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Yvonne Schitnzel offers FHA LOANS with 600 FICO. MAX DTI 46.9/56.9 HOUSING COURSE REQUIRED, 2% OVER FIRST NOTE RATE AMORTIZED OVER 10 YEARS.
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How do 401k Loans Effect a Mortgage Application? Can someone get a mortgage if they have a 401k loan and does it count against them?
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Here is a blog written by Mehgan Bahm about buying a foreclosed home.
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Many people like to purchase homes with acreage so they are not close to neighbors. Some homeowners have over 20 acres and are having difficulty getting financing on first or second-mortgage loans. Working on a case now where my client has a home on 81 acres, and there is not a single non-QM wholesale lender that will touch this property due to the large acreage the home sits on. The Veterans Affairs Administration will allow VA loans on large acreage if the property is not a working farm. In this thread, I like to go over financing a home that sits on acreage, what a working farm is, what the definition of a hobby farm is, and the loan options homeowners who want to buy or refinance on a home with acreage have. Luckily, I have a super cool client who is working with me on getting these obstacles answered. I have not yet encountered a single wholesale lender who will finance a first or second mortgage on homes larger than 10 acres.
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You need to first complete the 20 hour NMLS pre-licensing course from a NMLS approved course provider. We recommend you contact Angie Crippen from Oncourse Learning. The link is listed on http://www.gustancho.com on the home page on the the box that says MLO SCHOOL. You then have to pass the National NMLS 125 question exam and get a 75%. You then apply for a license in the state of your choice. Once you get licensed, you are read tobget sponsored and hired by a mortgage company.
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Should You Cancel Credit Cards Before Applying for a Mortgage? Is this a good idea? OR, is it better to just pay them down?
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Gunner is a very smart dog. He’s been humanlike since I got him. When he was a baby, he gets off the bed and goes to the hardwood floor and lays there spread eagle since it is cooler there. Now, he squeezes next to my side of the bed to get face first in my fan I have next to my pillow. Here’s a picture and a small video clip
🤣
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What are the guidelines on gift of equity on VA LOANS. What are the VA GUIDELINES on purchasing a home from a family member under market value.
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Lately, we have seen many late payments in the past 12 months from mortgage loan applicants. I just got news from Alex Carlucci that he got clear to close on a manual underwritten FHA loan for a borrower with many late payments due to extenuating circumstances. Due to extenuating circumstances, Alex Carlucci got approved with tons of late payments in the past 12 months via manual underwriting.
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South Dakota, located in the Midwestern region of the United States, has a diverse array of beautiful homes in its towns and cities. Some of the best places to live with picturesque residences include:
1. **Sioux Falls**: As the largest city in the state, Sioux Falls offers a mix of urban living and outdoor activities. It has many upscale neighborhoods with beautiful homes, like the historic McKennan Park district.
2. **Rapid City**: Known as the “Gateway to the Black Hills”, Rapid City is surrounded by breathtaking natural beauty. The West Boulevard Historic District showcases many beautiful historic homes.
3. **Spearfish**: Nestled in the northern Black Hills, this small city has an abundance of outdoor activities and is near Spearfish Canyon, a location known for its natural beauty.
4. **Deadwood**: This historic city offers a blend of modern living with an old western charm. Homes here have a unique architectural style and historic feel.
5. **Brookings**: Home to South Dakota State University, Brookings has a vibrant community with a number of beautiful homes, particularly in the historic districts.
6. **Pierre**: As the capital city of South Dakota, Pierre has many beautiful homes. With the Missouri River running alongside the city, some residences even offer waterfront views.
7. **Aberdeen**: This city is a regional hub and the third most populous city in the state. The historic districts, like Highlands Historic District, feature lovely homes with classic architecture.
8. **Hill City**: Known as the “Heart of the Hills”, Hill City is the oldest city in the Black Hills and has many beautifully designed homes amidst the forests and hills.
9. **Vermillion**: Home to the University of South Dakota, Vermillion has a rich cultural scene and an array of housing options, from historic houses to modern designs.
10. **Belle Fourche**: This small town is a rural, scenic paradise with the Redwater River flowing through it. Belle Fourche has many charming, picturesque homes.
Remember to visit these places personally and consider other factors like cost of living, education, employment opportunities, healthcare facilities, and community engagement while deciding where to live. Also, remember that “best” and “beautiful” are subjective terms, and personal preferences may vary.
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Yes, it is possible to get a mortgage in Minnesota (or any other U.S. state) with bad credit, but it can be more challenging. Here are some things you might want to consider:
1. **FHA Loans:** Federal Housing Administration (FHA) loans are often a good option for those with bad credit. They are insured by the government and lenders are more willing to take on borrowers who are seen as higher risk. The minimum credit score for an FHA loan is generally around 580, but some lenders may work with borrowers who have lower scores.
2. **VA Loans:** If you’re a veteran or active-duty military, you may be eligible for a loan from the U.S. Department of Veterans Affairs. VA loans typically don’t require a minimum credit score, but the lender you choose might have its own requirements.
3. **Subprime Mortgages:** These are offered to home buyers with poor credit. However, they usually come with higher interest rates and fees to compensate for the additional risk the lender is taking on.
4. **Credit Union Mortgages:** Credit unions may be more willing to work with you if you have bad credit, especially if you’ve been a long-time member.
5. **Co-signer:** If you have a trusted friend or family member with good credit, they may be willing to co-sign the mortgage loan. This means they’re agreeing to take responsibility for the loan if you can’t make the payments.
6. **Work on Improving Your Credit:** Even if your credit is bad now, it might be worth it to spend some time improving your score before you apply for a mortgage. This could involve paying down debt, getting any errors on your credit report corrected, or simply making sure to pay all your bills on time.
Keep in mind that even if you can get a mortgage with bad credit, it might not be the best financial decision. You’ll likely end up paying significantly more in interest over the life of the loan than you would if you had better credit. Before you decide to get a mortgage, you should talk to a financial advisor to understand all the implications.
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replied 1 year, 7 months ago
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There has been a trend in recent years of Americans moving from higher-cost, typically more liberal-leaning states to states with a lower cost of living, many of which lean more conservative. This is a complex issue that involves many factors beyond politics, including housing costs, job opportunities, taxation, quality of life, and climate.
As of my knowledge cutoff in September 2021, there’s been a significant outflow of residents from states like New York and California to states such as Texas, Florida, and Tennessee, among others. While these trends may be influenced by political preferences for some, it’s important to note that not everyone’s reasons for moving are political. Many people are likely motivated by economic factors such as the cost of housing and the job market.
It’s also worth mentioning that migration trends can change over time due to shifts in the economy, changes in state and local policies, and evolving societal attitudes. For example, the COVID-19 pandemic significantly affected migration patterns as more people started working remotely, giving them more flexibility to live in places with a lower cost of living.
The impacts of such migration trends can be significant, affecting the economies, demographics, and political landscapes of both the states people are leaving and the ones they’re moving to. It can lead to shifts in political power, as reflected in the decennial redrawing of congressional district boundaries and the apportioning of seats in the House of Representatives.
To get the most current information, please refer to the most recent census data, state demographic data, or surveys from moving companies, as these sources can provide a more accurate and updated picture of migration trends.
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Besides NEXA Mortgage, what other mortgage companies offer revenue share and residual income and how does it work?
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What are the Alternative Credit Tradelines, when and how to use?
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Fannie Mae and Freddie Mac are the two largest institutional buyers of mortgage-backed securities on the secondary market.
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Many manufactured homes are hands down better than stick built homes. You cannot tell its a manufactured home. Double wide manufactured homes are reasonable and affordable. Architecturally elegant, strong, and has all the upgrades of stick built custom homes.
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Most people don’t know that El Yunque Rainforest is just beside Old San Juan, so the heat is broken up with beautiful (and cooling!) flash showers.
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We have banana and plantain trees in the backyard of our home in Cabo Rojo, our favorite local beach is just down the road, and there is Puerto Rican pride with the flag painted on one of the buildings in the town center in Aguada!
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What happens if you are in the VA loan process and the property has issues and you can’t close? Can you just find another with the same price or less? Or does that mean you would have to file for court approval again?
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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.
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How To Get a Mortgage Buying a Home in Puerto Rico
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This discussion was modified 2 years, 10 months ago by
Gustan Cho. Reason: update
gustancho.com
How To Get a Mortgage in Puerto Rico
The best advice how to get a mortgage in Puerto Rico is to consult with a lender with no overlays with access to multiple wholesale lenders
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This discussion was modified 2 years, 10 months ago by
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Meghan Bahm has written a nice detailed blog on Why Americans Move To Puerto Rico on the blog section of this forum. Please check it out.
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Francois is a legend. An award winning chef for decades, and has the best recipes for southern cajun food. Francois is also a food truck builder where he can deck out an old truck into a five star class AAA food truck. Going to be meeting Francois with some of his food sample so we can explore opening a restaurant and food truck business franchise. Stay tuned.
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This is a quick synopsis of what you absolutely need for and manufactured, mobile, or modular home purchase or refinance.
1. Freddie Mac, Fannie Mae, FHA, VA: The manufactured home must have been built on or after June 15, 1976. For single-wide & double-wide manufactured homes.2. It must be Real property (A clear chain of tile) The home cannot reside in a mobile home or RV park. It must be fixed to a concrete slab (slab on grade) by hurricane straps or wire ties. If fixed to pylons, you must ensure the appraiser notes how the home is fixed.
3. Engineering Certification. This must have been completed by the original owner or any previous owner. If there is no engineering certification, this will need to be done before closing. Schedule this at the same time you schedule the 1004C appraisal.
4. Make sure the realtor, homeowner, or appraiser locates the data plate from the manufacturer. This is crucial. If this cannot be found the homeowner should have a copy of the original closing docs, which will likely have the data plate serial number. If not, check with the title company, they may be able to locate it through title records. If that does not work , your last hope is with the county records.
4. All manufactured, mobile or modular homes can only be approved with a 20-year term. NO EXCEPTIONS! When entering data into your LOS, you set the term as custom (20 years).
Modular Homes: Modular homes must have an additional egress (Exit) other than the stairway if the home has a basement. The modular home must sit on a seal plate.
If you have all of these must-haves accounted for, you will have a much better chance to get a CTC.
Let’s Make Your Mortgage Work For You!
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This discussion was modified 1 year, 5 months ago by
Sapna Sharma.
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This discussion was modified 1 year, 5 months ago by
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Is it possible to alleviate your monthly debts without having to sell your home or refinance with another 30 year mortgage even if you have significant mortgage balance and credit card debt?
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Hard money loans in Utah will go up to 75% LTV while other states is 70% LTV.
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Scenario: Borrower wants to do a Cash-out refinance. Property worth is $350K and she owes $157K.
Rocket Said that they can do a Refi Debt Consolidation in August.
Issue: Mortgage late: 08/2022
Recent Lates: 06/23 (2 tradelines)
Open Tradelines: 3 (car, and 2 CC)
FICO: 459
Thank you
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There are certain states that you cannot do NO-DOC Loans. Anyone know what states you cannot do no-doc loans.
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This discussion was modified 1 week ago by Sapna Sharma.
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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.
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This discussion was modified 3 years, 3 months ago by
Eric Jeanette.
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This discussion was modified 3 years, 3 months ago by
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I know it can be stressful when selling and then buying a home on the same day. The concern is when you need the down payment from the sale of the one home to help buy the other one. How does this work?
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