Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Last video clip of Chase learning to fetch. He’s no longer a runner and stays by me whenever he’s off leash. He’s such a good boy. A pain in the ass but a really loveable and likeable smart guy. Want to thank my breeder Dan Ivnovic for a great dog. He is extremely intelligent and very smart. Very sneaky though. Gets along with everyone except stranger. Wanted to eat my landscaper. Lol.
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Here’s another video clip of my big guy Chase.
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Nice.
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@Rhonda Please find out the type of relationship the seller and buyer have and let’s contact @Christian Sorensen on Monday. Maybe gift of equity will fly. Here’s a blog about buying a home with a gift of equity that you may find helpful:
https://gustancho.com/buying-home-from-family-members/
gustancho.com
Buying Home From Family Members With Gift of Equity
Buying home from family members with no down payment and no closing costs with a gift of equity from the home seller if the seller is a relative.
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Great question, Rhonda. If the buyer and seller have written rent with an option to buy agreements, the agreement needs to state that a portion of the rental agreement goes towards the down payment of the home purchase. Or if the renter given a substantial deposit, the memo on the check needs to state that it goes towards the down payment. They may want to make a lease with the option to buy now so in six months, they are ready to purchase with no money down. We also have EPM EMPOWERED DOWN PAYMENT ASSISTANT PROGRAM which is a forgiveable DPA program. Closing costs can be covered with a 6% seller concession. This seems like it is definitely doable deal. @Rhonda
https://gcaforums.com/topic/how-does-epm-empowered-dpa-program-work/
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Yes, homebuyers can buy a home with bad credit. It is possible for homebuyers to purchase a house even with bad credit, though it does make the process more challenging. Here are some key points about buying a home with poor credit:
Down Payment
- Be prepared to make a larger down payment, likely 10-20% minimum, to offset the higher lending risk. This shows more personal investment in the property.
Credit Score Requirements
- Most conventional loans require a 620+ credit score. Scores below 620 make it very difficult unless the lender offers non-prime/non-QM loan programs.
- FHA loans are often a good option, allowing scores down to 500 with 10% down or 580 with 3.5% down.
Higher Interest Rates
- Borrowers with lower credit scores present more default risk to lenders, so they will charge higher mortgage interest rates, likely 1-2% higher than for prime borrowers.
Compensating Factors
- Having plentiful cash reserves, higher income, job stability, and thoroughly addressing credit weaknesses can help outweigh a poor credit score.
Co-Signers/Co-Borrowers
- Adding someone with better credit as a non-occupant co-borrower or co-signer may allow you to meet credit requirements.
Manual Underwriting
- Some programs allow manual underwriting where a human reviews credit issues and documentation to render a final decision.
Overall, the poorer your credit score is, the larger the down payment you’ll likely need and the higher the mortgage costs will be. But bad credit alone doesn’t outright prevent homeownership if you can compensate in other areas.
https://gustancho.com/buying-a-home-with-bad-credit-in-nevada/
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This reply was modified 1 year, 11 months ago by Gustan Cho.
gustancho.com
Buying A Home With Bad Credit in Nevada With Under 600 FICO
Buying A Home With Bad Credit in Nevada: GCA has mortgage programs such as FHA and VA loans down to 500, collections, charge-offs
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Yes, homebuyers can buy a home with bad credit. It is possible for homebuyers to purchase a house even with bad credit, though it does make the process more challenging. Here are some key points about buying a home with poor credit:
Down Payment
- Be prepared to make a larger down payment, likely 10-20% minimum, to offset the higher lending risk. This shows more personal investment in the property.
Credit Score Requirements
- Most conventional loans require a 620+ credit score. Scores below 620 make it very difficult unless the lender offers non-prime/non-QM loan programs.
- FHA loans are often a good option, allowing scores down to 500 with 10% down or 580 with 3.5% down.
Higher Interest Rates
- Borrowers with lower credit scores present more default risk to lenders, so they will charge higher mortgage interest rates, likely 1-2% higher than for prime borrowers.
Compensating Factors
- Having plentiful cash reserves, higher income, job stability, and thoroughly addressing credit weaknesses can help outweigh a poor credit score.
Co-Signers/Co-Borrowers
- Adding someone with better credit as a non-occupant co-borrower or co-signer may allow you to meet credit requirements.
Manual Underwriting
- Some programs allow manual underwriting where a human reviews credit issues and documentation to render a final decision.
Overall, the poorer your credit score is, the larger the down payment you’ll likely need and the higher the mortgage costs will be. But bad credit alone doesn’t outright prevent homeownership if you can compensate in other areas.
https://gustancho.com/buying-a-house-with-credit-issues/
gustancho.com
Buying A House With Credit Issues And Bad Credit
Gustan Cho Associates helps home buying buying a house with credit issues. FHA and VA loans with 500 FICO, mortgage with collections
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investors
Investing in gold and silver can be a great way to diversify your portfolio and protect against economic uncertainty. Here are steps for first-time novice investors:
1. Understand the Types of InvestmentsPhysical Bullion:
- Gold and Silver Coins: Popular options include American Gold Eagles, Canadian Gold Maple Leafs, American Silver Eagles, and Canadian Silver Maple Leafs.
- Gold and Silver Bars: Available in various weights, such as 1 oz, 10 oz, and 100 oz.
Paper Investments:
- Exchange-Traded Funds (ETFs): ETFs like SPDR Gold Shares (GLD) and iShares Silver Trust (SLV) track the price of gold and silver without needing to store physical metals.
- Mining Stocks: Investing in companies that mine gold and silver, such as Barrick Gold Corporation (GOLD) or First Majestic Silver Corp (AG).
- Mutual Funds: Funds that invest in a diversified portfolio of mining companies and precious metals.
2. Determine Your Investment Goals
- Short-Term vs. Long-Term: Decide if you are looking for short-term gains or long-term wealth preservation.
- Percentage of Portfolio: Determine what percentage of your investment portfolio you want to allocate to precious metals.
3. Research and Education
- Market Trends: Follow gold and silver prices and understand factors that influence their value, such as inflation, geopolitical events, and currency fluctuations.
- Investment Resources: Utilize resources like Investopedia and The Balance for articles and tutorials on precious metals investing.
4. Choose a Reputable Dealer
- Reputable Dealers: Look for dealers with good reviews and ratings from sources like the Better Business Bureau (BBB) and industry associations.
- Transparent Pricing: Ensure the dealer provides transparent pricing, including premiums over the spot price.
5. Make the Purchase
- Physical Purchase: If buying bullion, ensure you receive a certificate of authenticity. Consider online dealers like APMEX or JM Bullion.
- Storage Solutions: Decide whether to store the metals at home in a safe or use a third-party storage facility like a bank or specialized depository.
- Paper Investments: If opting for ETFs or mutual funds, you can purchase these through brokerage accounts like Vanguard, Fidelity, or Charles Schwab.
6. Monitor and Review
- Regular Review: Keep track of your investment’s performance and the broader market conditions.
- Adjust Portfolio: Be ready to adjust your portfolio based on performance and any changes in your financial goals or market outlook.
7. Stay Informed
- Financial News: Regularly read financial news from reputable sources like Bloomberg, Reuters, and CNBC to stay informed about market conditions and trends.
- Educational Materials: Use books, podcasts, and seminars to continually educate yourself about precious metals investing.
By following these steps, you can make informed decisions and start your journey into investing in gold and silver.
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There are several options for purchasing gold and silver precious metals:
Bullion Dealers or Coin Shops: Local coin shops and bullion dealers specializing in buying/selling precious metals: They sell gold and silver coins, bars, rounds in various weights. You can buy in-person and inspect the products before purchasing
- Online Precious Metals Dealers: Well-known online dealers like APMEX, JM Bullion, SD Bullion. Order coins, bars, rounds and have them shipped securely. Generally have lower premiums over spot prices than local dealers
- Banks/Brokerage Firms: Some large banks and brokerage firms offer precious metals investing. You can buy gold/silver through them or approved dealers. May have access to pooled accounts or metal-backed trusts/ETFs.
- Pawn Shops: Local pawn shops sometimes sell gold/silver they have bought. Merchandise can vary and you have to inspect quality carefully. May get better deals but higher risk compared to dealers.
- Mints: Sovereign and private mints like the U.S., Royal Canadian, Perth mints. They produce bullion coins which can be purchased directly or through dealers. No matter where you buy from, be sure they are a reputable source. Look at buy or sell spreads and premiums over spot price. Expect to pay a higher premium for smaller quantity purchases. Having a secure storage plan for physical metals is also important.
https://www.youtube.com/watch?v=ZyHMAwXSc_E&ab_channel=NiftyInvest
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