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, 10 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, 2 months ago by  Gustan Cho. Reason: Forgot to check NOTIFY ME BOX
• This discussion was modified 2 years, 2 months ago by  Gustan Cho.
• This discussion was modified 2 years, 2 months 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.

Non-QM lenders are portfolio mortgage lenders, which means they fund their mortgage loans and either keep them in their portfolio or sell it on a private secondary market to institutional investors, insurance companies, money managers, or hedge funds.

• This discussion was modified 2 years, 2 months ago by  Eric Jeanette.

Non-QM loans or Non-Qualified Mortgages are portfolio loans that do not conform to Fannie Mae or Freddie Mac agency mortgage guidelines. Here are examples of non-QM mortgage loans:

How much are the down payment requirements on jumbo loans?

For those who do not have a DIVVY CARD, I strongly suggest you request a DIVVY CARD through Marga. A DIVVY CARD is like a Corporate Debit CREDIT CARD. You can use it pre-tax for business-related expenses such as NMLS CE, NMLS LICENSING, CELL PHONE, OFFICE EXPENSES, MEALS on Recruitment and Realtor Partners, Fuel & Mileage, Marketing EXPENSES, Leads, Tools, Travel, Utilities for OFFICE, etc. You can start small and always increase when you see EXPENSES coming up. In our office, Carlucci, Dale, John Strange, Mike Gracz,, and all active independent loan officers sponsored by Team GCA should absolutely sign up for a DIVVY CARD IMMEDIATELY. Marga, please follow up on this urgent matter and keep a note to send out multiple reminders. I have this memo and updates posted on GCAFORUMS.COM.

Thank you.

• This discussion was modified 1 month, 1 week ago by  Sapna Sharma.

gcaforums.com

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Here is my story about my experience with Discover and the disputes I have been going through. Advise our viewers on this type of case situation if any of you run into it. Very time-consuming, stressful, and a total waste of time for me and my staff. I will start with the scenario of what has transpired from day one:

I am Gustan Cho Associates’s branch manager, a dba of NEXA Mortgage, LLC. We are a national mortgage lender licensed in 48 states, including Washington, DC, Puerto Rico, and the United States Virgin Islands. I am the manager of operations, support staff, and loan origination for the Oakbrook Terrace, Illinois, Branch NMLS 2315275 located at 17W662 Butterfield Road, Suite 305, Oakbrook Terrace, Illinois. The Oakbrook Terrace, Illinois, Branch is licensed in 48 states, including DC, Puerto Rico, and the Virgin Islands. We are the largest producing branch at NEXA Mortgage in production and have a lot of monthly expenses. I have two different types of credit cards to pay my monthly debts. Under no circumstances do I ever use my personal credit card for business related expenses. I mainly use my Discover credit card for my personal expenses. My personal expenses include anything that is not business related that cannot be written off from my income taxes. If you can review my Discover card statements for the past three years, you can see that only personal expenses such as fuel, groceries, shopping dog food and other merchandise for personal use from AMAZON, personal homeowners insurance. Now Discover is saying that I am responsible for payment even though it was not authorized for concurring charges on my Discover. Anyone had things like this happen? I will update you on the progress.

NEXA Mortgage issues us a corporate credit card from US Bank to pay all our branch expenses about the business. We are only allowed to charge business expenses. Any business expenses is charged to US Bank corporate business credit card. Business expenses includes rent, advertising expenses such as (YLOPO, RAVEN, ZILLOW, GOOGLE LEADS) expenses for leads, marketing, printing, co-marketing expenses with realtor partners, business lunches, travel, licensing, training and education, and any other direct and/or third-party business-related expenses. I have always use any business-related expenses on my corporate US Bank Visa card for business expenses and never my personal credit cards.

Does anyone know what non-qm lender can do a Cash-Out Refinance in Texas to buy out Chapter 13 Bankruptcy? The borrower has a VA loan now and would like to do a VA cash-out Refinance, but Texas has those crazy rules: you cannot do cash-output Refinance on government loans. Thank you.

Good morning, folks. Does anyone know about HUD, FANNIE MAE, and Freddie Mac suspending income-based repayment on FHA and Conventional loans? I heard you can no longer use IBR payments because IBR is getting sued. From my understanding, our borrowers can only use 0.50% of the outstanding student loan payment for debt-to-income ratio calculations. Appreciate any feedback. Seems most wholesale account executives and underwriters do not know about this either. Thank you in advance.

Here’s a few pics and videos of Chase.

The Tale of Chase and His Half-a-Ball: A Long-Haired German Shepherd Love Story

There are dog lovers, and then there are staunch “my-dogs-are-my-co-pilots, my-shadow, my-ride-or-dies” type of dog lovers. My wife and I? Definitely the latter. And it all began with Chase, our Long-Haired German Shepherd born on 25th January 2023; a majestic and fluffy, fiercely loyal, and ridiculously stubborn dog with one very peculiar obsession: his prized possession, half-a-ball.

The Ball that Never Dies

Chase adored a particular toy above all others: a red ball. But let’s make no mistake—this is not a ball, and once it even ceased to exist. A long time ago, it did, and in fact Chase loved to fetch it—round, smooth and completely undamaged. However, now? Well, now it resembles an object of interest that has been subjected to a brutal archaeological dig. It overflows with bite marks, is disfigured beyond recognition, is in need of surgery, and quite frankly, had physics not intervened, would have ceased to exist by now.

As dutiful dog guardians, we engaged in speculative thinking. Why do we not attempt to acquire a new ball for him? Or, alternatively, how about two dozen brand new red balls that are identical to the first one? Since it was clear to us that the only issue was his lack of options. Makes sense, right?

No, not at all.

When Chase came out to play, he was greeted by several pristine new balls. Instead of running towards them like a sane dog, he sniffed them thoroughly and walked away as if he had just seen the antichrist. He didn’t even bother touching the fresh balls because at the end of the day, all he wanted was his half-ball. His one true love, the ball most people would disassociate with, is a half-chewed, nearly unrecognizable, blended piece of rubber that is coated with slobber. No other ball comes close to it.

Meet Skylar and Floppy: The Sister Duo

At this point, I am sure you have also deduced that Chase is our favorite dog in the family. For reasons that I am sure will be explained later, we can’t be normal people and leave him all by himself, hence, we got him two sisters. Now Chase was born on January 25, 2023, and so were his new sisters, making him a year older than the two. We surely love a good symmetric story.

Floppy most accurately describes the look of confusion, her ears thrown in different directions, give her a quirky, cartonish look style that can be also described as outright unique. Together with Skyler, who serves as the more excitement-driven dog, they have singlehandedly changed Chase’s life for the better, but the worst for Chase’s owners. The sweetest part? The lovely, heart-melting chaos they create while together.

The Three Musketeers (And Their Chauffeur—Me)

These three are a tight-knit group, and it is amusing to note that they would take my job if given the chance. They sit in the front row of the car when we go for rides together, which is a must. It gets pretty crowded because Chase assumes the shotgun role, while Skylar and Floppy scrunch up at the back like two misbehaved toddlers on a family trip.

As I am idling at stoplights, Chase scans the pedestrians and judges every single person’s life decisions while Sklyar and Floppy use the chance to bark at random objects. It is hard to get any gas without an event happening either. Whenever I leave the car unattended, all three dogs treat me like I am abandoning them and press their noses on the window as I step away until I come back.

The Ball Conspiracy Continues

With the arrival of two new sisters, one would assume that Chase would loosen up over the ball. Chase doesn’t share, nor does he seem inclined to. Everyone is baffled along with Skylar and Floppy because they are unaware of his bizarre dedication to the mangled ball. Those two other dogs would much rather chase the new red balls, which frustrates Chase to no end as he sits and perpetually observes the younger dogs, shaking his head in disbelief.

Now and then, Floppy makes an attempt to capture Chase’s half-ball to try understanding the excitement surrounding it, which is always an awful decision. Chase always gets it back with all the fervor of a person who is safeguarding the final piece of pizza at a party.

Life with The Trio

Our lives now center around three enormous, cute, spoiled, and incredibly funny dogs. Some bone of contention includes but is not limited to:

✅ Chase still not accepting the fact that his ball is not a ball anymore.

✅ Skylar being the main culprit of mischief.

✅ Floppy attempting to act like a baffled potato.

✅ All of them fighting for a ride in the car as if the car belongs to them.

We would not want it any other way.

So, if you ever spot a car zooming past with three extravagant Long Haired German Shepherds- one inconspicuously gripping a half-ball in his mouth while the other two stare in perplexment- you now have an idea as to who we are.

And if by chance you have a chewed up, barely recognizable red ball that is too damaged for any normal person to use, then to you Chase may just consider you his best pal.

P.S. Your guess is as good as mine on how we can convince Chase to replace the beloved trinket he keeps with a brand new, whole red ball. It’s safe to assume that whatever he has will remain. 🐾

https://www.facebook.com/reel/1128964241712575?mibextid=9drbnH

• This discussion was modified 1 month, 2 weeks ago by  Gustan Cho.

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Gustan Cho on Reels

Gustan Cho on Reels

Chevy Chase vs Bill Burger-King 🍔 🍔 🍔 🍔 🍔 🍔 🍔 🍔 🍔 🍔 🍔

Correction; Chevy Chase vs Bill Murray 😁 😂 😀 🤣

https://www.facebook.com/share/r/wbt7VNqL2xj5xYBE/?mibextid=D5vuiz

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Chevy Chase recalls an altercation he had with Bill Murray at “Saturday Night Live” 🌟 For Acting Resources, click the link in our profile 💻🎭 Online Acting Classes Available! Send us a message with your name, number, and email to get started. #acting #actor #actress #actorslife #film #theatre #actors #cinema #monologues #movies #drama #casting #hollywood #shorts #tiktok #bollywood #instagram #director #tv #taylorswift #filmmaking #trendy #trending #actingtips #actingadvice #acting101 #billmurray #chevychase | Talent Agency Guide | talentagencyguide · Original audio

Chevy Chase recalls an altercation he had with Bill Murray at “Saturday Night Live” 🌟 For Acting Resources, click the link in our profile 💻🎭 Online Acting Classes Available! Send us a message with...

Davey Jones was one of the most talented people and founder of The Monkeys 🐒. One of the classic songs he wrote was Day Dream Believer

https://youtu.be/3OnB7Qls5w8?si=Hfd_jhS3mb_rcm1N

First-time homebuyers and loan officers. Have you hear of EPM DOWN-PAYMENT ASSISTANCE PROGRAM? Equity Prime Mortgage has a forgiveable down-payment assistance program on FHA loans where the down payment of 3.5% is covered as a second mortgage but it is forgiveable after six months. What does forgiveable mean on DPA programs? Forgiveable means that after a certain period of time, if you sell the house or you refinance out of the FHA EPM DPA loan, you do not have to pay the DPA loan of the 3.5% back. The maximum debt-to-income ratio is 48.99% front-end and 48.99% back-end. The EPM DOWN-PAYMENT ASSISTANCE PROGRAM is borrower paid transaction. Therefore, you need to get a 6% seller concession for you to get into a house with no money down and with no closing costs or little closing costs. In most cases, there is no down payment or closing costs. The EPM DPA Mortgage Program is availble on FHA loans in standard areas and high-cost counties like many counties in California. Here is an article I wrote about the EPM Down Payment Program. People that qualify are first-time homebuyers, homebuyers who are first-responders, teachers, veterans, and professionals in the medical field, and homebuyers who earn a certain amount of income based on their county:

https://gustancho.com/down-payment-assistance-mortgage/

gustancho.com

EPM Empowered Down Payment Assistance Mortgage Program

There are recoverable and non-recoverable Down Payment Assistance Mortgage for Homebuyers is offered at Gustan Cho Associates

Sapna, @sapna

Can you please reach out to our branch mortgage loan officers (NOT INDEPENDENT LOAN OFFICERS OR INDEPENDENT BRANCHES) set up with a real cool landing page. I think Chad Bush need a landing page. Marga can ask other new loan officers that is tied to the Oakbrook Terrace, Illinois GCA Branch. Thank you. @marga Marga, please follow up.

• This discussion was modified 7 months, 1 week ago by  Sapna Sharma.

Here is one the funniest videos that will have you laughing crying. Hilarious and you will be watching 👀 it multiple times. WARNING ⚠️ ⚠️ ⚠️ YOU’RE GONNA TO LAUGH 😃 😀 😄

https://youtube.com/shorts/wQRK9Sb4uqQ?si=45IKwif7j7b7hCrv

• This discussion was modified 8 months, 1 week ago by  Gustan Cho.

Peter Schiff, the economist who predicted the 2008 housing market crash now predicts an 80% to 90% housing crash. Don’t underestimate Peter Schiff. Schiff has been spot on his housing and economic forecast for years. Government should not intervene on the open market. The FED printing money has a disastrous impact on the overall economy. Government control and guarantee railroads the housing and banking system where it disrupts the overall economic development system and the end result is a financial crisis. Homeowners who purchased homes are barely surviving and many cannot afford their housing expenses. Homes are getting reasseessed where property taxes are increasing 50% and more. Homeowners insurance is doubling in many areas. Many people cannot afford the maintenance in their homes where the end result will be a tear down. Bankruptcy and foreclosure numbers are skyrocketing at historic highs. Watch Peter Schiff’s commentary on the state of our economy.

https://youtu.be/QjaFDvJ02OI?si=sPI1S5bqTW367cuB

Nate Holzapel is a scammer and scumbag. Where is Nate Holzapel? How many people did Nate Holzapel scam? What happened to the belt guy Nate Holzapel from the shark tank? Can you explain Nate Holzapel biography? Where was he born? Who were his parents? How many brothers and sisters did he have? Where did he grow up and what schools did he attend? What is Nate Holzapel work history? Who did Nate Holzapel, marry, and had children with? How did Nate Holzapel scam lovelorn women? Why did women find Nate Holzapel attractive?

https://youtu.be/069GnWDAgz4?si=bgolnX7sNVrQxN58

• This discussion was modified 8 months ago by  Gustan Cho.

Stayed tuned, people. We create, design, and develop a one-stop lending shop mortgage loan officer website. This one-in-all marketing-support-operations-business-development mega website is for select loan officers who want to be in the top 20% of the nation and belong to a team of winners. Many talented goal-oriented folks want to become top-producing loan officers but do not have the guidance, training, tools, and direction to lead them there. After a decade of research and development, making thousands of fixes, and making thousands of hours of mistakes, my team and I have mastered a mega one-stop lending shop. Training a loan officer is one of the most difficult tasks there is. There is no sure proof training program in the market place. The best way to learn to become a successful loan officer is by getting trained by a mentor. Training a loan officer is like training an attorney. Say a young lawyer graduates from an IVY LEAGUE LAW SCHOOL like Harvard, Yale, Princeton, or Stanford Law School. The young, newly law school graduate masters the Bar Exam and is now licensed to practice. What NOW? How is he or she going to represent clients in court, let along simple parking tickets or simply real estate closings? Same with loan officers. You will be clueless and lost. So the best way to train a young recruit loan officer is to take a few steps backward to go forwards. A newly licensed loan officer should not even do a single loan until they have processed three to six loans themselves under the supervision of a loan processor. The loan officer will never become a master mortgage processor and I do not recommend they be one if they want to originate loans, but loan officers will be working very closely with mortgage processors on every single loan. To this day, most loan officers are clueless on how mortgage processing works and often bitch and degrade mortgage processors if shit does not go your way. Master processing, at least how it work, before you proceed to originating. In the system we will have on http://www.viralwebsitedevelopers.com, we will have a detailed training section on processing and how mortgage processing works. Once you have the basics on how mortgage processing works, the next step is to learn origination. So one of the frequently asked questions is do I need to memorize all the mortgage guidelines before proceeding. The answer is NO. There is no way you will learn and know all of the FHA, VA, USDA, FANNIE, FREDDIE, and NON-QM mortgage guidelines. Learning the guidelines is not enough. Every lender has their own lender overlays. Lender overlays are additional mortgage guidelines above and beyond the minimum guidelines of HUD, VA, USDA, FANNIE MAE, and FREDDIE MAC. However, every loan officer should know the basic agency guidelines on government and conventional loans. Everything you need to know, you can find it on http://www.gustancho.com. AGAIN, loan officers should get familiar with the basic guideline but no need to memorize it. You will go back to it often. Again, all the guidelines will be on the master website from Viral Website Developers. Remember, our mission at Viral Website Developers is to create a one-stop mortgage lending online shop with your very one virtual digital media website. So, the next step for brand new loan officers are loan officers transferring to Gustan Cho Associates on a branch level or an independent loan officer sponsored by a member of the Gustan Cho Associates family is getting leads. Again, your newly assigned one-stop shop lending virtual mega loan origination website will have an organic lead generation system which will grow and add more value as it seasons with age and content. I will continue this part at the next time I am able to continue.

• This discussion was modified 1 year, 9 months ago by  Sapna Sharma.
• This discussion was modified 1 year, 9 months ago by  Gustan Cho. Reason: Updates

There is a condominium crisis forecase in the state of Florida. The term “condo crisis” refers to various potential issues such as maintenance problems, structural issues, financial difficulties, or even environmental concerns. Florida has faced challenges in the past related to condominiums, including issues with building maintenance, insurance costs, and natural disasters such as hurricanes. The state’s vulnerability to climate change and rising sea levels also poses risks to coastal properties, including condominiums. To get the most accurate forecast regarding the condominium market in Florida and any potential crises, you would need to consult real estate experts, industry reports, and local government agencies for the latest information and projections. Additionally, staying updated on news related to the real estate market and potential regulatory changes could provide insights into any emerging issues or crises.

https://www.youtube.com/watch?v=LDV4eFw4tmY

Sapna, Ravinder, Vanessa is a member of our forum. She is a lawyer and runs a law firm. Google will not allow to run Google Ads because her Google account is not verified. Can you please explain what she needs to do to get her Google My Business page verified so she can run Google Ads. Vanessa and her husband Nick are very close friends of Alex Carlucci.

Many hard-working people are putting their hard-earned money away in the bank. Consumers do not trust the banks and the dollar. The dollar is losing its value as time pass. One dollar today will be worth half its value in the next few years and keep deteriorating to become worthless. The dollar is not backed by anything. The globalists such as the Rothschilds, Rockefellers, Bushes, and Democrats control the Feds and print money whenever they need. So what is the average hard-working American should do to protect their assets? Buy Gold and Silver. Silver in the low $20 per ounce is a screaming buy. Do not buy paper silver. Buy the actual silver bars. The Globalists are shorting the living shit out of silver because of fear. You will not go wrong. Get all of your money in silver or Gold. Silver will go to over $1,000 per ounce. We will keep this thread ongoing.

Online users are more inclined to click on organic search results than paid Google Ads and other paid advertisements. To maximize getting organic traffic from SEO, you need to create content that benefits users with strong keywords on a high domain authority website, online communities, and forums. However, Google updated its search engine algorithm recently where online communities and forums with high domain authority have a lot more SEO power versus blogs from websites. The reason behind this is there is only one authority (the blog author) that has full control on blogs and once the blog is published, it become aged content. However, on online communities and forums, the author of the topic on the FORUM posts the topic (Keyword and/or Keywords) and publishes the content. As the time pass, you have participants to the post you posted. Each time a user posts a reply, feedback, and adds content to the original post, the content becomes updated content and benefits the community. Therefore, Google and other search engines will give higher domain and page authority on forums versus blogs. This does not mean that you should not keep your website and continue posting blogs. Blogs is the foundation of you increasing your domain and page authority of your website. However, it takes longer and time to create and build a website with a solid foundation. Use online communities, and forums to compliment your website and become guest writer on other high domain authority websites with a do-follow back link to one of your articles. Forums are great in building do-follow back-links. We will continue more on this important SEO tool so you brand yourself and have Google and other search engines to recognize you as an authority in your field and not spam.

• This discussion was modified 8 months, 1 week ago by  Gustan Cho.
• This discussion was modified 6 months, 3 weeks ago by  Sapna Sharma.