Here is a blog written by Mehgan Bahm about buying a foreclosed home.

https://gcaforums.com/buying-a-foreclosed-home/

Many people like to purchase homes with acreage so they are not close to neighbors. Some homeowners have over 20 acres and are having difficulty getting financing on first or second-mortgage loans. Working on a case now where my client has a home on 81 acres, and there is not a single non-QM wholesale lender that will touch this property due to the large acreage the home sits on. The Veterans Affairs Administration will allow VA loans on large acreage if the property is not a working farm. In this thread, I like to go over financing a home that sits on acreage, what a working farm is, what the definition of a hobby farm is, and the loan options homeowners who want to buy or refinance on a home with acreage have. Luckily, I have a super cool client who is working with me on getting these obstacles answered. I have not yet encountered a single wholesale lender who will finance a first or second mortgage on homes larger than 10 acres.

You need to first complete the 20 hour NMLS pre-licensing course from a NMLS approved course provider. We recommend you contact Angie Crippen from Oncourse Learning. The link is listed on http://www.gustancho.com on the home page on the the box that says MLO SCHOOL. You then have to pass the National NMLS 125 question exam and get a 75%. You then apply for a license in the state of your choice. Once you get licensed, you are read tobget sponsored and hired by a mortgage company.

Gunner is a very smart dog. He’s been humanlike since I got him. When he was a baby, he gets off the bed and goes to the hardwood floor and lays there spread eagle since it is cooler there. Now, he squeezes next to my side of the bed to get face first in my fan I have next to my pillow. Here’s a picture and a small video clip

🤣

What are the guidelines on gift of equity on VA LOANS. What are the VA GUIDELINES on purchasing a home from a family member under market value.

Lately, we have seen many late payments in the past 12 months from mortgage loan applicants. I just got news from Alex Carlucci that he got clear to close on a manual underwritten FHA loan for a borrower with many late payments due to extenuating circumstances. Due to extenuating circumstances, Alex Carlucci got approved with tons of late payments in the past 12 months via manual underwriting.

South Dakota, located in the Midwestern region of the United States, has a diverse array of beautiful homes in its towns and cities. Some of the best places to live with picturesque residences include:

1. **Sioux Falls**: As the largest city in the state, Sioux Falls offers a mix of urban living and outdoor activities. It has many upscale neighborhoods with beautiful homes, like the historic McKennan Park district.

2. **Rapid City**: Known as the “Gateway to the Black Hills”, Rapid City is surrounded by breathtaking natural beauty. The West Boulevard Historic District showcases many beautiful historic homes.

3. **Spearfish**: Nestled in the northern Black Hills, this small city has an abundance of outdoor activities and is near Spearfish Canyon, a location known for its natural beauty.

4. **Deadwood**: This historic city offers a blend of modern living with an old western charm. Homes here have a unique architectural style and historic feel.

5. **Brookings**: Home to South Dakota State University, Brookings has a vibrant community with a number of beautiful homes, particularly in the historic districts.

6. **Pierre**: As the capital city of South Dakota, Pierre has many beautiful homes. With the Missouri River running alongside the city, some residences even offer waterfront views.

7. **Aberdeen**: This city is a regional hub and the third most populous city in the state. The historic districts, like Highlands Historic District, feature lovely homes with classic architecture.

8. **Hill City**: Known as the “Heart of the Hills”, Hill City is the oldest city in the Black Hills and has many beautifully designed homes amidst the forests and hills.

9. **Vermillion**: Home to the University of South Dakota, Vermillion has a rich cultural scene and an array of housing options, from historic houses to modern designs.

10. **Belle Fourche**: This small town is a rural, scenic paradise with the Redwater River flowing through it. Belle Fourche has many charming, picturesque homes.

Remember to visit these places personally and consider other factors like cost of living, education, employment opportunities, healthcare facilities, and community engagement while deciding where to live. Also, remember that “best” and “beautiful” are subjective terms, and personal preferences may vary.

Yes, it is possible to get a mortgage in Minnesota (or any other U.S. state) with bad credit, but it can be more challenging. Here are some things you might want to consider:

1. **FHA Loans:** Federal Housing Administration (FHA) loans are often a good option for those with bad credit. They are insured by the government and lenders are more willing to take on borrowers who are seen as higher risk. The minimum credit score for an FHA loan is generally around 580, but some lenders may work with borrowers who have lower scores.

2. **VA Loans:** If you’re a veteran or active-duty military, you may be eligible for a loan from the U.S. Department of Veterans Affairs. VA loans typically don’t require a minimum credit score, but the lender you choose might have its own requirements.

3. **Subprime Mortgages:** These are offered to home buyers with poor credit. However, they usually come with higher interest rates and fees to compensate for the additional risk the lender is taking on.

4. **Credit Union Mortgages:** Credit unions may be more willing to work with you if you have bad credit, especially if you’ve been a long-time member.

5. **Co-signer:** If you have a trusted friend or family member with good credit, they may be willing to co-sign the mortgage loan. This means they’re agreeing to take responsibility for the loan if you can’t make the payments.

6. **Work on Improving Your Credit:** Even if your credit is bad now, it might be worth it to spend some time improving your score before you apply for a mortgage. This could involve paying down debt, getting any errors on your credit report corrected, or simply making sure to pay all your bills on time.

Keep in mind that even if you can get a mortgage with bad credit, it might not be the best financial decision. You’ll likely end up paying significantly more in interest over the life of the loan than you would if you had better credit. Before you decide to get a mortgage, you should talk to a financial advisor to understand all the implications.

There has been a trend in recent years of Americans moving from higher-cost, typically more liberal-leaning states to states with a lower cost of living, many of which lean more conservative. This is a complex issue that involves many factors beyond politics, including housing costs, job opportunities, taxation, quality of life, and climate.

As of my knowledge cutoff in September 2021, there’s been a significant outflow of residents from states like New York and California to states such as Texas, Florida, and Tennessee, among others. While these trends may be influenced by political preferences for some, it’s important to note that not everyone’s reasons for moving are political. Many people are likely motivated by economic factors such as the cost of housing and the job market.

It’s also worth mentioning that migration trends can change over time due to shifts in the economy, changes in state and local policies, and evolving societal attitudes. For example, the COVID-19 pandemic significantly affected migration patterns as more people started working remotely, giving them more flexibility to live in places with a lower cost of living.

The impacts of such migration trends can be significant, affecting the economies, demographics, and political landscapes of both the states people are leaving and the ones they’re moving to. It can lead to shifts in political power, as reflected in the decennial redrawing of congressional district boundaries and the apportioning of seats in the House of Representatives.

To get the most current information, please refer to the most recent census data, state demographic data, or surveys from moving companies, as these sources can provide a more accurate and updated picture of migration trends.

As of my last update in September 2021, I don’t have the ability to provide real-time data on the housing and mortgage market in Nevada or any other location. However, I can share some general factors that typically influence these markets.

Housing Market:

1. **Supply and Demand:** The balance of supply and demand greatly influences home prices. If demand exceeds supply, prices usually increase. Conversely, if supply exceeds demand, prices usually decrease.

2. **Interest Rates:** Lower interest rates can make mortgages more affordable, which can increase demand for homes and drive up prices.

3. **Economic Factors:** Job growth, wage growth, and overall economic health can also affect the housing market. If the economy is strong and people have good job security, they may be more likely to buy homes.

4. **Population Growth:** In areas where population is growing, demand for housing can outstrip supply and drive up prices.

Mortgage Market:

1. **Interest Rates:** Interest rates are a major factor in the mortgage market. Lower rates make borrowing cheaper, which can stimulate demand for homes.

2. **Economic Health:** The economy’s overall health affects the mortgage market. In times of economic uncertainty, lenders might tighten their standards, making it harder to get a mortgage.

3. **Government Policies:** Government policies can also affect the mortgage market. For instance, if the government increases regulation on lenders, it could become harder to get a mortgage.

4. **Credit Availability:** The easier it is for consumers to get credit, the more likely they are to take out mortgages.

These are just a few factors that can influence the housing and mortgage markets. For the most accurate and up-to-date information on the housing and mortgage market in Nevada, I recommend consulting a real estate professional or using an online resource that has access to current data.

Besides NEXA Mortgage, what other mortgage companies  offer revenue share and residual income and how does it work?

Fannie Mae and Freddie Mac are the two largest institutional buyers of mortgage-backed securities on the secondary market.

Many manufactured homes are hands down better than stick built homes. You cannot tell its a manufactured home. Double wide manufactured homes are reasonable and affordable. Architecturally elegant, strong, and has all the upgrades of stick built custom homes.

How To Get a Mortgage Buying a Home in Puerto Rico

• This discussion was modified 1 year, 8 months ago by  Gustan Cho. Reason: update

gustancho.com

How To Get a Mortgage in Puerto Rico

The best advice how to get a mortgage in Puerto Rico is to consult with a lender with no overlays with access to multiple wholesale lenders

Meghan Bahm has written a nice detailed blog on Why Americans Move To Puerto Rico on the blog section of this forum. Please check it out.

https://gcaforums.com/buying-a-house-in-puerto-rico/

I purchased a 2019 FORD EXPEDITION XLT MAX back in 2020. Boy was it a rat
So plain
Spent $20,000 on after market accessories and had it fonr at Bell’s True Truck Outfitters in Waukegan Illinois. Brandon was in charge. Great job

Francois is a legend. An award winning chef for decades, and has the best recipes for southern cajun food. Francois is also a food truck builder where he can deck out an old truck into a five star class AAA food truck. Going to be meeting Francois with some of his food sample so we can explore opening a restaurant and food truck business franchise. Stay tuned.

Hard money loans in Utah will go up to 75% LTV while other states is 70% LTV.

There are certain states that you cannot do NO-DOC Loans. Anyone know what states you cannot do no-doc loans.

FHA Down Payment Assistance programs are grants or loans offered by city, county, or state housing agencies to promote home ownership in their jurisdiction. Unlike general FHA loans, FHA down payment assistance is not a national uniform federal program. Each FHA down payment assistance program has its credit and income requirements.  This forum will answer questions about the individual FHA down payment assistance program per jurisdiction.

CASE SCENARIO QUESTION FROM TAYLOR GILMORE ON DSCR LOAN

Hi Gustan,

Could you do the deal below?

commercial
refinance
in LA
on Westin
currently occupied to child care center
government program
DSCR is 1.49
building appraised for $1.2mn
$500k loan currently on property
mortgage she’s paying is $3500
income from child care center is $5400
good DSCR

Best regards,
Taylor Gilmore

• This discussion was modified 1 year, 9 months ago by  Gustan Cho.
• This discussion was modified 1 year, 9 months ago by  Gustan Cho.
• This discussion was modified 1 year, 9 months ago by  Sapna Sharma.
• This discussion was modified 5 months, 2 weeks ago by  Sapna Sharma.
• This discussion was modified 4 weeks ago by  Sapna Sharma.

Gustan Cho Associates has a national reputation for not having lender overlays on government and conventional loans. If you run over a case scenario on a situation you have, post it on GCA FORUM’s underwriting help desk. Our moderators will run the case scenario through not just one underwiter but will get second opinions from our top underwriting managers.

CASE SCENARIO FROM DANNY VESOKIE QUESTIONS: Are you a super broker or direct lender. FINANCIAL PACIFIC out of Seattle did a food trailer for $45,000, 25% to 30% rate, $1,100 month for 60 months. EFA EQUIPMENT FUNDING AGREEMENT FIRST MONTH AND LAST MONTH DOWN. COMMERCIAL LOAN BROKER MADE 12% COMMISSION. DOC FEE $250, PREFUNDING FEE OF $200.END USER PAYS TO RESTAURANT OWNER. DMV PAPERWORK PRO TRUCK COMPANY PAYS. CREDIT SCORE 700, 7 YEARS IN BUSINESS.

I filed Chapter 7 Bankruptcy on November 2019 because my judgment creditors were renewing mynold judgments. I was discharged of my Chapter 7 on April 2020. I started applying for secured credit cards the day of discharge. I got 7 Secured credit cards, two credit builder loans. By the end of 2020, my credit scores were at 680 FICO. Secured credit cards and credit Rebuilder loans are the best to rebuilding your credit scores after bankruptcy

• This discussion was modified 1 year, 9 months ago by  Gustan Cho. Reason: Spelling error

Texas does not allow cash out refinance on FHA, VA, USDA loans. No cash out refinance on government loans but you can do cash out refinance on conventional and non-QM loans.

One of the greatest benefits for homebuyers in Illinois is property taxes in Illinois are paid in arrears. Home buyers in Illinois get property tax prorations in Illinois because property taxes are paid in arrears. Homebuyers in Illinois can use property tax proration credit towards their down payment on a home purchase. You need to show you have the down payment but you do not need to bring that property tax proration credit at title company to use for your down payment. We will cover property tax proratikon in Illinois in this thread so homebuyers sellers, loan officers, and realtors fully understand.

This topic on non-QM loans after bankruptcy with no waiting period requirements is mainly addressed to Michelle McCue. Michelle, it has been a while since I kept up to date on non-QM guidelines on mortgages after bankruptcy and foreclosure. Do you know the credit score, down payment, credit requirements, and waiting period on non-QM loans after bankruptcy or bankruptcy?

• This discussion was modified 2 years, 1 month ago by  Gustan Cho. Reason: Forgot to check NOTIFY ME BOX
• This discussion was modified 2 years, 1 month ago by  Gustan Cho.
• This discussion was modified 2 years, 1 month ago by  Gustan Cho.

What types of jumbo loan options do self-employed borrowers have?

What are the minimum credit and income standards to qualify for a jumbo loan?

USDA loans do not require any down payment, and you can cover closing costs with seller concessions of up to 6%. Seller concessions are the credit sellers offer homebuyers as an incentive so the homebuyer does not have to come up with any money on a home purchase with USDA loans.