Contractor Julio Munoz
ContractorForum Replies Created
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That is great idea building it the right way. Experian Boost will help post nontraditional credit tradelines on the credit bureaus. Try self.inc. It is a credit builder account for a minimum of $25 dollars per month which reports as an installment loan and after four months, self.inc will get you a secured credit card for the amount you have on deposit. Try calling Ali Recovery Credit Repair. She has a lot of credit rebuilder program.
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Capital One has a secured credit card that, with a $50 deposit, they will give you a $250 credit limit credit card. Then if you are on time, they will keep on increasing it. Discover has a secured credit card that reports to all three credit bureaus.
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Mortgage Employment Guidelines and Gaps
Can Gaps in Employment History Affect Borrower Eligibility?
- Borrowers can qualify for a mortgage with employment gaps.
- That said, lenders have their stipulations.
Here’s how different employment scenarios alter your eligibility for a mortgage:
General Guidelines on Employment Gaps
The majority of lenders expect that:
- You provide a 2-year employment history.
- You have not had any significant gaps in the last two years, considering it has been over 30 days.
- Your current job has reasonable assurance of continued employment.
- Lossiers attempt to elicit explanations for gaps.
- If they’ve been dormant for over 6 months.
- Or were on some form of leave, education, or other reasonable form.
In a case where the borrower provides documentation justifying the gap. Transitioning From Self-Employed – 1099 to W2 – Employees
When it comes to self-employment versus standard work methodology:
- All lenders want to identify gaps in employment and seek consistency in the type, or related areas, of work, such as income stemming from previous roles held.
- Lenders view the movement of self-employed individuals more favorably toward salaried positions within the same industry.
- You may need to sit in that new position for at least six months.
- There are stringent form requirements if moving from salaried employee to self-employed.
More Flexible for Skills – Changing Career Field
- Moving away from the preferred option poses some challenges.
- Most lenders prioritized employment in the same or closely related industries with flexibility for skill application outline to the used.
- You must usually be in a new position for at least 12 months.
- You might face stricter criteria for higher down payments or reserves.
- You will need to justify the career change reasonably.
Firefighter/Police Probationary Positions
For public safety probationary positions:
- Most lenders recognize these as substantively government-backed positions.
- Many lenders have established special guidelines for first responders.
- An expectation or offer letter confirming the position is usually required.
- Some lenders prefer waiting until the candidate completes basic academy training.
- These positions may come with more flexible conditions attached to government/FHA loans.
These, along with some other conditions, are why probationary periods differ from standard trial employment periods:
The field is fairly well-defined.
- There is generally good post-probation employment security.
- Most lenders understand that these qualify as “career track” positions.
- There is considerable employment sign-on retention due to post-probation employment.
https://mortgagelendersforbadcredit.com/gaps-in-employment/
mortgagelendersforbadcredit.com
What Are the Gaps in Employment Guidelines for a Mortgage
Gaps in employment guidelines on mortgages: Less than 6 months, you qualify. Longer than six months requires six months of seasoning.
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A HUD-approved General Contractor must complete several steps before receiving the title. These steps must be fulfilled for the FHA 203k loans, which are meant for the renovation/restructuring of single-family units. This is how a general contractor can get HUD approved:
Acquiring HUD Approval Steps
Getting Familiar With FHA 203k Program:
- Make sure you review the documents associated with the FHA 203k loan program.
- Learn about the existing types (standard and limited), the scopes allowed, and the contractor-associated requisites.
Qualifications and Prior Experience:
- Make sure you list all the pertinent areas of the FHA 203k projects and have the required experience (rehabilitation and new construction).
- Working in these specific areas is very important and a prerequisite.
Certificates And Licensing
Contractor’s License:
- You must get licensed in each state you work in (Indiana, Illinois, Wisconsin, and Michigan).
- These states have distinct guidelines for contract work.
Insurance:
- Get proper insurance coverage.
- The insurance types required include general liability, worker’s compensation, and builder’s risk insurance.
Become a Member of Professional Groups
- Membership in reputable contracting or construction organizations can also benefit you.
- Organizations like the National Association of Home Builders (NAHB) and other bordering state associations can provide much-needed support.
Training for Consultants of 203k HUD
- There are several reasons why contractors benefit from the role of a 203k consultant, even if they are not required to take up the role.
- Quite several consultants also do contract work.
Registration with HUD
You need to register with HUD as a 203k consultant or contractor.
- Registration implies: Fill in all requisite forms over the HUD Addendum to the Contractor’s Proposal for every project you bid.
- Submission of references from previous employers or clients.
- Business and license information for bidding needs to be submitted.
Documentation that demonstrates skills must be prepared:
- Project portfolios
- Employer references
- Proof of being licensed and insured
- Other proof of sufficient credit history may be required to prove the contestant’s stable finances.
Application process:
- While there isn’t a conventional way of applying for the status of a contractor the same way lenders would, some requirements need to be met.
- Work with FHA-approved lenders as consultants since they place requirements on filling the documents listed above for every project.
- Compliance with other federal, state, and municipal business laws and core organizational policies is necessary.
Training and education:
- Invite any offered training and education courses webinars with HUD and sister institutions on anything related financially to FTA.
Networking
- Lenders, consultants, and real estate agents are directly involved with FHA 203K loans.
- Building a rapport with them can land you in their good books, which can benefit you.
Feedback and Performance
- Your performance will be reviewed based on your work on the FHA 203K projects.
- The timelines you meet, the quality of your work, and how strictly you follow the loan terms will all impact the award of these projects later on.
Stay Compliant
- All construction activities must meet HUD requirements, including using subcontractors and materials and adhering to local building codes, budgets, and timelines.
Following these guidelines can help a General Contractor target Indiana, Illinois, Wisconsin, or Michigan. Just be mindful that multiple vetting for each project is expected. Still, this will become easier as you build your reputation and network.
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The ten year treasuries are dropping every day. The 10 year treasury is at 4.14. Where are the interest rates forecasted to be in 2025? Is right now a good time to refinance? What type of refinance is there with the lowest rates and lowest closing costs?
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What is the latest update on GCA Forums headline news? Weekend Edition (February 24, – March 2, 2025). March 2nd is almost over?
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There is a lot of national headline news on GCA Forums Daily Headline News. There was many talk about states abolishing property taxes. What has come to abolishing property taxes? When you buy a brand new car, you pay a big chunk of sales tax when you purchase a car and you no longer pay auto sales tax year after year. However, that is not the case with property taxes. When you purchase a home, you still have to pay annual property taxes year after after. Therefore, you technically do not own the home. You are leasing or renting the property that you just put a large down payment and got a large mortgage loan. The local city or township municipality can foreclose on your home if you do not pay property taxes. Can you give us a detailed comprehensive update on this topic?
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I am ready to buy a house and have been pre-approved but rates are too high. Are rates forecasted to be lower in 2025?
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California Governor Newsom has a new podcast called “This Is Gavin Newsom,” and he plans to speak on important issues with people from all sides willing to speak. Newsom wants to engage with people who have contrasting political opinions so that he can have authentic conversations. He said he would love to invite people he disagrees with about the cost of living and political movements.
Presidential Aspirations Make Speculation
With the launch of this podcast, it is safe to say that people are amped up about his hopes of running for a bigger position, possibly even the Presidency. Politically speaking, Newsom is highly visible and a popular option by analysts to contest the 2028 election. Newsom, being hopeful for the Presidency, is also not out of the possibilities. In the wake of such launches, it has been noted that Politicians have exploited their Persona through Podcasts to gain favorable perspectives and Advertise their policies.
Public Reactions and Media Criticism
Podcaster Joe Rogan has taken his fair share of criticism of the Governor for how he managed the last known wildfires in California, accusing him of hiding from state issues. With such statements, it is easy to scratch the surface and realize that many people are doubting his priorities. Many people harshly reacted to the podcast and doubted its need.
Gavin Newsom provoked criticism for his nationwide campaign that allegedly overshadowed dealing with local issues. His mockers have suggested names like “Gaslighting with Gavin” to describe the campaign.
Political Career of Newsom
Newsom, a former mayor of San Francisco, has served as a Lieutenant Governor and currently serves as a Governor of California. He has implemented policies throughout his term, from healthcare to climate change and social justice. The podcast is another one of his attempts to reach out to him and seek constituents on the national level.
His recently launched “This is Gavin Newsom” podcast has raised eyebrows about his future goals and focus areas. While some see this as another attempt to create a space for bipartisan constructive talks, in higher circles, it is viewed as a move towards more ambitious goals that will ultimately lead to a run for the Presidency. His supporters will have difficulty explaining the growing ambiguity that comes with modern politics’ broadened scope.