[Julio]

Chicago Mayor Brandon Johnson is currently being challenged on the city’s finances and crime control. Here’s a summary of the scenario:

Property Tax Increases and Budget Deficit

• In the 2023 race for mayor, Johnson was determined not to increase property taxes.
• Nevertheless, with the city expected to have a budget deficit of almost one billion dollars in 2025, he suggested a hike of three hundred million dollars in property taxes.

Chicago City Council: City Aldermen

• The Chicago City Council noted this proposal but vetoed the resolution.
• This forced Johnson to change and restructure the PowerPoint with a new 150 million-dollar limit.
• Unlike the initial proposal, this new plan was accepted as the budget deficit was balanced, although it increased taxes and additional fees by over 181 million.

Allocation of Funds and Spending Concerns

• Contrary to the gaps in Johnson’s Budget, his opponents started to challenge the allocation of budgets over the city’s spending.
• Johnson’s administration has invested on top of structural aid, which is expected to be spent too.
• It has been decided which side, combined with severe aid spending, is a major contributor.

Preventive Services and Police Employment

• With a budget deficit, Johnson instituted an indefinite halt to recruitments across the board starting September 2024 as a remedy.
• Initially, this covered both public safety areas as well, which led to worry whether the ever-increasing crime rate would impact the police workforce.
• After a pushback from the public, the administration over the freeze agreed that public safety roles would not be on hold.

Despite this, the police department’s budgetary provisions have caused a ruck in the system, as apprehension regarding the trimming of particular department offices, crucial to the ongoing reforms as per the federal consent decree due in 2025, has come to light.

Community Response and Concerns

• The proposed allocation changes and tax hikes have garnered a more negative than positive response from the populace.
• Citizens have vented their anger at taxpayers’ expenditures, while concerns about public safety and city services still linger.
• Johnson’s approval ratings have dropped considerably around this controversy.
• He seeks insight into this pain amid the discontent.

The property tax increases are proving to be complex as Mayor Brandon Johnson’s administration has to navigate around other equally pressing issues. Pressing issues include budget deficits and public services, which make managing urban governance and fiscal responsibility within the city difficult.

[Julio]

From what I have heard and researched and from my understanding, Agenda 21 is the principle that the common average human being should not own anything and become totally dependent on the government. Agenda 21 was developed, created, launched, and supported by the New World Order. The New World Order Movement consists of far-left liberal radicals such as Bill Gates, Barack Obama, Nancy Pelosi, George Bush, Larry Fink, Joe Biden, Bill Clinton, Oprah Winfrey, Tom Hanks, and George Soros. The Rockefeller Family, Black Rock, and many radicals who believe in depopulation and those who believe people should not own anything and be totally dependent on government. I would like to learn a comprehensive overview of Agenda 21 and the New Order Movement in the coming days, weeks, and months. Can you please tell us more about the objectives of Agenda 21? Who started Agenda 21? What is the goal, objective, and mission? Is Agenda 21 and Agenda 25 related or similar, or what are the differences, comparisons, and similarities? Who are the key players for Agenda 21?

[Julio]

These are mortgages called the FHA One-Time Close (OTC) New Construction Loans, which simplify financing a new home build. They combine the financing for land purchase, construction costs, and the permanent mortgage into one loan, requiring a single closing. This eliminates the need for multiple loans and closings, saving borrowers time and money.

This is how FHA OTC New Construction Loans work:

Loan Basics

Purpose:

• Used to finance land purchase, construction of a home, and permanent mortgage under one loan.

Borrower Type:

• It is perfectly suitable for those who meet FHA requirements, including first-time home buyers.

Single Closing:

• Instead of having separate loans for both construction and permanent mortgages that traditional construction loans would require, these are closed before construction commences, hence making it simpler than them.

How It Works

Application and Approval:

• Applicants apply for their loans through normal FHA loan underwriting procedures.
• Approval means verifying your credit score, income level, and debt-to-income (DTI) ratios and confirming your down payment ability.

Land Purchase:

• If the borrower does not own any land, their loan can include funds to buy it.
• If the person borrowing owns the land, they can use its worth as security towards their down payment.

Construction Phase:

• An escrow account is funded by the lender for construction payments.
• Builders are compensated in installments as construction progresses gradually.
• Examinations will determine if the project meets requirements before funds are released.

Interest During Construction:

• Usually, borrowers pay interest only on amounts disbursed during the construction period.
• Some lenders let you wait until construction is complete to start paying.

Completion and Conversion:

• After construction and when inspections pass, a permanent FHA mortgage automatically becomes a loan.
• Borrowers begin making regular principal and interest payments.

Key Features

Low Down Payment:

• If a borrower’s credit score is within range (580 or above), they can qualify with just 3.5% of FHA requirements being met as a down payment amount.
• The down payment could come from savings, gifts, or approved assistance programs.

Credit Requirements:

• 580 minimum credit score for 3.5% down and 500-579 with 10% down payment on an FHA loan

Loan Limits:

• FHA loan limits vary depending on where one lives concerning median home prices within that area or county

Loan Term:

• Upon completing the building process, these usually form a thirty-year fixed-rate mortgage.

Builder Requirements:

• FHA-approved builders must have the required licensing and insurance.

Inspection and Appraisal:

• Before approving the loan, FHA will check if the property meets FHA’s minimum requirements.

Benefits

Saves Time:

• Having only one closing for multiple closings helps to reduce costs.

Streamlined Process:

• Combines land, construction, and permanent financing in one package.

Lower Down Payment:

• Low down payment requirements of the FHA make this option more accessible to many borrowers.

Fixed Interest Rates:

• This protects them from market shocks.

Challenges

Builder Approval:

• The FHA limits the number of builders who can get approval, thereby reducing the options available for buyers.

Complex Documentation:

• Before proceeding with this loan program, borrowers must furnish detailed information regarding their construction plans, contracts, and estimates of expenditures.

Higher Fees:

• Costs during closing may increase slightly because they have been combined into a single loan package.

Eligibility Requirements

Income and DTI:

• Maximum DTI ratio of 43% (except where compensating factors apply).

Primary Residence:

• The home must be your primary residence and cannot be an investment or a second home (i.e., you must live there full-time).

Property Type:

• Only single-family dwellings and 1-4 unit residences are eligible—condominiums do not qualify for OTC financing under HECM guidelines.

Steps to Get an FHA OTC Loan

Choose an FHA-Approved Lender:

• Ensure your lender offers OTC loans and other options like regular mortgages, Jumbo mortgages, etc.…

Select an FHA-Approved Builder:

• Ensure you work with a builder who knows what it means to build houses under these guidelines.

Application Submission:

• Make all the required copies, including income documents, credit reports, and building plans.

Loan Closing:

• Once approved, funds are put on escrow while construction starts.

Building Follow-up:

• You must follow up with your lender and builder to ensure that everything is done as planned or within the set deadlines.

Moving In:

• After it is completed, your loan becomes a permanent mortgage.

FHA One-Time Close (OTC) loans offer an alternative for borrowers who want to construct their homes. But don’t want to go through the process of applying and closing one loan for the construction phase to apply and close another loan for permanent financing. The critical thing here is working with established lenders and builders who are well conversant with FHA’s procedures.

[Julio]

Can you provide specific examples of proposed deregulation in each area?

[Julio]

What specific deregulation measures are most concerning regarding inflation?

[Julio]

Any talks with inflation, housing market forecast. mortgage rates, and the economy with the new Trump adminstration?

[Julio]

Give more details on the severe weather warnings issued.

[Julio]

What is the current status of the investigation into the Wisconsin school shooting?

[Julio]

Yes. please. I would like to delve very deeper into every aspects of these issues in comprehensive great detail.