Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Looking forward to 2 pm CDT ZOOM CALL tomorrow afternoon with Yvonne
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I have never seen so many recent late payments in 11 years. Things seems really bad out there. Rates are skyrocketing, inflation is like a runaway train, the dow is going up for no reason, and home prices are out of reach for many people.
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No good economy destroyers.
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Thanks for your reply my man. I appreciate you as well as our whole team. Bottom line is currently has a VA loan on 81 acres. Ww got an approve/eligible with a $1,000,000 cash out at 7%. Borrowers current rate is 3.0% on $713,000 VA loan. Doing a cash our to pay outstanding debts. Perfect credit no late payments in the past 5 years. Of course any loan officer would love to do a million dollar cashout refinance. However, I don’t think it’s ti the best interest to my Borrowers not to explore keeping the first and pricing our a second mortgage to piggyback the first up to a 70% CLYV. W2 Wage earner. Makes all the sense in the world despite there is no common sense in the mortgage business. Talk to Sir Rudy and see if you guys are interested in making this happen. Thanks Cameron LeClair
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So gift of equity on VA loans is basically fir closing costs since VA offers 100% financing. If you get seller concessions you don’t even need the gift of equity.
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What if you sell hay from your property. Is it considered a working farm?
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I highly recommend Wendy Lahn. Wendy is the best attorney I know but her main focus is loan origination, and real estate. Wendy would not be offering any products or referring anyone unless she has fully vetted them.
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What is you cut your field and sell hay.
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