Topics

How Do I Qualify For $0 Money Down USDA LOANS?

What are closing costs on a home purchase. What does closing costs cover? Is there closing costs on both purchase and refinance mortgage loans? Who pays for closing costs? Do all mortgage lenders charge the same amount of closing costs? How can you not pay for closing costs on a home purchase? What is seller concession and lender credit and how can you pay for closing costs with seller concessions and/or lender credit? How much are closing costs?

Do you know any banks that offer 10% down on second mortgages or 90% CLTV or HELOC with a 700 credit score or better with income of over 70,000 yearly?

I am looking to buy a house in Alabama but don’t have the 3.5% down payment and the closing costs for an FHA loan. Is there down payment assistance in Alabama or can I finance the down payment? What are my options as a first-time homebuyer? Am I able to buy a house if I do not have the down payment and closing costs for an FHA loan?

How can I get a home loan with low mortgage rates? How do lenders price mortgage rates? What are the step by step process on how mortgage lenders price mortgage rates on conventional and government loans and non-QM loans?

How to get rid of FHA Mortgage Insurance Premium?

How long do derogatories stay on your credit report? Can you please break down how long the following types of credit stays on your credit report: Late Payments, Credit Inquiries, Collection Accounts, Charge-Off Accounts, Judgments, Tax-Liens, Repossessions, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Chapter 11 Bankruptcy, Judgment, Short-Sale, Deed-in-Lieu of Foreclosure, Child Support, Alimony, Unpaid Parking and Traffic Tickets, Medical Collections.

What are mortgage rates today Monday August 5th, 2024. Why is the Dow Jones Industrial Average Down 1,000 points? Why are the 30-year U.S. Treasuries down and what does this mean to mortgage rates? Why is Gold and Silver down and what this mean? What is the Federal Reserve Board thinking?

I want to expand my team of mortgage loan originators and expand. What is the best way to recruit loan officers? What type of questions do you ask loan officers? What type of documentation do you ask to make sure the loan officer is a producer or will be a producer? On the flipside, if you are a loan officer interviewing with a branch manager of a mortgage company, how should you present yourself? What type of questions would a loan officer recruit expect from the branch manager interviewing them?

What is a private money loan? What is the difference between a private money and hard money loan? How Do I Qualify for a Private Money Loan? What is the eligibility requirements to qualify and get approved for a private money loan? What is better? Private money loans or hard money loans? Where can I get approved for private money loans fast?

• This discussion was modified 1 year, 6 months ago by  Gustan Cho.

Mortgage loan originators will initially interview a mortgage loan applicant during the qualification and pre-approval process. If I am a loan officer, how would I go about interviewing a borrower? What types of questions would I ask? How can I interview the mortgage loan borrower and make sure they are telling me the truth so nothing goes wrong with me issuing a pre-approval letter. HOW TO INTERVIEW A MORTGAGE LOAN BORROWER?

How to Wholesale the house and make over $20,000?

What is a 1003 Mortgage Application? What type of information is asked on the 1003 mortgage loan application? How do a mortgage loan applicant complete a 1003 mortgage loan application?

I would like to purchase condominium units as an investment. What do I need to do to qualify for condominium loans? What types of investment loans are available for condominiums? Can you explain the difference between non-warrantable and warrantable condominiums? Also, how much down payment do I need? Lastly, what are the eligibility requirements for condominium loans?

What are discount points in mortgage loans? What is the purpose of discount points? Why do I need to purchase discount points? Who charges discount points and how does discount points benefits the buyer? How do we know if a discount point is worth the cost?

First-time homebuyers and loan officers. Have you hear of EPM DOWN-PAYMENT ASSISTANCE PROGRAM? Equity Prime Mortgage has a forgiveable down-payment assistance program on FHA loans where the down payment of 3.5% is covered as a second mortgage but it is forgiveable after six months. What does forgiveable mean on DPA programs? Forgiveable means that after a certain period of time, if you sell the house or you refinance out of the FHA EPM DPA loan, you do not have to pay the DPA loan of the 3.5% back. The maximum debt-to-income ratio is 48.99% front-end and 48.99% back-end. The EPM DOWN-PAYMENT ASSISTANCE PROGRAM is borrower paid transaction. Therefore, you need to get a 6% seller concession for you to get into a house with no money down and with no closing costs or little closing costs. In most cases, there is no down payment or closing costs. The EPM DPA Mortgage Program is availble on FHA loans in standard areas and high-cost counties like many counties in California. Here is an article I wrote about the EPM Down Payment Program. People that qualify are first-time homebuyers, homebuyers who are first-responders, teachers, veterans, and professionals in the medical field, and homebuyers who earn a certain amount of income based on their county:

https://gustancho.com/down-payment-assistance-mortgage/

gustancho.com

EPM Empowered Down Payment Assistance Mortgage Program

There are recoverable and non-recoverable Down Payment Assistance Mortgage for Homebuyers is offered at Gustan Cho Associates

If you lend in California? Are you aware of Prop. 19 Property Taxes? Do you qualify FHA loans, based on Prop. 19 property taxes? When a senior over age 55 sells her home, and purchases her next home, she can carry her current base property tax rate to her new house, thereby helping a lot to qualify for the loan. There is a calculation and explanation at this government. I will most certainly qualify for Prop. 19. The lender will also have to gross up my non-taxable part of my social security income in order to make the income better. This is legally allowed. 33% of my social security income is non-taxable, therefore, this percentage can be grossed up by 1.25% (I think this is the percentage). This makes a difference. Normally, lenders qualify by taking 1.25% property tax in calculations, however, that amount is very high and when it gets added to monthly payment, then the DTI is not met. For example, on a $615,000 home, with a loan of $304,000, the property tax (1.25%) is $651 per month. With Prop. 19 calculations, it comes to only $482.33. This makes a big difference in cases like mine who is trying to qualify for the highest price home possible based on my income. Last question – does the house I am purchasing have to meet FHA loan criteria? Before I go further, I was wondering if you are aware of Prop. 19 and grossing up income? I will try calling you next week.

• This discussion was modified 1 year, 6 months ago by  Dawn.

Do you service loans in Northern California? What kind of loan can you offer which would give me the highest Debt to Income Ratio?

My income is short, however, up to 825 credit score, clean credit and steady income documentation. Have a townhome, which would have to sell and put down up to 50% on my next purchase, however, am not meeting DTI. Looking for a single family home, would be my primary home, after selling my current townhome. Need 57% to 60% DTI. Maybe FHA? Not tried that route yet.

• This discussion was modified 1 year, 6 months ago by  Dawn.
• This discussion was modified 1 year, 6 months ago by  Dawn.

Can I buy a house via FHA loan with high student loans?

Can I get a mortgage with under 580 FICO credit scores?

Can a Borrower qualify for FHA with Low FICO Credit Scores?

Can switching to extended student loan payment help with DTI?

Can I get a VA loan if My va loan was not included in my chapter 7?

Can a FHA appraisal be transferred to another mortgage lender?

Can I get mortgage with good credit scores but recent late payment?

Can I use previous W2s and a current YTD paystub if the current has OT?

Can a Non-Occupying Co-Borrower be a friend and not a family member? I realize that HUD Guidelines require non-occupant co-borrowers to be related by law, blood, or marriage. Fannie Mae and Freddie Mac does not require non-occupant co-borrowers need to be related to the main borrower by blood, law, or marriage.

Can I use my spouses income on an FHA loan even though her credit is bad?

Can i get a cash out refinance if i had a forclosure 6 years ago my score is 650?

CAN I QUALIFY FOR A MORTGAGE WITH A 580 CREDIT SCORE IN CALIFORNIA?