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I have a client with multiple 60 day lates on a mortgage in last 24 months prior to filing a chapter 13 bankruptcy..
If the mortgage is in the chapter 13 are those 60 day lates excluded from the manual underwriting guideline rule of no more than 2X 30 day lates on an installment loan last 24 months?
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This discussion was modified 1 year, 5 months ago by
Sapna Sharma.
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What is Stopping You From Buying Your First Home This Year?
Prices? Interest Rates? Inventory? Something else?
Let’s discuss
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Do you treat income taxes as past due if the taxes aren’t paid the earlier of when the tax return is filed or the last day to file without an extension? Or at some later date?
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This discussion was modified 3 years, 3 months ago by
Alan Bercovitz.
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This discussion was modified 3 years, 3 months ago by
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FHA Down Payment Assistance programs are grants or loans offered by city, county, or state housing agencies to promote home ownership in their jurisdiction. Unlike general FHA loans, FHA down payment assistance is not a national uniform federal program. Each FHA down payment assistance program has its credit and income requirements. This forum will answer questions about the individual FHA down payment assistance program per jurisdiction.
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I have always loved to play with dogs, but never had one because of the constant travel. I just do not think it is fair to constantly leave a dog at a kennel. Although a puppy can be challenging in the beginning, a baby seems to be more of a handful.
What do you think?
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I used to always change my own oil. Now, I just do not want to deal with the disposal. At this point, I am only changing the oil on the garden equipment and machines.
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Hello,
The borrower is a new Buddhist non-profit organization (Church. Actually they call it temple.) This organization is planning to buy a property in NY or NJ to establish a place for retreats, different events and classes. Their teacher, Rinpoche, is well known in Europe, US, Mongolia, India and many other countries. Where to start, what documentation do they need, how much money do they need for down payment, etc. Thank you, Tatiana
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CASE SCENARIO QUESTION FROM TAYLOR GILMORE ON DSCR LOAN
Hi Gustan,
Could you do the deal below?
commercial
refinance
in LA
on Westin
currently occupied to child care center
government program
DSCR is 1.49
building appraised for $1.2mn
$500k loan currently on property
mortgage she’s paying is $3500
income from child care center is $5400
good DSCRBest regards,
Taylor Gilmore-
This discussion was modified 2 years, 11 months ago by
Gustan Cho.
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This discussion was modified 2 years, 11 months ago by Gustan Cho.
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This discussion was modified 2 years, 11 months ago by Sapna Sharma.
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This discussion was modified 1 year, 7 months ago by Sapna Sharma.
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This discussion was modified 1 year, 2 months ago by Sapna Sharma.
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This discussion was modified 2 years, 11 months ago by
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Gustan Cho Associates has a national reputation for not having lender overlays on government and conventional loans. If you run over a case scenario on a situation you have, post it on GCA FORUM’s underwriting help desk. Our moderators will run the case scenario through not just one underwiter but will get second opinions from our top underwriting managers.
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CASE SCENARIO FROM DANNY VESOKIE QUESTIONS: Are you a super broker or direct lender. FINANCIAL PACIFIC out of Seattle did a food trailer for $45,000, 25% to 30% rate, $1,100 month for 60 months. EFA EQUIPMENT FUNDING AGREEMENT FIRST MONTH AND LAST MONTH DOWN. COMMERCIAL LOAN BROKER MADE 12% COMMISSION. DOC FEE $250, PREFUNDING FEE OF $200.END USER PAYS TO RESTAURANT OWNER. DMV PAPERWORK PRO TRUCK COMPANY PAYS. CREDIT SCORE 700, 7 YEARS IN BUSINESS.
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I filed Chapter 7 Bankruptcy on November 2019 because my judgment creditors were renewing mynold judgments. I was discharged of my Chapter 7 on April 2020. I started applying for secured credit cards the day of discharge. I got 7 Secured credit cards, two credit builder loans. By the end of 2020, my credit scores were at 680 FICO. Secured credit cards and credit Rebuilder loans are the best to rebuilding your credit scores after bankruptcy
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This discussion was modified 2 years, 11 months ago by Gustan Cho. Reason: Spelling error
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This discussion was modified 2 years, 11 months ago by
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Texas does not allow cash out refinance on FHA, VA, USDA loans. No cash out refinance on government loans but you can do cash out refinance on conventional and non-QM loans.
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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 –
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
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This discussion was modified 3 years, 3 months ago by
Eric Jeanette.
View Last Reply: replied 1 year, 7 months ago
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This discussion was modified 3 years, 3 months ago by
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The taxes in the state of NJ are just out of control. This is not sustainable and people are leaving. Businesses are also leaving and with the tax revenue leaving the state, the entire burden will rest on the shoulders of the middle class.
At some point, property values are simply going to decline sharply.
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This little tool is a must have for any/every homeowner. It ill let you know whether an outlet is hot and also whether it is wired properly. It can tell you whether it is grounded, if the neutral and hot are reversed, etc.
All you need to do is plug it into the outlet. Everyone needs this. Available on amazon here
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I cannot stand the cold weather. I am also a winter denier. There is a tractor in my shed and a snowplow attachment right next to it. I refuse to attach the snowplow because I do not want to admit that it may snow.
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Who Reports Bankruptcies to the Credit Bureaus? How and why do bankruptcies show up on the credit report? Why is it that sometimes they do not show up?
View Last Reply: replied 1 year, 7 months ago
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One of the greatest benefits for homebuyers in Illinois is property taxes in Illinois are paid in arrears. Home buyers in Illinois get property tax prorations in Illinois because property taxes are paid in arrears. Homebuyers in Illinois can use property tax proration credit towards their down payment on a home purchase. You need to show you have the down payment but you do not need to bring that property tax proration credit at title company to use for your down payment. We will cover property tax proratikon in Illinois in this thread so homebuyers sellers, loan officers, and realtors fully understand.
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This topic on non-QM loans after bankruptcy with no waiting period requirements is mainly addressed to Michelle McCue. Michelle, it has been a while since I kept up to date on non-QM guidelines on mortgages after bankruptcy and foreclosure. Do you know the credit score, down payment, credit requirements, and waiting period on non-QM loans after bankruptcy or bankruptcy?
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This discussion was modified 3 years, 3 months ago by Gustan Cho. Reason: Forgot to check NOTIFY ME BOX
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This discussion was modified 3 years, 3 months ago by Gustan Cho.
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This discussion was modified 3 years, 3 months ago by Gustan Cho.
View Last Reply: replied 1 year, 7 months ago
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This discussion was modified 3 years, 3 months ago by
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What types of jumbo loan options do self-employed borrowers have?
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What are the minimum credit and income standards to qualify for a jumbo loan?
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USDA loans do not require any down payment, and you can cover closing costs with seller concessions of up to 6%. Seller concessions are the credit sellers offer homebuyers as an incentive so the homebuyer does not have to come up with any money on a home purchase with USDA loans.
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Non-QM lenders are portfolio mortgage lenders, which means they fund their mortgage loans and either keep them in their portfolio or sell it on a private secondary market to institutional investors, insurance companies, money managers, or hedge funds.
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This discussion was modified 3 years, 3 months ago by Eric Jeanette.
View Last Reply: replied 1 year, 7 months ago
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This discussion was modified 3 years, 3 months ago by
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Non-QM loans or Non-Qualified Mortgages are portfolio loans that do not conform to Fannie Mae or Freddie Mac agency mortgage guidelines. Here are examples of non-QM mortgage loans:
- Bank StatementMortgage Loans for self-employed borrowers
- There is no income tax or income documentation required on bank statement mortgages.
- The average of 12 months of bank statement deposits is required to calculate income on bank statement loans.
- Non-QM Jumbo Loans with bad credit
- No Income Documentation Mortgage Loans
- No-Doc mortgage loans
- Asset-Based Loans
- Foreign National Loans (ITIN) mortgage loans
- Recent Credit Event Loans. …
- Commercial loans
- 1099 income-only mortgages
- Stated-income mortgage loans
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How much are the down payment requirements on jumbo loans?
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Many people use Credit Karma to check their credit scores. However, when they begin working with a lender, they find out their scores are lower.
Is Credit Karma accurate?
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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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Is Kamala Harris the best candidate The Democrats have to face former President Donald Trump for 2024 Presidential Election? Are the Democrats that desperate of having a semi-descent candidate for President? Do Democrats think the American people are that stupid? Do Democrats need to name Kamala Harris, the person who slept her way up the political latter? Kamala Harris slept with former San Francisco Mayor Willie Brown to kick off her political career. Kamala Harris is not too smart. Many people cannot believe how she even became a lawyer let alone District Attorney of San Francisco, Attorney General of California, United States Senator, and Vice President of the United States. Now she is running for President? OMG. What has Kamala Harris ever achieved in her political career. Watch this video clip about Kamala Harris.
https://www.youtube.com/live/RcsRfo16ZC8?si=gFA0rsAlw8iu0KLU
View Last Reply: replied 1 year, 7 months ago
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What do mortgage underwriters ask for CPA letters from self-employed borrowers?
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This discussion was modified 2 years, 3 months ago by Gustan Cho.
View Last Reply: replied 1 year, 7 months ago
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This discussion was modified 2 years, 3 months ago by
