[Peter]

DO ACCESSORY DWELLING UNITS NEED PERMITS

Yes, in most jurisdictions, accessory dwelling units (ADUs) require permits to be legally built or converted. Here are some key points about getting permits for ADUs:

Building Permit: An ADU is considered an addition or new construction, so a building permit is almost always required before any work can start. This ensures the ADU meets all building codes.

Zoning Approval: Many areas have specific zoning rules about where ADUs can be located on the property and what size/height limitations exist. Zoning approval verifies the ADU meets these requirements.

Other Permits: Depending on the work involved, additional permits may be needed for electrical, plumbing, mechanical systems, etc. A permit ensures this work is done properly.

Illegal Units: Building an ADU without proper permits can result in fines and potentially having to remove the unpermitted construction if caught by code enforcement.

Exceptions: Some cities have relaxed ADU permit rules or created expedited processes for certain types of ADUs in order to incentivize their construction for adding housing supply.

The specific ADU permit requirements, fees, and processes vary considerably by municipality, so it’s essential to check with your local planning/building department before starting any ADU project. Getting the right permits upfront avoids potential issues down the road.

https://www.youtube.com/watch?v=k4JI41WUpE8

• This reply was modified 9 months, 2 weeks ago by  Gustan Cho.
• This reply was modified 9 months, 2 weeks ago by  Sapna Sharma.

[Peter]

Qualifying for and getting approved for a second home loan involves meeting several criteria that are often stricter than those for a primary residence. Here’s a general guide:

1. Financial Requirements:

• Credit Score: Aim for a credit score of 620 or higher, although many lenders prefer scores of 680 or above for second homes.
• Debt-to-Income Ratio: Lenders typically require a debt-to-income (DTI) ratio below 45%, including the new mortgage payment. Some prefer even lower ratios for second homes.
• Income Verification: Proof of steady income through recent pay stubs, tax returns, and bank statements.
• Reserves: Lenders often require several months of cash reserves to cover the mortgage payments of both your primary and secondary homes.

2. Down Payment:

• Second homes usually require a higher down payment than primary homes, often around 10-20%.
• The exact amount may depend on your credit score and the lender’s policies.

3. Documentation:

• Purpose: Lenders want to ensure that the property is truly a second home and not an investment property, which has stricter requirements.
• Insurance: You may need to provide proof of homeowners’ insurance for the second home.
• Occupancy: The property should be for your personal use and not rented out for the majority of the year.

4. Loan Types:

• Conventional Loans: Most common option, offering competitive interest rates for qualified buyers.
• Jumbo Loans: Needed if the property price exceeds conforming loan limits. They typically require higher credit scores and more significant down payments.
• Home Equity Loans: If you have significant equity in your primary residence, a home equity loan can help with the down payment or purchase.

5. Choosing a Lender:

• Not all lenders offer second home loans. It’s essential to work with a lender familiar with these transactions to find suitable loan products.

6. Additional Tips:

• Check Local Regulations: Some areas have restrictions on second homes and rentals.
• Consider Future Costs: Factor in property management, repairs, taxes, and potential rental income if applicable.
• Consult Financial Experts: Engage with a financial advisor or real estate professional to align the purchase with your financial goals.

Following these steps should help you prepare for a second home purchase and navigate the application process successfully. There are several mortgage loan options available for purchasing a second home. Here are some common types:

1. Conventional Loans:
   These are loans that conform to the guidelines set by Fannie Mae and Freddie Mac. For a second home, most lenders require a down payment of at least 10-20% and a credit score typically above 680. Conventional loans may have stricter qualification requirements compared to primary residences.
2. Jumbo Loans:
   If the loan amount exceeds the conforming loan limits set by Fannie Mae and Freddie Mac (typically above $726,200 in most areas), a jumbo loan may be necessary. These loans often require higher credit scores, larger down payments (usually 20% or more), and more substantial income/asset documentation.
3. Investment Property Loans:
   Some lenders offer specialized investment property loans for second homes that will primarily be used as rental properties or vacation homes. These loans tend to have higher interest rates and down payment requirements, often 25-30% or more.
4. FHA Loans:
   The Federal Housing Administration (FHA) does allow borrowers to use their loan programs for second homes, but with stricter conditions, such as a higher down payment requirement (typically 3.5% for primary residences but often 10% or more for second homes).
5. VA Loans:
   While primarily intended for primary residences, eligible military borrowers may be able to use VA loans for second homes in some cases, but restrictions and requirements vary.
6. Portfolio Loans:
   Some lenders may offer portfolio loans for second homes, which are loans kept on their own books rather than sold to investors. These can have more flexible underwriting but may come with higher interest rates.

It’s important to note that qualifying for a second home mortgage often requires meeting higher credit score and down payment standards compared to primary residences. Lenders also typically verify that the borrower has sufficient income and reserves to cover both mortgage payments.

https://www.gcamortgage.com/types-of-mortgages/

[Peter]

An FHA jumbo loan is a type of mortgage loan that allows borrowers to take out a loan amount higher than the conforming loan limits set by the Federal Housing Administration (FHA), while still taking advantage of FHA’s more lenient credit and down payment requirements.

Here are some key points about FHA jumbo loans:

1. Loan Limits: FHA jumbo loans exceed the standard FHA loan limits, which are set by county and vary across the country. For most areas in 2023, the FHA loan limit is $498,257 for a single-family home.
2. Higher Loan Amounts: FHA jumbo loans can range from the local FHA limit up to a maximum of $1,149,825 in most high-cost areas. This allows borrowers to purchase more expensive properties.
3. Down Payment: Like regular FHA loans, FHA jumbo loans require a minimum down payment of 3.5% of the purchase price.
4. Eligibility: Borrowers must meet standard FHA credit and income requirements, including a minimum credit score (typically 580+) and debt-to-income ratios within FHA guidelines.
5. Mortgage Insurance: FHA jumbo loans require borrowers to pay an upfront mortgage insurance premium (MIP) and annual MIP, just like regular FHA loans.
6. Loan Purpose: FHA jumbo loans can be used for purchasing or refinancing primary residences, as well as certain multi-unit properties.

The main advantage of an FHA jumbo loan is that it allows borrowers who may not qualify for a conventional jumbo loan (due to credit or down payment constraints) to secure a larger loan amount with FHA’s more lenient underwriting standards. However, the mortgage insurance premiums can make FHA jumbo loans more expensive over time compared to conventional options for well-qualified borrowers.

FHA jumbo loans provide an alternative for homebuyers seeking higher loan amounts in more expensive housing markets while taking advantage of the flexibility offered by the FHA program.

https://gcaforums.com/fha-loan-limits/

• This reply was modified 9 months, 2 weeks ago by  Peter.

[Peter]

Fake news refers to false or misleading information that is presented as authentic news stories, often with the intention to deceive or mislead readers for various motives, such as political, financial, or ideological gain.

Some key characteristics of fake news include:

1. Fabricated content: Fake news stories are entirely made up, with no factual basis or grounding in reality.
2. Distorted facts: Real events or quotes may be twisted, misrepresented, or taken out of context to push a particular narrative.
3. Clickbait headlines: Sensational, provocative, or attention-grabbing headlines are used to entice people to click and share the story, regardless of its truthfulness.
4. Lack of credibility: Fake news often originates from questionable or untrustworthy sources that lack journalistic standards, fact-checking processes, or editorial oversight.
5. Confirmation bias: Fake news stories tend to confirm pre-existing beliefs or biases of the target audience, making them more likely to be accepted and shared without scrutiny.
6. Emotional appeal: By playing on people’s emotions, such as fear, anger, or outrage, fake news can spread rapidly through social media and other channels.

The proliferation of fake news has become a significant concern due to its potential to misinform the public, undermine trust in credible journalism, and even influence political processes or public opinion. Fact-checking, media literacy, and critical thinking are essential to combat the spread of fake news and promote a well-informed society.

It’s important to verify information from reputable and authoritative sources, cross-check claims from multiple reliable sources, and be cautious about sharing or believing stories that seem too outrageous or lack solid evidence and attribution.

https://www.youtube.com/watch?v=A4IQcNqmXvQ

[Peter]

Joe Biden White House is a major mess and in chaos. James O’Keefe undercover interview with gay White House Cybersecurity Chief just show the type of breach Joe Biden White House is under. A complete clownshow

[Peter]

Idiot gets a misdemeanor charge of impersonating a police officer. If he wants to play police officer or cops and robbers why doesn’t he apply for becoming a police officer and he can be the real police.

[Peter]

I am looking into buying a lot and building a four unit multifamily home. Does anyone know what Lender can do a one time close new construction loan on a four unit multifamily home. How much down payment is required on a two to four unit multifamily one time close (OTC) new construction home from ground up.

• This reply was modified 11 months, 3 weeks ago by  Peter. Reason: Forgot Contact

[Peter]

American now had a first black gay President Barack Hussain Obama and a first transgender black first Lady Big Mike aka Michael Robinson Obama

[Peter]

Here’s a comprehensive blog about qualifying for a mortgage after bankruptcy discharged versus bankruptcy dismissal