[Jeannie]

Rhonda, like Gustan said, it goes both ways. It’s the greatest folks who makes a great tran. It’s a great team that makes a great company. Thank you for be a great person and friend.

[Jeannie]

Tragic. Very sorry Rhonda.

[Jeannie]

Buying a House in Kentucky: A Step-by-Step Guide

Determine Your Budget

• Evaluate Finances: Assess your income, expenses, and savings to determine how much you can afford for a down payment and monthly mortgage payments.
• Affordability Calculation: Use online calculators or consult a financial advisor to establish a comfortable mortgage payment range.
• Debt-to-income Ratio: Aim for a debt-to-income ratio below 43% to qualify for most mortgage loans.

Get Pre-Approved for a Mortgage

• Contact Lenders: Contact banks, credit unions, or mortgage brokers to get pre-approved.
• Documentation: Prepare necessary documents such as tax returns, pay stubs, bank statements, and credit reports.
• Pre-Approval Letter: Obtain a pre-approval letter to demonstrate your borrowing capacity and enhance your credibility with sellers.

Choose a Real Estate Agent

• Local Expertise: Select an agent with extensive knowledge of the Kentucky housing market.
• Agent Services: Your agent will help you find suitable properties, negotiate offers, and navigate the buying process.
• Referrals and Reviews: Seek referrals from friends and family or read online reviews to find a reputable agent.

Start House Hunting

• Search Tools: Utilize online real estate listings and your agent’s resources, and visit open houses to identify potential homes.
• Criteria List: Define your criteria, including location, size, budget, and essential features.
• Property Visits: Schedule visits to shortlisted properties to evaluate their condition and suitability.

Make an Offer

• Market Analysis: Work with your agent to perform a comparative market analysis to determine a fair offer price.
• Offer Letter: Submit a formal offer letter that includes your proposed price, contingencies, and closing timeline.
• Earnest Money: Be prepared to include an earnest money deposit as a sign of good faith.

Negotiate the Deal

• Counteroffers: Be ready for the seller to counter your offer. Discuss potential responses and strategies with your agent.
• Terms: Negotiate terms such as repairs, closing costs, and other contingencies.
• Final Agreement: Once both parties agree, sign the purchase agreement detailing the finalized terms.

Conduct Due Diligence

• Home Inspection: Hire a professional inspector to evaluate the home’s condition and identify potential issues.
• Appraisal: The lender will require an appraisal to confirm that the home’s value matches the loan amount.
• Title Search: Ensure a title search is conducted to check for any liens or legal issues with the property.

Secure Financing

• Final Mortgage Application: Complete the application process with your lender, providing all necessary documentation.
• Loan Approval: The lender will review your application, the property appraisal, and other factors before issuing final approval.

Close the Deal

• Review Documents: Carefully review all closing documents, including the loan agreement and settlement statement.
• Closing Costs: You should be prepared to pay closing costs, including lender fees, title insurance, and property taxes.
• Final Walkthrough: Conduct a final walkthrough of the property to ensure it is in the agreed-upon condition.
• Sign Documents: Attend the closing meeting to sign all necessary paperwork and officially take ownership of the home.

Post-Purchase Considerations

• Move-In: Plan your move, set up utilities, and change your address with relevant agencies.
• Home Maintenance: Schedule regular maintenance to preserve the home’s condition and value.
• Insurance: Ensure you have adequate homeowners insurance coverage to protect your investment.

Additional Tips

• Local Laws and Regulations: Familiarize yourself with Kentucky’s real estate laws and regulations, including property taxes and zoning laws.
• Homeowner Associations: If buying in a community with a homeowner association (HOA), review the HOA rules, fees, and any restrictions.

Climate Considerations: Be aware of Kentucky’s climate and weather patterns, including the potential for severe weather, and plan accordingly for home insurance and preparedness. By following these steps and working with knowledgeable professionals, you can navigate the process of buying a house in Kentucky smoothly and successfully.

[Jeannie]

Renovation VS Trade in RV. My friend Greg Stadlin of Collier RV in Northern Illinois referred me to one of his clients, David. David did a complete renovation of his 37 feet RV which included two new slide outs. I spoke with David today and he said he spent $150,000 to renovate his RV with two new slide outs, interior and exterior. He will send me pictures of before and after of his RV. I can stop by the storage at Collier RV and take a look. I have a 2001 Tiffin Zephyr 42 ft. coach with only 52,000 miles I was thinking of trading in for a newer one but am afraid of losing value. RVs depreciate more than any other property or vehicles.

• This reply was modified 1 year, 10 months ago by  Gustan Cho.

[Jeannie]

I cannot stand to stomach a loss of one million or several hundred thousand dollars on a vehicle or RV. I suggest renovate the RV you have and forget about trading your existing RV for a brand new RV. It will drop 90% of the value in ten years anyways. RVs is like rent. Not an investment but rather an expense.

• This reply was modified 1 year, 10 months ago by  Gustan Cho.

[Jeannie]

Bank statement mortgage loans are designed to help self-employed borrowers who may need traditional income documentation like W-2s or pay stubs. Here are the typical requirements for such loans:

Basic Requirements

Bank Statements:

• Duration: Usually, lenders require 12 to 24 months of personal or business bank statements.
• Account Information: Statements must include the account holder’s name, account number, statement date, beginning and ending balances, and details of deposits and withdrawals.

Income Calculation:

• Personal Bank Statements: Lenders typically add up the total deposits and average them over the statement period. Non-business-related deposits may be excluded.
• Business Bank Statements: Lenders often apply an expense ratio (typically 50%) to the total deposits to estimate the borrower’s net income.

Credit Score:

• A minimum credit score of 600 to 620 is generally required. However, some lenders have higher requirements depending on the loan amount and other factors.

Down Payment:

• Typically, a down payment of 10% to 20% is required. The exact amount may vary based on the lender’s policies and the borrower’s financial profile.

Reserves:

• Lenders might require borrowers to have reserves equivalent to several months of mortgage payments in savings or liquid assets.

Documentation:

• Proof of Business Ownership: A business license, incorporation articles, or an accountant’s letter.
• Profit and Loss Statement: Sometimes required to supplement bank statements.
• Identification: Valid government-issued ID.

Debt-to-Income Ratio (DTI):

• Lenders will calculate the DTI ratio using the income derived from bank statements. The maximum allowable DTI ratio is usually around 43-50%.

Property Requirements:

• The financed property must meet the lender’s type, location, and condition criteria.

Steps to Apply for a Bank Statement Mortgage Loan

Gather Documentation:

• Collect 12-24 months of consecutive bank statements.
• Ensure all statements are complete and show detailed transaction histories.

Contact Lenders:

• Reach out to lenders that offer bank statement loans. It’s beneficial to consult with mortgage brokers who can compare multiple lenders.

Submit Application:

• Fill out the loan application and submit all required documentation.

Income Calculation:

• Work with the lender to verify the calculated income based on bank statement deposits.

Loan Approval Process:

• The lender will review your application, credit history, and financial documents. They may ask for additional information during underwriting.

Loan Closing:

• Once approved, proceed with the closing process, including signing the loan agreement and paying any required closing costs.

Bank statement mortgage loans are tailored for self-employed individuals who find it challenging to qualify for traditional loans due to a lack of conventional income documentation. By providing bank statements that show a steady flow of deposits, borrowers can demonstrate their ability to repay the loan.

[Jeannie]

Thank you for providing that information about the former Rio Arriba County Sheriff James Lujan case. This is a significant legal case involving a law enforcement official. Based on the details you’ve shared, here’s a summary of the key points:

Identity: James Lujan, 60 years old, former Sheriff of Rio Arriba County.

Charges: Convicted of two felony charges:

• Aiding a felon
• Intimidating a witness

Sentence:

• Three years in prison
• Followed by 1.5 years of probation

Case details: Lujan helped a former Española City Councilor evade police after a high-speed chase in 2017. He directed a deputy to conceal his actions

Legal process: This was a retrial. An initial jury failed to reach a verdict.

Aftermath: Lujan resigned from his position as Sheriff shortly after the conviction. This case highlights abuse of power and corruption within law enforcement, which can seriously affect public trust and the justice system’s integrity. It reminds us of the importance of accountability for all public officials, including those in law enforcement.

https://www.youtube.com/watch?v=eHXUW5UVslA

[Jeannie]

Thank you for providing information about obtaining an NMLS license in New York. Let’s break down the process:

• Apply the Nationwide Mortgage Licensing System (NMLS).
• This is the first step in the process.
• The NMLS is a centralized system for mortgage licensing.

Complete Pre-licensing Education Courses

• Twenty hours of NMLS-approved courses are required.
• This includes 3 hours specifically on New York law.
• These courses prepare you for the role of a mortgage loan originator.

Pass the SAFE Mortgage Loan Originator Test

• This test consists of a National Component with Uniform State Content.
• It assesses your knowledge of mortgages. Lending practices and regulations

Additional information that might be helpful:

Background Check and Fingerprinting: Most states require this as part of the licensing process

Credit Check: Your credit history may be reviewed

Sponsorship: It would help if you typically were sponsored by an NMLS-registered financial institution.

State-Specific Requirements: New York may have additional requirements beyond these basics

Continuing Education: After obtaining your license, you must complete annual continuing education to maintain it.

Would you like more detailed information on any of these steps or the responsibilities of a licensed mortgage loan originator in New York?

[Jeannie]

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