[Gustan Cho]

Thank you, Ann. One of the most requested frequently asked questions is what is the guidelines for 90% LTV bank statement loans for self-employed borrowers. Can you explain the guidelines such as the minimum credit score requirements, how you guys come up with qualified income on business and personal bank statements, the number of credit tradelines, are credit disputes allowed, and other important factors for 10% down payment bank statement loans?

[Gustan Cho]

Thank you, April. Please share any information you and Anngelli have while learning so we can use the eLearning FORUM to train your future assistants.

[Gustan Cho]

Here’s batch #2 screenshots of WORDPRESS REWRITE AND UPDATING PART III

[Gustan Cho]

Below are the screenshots for the WORDPRESS REWRITE AND UPDATING CONTENT PART III – First Batch since only 5 images at a time can be posted)

[Gustan Cho]

Attached are the screens screenshots for Part I of WordPress Blog Rewrite and Tutorials

[Gustan Cho]

FHA and VA loans are the two only mortgage loan programs that allow homebuyers and homeowners eligible for a home purchase or a refinance mortgage loan while in a chapter 13 bankruptcy repayment term without the repayment being paid off. All other mortgage loan programs including non-QM loans require the Chapter 13 bankruptcy to have been discharged.

Some loan programs like conventional loans have waiting period after chapter 13 bankruptcy discharge or Chapter 13 bankruptcy dismissal date. HUD, the parent of FHA, and the veterans adminstration guidelines guidelines on Chapter 13 bankruptcy is almost identical with a few minor changes. Borrowers can qualify for an FHA and VA loan during Chapter 13 Bankruptcy one year after the filing date of the Chapter 13 bankruptcy with the bankruptcy trustee approval. The borrower cannot be on any payment while in Chapter 13 bankruptcy unless they was a death of the major wage earner or major illness such as stage four cancer or equivalent extentuating circumstances. Both HUD and VA require the file go through manual underwriting during Chapter 13 Bankruptcy because the mortgage loan application will not render an approve/eligible per automated underwriting system. Manual underwriting guidelines on FHA loans require two years timely payments of the borrower on all monthly payments. VA requires one year of timely payment on all monthly payments in the past 12 months. The best way to explain the HUD Chapter 13 Bankruptcy guidelines and VA Chapter 13 bankruptcy guidelines is by posting detail guides written by Gustan Cho Associates or its subsidiary publishers. Here is the FHA Chapter 13 Bankruptcy Guidelines on FHA Loans:

[Gustan Cho]

Thank you Aldiva. Can you please take a look at Jennifer’s Bk payment history to the trustee and see when the arrears occured and match it with the husband’s surgery and recovery period. There were two intances of health issues/hospitalization versus not timely payment. Extenuating circumstances are extremely difficult but works if it is major illness such as stage four cancer or death. The last extenuating circumstances we did with late payments during a Chapter 13 Bankruptcy repayment period was six months and got the extenuating circumstances approved and the deal closed. This deal where we got approved and closed was a situation where the major wage earner died and that was the reason. Everything crosschecked. We never had a problem with a Trustee writing a letter on the client’s behalf. Also, the payments to the trustee can be halted when the petitioner explains the temporary hardship such as being out of work due to major illness or hospitalization due to surgery and recovery. Not once have we ever had an issue for the a trustee not granting the motion. Jennifer reached out to the attorney and requested it but the response was she spoke with the trustee and it was denied. I do not believe that but something is up. Maybe you and Jennifer should get on the phone together and talk to the attorney and see what she has to say. I can have Angie or a member of my ops or support staff do this but I rather have a professional who is an expert and knows the legal system which is you. I will pay for your consultation services so that is not a problem. Email the Bill to Marga and copy Angie and the payment will be sent out from corporate. As soon as you have this letter of explanation and supporting documentation, I am going to have Angie prepare the package and submit the file as a TBA underwriting pre-approval which is a loan commitment. Once approved they can go and shop for another house. Thanks. Appreciate you @Ali

[Gustan Cho]

Eric, I have a client who is a developer and is looking to develop brand new subdivisions with new barndominium Housing units. We have wholesale lenders who finance barndominiums to homebuyers but have specific guidelines for government and conventional loans. From my understanding, barndominiums are more of prebab homes where steel buildings that are built on site. I will have our team due more research and due diligence about barndominium financing and guidelines for every loan program. You will have an answer about barndominium lending guidelines for HUD, USDA, VA, FANNIE MAE, FREDDIE MAC and non-QM loans by early next week.

https://youtu.be/lYNaXbUgAaM?si=Uo6T5qbLATDrBod0

• This reply was modified 2 years, 2 months ago by  Gustan Cho. Reason: Forgot image

[Gustan Cho]

Thank you for the valuable information Ali. How about removing lates due to forgetting to pay annual membership. I run into tons of clients who have zero balance credit cards and the creditor does not notify the cardholder to remind them and report them late.