Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Every state the office of the secretary of state is the agency that issues limited liability company and corporation registration and other licensing matters for business owners.
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The minimum down payment for a six unit multi family apartment building is 15% to 20%. You can become eligible for commercial loans on apartment buildings with zero experience if you intend on hiring a property management company.
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Correct. Mortgage industry is very ambiguous and not every lender has the same guidelines on government and conventional loans. Most lenders have higher credit requirements which are called overlays. Many lenders want credit disputes removed including exempt disputes.
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Mortgage Rates on EPM EMPOWERED DPA PROGRAM is higher than traditional FHA loans. Currently the DPA PROGRAM Rates is at 7.75%. You cannot buy down the rates.
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Felix, initially you just need the executive summary, current profit and loss and projected profit and loss. Find out if the apartment building needs work or the apartment building is stable. If the building needs work, then we should get him a short term acquisition and renovation loan. We can do this without him putting a lot of money down and cross collateralize his other rental properties. Need detailed description of the building. Address, number of legal units, type of building (ONE STORY, TWO STORY)
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I used to own, manage, and operate seven apartment complexes. Each apartment complex consist of an average of 400 units. I started with an eight unit apartment building. Apartment buildings is the safest form of commercial investment. First and foremost, the borrower needs to get a personal financial statement. Normally, all commercial loans for apartment buildings follow the same format. Get a Executive Summary Sheet: Borrower’s background, and resume. Experience in real estate, and what the scope of work is. What he wants to be when he grows up. Why should a commercial lender approve his commercial loan request for the apartment building and why the lender should be rest assured the borrower is not going to default. Amount of down payment he is putting down, cash reserves, whether he is going to manage the apartment building himself or hire a professional property management company. The executive summary sheet does not have to be long but need to state the purpose of the loan, and the scope of work. Personal financial statement forms are all basic and similar and you can get sample template online . Second, you need to get the rent roll of the property and profit and loss.
Qualifying for a loan program to purchase a 6-unit apartment building will depend on various factors, including your credit score, income, down payment, and the specific requirements of the lender and loan program. With a 728 FICO score and experience renting out properties, you may have several options available to you. Here are some common loan programs you might consider, along with the typical documents needed for commercial loans:
Credit Score: A FICO score of 728 is generally considered good for commercial loans
Down Payment: Typically, you’ll need at least a 15% to 25% down payment for a 6-unit apartment building. Down payment requirements for commercial loans can vary but are often higher than residential loans.
Documents Needed: You’ll typically need to provide documents such as:
- Business plan
- Cash flow projections
- Business tax returns
- Personal financial statements
- Property information and appraisal
- Lease agreements (if applicable)
- Environmental reports (if required)
Proof of income (tax returns, W-2s, pay stubs, rental income documentation)
Bank statements
Proof of assets
Credit report
Property appraisal
Purchase agreement
Personal financial statements
It’s essential to shop around and compare loan offers from different wholesale lenders to find the best terms and rates that suit your needs. Additionally, your rental property experience can be an asset when applying for loans, as it demonstrates your ability to manage income-generating properties.
Remember that lending requirements and programs can change over time, so it’s a good idea to consult with other or several wholesale commercial lenders just like residential loans to discuss your specific financial situation and loan options.
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This reply was modified 1 year, 3 months ago by
Sapna Sharma.
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This reply was modified 1 year, 2 months ago by Sapna Sharma.
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Qualifying for a mortgage with credit disputes on your credit report can be challenging, but it’s not impossible. Here are some factors to consider:
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Severity and Resolution of Disputes: Lenders will consider the nature and resolution of the credit disputes. If you have legitimate disputes that have been resolved and resulted in accurate updates to your credit report, it may be less of an issue than unresolved disputes or disputes related to significant derogatory information.
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Credit Score: Your credit score plays a crucial role in mortgage qualification. The impact of disputes on your credit score will depend on their nature. Disputes that remove negative, inaccurate information may actually improve your score, while disputes related to legitimate negative items may not help as much.
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Lender Policies: Different lenders have varying policies regarding credit disputes. Some may be more lenient, while others may have stricter requirements. It’s essential to research and potentially consult with multiple lenders to find one that’s willing to work with your specific situation.
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Documentation: Be prepared to provide documentation regarding the disputes and their resolutions. This can include letters from creditors indicating that the disputes have been resolved, as well as updated credit reports showing the corrected information.
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Credit History and Profile: Lenders consider your overall credit history and profile, not just the presence of disputes. If you have a strong credit history in other areas and can demonstrate responsible financial behavior, it may mitigate the impact of disputes.
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Down Payment and Income: Your ability to make a significant down payment and your income stability are also critical factors in mortgage approval. A larger down payment and a stable income can compensate for credit issues.
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Interest Rate: Even if you qualify for a mortgage with credit disputes, be prepared for the possibility of higher interest rates. Lenders may charge higher rates to borrowers with lower credit scores or credit history issues.
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Credit Counseling: If your credit disputes are related to financial difficulties, you might consider seeking credit counseling or working with a credit repair service to improve your credit profile before applying for a mortgage.
Ultimately, it’s essential to work closely with a mortgage professional who can assess your specific situation and guide you through the application process. They can provide insights into how your credit disputes may impact your ability to qualify for a mortgage and help you explore potential solutions or strategies to improve your chances of approval.
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LENDING NETWORK LLC has the best terms and rates on accounts receivable financing. Visit LENDING NETWORK if you have any questions about MCA, FACTORING, BUSINESS CREDIT CARDS, EQUIPMENT FINANCING,POS, BUSINESS LOANS, BUSINESS CREDIT, and any other business and commercial loans that you want to explore and learn about that may benefit you and your business
Here is the link https://www.lendingnetwork.org
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There’s a recent article updated on FHA STREAMLINE REFINANCE LENDERS about the EPM EMPOWERED DOWN PAYMENT ASSISTANCE HOME PURCHASE PROGRAM posted live this morning. EQUITY PRIME MORTGAGE offers a full DOWN payment assistance program and grant on FHA LOANS. The 3.5% down payment is fully forgivable after six months. What does the forgivable on FHA DPA PROGRAM mean? You can sell, or Refinance your home and don’t have to pay the 3.5% down payment you got back. Gustan Cho Associates offers the EPM EMPOWERED DOWN PAYMENT ASSISTANCE MORTGAGE PROGRAM in 48 states. Not available in Washington State. The maximum debt to income ratios is 48.99% with no front end debt to income ratio cap. It is borrower paid and homebuyers need to get a 6% seller concessions for lender origination fees and closing costs. Read more about the EPM DPA MORTGAGE PROGRAM at https://fhastreamlinerefinancelenders.com
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