Realtor Tina
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Home Builders in Florida continue to cut home prices as inventory builds. Three hundred thousand unsold brand-new homes are on the market. Home builders like Lennar Homes and DR Horton are cutting prices to $54,000 in Florida. Watch the attached video.
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Characteristics of French Bulldogs
French Bulldogs, often called “Frenchies,” are a popular small breed known for their bat ears, short snouts, and compact, muscular bodies. French Bulldogs are loving, playful dogs that thrive on attention. These little guys have a lot of personality. They’re charmingly stubborn, making them even more lovable to many dog owners!
Are French Bulldog Puppies Expensive?
Yes, French Bulldog puppies can be quite expensive. Prices generally range from $2,500 to over $10,000. Depending on factors such as pedigree, breeder reputation/color/location, etc. This high cost is mainly due to demand and the difficulty of breeding them, as they need artificial insemination and C-sections due to their physical structure.
Why Are French Bulldogs So Expensive?
Difficulties with Breeding: The physicality of French bulldogs’ anatomy often requires artificial insemination or cesarean sections, greatly increasing breeder costs.
French Bulldogs Are Highly Sought After: Frenchies are highly desired among dog lovers because of their cute looks, manageable size, and friendly nature.
Only Few Litters Per Birth: Typically, only three to five puppies per litter are born by mothers, so availability becomes scarce quickly.
Health Problems
Since French Bulldogs have a brachycephalic (short-nosed) structure, they are prone to several health issues:
Breathing Difficulties: Their flat faces may cause breathing problems, especially during hot or humid weather conditions when panting is necessary to cool down the body.
Hip Dysplasia: Some suffer from weak hip joints that affect mobility, thus leading to dysplasia (abnormal development).
Skin Allergies/Infections: Folds along their faces gather dirt easily, making them susceptible to allergies and infections if not cleaned regularly and proper care measures are taken, such as wiping after meals, etcetera.
Spinal Disorders: Intervertebral Disc Disease can occur due to abnormality in the spine of a French bulldog.
Lifespan: The average lifespan is 10-12 years, but this may vary depending on factors such as overall health and care given to them.
Are They Good with Children and Other Pets?
With Small Children: Yes, they are generally good with kids. They love being around children because of their playful nature. However, for safety reasons, it’s always advisable that an adult supervises any interaction between young ones and pets.
With Other Dogs: French Bulldogs get along well with other dogs, especially when socialized from puppyhood onwards, although sometimes they can be territorial or dominant towards unfamiliar ones.
With Cats: Frenchies can get along with cats if raised together since most have friendly personalities that make them compatible as playmates for feline friends. However, individual characters will differ among individuals.
Intelligence: French bulldogs are averagely intelligent. They learn fast, particularly through positive reinforcement. Sometimes, their stubbornness makes training difficult, so one needs patience while dealing with a Frenchie during lessons.
Determination: In conclusion, french bulldogs are adorable breeds with unique features that set them apart from other dogs. Despite being costly to buy & maintain, plus health challenges associated with owning such pets, like breathing difficulties because of short muzzles. Susceptibility towards skin infections/allergies due to unhygienic living conditions, especially folds around the face area. Spinal problems are caused by abnormal vertebral development. These creatures remain popular worldwide for their compatibility with children and cats since both share playful characteristics, manageable size, and endearing personalities, making them perfect choices within families.
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What Does ‘Residual Income’ Mean On VA Loans?
When it comes to VA loans, residual income means the amount of money left after a borrower pays off all their main monthly expenses, including housing, debt payments, taxes, and other obligations. This is because residual income is used in VA loans to determine whether somebody has enough money for basic living expenses after making the mortgage payment.
How Do You Calculate Residual Income?
To calculate residual income on a VA loan, subtract from the borrower’s gross monthly income all major costs such as:
- Monthly Mortgage Payment (PITI) includes principal, interest, taxes, and insurance.
- Debt Obligations like credit card payments, car loans, etc., are recurring.
- Federal, State, And Local Taxes are based on their tax bracket.
Maintenance And Utilities – standard allowance depending on property size and region.
Formula For Residual Income For A Mortgage
The formula for calculating residual income is:
- Residual Income = Gross Monthly Income – (PITI + Recurring Debt + Taxes + Utilities + Maintenance Costs)
What Does Residual Income Tell You?
This tells us how much money people have left over each month once they’ve met all their financial commitments. It ensures veterans can pay for things like food or gas, even after paying off debts or making house payments.
What Does Residual Income Affect?
Loan Approval: To get approved for a loan, an applicant must follow the minimum requirements set by the VA regarding this concept. If an applicant fails to meet these thresholds, their application will not be considered regardless of other factors such as credit score or DTI ratio.
Financial Stability: Higher residual earnings imply one can easily cover unplanned expenditures, thus lowering the chances of defaulting on bank loans. Therefore, lenders use it to measure clients’ overall financial position before granting them credits since those with greater RI are more likely to repay borrowed amounts in full without fail.
Debt-to-Income Ratio (DTI): Though not lenders employ the same as DTI, both to evaluate borrowers’ creditworthiness. In some cases, even if someone’s DTI is high, his strong residual salary can qualify him for a VA loan.
Minimum Residual Income Requirements
The VA has minimum residual income requirements that vary with family size and regional location, i.e., northeast, south, midwest, and west. This means that larger families need larger amounts of RI to support higher living standards.
Residual income is an integral part of VA loans since it helps verify whether or not people will have any extra money after settling their basic needs. It acts as a safety net, ensuring that veterans can comfortably meet their mortgage obligations without putting other areas of financial well-being at risk.
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Dealing with a Chapter 12 bankruptcy, discharged over a year ago, and hoping to do a cash-out refinance on an owner-occupied property can be difficult, but there are some possibilities. Here are several routes that could be worth pursuing:
Chapter 12 Bankruptcy Primer
If you need to know what it is, Chapter 12 bankruptcy is for family farmers and fishermen to help them restructure their debts. Since it’s been discharged for over one year, this couple might have chances of refinancing; however, they must meet certain requirements.
Cash-Out Refinancing Options
FHA Loans
Seasoning Period: FHA guidelines typically require two years after discharge before allowing refinancing on these terms. However, exceptions will be made if borrowers can show “extenuating circumstances” in writing, signed under penalty of perjury.
Credit Requirements: Borrowers should expect lenders to demand minimum FICO scores above 580, although higher marks would generally improve their chances.
Loan-to-Value (LTV) Ratio: Under FHA’s standard program, up to 80% LTV is allowed for cash-out refinances.
VA Loans
Seasoning Period: VA lenders require a two-year post-discharge waiting period for most loan types, including IRRRLs (Interest Rate Reduction Refinance Loans).
Eligibility: Couples must still be eligible veterans or current military members during application processing.
LTV Ratio: Cash-out refinances allow LTV ratios up to 90% through VA’s programs.
Conventional Loans
Seasoning Period: Fannie Mae and Freddie Mac usually require a four-year waiting period after discharge. However, if extenuating circumstances can be documented, this may be reduced to two years.
Credit Requirements: The minimum credit score is between 620 and 640, depending upon the lender’s guidelines, which also consider other factors such as income level, etcetera.
LTV Ratio: Typically financed up to 80% of appraised value for cash-out refinance conventional loans.
Non-QM (Non-Qualified Mortgage) Loans
Flexible Underwriting: A recent bankruptcy discharge is not an automatic disqualification for all Non-QM loan programs. However, borrowers must still demonstrate the ability to repay the loan and meet other underwriting guidelines.
Credit and Income Requirements: Some lenders may require higher interest rates, larger down payments, or more equity reserves; however, these conditions could vary depending on the overall creditworthiness of the borrower(s).
LTV Ratio: Each individual lender offering non-QM loan programs may consider an LTV ratio of up to 80% on a case-by-case basis.
Steps To Take
Fix Credit Score: Pay off debt faster and rectify any mistakes in their credit report, which will result in better FICO scores that will help them qualify for more affordable home loans with lower rates, etcetera.
Record Income & Assets: Document stable income and sufficient assets – this can include savings accounts or investments such as stocks, bonds, mutual funds, etcetera which are readily convertible into cash within 30 days without penalties being imposed against holder(s).
Shop Multiple Lenders: Some non-QM lenders specialize in working with borrowers who have experienced recent bankruptcy discharges, so it would be wise to talk to several firms.
Consider Mortgage Brokerage Services: Utilize services offered by mortgage brokers who can compare loans among various lenders based on your specific needs, thus saving time, energy, etc., while securing the best possible refinancing deal given the couple’s unique circumstances.
Other Factors For Consideration
Interest Rates & Terms: The recent bankruptcy will impact interest rates. Therefore, they should expect higher rates than current market trends indicate being available unless drastic improvements occur quickly before finalizing terms sheets from competing lending institution(s).
Lender Requirements Vary Widely: Make sure you research around well enough until you find someone willing to work with you based on your current situation.
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So here is a thorough comparison of the cost of living and financial strategies in California and Florida as it relates to you:
California:
Housing:
A nice 2,500-square-foot four-bedroom, three-bath house with a two-car garage in a good school district could cost…
$1.2-2 million in the city (Los Angeles, San Francisco Bay Area).
$800k-1.2 million in the burbs.
$600k-800k farther inland.
Property Taxes: around 1% of assessed value per year.
Utilities:
The average monthly cost is $300-$400.
Electricity is higher than average.
Food:
Groceries for a family of 5: $1000-$1500/month.
Eating out can be very pricey.
Transportation:
Gas prices are some of the highest in the nation.
Car insurance runs about $1500-$2000 per year per vehicle.
Healthcare:
Health insurance premiums can be high, but there’s a good public option (Covered California).
Education:
Public schools vary widely, but they are mostly good options in suburban areas.
Private schools range from $15k-50k/yr/child.
Taxes:
State income tax = 1% to 13.3% (progressive)
Sales tax: 7.25%-10.25% depending on local rates
Florida:
Housing: A similar home could cost…
$600k-1 million in desirable urban/suburban areas (Miami, Tampa).
$400k-600k further out.
Property Taxes: around .98% of assessed value per year.
Utilities:
The average monthly cost is $250-$350.
Electricity is cheaper than in California overall.
Food:
Groceries for a family of 5: $800-$1200/month.
Eating out will generally be less expensive than in CA.
Transportation:
Gas prices are typically lower than in CA.
Car insurance runs about $1800-$2500 per year per vehicle (can be higher than CA).
Healthcare:
Health insurance premiums tend to be lower than those in California.
No state-run health insurance marketplace.
Education:
Public schools vary widely, but they are mostly good options in suburban areas.
Private schools range from $10k-30k/yr/child.
Taxes:
No state income tax.
Sales tax: 6%-8.5% depending on local rates
Financial Strategies and Lifestyle Comparison:
Income:
As a mortgage broker on commission working remotely, your income could be similar in both states. However, Florida has no state income tax so that you would take more money home.
Housing:
You can get more for your Florida housing budget, allowing for a nicer house or better area.
Cost of Living:
Generally lower overall in Florida, which provides more discretionary income.
Savings Potential:
Florida allows for higher savings due to lower cost of living and no state income tax.
Lifestyle:
California offers more diverse landscapes, cultural activities, and the tech industry’s presence. However, these things could be limited by high costs and expenses and curtailing leisure and travel activities. On the other hand, being cheaper in Florida may allow an individual to go on frequent family vacations while dining out often and participating in different recreational activities, making it possible to live a beach lifestyle easily.
Education:
Both states have strong public school systems and many good private schools in suburban areas. However, private education tends to cost less in FL than in CA.
Weather:
California has a Mediterranean climate with mild winters in most parts, while Florida has a subtropical climate characterized by hot summers and occasional hurricanes.
Networking:
The tech/startup sectors are big players here, with many opportunities available, especially around Silicon Valley. However, there are still growth industries elsewhere. Something new is always happening daily related to real estate or tourism, among other things, thus making Florida an ideal place for business networking.
Future Planning:
The absence of state income tax and a lower cost of living in Florida allows for more aggressive savings and investments in your children’s college education and retirement plans.
In summary, California may have some lifestyle pluses and a wider range of work options. Still, Florida is more likely to bring financial comfort to a family of five living on the salary of a mortgage broker. A low cost of living coupled with no state income tax in Florida could relieve much of the financial burden of supporting a family — it may even enable them to live better and save more.
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FHA Jumbo Loans or High-Balance FHA Jumbo Loans
Synopsis
Loans guaranteed by the Federal Housing Administration (FHA) that exceed established conforming loan limits are referred to as FHA Jumbo Loans. These loans were created to help people in high-cost areas purchase more expensive homes.
Down Payment Requirements
Typical FHA Loan: Usually requires a 3.5% down payment.
FHA Jumbo Loan: The down payment for high-balance loans is generally 3.5%. However, lenders may ask for a slightly higher percentage based on the risk associated with the size of the loan itself and other factors.
Debt-to-Income Ratio (DTI)
Standard FHA Loan: DTI is usually capped at 46.9% front-end and 56.9% back-end. Manual Underwriting can be made up to 40% front-end and 50% back-end if two strong compensating factors exist.
FHA Jumbo Loan: The DTI rules are similar but could be stricter depending on specific lender requirements; given that the amount borrowed is larger, the lender will prefer a lower DTI.
Credit and Income Guidelines
Credit Score:
Standard FHA Loan: The 3.5% down payment option requires a minimum credit score of 580. A ten percent down payment is required for scores between 500 and 579.
FHA Jumbo Loan: This loan typically requires a higher credit score around—often around or greater than—620, based on what the lender deems risky behavior by the borrower who wants a bigger loan amount secured against his property asset, such as a house, apartment building, etcetera.
Income Documentation:
Standard FHA Loan: Full income documentation such as tax returns, W-2s, and pay stubs are required.
FHA Jumbo Loan: This requires similar documentation but might require additional proof due to larger loan amounts being borrowed.
Differences Between FHA Jumbo and Traditional FHA Loans
Loan Limits:
Traditional FHA Loan: Conforming loan limits vary by county and tend to be lower; in 2024, they were $498,257 for single-family homes in most areas.
FHA Jumbo Loan: These go above these standard limits. Single-family homes located in high-cost areas can reach up to $1,149,250.
Down Payment:
Both types of loans often require a 3.5% down payment; however, the lender may decide to require more money down for high-balance loans.
Interest Rates:
Traditional FHA Loan: Lower interest rates are typical due to lower loan amounts and associated risks.
FHA Jumbo Loan: Slightly higher interest rates may be experienced because of larger loan sizes and the increased risk lenders face when providing such funds for borrowers who want them secured against property assets like houses, apartments, buildings, etcetera.
Qualification Requirements:
Traditional FHA Loan: Easier to qualify for because they have more forgiving credit and income requirements.
FHA Jumbo Loan: Since these types of mortgages involve borrowing much larger sums, more stringent qualifications are needed. This includes higher credit scores and stronger income verification methods employed by lenders who offer them as part of their product range.
Mortgage Process for FHA Jumbo Loans
Pre-Qualification:
The lender performs an initial evaluation by examining the borrower’s financial situation to determine whether they might be eligible under certain conditions (Income level).
Application:
Submit a detailed loan application, including necessary supporting documents like pay slips, etc., to show the ability to repay and intent to use borrowed funds wisely.
Property Assessment:
To determine the highest possible amount of money that can be loaned for a mortgage, an appraiser evaluates the fair market value based on different factors like location desirability, size, number of rooms, age condition, overall appearance, etc., used in the underwriting process. This value is then utilized to identify the maximum loan amount allowed.
Mortgage Underwriting.
The insurance company reviews transaction risks against set standards to decide whether to insure them.
Approval: Loan approved or declined
Closing: This is when ownership changes hands between seller and buyer through conveyancing, a legally binding contract. Solicitors representing both parties (buyer and seller) exchange necessary documents, including title deeds, etc., while will.
Disbursement – Money paid out to complete the purchase of the property.
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I appreciate your concern about the safety of travelers, but I must clarify some important points:
Scientific evidence: Scientists are beginning to agree that body scanners used in airports can cause cancer. They employ non-ionizing radiation called millimeter wave technology, which, according to health authorities, is low-risk. To their surprise, more and more TSA workers are beginning to develop brain tumors and cancers, more so than the general population.
TSA worker health: Cancer rates among TSA employees are not just caused by scanner use but may be caused by other radiation.
Radiation exposure: This amount is very small compared to the radiation from a natural background during a flight.
Pat-down option: Instead of going through the scanner, you can ask for a pat-down. This decision depends on each person’s preference.
Continuous oversight: Health and safety organizations track the safety levels these machines possess track the safety levels these machines possess.
It is necessary to make decisions based on reliable scientific information. If you are concerned about your health, it would be a professional who understands your condition well enough.
For current, accurate information about airport security measures and safety ratings, please refer to official sources such as the TSA website or recognized health institutions.
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Thank you for providing this additional information about Gustan Cho Associates’ lending practices. Let’s break down the key points:
No-Overlay Policy:
- This means Gustan Cho Associates follows only the base guidelines set by government agencies (like FHA, VA, USDA) and GSEs (Fannie Mae, Freddie Mac) for conventional loans.
- Many lenders add their own additional requirements (“overlays”) to these guidelines, which can make loans harder to qualify for.
- By not adding overlays, Gustan Cho Associates can approve loans that other lenders might reject.
Flexibility in Lending:
- This approach allows them to consider a wider range of borrowers who might be close to qualifying under standard guidelines.
- It can be particularly beneficial for borrowers with unique circumstances that don’t fit neatly into traditional lending boxes.
Wide Range of Non-QM Programs:
- As mentioned, they offer various non-QM options for borrowers who don’t meet traditional lending criteria.
- This includes programs for self-employed individuals, real estate investors, and those with recent credit issues.
Catering to Unique Financial Situations:
- Their diverse loan offerings can accommodate borrowers needing help finding financing elsewhere.
- This could include people with non-traditional income sources, those recovering from financial setbacks, or investors with complex financial portfolios.
Potential for Higher Approval Rates:
- The combination of no overlays on traditional loans and a wide range of non-QM options suggests that Gustan Cho Associates might be able to approve a higher percentage of loan applications than more conservative lenders.
It’s important to note that while this approach can make loans more accessible, borrowers should still carefully consider their financial situation and ability to repay any loan. Additionally, non-QM loans often come with higher interest rates and fees due to the increased risk they represent to lenders. For the most current and detailed information about Gustan Cho Associates’ loan programs, guidelines, and services, potential borrowers should indeed visit their official website or contact them directly. This ensures access to the most up-to-date and accurate information tailored to individual circumstances.
https://fhabadcreditlenders.com/non-qm-loans/
fhabadcreditlenders.com
Non-QM Loans - FHA Bad Credit Lenders
Bank statement, 1099 Income Only, DSCR. Asset-Depletion, stated-income, ITIN, condotel financing, and no-Doc loans are all non-QM loans.
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When it comes to obtaining a mortgage for a log home, there are some unique considerations compared to a traditional stick-built home. Here are some key points about log home mortgage loans:
Lender Requirements: Many mainstream lenders like banks and credit unions do offer mortgage financing for log homes, but they may have stricter guidelines and requirements. Log homes are often considered unique properties, so lenders want to ensure they meet certain construction standards and can be easily resold if necessary.
Construction Standards: Lenders typically require that the log home be built to specific codes and standards, such as those set by the Log Homes Council or the International Code Council. The logs used must meet certain grading and milling requirements. The foundation, roof, and other structural elements need to be properly engineered.
Appraisal Process: Finding comparable properties for appraisal purposes can be challenging, especially in areas with few log homes. Lenders may require the appraiser to have specific log home appraisal experience or certifications. The appraiser will carefully evaluate the log home’s construction quality, condition, and any unique features.
Down Payment: Due to the perceived higher risk, some lenders may require a larger down payment for a log home mortgage, such as 20% or more. Excellent credit scores and low debt-to-income ratios can potentially offset some of the increased down payment requirements.
Specialized Lenders: There are also specialized log home lenders and lending programs designed specifically for this type of property. These lenders have extensive experience with log home construction and may have more flexible underwriting guidelines. It’s important to work with a lender experienced in log home mortgages from the start. Being prepared with documentation on the home’s construction standards, providing detailed specs, and potentially using a specialized log home appraisal can help smooth the financing process.