profit and loss. Find out if the apartment building needs work or the apartment building is stable. If the building needs work, then we should get him a short term acquisition and renovation loan. We can do this without him putting a lot of money down and cross collateralize his other rental properties. Need detailed description of the building. Address, number of legal units, type of building (ONE STORY, TWO STORY)

[Gustan Cho]

Felix, contact Cameron LeClair of The Lender. He told me he does investment building including apartment building over 4 units. Let’s price out this borrower on the six unit. Send all docs to Cameron the Man and we will see what he comes up with. Thanks.

[Gustan Cho]

Puerto Rico has different rules for home purchase. Normally, you need to hire a lawyer licensed in the commonwealth of Puerto Rico. Closing costs is on the average $5,000 higher than the average home closing costs in the United States mainland. As it stands, we are still aggressively looking for additional wholesale mortgage lenders on FHA, VA, USDA, and conventional loans. and non-QM loans as well as business and commercial loans.