Realtor Susan
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Imagine you are a small spec builder who needs financing for ground-up new construction of 1 to 4-unit multi-family properties. If that’s the case, Gustan Cho Associates has special construction loans just for you. Here’s what to know about these loans:
Loan Program Highlights:
Type of Loan: Ground-Up New Construction Loans for 1 – 4 unit multi-family properties
Who is Eligible?
Property Types: Single family homes up to 4 unit multi-family
Builders: Small spec builders who need financing for land acquisition and building.
Down Payment Requirements:
Land Acquisition: Need 25% – 30% down payment on land purchase price
Construction Costs: Up to 100% financing available on construction costs
Single Family Homes: Minimum of 25% down payment required
2-4 Unit Multi-Family: Minimum of 30% down payment required
Post-Construction Valuation: Property must appraise at minimum of 70% LTV after construction.
No Documentation Requirements:
No Credit Score Requirements–builder doesn’t have to meet specific credit score criteria.
No Debt Service Coverage Ratio (DSCR)–no DSCR requirements.
No Bank Statements–no need for bank statements for income verification purposes.
No Income Documentation– no traditional income documentation needed.
Builder Benefits:
Simplified Qualification Process – fewer documentations and looser credit requirements make it easier for builders to qualify.
Full Financing For Construction – with this program, builders can finance all their construction costs allowing them to use more capital towards acquiring lands or other needs they may have in mind.
Flexibility – this product can be used on various property types within the range of one through four units which caters well with different market demands as well as preferences from potential buyers looking at such investments locally also internationally too if need be!
Speed And Efficiency – since everything about this loan is “NO DOC” wordings, approvals happen faster than normal banking systems where a lot of time is lost while waiting for paper works, builders can get funded within few days and start their projects way much earlier than they expected!
Who Is This Loan For?
Spec Builders – these are builders who build houses without having a specific buyer in mind. They are mostly built to be sold on the open market.
Developers – people looking to develop small residential projects especially those falling under one through four units category.
Investors – those investors who want to build new rental properties for addition into their portfolios but without necessarily doing too much income or credit documentation. Get in touch with Gustan Cho Associates today for more information about this unique loan program designed specifically with small spec builders in mind. Our team is standing by ready and willing to assist you from start (land acquisition) all through finish (completed construction).
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Bank statement mortgage loans are designed for self-employed individuals or those with inconsistent income who may struggle to qualify for traditional mortgages. The only difference between a one-year and two-year bank statement loans is the length of bank statements needed as proof of income. Here’s how they compare:
One-Year Bank Statement Mortgage
Verification: 12 months’ personal and business bank statements must be submitted by the applicant to prove their earnings.
Calculation: Lenders assess average monthly incomes throughout past year on basis of revenue collected in these accounts.
Eligibility: Suitable for borrowers with a stable but limited income history.
Pros:
Faster Processing Time: Less paperwork means quicker approvals.
Consideration Of Recent Earnings Surge: This is helpful when an individual has experienced an increase in pay within the last few months or so.
Cons:
Greater Risk For Lenders: Shorter periods could make some lenders view them as risky, leading to higher interest rates and more strict terms being imposed by such lenders.
Two-Year Bank Statement Mortgages
Verification: In order to verify their income, applicants need to present two years’ worths of personal and business bank statements.
Calculation: Borrowers’ monthly revenues are averaged over 24 months by examining deposits shown on these papers according to most lending companies’ policy manuals’.
Eligibility Requirements/Who It Is Best Suited For?: This type of mortgage suits those who have had longer working histories with consistent salaries earned from steady employment sources like full/part-time jobs; freelancing work would not be considered here because there might not always be contracts signed between clients & contractors thus making it difficult for lenders to establish if one has been generating income during that time period
Pros:
More Stability Indicated By Applicant’s Finances Over A Longer Period Of Time Which Could Result In Better Loan Terms Being Offered By Lending Institutions;
Reduced Perceived Risk By Lenders Due To Additional Documentation Required Over A Longer Timeframe, Which May Translate Into Lower Interest Rates Being Charged By The Lenders Themselves
Cons:
Time Consuming: The process of collecting and going through two years’ worth of bank statements can be lengthy.
Past Earnings Effect: If an applicant earned less money during any particular month within the last 24 months, this will bring down their average monthly income figure calculated by a lender when assessing how much they can afford to borrow against such income.
Major Differences To Consider When Choosing Between These Two Mortgages Are As Follows:
Loan Terms – because lenders consider twenty-four months as being more stable than only twelve months’ worth of earnings from self-employed borrowers they may offer longer term lengths on loans if someone chooses a two-year bank statement mortgage over its alternative;
Interest Rates – rates charged by financial institutions providing these products are usually higher for one year banking statements rather that two year ones due to perceived greater risk involved with short-term employment contracts which do not guarantee regular payments into accounts held at those banks.
Qualification – some people might qualify for a single-year but not a two-year home loan given that there has been recent improvement in their income situation;
Documentation – obviously there is much more paperwork required when processing requests involving 24-months compared with just 12 month’s worth of earnings data provided by applicants so be prepared for additional effort and time spent gathering all necessary documents together before submitting them along with your application form.
Which One Should I Go For?
One Year Bank Statement Mortgage: Ideal if you’ve had significant rises in pay lately or need quick approval timescales which come along with fewer forms being filled out plus supporting documents having to supplied like tax returns etc..
Two Year Bank Statement Mortgages : Best suited towards individuals who can show consistent levels.
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You can always tell a New York by their accent. I am well! Your definition of New York was correct. The accent and slang used by New Yorkers are unique characteristics that give it away and make it attractive. Here are some things about the variations you mentioned:
Pronunciation: Caw-fee (Coffee) – Coffee in New York is pronounced as “caw-fee” to match with the city’s unique accent.
Dees and Deems – Sometimes words beginning with “th” can be pronounced with a “d” instead.
“Yo, how ya doing?” – It’s a casual greeting that usually expects a shorter response.
Regular Coffee — In New York if you order a “regular coffee” it will come to you with cream and sugar already added.
Fast-paced Conversations — New Yorkers talk fast and straight to the point.
Bluntness — Yes, conversations here can seem rude because we don’t beat around the bush but hey! That’s just how we do things in this town!
Street Talk — You might hear someone order, ‘Gimme a caw-fee, light and sweet.” in a NY diner
Everyday Interactions — On busy sidewalks or wherever people may bump into each other while walking hastily they could say something like “Hey watch where you’re going!”
Community Identity — The dialect helps foster community among New Yorkers. It’s like wearing an I heart NY shirt; it lets people know we’re all in this together!
Nostalgia and Recognition — For those who have moved away from home hearing or using these phrases can be very nostalgic and instantly recognizable among fellow NYC’ers. Also seeing famous actors play characters from Queens on TV shows or movies helped put our language on the map globally so now everyone loves us even more!
Once you have learned this dialect or been exposed to it then there is an immediate connection between two individuals who have lived within NYC because they represent much more than mere words spoken here; they are vibrant cultures thriving in one city!
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Becoming a two times licensed agent and lender is a career that can bring in a lot of money since you will be able to earn commissions on both ends of the real estate deal. This article gives an overview of the advantages and steps involved in becoming dually licensed with Gustan Cho Associates.
Benefits of Being Dually Licensed
Income Potential: You can make money as a realtor and mortgage broker on one transaction at once.
Simplified Process for Clients: Give clients a smooth experience from finding their dream home to securing financing.
Marketability: In the competitive world of real estate, setting yourself apart by offering comprehensive services will greatly enhance your chances at success.
Cross-Selling Opportunities: Leverage your knowledge in these two industries to cross sell products which ensures customer loyalty.
Better Understanding of Transactions: Broaden understanding about property purchase and mortgage processes thereby increasing quality service delivery.
Steps to Become Dually Licensed
Research State Requirements: Different states have different requirements for licensing agents as well as loan officers. Ensure that you are aware of what each license entails within your state before proceeding further with any applications or coursework.
Complete Required Education:
Real Estate License – Take up an approved course on pre-licensing for real estate agents within your locality.
Loan Officer License (NMLS) – Complete 20 hours worth of pre-licensing education for mortgage loan originators that has been approved by NMLS (Nationwide Multistate Licensing System).
Pass Licensing Exams:
Real Estate Exam – Go through state’s real estate licensing examination successfully.
Loan Officer Exam – Pass the NMLS SAFE (Test required under Secure and Fair Enforcement Mortgage Licensing Act).
Apply for Licenses:
Real Estate License – Submit application forms together with relevant fees payable at state’s commission offices responsible for issuing these types of licenses.
Loan Officer License – Apply online via NMLS portal after filling necessary personal details as required by federal law such as fingerprints clearance etcetera.
Join a Brokerage and a Mortgage Company:
Real Estate Brokerage – Find reputable brokerages where you can join as an agent once licensed.
Mortgage Company – Partner with mortgage companies like Gustan Cho Associates who offer various loan products which will enable you meet different clients’ needs easily while getting support needed for success in this field from them as well.
Why Choose Gustan Cho Associates?
Comprehensive Training and Support: At Gustan Cho Associates, they provide all rounded training programs coupled with ongoing mentorship so that one can excel both as a realtor or lender.
Diverse Loan Products: Get access to multiple loan packages including non-QM loans among others which are designed for borrowers not fitting traditional lending criteria but have capacity of repaying such debts within stipulated timelines thus meeting their demands accordingly without much hassle on contracting process.
Marketing and Lead Generation: There is wide range marketing materials plus lead generation tools given out freely by GCA to assist in growing your clientele base hence making more sales volume thus higher income potential realized.
Industry Expertise: Learn from veterans who have been successful within real estate industry at GCA since they possess vast knowledge about different aspects concerning buying/selling homes or investing properties etcetera thus becoming armed with skills required for excelling further in this profession. If you are currently producing as a Realtor, and want to become licensed also as a Loan Officer, please contact Gustan Cho Associates. This will give you an opportunity to diversify your career path; increase earnings potential while providing top notch customer service by handling clients’ real estate & mortgage needs under one roof.
For additional details or start off the process, reach out to Gustan Cho Associates today at gcho@gustancho.com or 844-90-RATES so that can begin journey towards attaining dual licensure.
https://gustancho.com/careers/
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This reply was modified 4 months, 3 weeks ago by
Gustan.
gustancho.com
Mortgage Branch Manager Opportunity Careers
Mortgage Branch Manager Opportunity Careers for goal oriented licensed loan officers. Start as an independent loan officer on your own P and L
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This reply was modified 4 months, 3 weeks ago by
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When a mortgage borrower dies, what happens to the mortgage and the property depends on several factors. Here are some of the most important things to think about:
Assumption of Mortgage by Heirs: Due-on-Sale Clause: Most mortgages have a due-on-sale clause that lets the lender demand full repayment if the property is sold or transferred. But federal law gives an exception for transfers to certain relatives, so heirs could take over without having to pay everything back right away.
Assumption Process: The mortgage can be taken over by someone who inherits it along with the property as long as they meet certain standards set by their lender; if not then they might have no choice but sell or refinance.
Joint Tenancy or Survivorship Rights: If the deceased person owned this home jointly with somebody else such as through joint tenancy with right of survivorship, then ownership automatically passes directly to that surviving co-owner without any probate process necessary. However suppose in case where there’s only one name on title – meaning deceased owned all by themselves before death – then typically probate will be needed in order for distribution according either under a Will or under intestacy laws where there isn’t one. During probate period while waiting executor should make payments on behalf of estate so as not lose house.
Reverse Mortgages: When somebody who has had reverse mortgage dies, loan must be repaid immediately after death; either by heir paying off or selling house(s) involved until total value matches debt owed; if surplus exists above balance due lenders may accept it full payoff.
Options for Heirs: Continue Payments-If possible individual may wish keep making monthly installments even after original borrower dies this allows them stay put long term but contact servicer promptly do not want default record against name. Refinance Mortgage-If eligible they could potentially replace existing loan with new one that has better interest rate or otherwise more favorable terms taking into account all other debts related deceased.
Sell Property-This choice should be considered when heirs have difficulty affording monthly charges associated ownership no longer want deal with said property. Proceeds from any such sale would go towards satisfying outstanding balance on creditor’s books thus freeing up some cash for distribution amongst surviving family members; however if shortfall exists, personal representative needs make arrangements house as part assets goes to school until amount needed is recovered. Loan Payoff-Mortgage may simply paid off during probate process this is possible where estate has adequate funds
Reverse Mortgages: If the deceased has a reverse mortgage, the loan becomes due upon death. Heirs can repay the loan or sell the property to satisfy the debt. If the property value exceeds the loan balance, the lender may accept the sale proceeds as full repayment.
Afterward borrowers’ deaths it imperative heir contacts lender quickly so that possible options can be explored and foreclosure does not occur; also consulting with an attorney experienced in these matters will help guide through probate process ensure compliance transfer requirements are met manage dead person’s liabilities properly. Insurance covering remainder owed by policyholder upon demise provides economic relief for beneficiaries whose pockets might have been squeezed otherwise knowing these aspects allow individuals plan accordingly which will let them rest easy after their passing having known family got covered even beyond grave and everybody living life without fear of losing everything because someone died leaving behind financial obligations
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There is validity of Dr. Anthony Fauci being a son of Satan and devil worshipper. There have been controversies and allegations made about animal testing funded by the National Institutes of Health (NIH), which Dr. Fauci has led as the director of the National Institute of Allergy and Infectious Diseases (NIAID) since 1984.
In 2021, a non-profit organization called the White Coat Waste Project accused NIAID of funding experiments involving dogs, including one study where beagle puppies were allegedly exposed to flies carrying parasites. This sparked outrage from some groups and lawmakers about the treatment of these animals in NIH-funded research.
Additionally, in 2022, a report alleged that the NIAID provided funding to an experiment in which monkeys had health monitors implanted to study infections. Critics claimed this involved unethical treatment of primates.
It’s important to note that animal research, while controversial, remains legal and regulated in the United States for certain biomedical studies aimed at advancing treatments and understanding diseases that impact humans. The NIH and NIAID follow established animal welfare regulations and protocols.
Dr. Fauci has defended the need for animal research for critical health research while also advocating for minimizing animal testing as much as possible through alternative methods like computer models. However, he has not personally conducted any experiments directly involving harming animals.
The specifics around these studies remain debated, with opposing viewpoints on the ethics and necessity of such research. As with many scientific topics, there are critics as well as defenders of the practices involved. I would encourage checking authoritative sources for the latest verified information on this complex ethical issue.
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So, are Democrats happy President Donald Trump is convicted of 34 counts and is facing long prison time?
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Looks great 👍
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Same with hot dogs. Never had New York pizza or hot dogs. Heard it is delicious. Lou Manitis Chicago Deep Dish is the best deep dish Pizza I had.