VA calls on mortgage servicers to pause foreclosures of VA-guaranteed loans through May 31, 2024 – VA News

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VA calls on mortgage servicers to pause foreclosures of VA-guaranteed loans through May 31, 2024 - VA News

By pausing foreclosures and extending the COVID-19 Refund Modification program, we can continue assisting Veterans with their loans while we launch our newest home retention option, the VA Servicing Purchase (VASP) program.

Yes, you can secure a mortgage immediately following a Chapter 13 Bankruptcy. Most lenders will require one tradeline open for 24 months or more, or three tradelines open for 12 months. We do have access to a lender that will allow non-traditional tradelines such as rent history, utilities and subscriptions.

Minimum Loan to value is 70%. The lender will require reserves of 6 months and a credit score over 640. This is a great option for a borrower to get into a home and rebuild. They can refinance into a more traditional product in a few years when they have met the BK seasoning requirement.

I love supporting small businesses. Local bakeries are such a special part of any neighborhood. Some of my favorites are –

https://www.webersbakery.com – Weber’s is a Chicago institution. Old-school, full-service bakery.

https://wolfsbakery.co/ – Wolfs has been my favorite since I was little. The Atomic cake is a South Side staple – layers of whipped cream, strawberries chocolate, and pineapple sandwiched between alternating layers of yellow and chocolate cake. The angelfood cake with chocolate buttercream frosting is my favorite!

https://www.deettasbakery.com/home – prettiest cake balls ever!

https://www.hahnsbakery.com/ – family owned and operated. Lovely people. Great scones and donuts.

https://www.floriole.com/ – the baked goods are almost to pretty to eat! Super trendy.

https://simplelakegeneva.com/bakery/ – organic farm to table cafe and bakery in Lake Geneva.

There are so many amazing places. Tell me about your favorites. 🙂

There are so many reasons to love our pets including their unconditional love and loyalty. In my home I have always valued the bond my pups have had with my children. My babies are their babies, too.

Many borrowers are faced with resolving Cairvrs fails in the mortgage process. As of July 2022 the Department of Education restructured the way derogatory debt is handled. Most borrowers had their Caivrs “lifted” and were able to move forward. For those in serious default, they should reach out to the Department of Education and request a payment plan that will go into effect after the forbearance is ended. The representative will request information and may require a fax confirmation of the agreement. Once received and processed, the account will no longer be in default.

This is a marked change from the 9 month rehab programs that were previously required. I assume there will be additional changes as Covid remediation winds down, so borrowers should take advantage of relaxed guidelines now.

• This discussion was modified 1 year, 11 months ago by  Eric Jeanette.

Building credit is an important part of improving your credit. Far too often the borrower does not have sufficient credit to establish history or allow for score growth. It may feel counterintuitive, but having well managed debt can be to your benefit. Prudent credit use shows that you can manage your finances well. Here are some examples of easy to obtain credit building tools –

Credit Builder Card

Self Credit Builder: Build Credit. Build Savings. Build Dreams.

CreditStrong: Get a Credit Builder Loan that Builds Credit and Savings

Experian Boost – Improve Your Credit Scores Instantly for Free

• This discussion was modified 1 year, 11 months ago by  Eric Jeanette.

What home improvements would you as a homeowner, or soon to be homeowner like to take on in 2023?

Here is the list from Angie’s List – https://www.angi.com/articles/most-popular-home-projects-2023.htm. What do you think?

Most homeowners are focusing on continued maintenance, interior painting and bathroom remodels.

Historic Summit Avenue mansions are remarkable. The home to iconic author F. Scott Fitgerald, the Summit Avenue area encompasses nearly 5 miles of the best examples of Victorian architecture in the US. Walking tours of the area are available for those who wish to learn more about the homes and their rich histories. Nearly 85% of the original structures remain intact, and there has not been a demolition of a private residence in 60 years. This is such a beautiful neighborhood sprinkled with respected colleges, universities and churches. If you are considering St. Paul as your new home the attached article is worth reading.

https://www.visitsaintpaul.com/blog/summit-avenue-history-the-story-of-saint-pauls-famous-street/

Have you ever considered buying a home in Miami? Check out the most popular neighborhoods here – https://www.niche.com/places-to-live/search/best-neighborhoods/m/miami-metro-area/

I would have ranked Coconut Grove a bit higher. I do love Brickell. Wynwood is fun. Definitely an up-and-coming neighborhood. Coral Gables is beautiful and anchored by The University of Miami.

What neighborhoods interest you? Why? Tell us what you love about them.

I have borrowers shopping for a home on “the Big Island”. In an effort to be prepared, they have started shopping for homeowners insurance. Insurance seems to be a bit more complicated in Hawaii based on topography, proximity to bodies of water and lava zones.

I would love some insight from realtors or insurance professionals. What does a homeowner need to be aware of during this process?

So often when you think of Las Vegas you think of casinos, restaurants and entertainment venues. On first glance, Las Vegas does not feel very family friendly. The truth is there are many family friendly neighborhoods offering great schools and activities. The job market is strong and property values are good. Niche list of neighborhoods can be found here – https://www.niche.com/places-to-live/search/best-neighborhoods-for-families/m/las-vegas-area/

Hartford-West Hartford is projected to be one of the hottest housing markets for 2023. What do you love about the area? Link to an interesting article below –

https://www.usatoday.com/story/money/personalfinance/real-estate/2022/12/07/hottest-real-estate-markets-2023/10837578002/

Southern Living just voted Athens Georgia the South’s best college town. Home to the University of Georgia, and their beloved mascot UGA the bulldog, Athens has it all. Night life, restaurants, a healthy economy and beautiful homes. If Athens is your home, what do you love about it? I would love some feedback from local realtors as well as residents.

https://www.southernliving.com/travel/georgia/athens-ga

The team at Gustan Cho Associates are experts in helping borrowers qualify and get approved for non-qualified no income document mortgages. We can help borrowers without traditional income sources with our no-ratio mortgage programs. A credit score over 660 is required, as well as at least one tradeline open 24 months or more. Down payments and reserve requirements will vary.

Did you know you can purchase an owner-occupied property without income, employment or debt to income restrictions? Well, you can!

There are restrictions based on state law of course, but you can purchase or refinance a home without income or employment. Admittedly, that feels odd.  How can that be?

The lenders that provide no-ratio loan qualify the borrower based on credit and assets.

• Credit scores must be over 660
• 12-18 months of reserve mortgage payments must be documented.
• Maximum Loan to value 70% on a cash out refinance, the cash out can be used for reserves
• Rate and term refinance maximum Loan To Value of 80%
• Purchase Loan To Value 65-80%.
• The lender will verify funds electronically with a VOD (verification of deposit)
• Gift funds are allowed to 95%  – 5% of funds and reserves must belong to the borrower.
• Ability to repay is satisfied through taking the Framework home buyer’s class.

Decor trends come and go, but the Modern Farmhouse, Boho Chic and Industrial style seems to be here to stay. There are styles are always evolving and changing in scope, but the core theme remains. Where do you find style inspiration?

A few that I enjoy are =

https://studio-mcgee.com/

https://magnolia.com/

https://www.laurelmercantile.com/

https://www.netflix.com/title/81088239

https://www.hgtv.com/shows/home-town

https://magnolia.com/watch/show/941d3ba7-eb26-513c-a1e4-af82404e3b34/in-with-the-old/

Recently, I have had quite a few borrowers that did not have active tradelines. Experian Boost is great for reporting alternative trade lines, but that is only one bureau. I have had good luck recently with Stellarfi.com.

stellarfi.com

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