Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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The debt in the United States went from $7 trillion in debt sixteen years ago to $35 trillion dollars today. These incompetent politicians are totally out of control. Remember the wise elder always preach not to spend money you do not have? Do not take what does not belong to you. Politicians are printing the U.S. dollar like their is no tomorrow. The dollar needs to be backed by gold and silver. You cannot just print the dollar because you need it. The elite is destroying America and the people need not just speak out but take action.
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To become elgibile for an FHA loan, the condominum complex needs to be HUD-approved. However, more and more condo complexes are not renewing their HUD-approved recertification and are becoming non-HUD approved. You cannot get an FHA loan in a condominium complex that is not HUD approved unless you get an exception called FHA spot approval. FHA condo spot approvals is when you may become eligible for an FHA loan in a condo complex that is not HUD-approved if the HUD housing inspector approves the condominium unit even though the entire condo complex is not HUD approved.
A HUD (U.S. Department of Housing and Urban Development) approved condominium complex is a residential development that has met the criteria set forth by HUD for eligibility in certain housing programs, particularly those that involve FHA (Federal Housing Administration) loans.
To become HUD approved, a condominium complex must meet various requirements regarding its financial stability, management, and physical condition. Some of these requirements include:
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Financial stability: The complex must have adequate reserves and financial records to demonstrate its stability.
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Occupancy: A certain percentage of units must be owner-occupied rather than rented out.
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Insurance: The complex must have appropriate insurance coverage.
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Legal compliance: The condominium documents and bylaws must comply with HUD regulations.
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Physical condition: The complex must meet certain standards regarding its physical condition and maintenance.
HUD approval is necessary for buyers who wish to use FHA loans to purchase units within the condominium complex. FHA loans are popular among first-time homebuyers and those with lower credit scores or smaller down payments because they offer more flexible qualification requirements. Therefore, HUD-approved condominium complexes can widen the pool of potential buyers for units within the development. Until recently, many condominium homebuyers could not even dream of buying a condominium unit in a non-HUD approved condo complex but due to the new updated HUD FHA spot approval guideline changes, many condominium homebuyer can purchase a condo unit in a non-HUD approved condo complex with an FHA spot approval on an individual condomimium. Here is an informative guide on FHA condo spot approval published on Gustan Cho Associates for more information.
https://gustancho.com/fha-spot-loans/
gustancho.com
FHA Spot Loans For Non-HUD Approved Condominiums
Updated HUD condo guidelines allow condo buyers to use FHA spot loans for a condo purchase on warrantable non-HUD-approved condo complex.
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A condominium is classified as warrantable condo if over 51% of the occupants of the condo complex are owners who own the condominium unit as a primary owner-occupant condominium and not rent the condominium out. If the owners of the condo complex rent out 51% or more of the condominium units as a rental, the condo complex is classified as non-warrantable condo complex. You cannot get a government-back mortgage loan or conventional loan on a non-warrantable condo unit. You can only get a portfolio or non-QM loan on non-warrantable condos. This is why a condominium questionairre is important. In the condo questionairre, the HOA manager will state the number of owner-occupant versus rental condominium units. A warrantable condo complex can become a non-warrantable condo complex and a non-warrantable condo complex can turn into a warrantable condo complex. Here is an informative article about non-warrantable condominium units from GCA Mortgage Group
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My friend Mark Chen fully trained Dutch Shepherd
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Another training video. Tomorrow I will start training Chase how to come when called
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This reply was modified 2 years, 1 month ago by Gustan Cho. Reason: Forgot image
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This reply was modified 2 years, 1 month ago by
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Chase needs more repetition. Getting distracted. I need to work with Chase more often. To him, everything is a game. He has never been spanked. If I yell at him he barks back.Now he tries to get on top of my bed.
0:14
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This reply was modified 2 years, 1 month ago by Gustan Cho. Reason: Forgot image
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This reply was modified 2 years, 1 month ago by Gustan Cho. Reason: Duplicate video
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This reply was modified 2 years, 1 month ago by
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If a website is listed as a Google News publisher, it means that Google has approved the website to have its news articles and content included and displayed in the Google News service.
Google News is Google’s news aggregation service that compiles news articles from thousands of publications around the world. Being listed as a publisher on Google News provides some key benefits:
- Content Visibility: Articles from approved publishers get prominent visibility and distribution through Google News. This can drive significant traffic to the publisher’s website from Google News users.
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- Monetization: Google allows approved publishers to monetize their content in Google News through AdSense ads.
To become a Google News publisher, websites must follow Google’s Publisher Policies which cover criteria like accountability, content quality, operational security and more. Google assesses factors like author bylines, publication dates, overall website credibility etc.
In summary, having Google News publisher status means a website has received Google’s stamp of approval as a professional news source worthy of inclusion and prominent display through their major news platform. It provides visibility, credibility and monetization benefits.
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apnews.com
Who is Robert Hur? A look at the special counsel due to testify on Biden classified documents case
Robert Hur will testify before a congressional committee Tuesday as House Republicans try to keep the spotlight on unflattering assessments of Biden.
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