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Gustan
AdministratorAugust 17, 2024 at 11:01 pm in reply to: WHAT ARE VA GUIDELINES ON CREDIT SCORESWhile the VA does not have a minimum credit score requirement for VA loans, each mortgage lender can set their credit score requirements on VA loans, which are called lender overlays. However, most lenders will lower their limits at around 580-640 points. Gustan Cho Associates is a national lender with zero lender overlays not just on VA loans but also FHA, USDA, and Conventional loans. The overlays of these creditors differ, so it’s important to look for the appropriate one who can work with your unique credit situation. Although the VA does not state the lowest number, having more than enough numbers may increase your chances for approval and favorable loan terms. Mortgage lenders like Veterans United and USAA often advertise that they are out to help veterans. Still, they are misleading veterans because they have many lender overlays. Veterans United will not approve VA loans without the borrower having at least a 620 credit score. Over 80% of the borrowers at Gustan Cho Associates were denied or could not qualify at other mortgage companies because of their lender overlays. There are no minimum credit scores on VA loans.
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Borrowers are interested in the USDA loan program because of its no down payment feature. However, they must meet specific debt-to-income ratio requirements. Ordinarily, the highest front-end DTI ratio (housing expenses) allowed for a USDA loan is 29%. The back-end ratio (total debt) cannot exceed 41%. Nevertheless, these numbers may be surpassed whenever there are considerable compensating factors. Compensating factors include having an excellent credit rating or substantial cash reserves. Ensure your earnings can be verified easily since you work for yourself. This is important if qualification is to happen.
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Gustan
AdministratorAugust 17, 2024 at 10:47 pm in reply to: What Was The Truth in Lending Created ForWhat is the Truth in Lending Act (TILA) for mortgages?
TILA requires lenders to be transparent about their lending practices so that borrowers can make informed decisions. It was created to protect consumers from predatory lending and mortgage fraud.
How does it work?
When consumers take out a mortgage loan, the lender must give you certain written information. This includes:
Loan terms include the amount borrowed and the time to repay it.
Costs: Costs include interest rates, points, fees, and other charges.
Risks: Risks include whether your interest rate could go up or your payment could change.
Benefits include features that lower your interest rate or offer forgiveness if you can’t afford payments.
Regulation Z applies: In 1968, Congress passed the Truth in Lending Act (TILA). The Federal Reserve Board adopted Regulation Z to implement TILA.
How does this affect me? This law gives you three days to review your mortgage documents after closing if something isn’t right. Or if you change your mind. You can cancel without penalty.
For example, Suppose Sue borrows $100,000 to buy her first home. In addition to repaying $100,000 over time, her loan requires paying $20,000 in interest.
TILA APR DISCLOSURE REQUIREMENTS:
Thanks to TILA’s APR disclosure requirements under Regulation Z, Sue might learn she will pay closer to $150K over 30 years when accounting for all costs associated with borrowing money at an annual percentage rate (APR). This includes principal balance reduction plus finance charges expressed as an effective interest rate per year applied against any outstanding balance owed each month until repaid. This includes the compound accumulations accruing daily based upon that sum divided evenly among twelve equal parts, making one monthly installment required per calendar month throughout said term length. Thereby amortizing debt evenly while paying off principal balances early. Each year before additional periods accrues towards the total amount financed remaining unpaid at the time of report issuance before it is calculated after deducting late fees imposed during delinquency periods, if applicable. Less any rebates received due to failure to satisfy the agreed-upon repayment schedule.
Stage 4: Checking your understanding.
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Gustan
AdministratorAugust 17, 2024 at 10:34 pm in reply to: What Prevents Title From Being TransferredWhat is the title’s name when you buy or refinance a house?
The title denotes legal ownership of a property. Thus, upon purchasing or refinancing homes, titles are transferred or updated by current ownership and any attached liens.
How Does The Title Process Work?
The procedure for titles includes:
Conducting Searches: Make sure there aren’t any present claims, liens, or disputes that need resolution.
Insurance On Titles: Safeguarding against future claims being made against them.
Transferring Of Ownership: Finalizing this process.
What Prevents Title Transfer From Happening?
Existing liens, unsolved disputes, and legal judgments can block the transfer of titles.
What Prevents Claims on Titles?
Having insurance on titles protects one from unexpected claims, while a clear search ensures that there are no existing issues that might lead to such claims being made against it in the future.
What Constitutes Defects In A Title?
These could be:
- Unpaid taxes.
- Disputed ownership.
- Fraudulent claims.
- Clerical errors (in public records).
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If you’re looking for a hilarious video compilation that will have you laughing off your chair, try searching for “Try Not to Laugh” challenges on platforms like YouTube. These compilations often include funny animal antics, pranks, fails, and unexpected moments that are sure to entertain. Channels like “FailArmy” or “America’s Funniest Home Videos” are great places to start. For a guaranteed laugh, search for specific themes like “Funny Pet Videos” or “Epic Fail Compilations.” Enjoy the laughs!
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Discover is the worst of the worst credit card company. I am surprised that Discover is even in business. After finding out that Discover Credit Card Services made a mistake on my Discover Credit Card, I contacted them on July 2nd, 2024. The error was that Discover Credit Card withdrew $750.00 credit card balance instead of the minimum balance due which was $35.00. Discover Credit Card reported me 30 days late when I specifically called on July 2nd, 2024 to change my auto monthly payment from taking out the full balance to the minimum payment due. The representative of Discover Credit Card Services did not follow my directions and reported me 30 day late. Discover did give me a refund on the $750.00 two days later, but I contact my bank at the end of the day and asked if I got a credit. The bank said no. I told my bank that I am supposed to get a credit from Discover and that Discover is authorized to withdraw payments up to $100.00 unless notified. Discover did not withdraw the minimum amount due like I told them to and reported me late on the credit bureuas. I contacted Discover after I noticed they reported me 30 day late to all 3 credit bureuas but they said there was nothing that they can do. Fraud and very not fair to the consumer. I will address this to all review portals and the FCRA, FTC, and CFPB. NEVER in my life have I ever deal with such incompetent people. I escalated my complaint to a supervisor, Eve from New Jersey, and she was absolutely worthless. She said file a complaint with the FCRA and CFPB and sue us if you like. Supervisor Eve from NJ. is one of the WORTHLESS people I have ever encountered in my life. Stay away from Discover Credit Card Services. They are the worst of the worst and will do more damage than help.
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If anyone familiar with dually licensed branding can help Chad Bush, it will be greatly appreciated.
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