Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Thanks Michelle on sharing the credit Rebuild links. Ww need more resources on rebuilding credit for our clients. We need tips on how to fix the late payments in the past 12 months. Late Payments in the past 12 months is the biggest issue facing borrowers.
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Anyone have a list of other states like Illinois with property tax prorations where the homebuyer can use property tax prorations for their down payment or closing costs? Property tax proration states is when home sellers pay property taxes in arrears and owes the property tax credit to the homebuyers.
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The 20-hour NMLS pre-licensing course is nothing. However, the exam is another story. The key to passing the exam the first time is practicing with a couple of thousand multiple-choice questions—at least two thousand practice exams. The tricky part of passing the NMLS exam is there are four potential answers to the question. Two of them are automatically disqualified. However, the other two is so close. It is like this throughout the entire test.
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I have helped dozens if not hundreds of borrowers get their credit scores to over 700 FICO from the date of their bankruptcy discharge. After helping countless borrowers with rebuilding credit after bankruptcy or those with bad credit rebuild credit, I helped myself after Chapter 7 bankruptcy as well. I waited filing bankruptcy since the financial crisis of 2007 but had no choice but to file bankruptcy in 2019 because my judgments got renewed. My bad credit was hindering me getting licensed in states for my mortgage license. Once I got my bankruptcy discharged, I opened up five secured credit cards, got three credit rebuilder cards, and got my credit scores to 720 in twelve months. Michelle McCue is correct. Get those secured credit cards and credit rebuilder accounts.
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You cannot add someone to mortgage. You can add someone to a new mortgage by refinancing. New mortgage will have all new borrowers.
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This reply was modified 2 years ago by Gustan Cho.
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This reply was modified 2 years ago by
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Wow. These are great loan programs. If it were not for Carrington, many homeowners could not buy a house after selling their home if they have late mortgage payments in the past twelve months. Thanks Michelle.
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Eric, we have no-doc non-QM loans, stated-income non-QM loans, 1099-income only mortgages, no-ratio mortgages, asset-depletion loans, P and L statement only mortgages, and dozens of other non-QM mortgage loan options for no income documentation mortgage loans.
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I think will lower credit scores, non-QM jumbo loans require 25% down payment. Non-QM Jumbo Loans are great loan programs for self-employed borrowers, borrowers with bad credit, borrowers with credit scores down to 600 FICO, and homebuyers with no income verification.
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You can use 60% of your 401k for the down payment or reserves on a home purchase.
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