Lawyer George
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With increased home value comes higher property taxes. Most homeowners throughout the United States will see higher property taxes due to increased assessed value. Besides high rates, high home values, new home buyers can expect higher property taxes, and higher homeowners insurance premiums. The economy is not healthy unlike Joe Biden’s claim and the mainstream media network bragging how great our overall economy is. Expect a housing bubble, increased unemployment, high bankruptcy, higher foreclosures, and skyrocketing inflation numbers.
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It would absolutely 💯 be so cool to have the first female President of the United States but NOT Kamala Harris. Kamala Harris is not fit to become the First President of the United States and she is a national embarrassment for all Americans and will be ruining it for all women.
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Most wage earners in California with average salaries are priced out of the housing market. Homes in Los Angeles County and Orange County are $1,000,000. That’s a 1,000 square foot home with two bedrooms and one bath with a one car garage. With many employers turning workers to remote wage earners, you will be seeing more and more people Fleeing the state of California to lower tax states with lower housing prices and affordable cost of living. California is in major trouble. Again, it’s incompetent politicians like Gavin Newsom, Nancy Pelosi, Adam Schiff and the Democrats that are in power.
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Here’s a funny prank call video clip
https://www.facebook.com/share/r/MCzL6xPFzowpT7QT/?mibextid=D5vuiz
facebook.com
Prank call - I left my underwear in your closet 😂😂😂😂 #prankcall #prank_call #prank #funny #pranks
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Hilarious funny prank call video clip about sinner Andy.
https://www.facebook.com/share/v/NsDHa8BBJNEprc2z/?mibextid=21zICX
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Pastor | This pastor is nice. He is calling someone a sinner is not fair | By UncleJoe JoeFacebook
This pastor is nice. He is calling someone a sinner is not fair
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What exactly is a No-Doc Loan? A No-Doc (No Documentation) Loan is a mortgage which doesn’t require traditional income verification documents like pay stubs, W-2s or tax returns from the borrower. Instead, approval depends on credit score, assets and down payment. These loans were more common leading up to the 2008 financial crisis and have since become less prevalent because of more stringent lending regulations.
Qualify for No-Doc Loans: Do Business Owners and Self-Employed Homebuyers or Property Investors?
Yes, business owners and self-employed individuals can qualify for no-doc loans, especially if they have significant write-offs on their federal income tax returns that result in low or negative adjusted gross income. These loans can be helpful for people who need to prove their income but have trouble doing so through traditional means.
Features of No-Doc Loans
Minimal Documentation:
Borrowers may provide simple documentation.
Approval often based on credit score, assets and down payment.
No-Doc Loans Require Higher Down Payment:
No-doc loans usually require a higher down payment than conventional loans; this could be anywhere from 20% to 40% of the property’s value.
Interest Rates on No-Documentation Loans:
Because there’s greater risk to the lender when no-doc loan applicants don’t provide complete financial information about themselves upfront — such as where they work or how much money they make — interest rates are usually higher than those offered with conventional mortgages.
Asset Verification for No-Documentation Loans:
Lenders may look at the borrower’s assets and reserves as an indication of their ability to repay the loan.
Eligibility Requirements for No-Doc Loans
Good Credit Score: Having good credit is important, with most lenders requiring a minimum score around 680 – though higher scores will yield better terms.
Substantial Down Payment: As mentioned earlier, larger down payments are usually required because there’s minimal income documentation provided by the borrower.
Significant Assets: Borrowers should have substantial assets or savings that can be verified by the lender.
Alternative Income Verification: While traditional income verification is not required, lenders may use alternative methods to assess income stability such as bank statements or other records of deposit.
Special Considerations for Self-Employed Individuals and Business Owners
Write-offs and Tax Returns: Many self-employed people have significant write-offs that reduce their taxable income, which can make traditional income verification challenging. No-doc loans overcome this obstacle by not requiring tax returns.
Bank Statements: Some lenders offer what are known as bank statement loans, which are a variant of no-doc loans where the borrower provides bank statements (usually 12-24 months) instead of tax returns to prove income.
Stated Income Loans: Another variation is the stated income loan, in which borrowers state their income without providing any verification documents. The lender will assess the reasonableness of the stated income based on the borrower’s profession and overall financial profile.
Availability of Mortgage Loans with No Documentation: The collapse in 2008 of the housing market was associated with many risky lending practices which led to the decline in the number of no-doc loans. However, some lenders still offer them, especially nontraditional ones and private ones. For instance, during periods when credit availability has considerably tightened up elsewhere business owners or self-employed persons having substantial write-offs that lead to low or negative AGI might find these loans helpful. Credit scores are more important in such mortgages as well as assets and down payments than verifying stable income through traditional methods alone like pay stubs. Although not as common now as it used to be but still offered by few providers who need applicants may also show other evidences that can prove their financial soundness apart from relying solely on traditionally earned incomes.
https://non-qmmortgagebrokers.com/no-doc-loans/
non-qmmortgagebrokers.com
No-Doc Loans require one months of bank statements to show the source for the down payment and 12 months of reserves of the home purchase
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Property tax prorations happen during the sale of a property to ensure both parties pay only for the time they own it. Normally at closing, sellers will give buyers credit for property taxes accrued but not yet due.
Using Property Tax Prorations for Down Payment
FHA Loans: There are specific rules from the Federal Housing Administration (FHA) about what can count towards your down payment; seller credits — including property tax prorations — generally cannot be used to meet their minimum requirement of 3.5%. Your down payment must come from your funds or approved sources such as gifts from family members.
Conventional Loans: Depending on the lender, conventional loan guidelines may be more flexible than FHA when it comes to using prorated taxes for closing costs vs. prepaids and/or down payment.
Practical Example
Scenario:
Home Purchase Price: $300,000
Annual Property Taxes: $6,000
Closing Date: June 30th
Property Taxes Due in Arrears: Seller owes taxes from January 1st through June 30th
Proration Calculation:
Daily Property Tax Rate : $6,000 / 365 days = $16.44 per day
Seller’s Portion: 180 days (January 1st through June 30th) x $16.44 = $2,959.20
At Closing:
Seller Credits Buyer : $2,959.20 for buyer’s portion of year’s property taxes.
Buyer’s Responsibility : From July 1st forward buyer is responsible for paying property taxes.
Note : The amount credited ($2,959.20) by the seller usually goes towards reducing buyer’s closing costs not down payment.Property tax proration is standard practice in many states’ real estate transactions especially where arrears are paid; while these can help reduce closing costs for buyers they typically cannot be used to meet down payment requirements especially with FHA loans. Loan officers need to know these differences well enough so they can guide clients through home buying process effectively in different situations.
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Love Kevin Delory. It’s because of Kevin DeLory why Equity Prime Mortgage is such a powerhouse it is today.
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Renovation vs. Trade-In: Evaluating Your Options Your Current RV Model: 2001 Tiffin Zephyr Length: 42 feet Mileage: 52,000 miles (relatively low for its age) Condition: Consider current condition and potential for upgrades Renovation Example David’s RV: 37-foot RV Renovation Cost: $150,000 Work Done: Two new slide-outs, interior and exterior renovation Outcome: Significant transformation, likely adding value and modern features Key Considerations for Renovation Pros to Renovate Existing RV Customization: Tailor the RV to your specific needs and preferences. Preserve Value: Maintain and increase the value of a well-loved and well-maintained RV. Avoid Depreciation: Unlike buying a new RV, where depreciation starts immediately, a renovated RV can hold its value better. Modern Features: Upgrade to include modern amenities and technologies. Cons Cost: Renovation can be expensive, as evidenced by David’s $150,000 investment. Time and Effort: Renovations require time, effort, and a reliable contractor. Unknown Issues: Potential for unexpected problems during renovation, leading to additional costs. Key Considerations for Trade-In Pros New Features: Access the latest models with updated technology and features. Warranty: Newer RVs often come with manufacturer warranties, reducing maintenance costs and concerns. Reliability: There is less likelihood of mechanical issues with a newer model.
Immediate Use: No waiting for renovations to be completed; you can use the RV immediately. Cons Depreciation: New RVs depreciate quickly, often losing a significant percentage of their value in the first few years. Cost: Higher upfront cost for a new or newer model. Trade-In Value: You may receive less for your current RV than its perceived value, especially considering depreciation. Steps to Take Evaluate Current Condition: Thoroughly assess the condition of your Tiffin Zephyr. Consider getting a professional appraisal. Compare Costs: Get estimates for a potential renovation similar to what David did. Compare these costs to the price of a newer RV you’re considering. Inspect David’s RV: Review the before and after pictures and visit David’s renovated RV to see the quality of work and get an idea of potential results. Depreciation Analysis: Research the depreciation rates for new RVs and renovated older models. This will help you understand long-term value retention. Consult Professionals: Talk to RV experts, including those at Collier RV, about the market trends and get their input on your situation. Both renovation and trading have their merits and drawbacks. Your decision will depend on your budget, preferences, and how much you value customization versus new features. By carefully evaluating your options and consulting with professionals, you can make an informed decision that best suits your needs and financial situation. 🙌.
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This reply was modified 2 weeks, 1 day ago by
Sapna Sharma.
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This reply was modified 2 weeks, 1 day ago by