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Two-to-Four unit multi-family homes are selling like hotcakes in Chicago and nearby suburbs. The minute a two-to-unit multi-family home hits the MLS, you will see dozens of buyers and a bidding war, especially in the better sections of Chicago and the suburbs. Two-to-four unit multi-family homes sell at a premium because if the owner manages right, they can live rent free in one of the units and rent out the other units in the building which pays for the mortgage. HUD, the parent of FHA, allows two-to-four unit multi-family homes with a 3.5% down payment FHA loan for owner-owner occupant primary homebuyers. With commercial financing available including construction loans, real estate investors and developers should think about buying land to build a two-to-four unit multi-family building for less than an existing building. I will do more research in buying lots and building a four unit multi-family building.
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Artificial Intelligence is hitting the real estate and mortgage industry. AI technology has hit the real estate profession like a semi running into a concrete wall at 120 miles per hour. Most real estate brokerage firms are getting inundated by marketing companies hitting them up for social media, youtube, and website marketing programs using Artificial Intelligence Technology. Artificial Intelligence Technology in the mortgage and real estate profession is hitting the industry like a category five hurricane that realtors, loan officers, and digital media marketing companies need to shape up and get with artificial intelligence technology before they fall behind the competition where it will end up hurting their business. Ronda Butts, a dually licensed realtor and loan officer at Gustan Cho Associates recently published this blog on Real Estate Artificial Intelligence Marketing which is very informative. Here is the link to Ronda Butts’ article on How Realtors are Using Artificial Intelligence for Marketing Homebuyers and Homeowners:
https://gustancho.com/artificial-intelligence-in-real-estate/
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This discussion was modified 2 years, 8 months ago by
Sapna Sharma.
gustancho.com
How Realtors use Artificial Intelligence in Real Estate
Artificial intelligence in real estate analyze data and forecast market trends, property values, and demand for specific types of properties.
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California is one of 9 community property states. Nonborrowing spouse’s debts count on government loans. Government loans are FHA, USDA. and VA loans.
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There is thousands of acres right across the Illinois/Wisconsin border on the Wisconsin side. Any real estate investor delve into buying acreage and subdividing into lots and building manufactured homes? Homes in Illinois are skyrocketing due to competition so why not cross the Illinois-Wisconsin state line and start subdividing acreage and build your dream home. Manufactured homes are better looking and better built than stick built homes. Plus the cost is a fraction of stick built homes. Amazing deals on manufactured homes.
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Per CEO MIKE KORTAS NEXA Mortgage has submitted the NMLS State Mortgage Corporate Application in New York. New York has a reputation for taking longer than any other states in approving state Mortgage NMLS licenses for companies. Branches and individuals for their NMLS licensing. The tentative expected date is around six months to one year. We will keep everyone updated occasionally when we hear anything.
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This discussion was modified 1 year, 11 months ago by Gustan Cho.
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Mortgage rates dropped for the first time since March 2023, on Thursday July 20th, 2023 per Freddie Mac. Par rates on 30-year fixed-rate conforming loans on single-family homes dropped to 6.78% from last week’s 6.96%. The drop in rates is the first decrease in mortgage rates since June and the largest single day decrease since March of this year. Mortgage rates one year today was at 5.54% and under 4.0% prior to the coronavirus outbreak. Conventional loans with loan-level price adjustments for average credit score borrowers often surpasses the 8% rate mark.
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This discussion was modified 2 years, 8 months ago by Sapna Sharma.
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Small Business Administration (SBA) loans are a type of financing that the U.S. government provides to small businesses and entrepreneurs to encourage economic growth. The SBA doesn’t lend money directly to small business owners. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions.
Here’s how the process generally works:
1. **Choose the Right Loan:** The SBA offers several different types of loans, so you’ll need to determine which one is the best fit for your business. Some of the most common ones include the 7(a) Loan Program for general small business loans, the Microloan Program for smaller loans, the 504 Loan Program for commercial real estate and equipment purchases, and the Disaster Loan Program for businesses affected by disasters.
2. **Find a Lender:** Not all banks and lenders offer SBA loans, so you’ll need to find one that does. The SBA provides a Lender Match tool on its website to help connect you with suitable lenders.
3. **Prepare Your Application:** Each SBA loan program has its own eligibility requirements, but generally, you’ll need to provide information about your business, a detailed business plan, financial statements, information on any existing debt, and personal financial information.
4. **Apply for the Loan:** Submit your loan application to your chosen lender, who will review your application and make a decision about whether or not to offer you a loan. If they approve your application, they’ll submit it to the SBA.
5. **SBA Review:** The SBA will then review your application. If it approves the loan, it will provide a guarantee to the lender, which essentially insures a portion of the loan against default. This guarantee can cover up to 85% of the loan amount, depending on the loan program.
6. **Receive Your Funds:** If your loan is approved by both the lender and the SBA, you’ll receive your funds and can begin using them for your intended business purposes.
Keep in mind that while SBA loans can provide much-needed capital for small businesses, they also come with certain costs, such as interest and fees, and require repayment over a set period of time. It’s important to understand the terms of your loan before accepting it.
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Listen to this entrepreneur explain how the food truck business works. He says the labor and food costs are the biggest expense. Location is very important—strong AC during summer and good heat in winter. Keep stability. Don’t keep on driving around. Stay in one spot for at least one year.
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Getting a mortgage in North Dakota involves several steps similar to other states. Here’s a general process:
1. **Evaluate your Financial Situation**: Analyze your credit score, income, debt, and financial stability. These factors will determine the terms and rates of your mortgage. If your credit score is low, you might need to take steps to improve it before applying for a mortgage.
2. **Research Different Types of Mortgages**: There are various types of mortgages – conventional, Federal Housing Administration (FHA), Veteran’s Administration (VA), and United States Department of Agriculture (USDA) loans. Each has different requirements and benefits. Look into these to see which one is the best fit for you.
3. **Budget for Your Home**: Decide on a price range for your home. The amount of mortgage you’ll need will depend on this. Remember to include the down payment (typically 3-20% of the home price), closing costs (2-5% of the loan amount), and monthly payments (including insurance, taxes, and private mortgage insurance if your down payment is less than 20%).
4. **Preapproval**: A preapproval letter from a lender tells you how much you can borrow, based on your financial information. This makes you a more attractive buyer to sellers. To get preapproved, you’ll need to provide your lender with various financial documents, like pay stubs, tax returns, and bank statements.
5. **Find a Lender**: Research various lenders and compare interest rates and terms. North Dakota has numerous local lenders as well as national banks and online lenders who can provide mortgages.
6. **Apply for the Mortgage**: Once you’ve chosen a lender and a type of mortgage, you’ll need to fill out an application. This usually involves providing more in-depth financial information.
7. **Home Inspection and Appraisal**: After your offer on a house is accepted, you’ll usually need to get a home inspection to check for any unseen issues. Your lender will also order an appraisal to determine the home’s value.
8. **Close on Your Home**: If everything goes smoothly with your application, inspection, and appraisal, you’ll then be able to close on your home. This involves signing a lot of paperwork, paying closing costs, and receiving the keys to your new home.
Remember, each person’s situation is unique and these steps might vary based on personal circumstances. It’s important to consult with a financial advisor or real estate professional to understand your options and decide the best path forward.
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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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Utah requires 15 NMLS hours to get a mortgage loan originator license. This extra 15 hours of NMLS CE is a one-time deal besides the 20-hour NMLS CE course required for loan officers. If you want to be a manager because you have a branch office or a mortgage company, you need to take an additional 40 hours of NMLS CE course and take a state Principal Lending Manager (PLM) four-hour PLM exam. The exam is for the state of Utah DRE/DFI and is over 200 questions. The issue is getting study materials with practice exams for the Utah Principal Lending Manager license is very difficult. I had to take the 40-hour UTAH PLM course two times because the class is only good for one year. I failed the Utah Principal Lending Manager license twice and I am scheduled to take the third time on Monday July 24th, 2023. I will keep you all posted.
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Lending Network, LLC offers hard money loans up to 70% loan-to-value in most states nationwide. HARD MONEY LOANS loan-to-value up to 75% in Utah and Nevada at Lending Network, LLC. per CEO Gustan Cho.
Hard Money Loans
Hard money loans are short-term loans secured by real estate. These loans are primarily used by real estate investors to quickly finance the purchase and renovation of a property, often to sell it for a profit (fix-and-flip) or refinance it into a long-term loan. Hard money loans are typically easier to obtain than traditional mortgages but come with higher interest rates and shorter terms.
Key Features of Hard Money Loans:
Quick Approval and Funding: Hard money loans can be approved and funded faster than traditional loans, often within days.
Asset-Based Lending: These loans are based on the property’s value as collateral rather than the borrower’s creditworthiness.
Higher Interest Rates: Interest rates on hard money loans are generally higher than those on conventional loans, reflecting the higher risk for lenders.
Short-Term: Hard money loans typically have terms ranging from 6 months to a few years, making them suitable for short-term projects.
Flexible Terms: Lenders can be more flexible with loan terms, allowing for tailored agreements based on the borrower’s and project’s specific needs.
Down Payment: Borrowers usually need to make a significant down payment, often around 20-30% of the property’s value.
Common Uses of Hard Money Loans
Fix-and-Flip Projects: Financing for purchasing, renovating, and reselling properties quickly for a profit.
Bridge Loans: Temporary financing until permanent financing can be secured or an existing obligation is removed.
Construction Loans: Funding for new construction projects or major renovations.
Land Loans: You are purchasing land to develop it in the future.
Pros and Cons of Hard Money Loans
Pros of Hard Money Loans
- Fast approval and funding
- Less stringent approval criteria
- Flexible loan terms
- Useful for time-sensitive projects
Cons of Hard Money Loans
- Higher interest rates
- Shorter loan terms
- A larger down payment is required.
- Higher risk of default due to shorter repayment period
Finding Hard Money Lenders:
Local Real Estate Investment Groups: Networking with local investors can lead to recommendations for reputable hard money lenders.
Online Directories: Websites and directories list hard money lenders by region and specialty.
Mortgage Brokers: Some brokers specialize in hard money loans and can connect borrowers with suitable lenders.
Steps to Obtain a Hard Money Loan:
Identify a Property: Find a suitable property for investment that meets the lender’slender’s criteria.
Prepare Documentation: Gather necessary documents, including property details, renovation plans, and a clear exit strategy.
Contact Lenders: Reach out to potential hard money lenders to discuss terms and conditions.
Property Appraisal: Appraising the property to determine its current and after-repair value (ARV).
Review and Accept Terms: Review the loan terms, interest rates, and repayment schedule, then accept the best offer.
Close the Loan: Complete the loan closing process and receive the funds.
Feel free to ask if you have any questions about hard money loans or need assistance finding a lender!
https://gustancho.com/what-are-hard-money-lenders/
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This discussion was modified 1 year, 11 months ago by Gustan Cho.
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This discussion was modified 1 year, 2 months ago by Sapna Sharma.
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This discussion was modified 1 year, 2 months ago by Sapna Sharma.
gustancho.com
What Are Hard Money Lenders? Hard Money Lenders are investors who lend money on real estate based on the asset rather than the credit of the borrower.
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Feel free to post general discussion topics that have to do with real estate, mortgage, financing, investing, garage sale, exotic cars, pets, rummage sales, deals, services offered, classified, home improvements, lawn equipment, tractors, gardening, ponds, sales, cars, RVs, boats, entertainment, and anything that may interest our viewers.
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What type of down payment assistance programs are available in the state of Washington. Many wholesale lenders does not allow down payment assistance programs in Washington State.
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“Best Rate: Call Now” “No Hidden Fees” “4% Interest With Our Lender.”
We have all seen the ads for mortgages. How do you know who to choose? Quicken Loans made everything sound so easy and appealing when refinancing, until you got the final documents and they overcharged you on closing costs. My wife and I had been shopping for a new home since last June. We found a great realtor who was honest and had our best interests in mind. Next was to find a lender; we did, but something came back negative on our credit report that couldn’t be disclosed. We were denied a mortgage, and this baffled us. We sent for credit reports over the next few months, but nothing was resolved. We applied again and had the same initial results at first. This time, we applied through Gustan Cho Associates. He noticed right away what the problem was. Instead of turning us away, he and his team worked diligently to get a resolution. It was a nightmare; we had a time share at one time and sold it back. The deed in lieu of foreclosure was documented. Somewhere, somehow, the time share listed us as a foreclosure. Gus sorted through everything and signed us with his company, and that was not an easy task.
Since Gus and I have become good friends, our love of dogs and fellow men has forged a friendship. Knowing I was a writer and knew a lot about food and wine, he asked me to help with his forum. I accepted since he had been so instrumental in our mortgage. Over time and in conversations, he explained his philosophy of business. I listened at first the best I could to all the topics about finance and loans, which were all Greek to me. He explained every step, and soon I began to learn.
His foundation is solid. After losing a fortune, gaining a fortune, and losing again, he learned the very first lesson. Try again! Einstein said, “The sign of a true idiot is someone who does the same thing over and over again with the same results.” Gustan had to reinvent himself. Gustan’s mantra is “failure is the best teacher.” When Gustan reestablished his mortgage business, he did what no other lender would do: he gambled on people with low credit ratings and gave them a mortgage and a chance at life. He cared about each person.
This was the start of building a new foundation. The first building block was trust. Although Gustan had trusted in the past and had been wrong, he continued to follow his heart through humanity. His philosophy was to believe in the people, not the process. The second building block was transparency. No confusion in contracts; everything is out in the open.
When my wife and I were looking at new homes, I called Gus and told him a builder was offering 4.5% on a mortgage, and he responded, “Be careful, Peter, there are a lot of hidden costs, and if they can offer you a better deal, take it.” Of course he was right; there were many hidden costs. Gus was looking out for me, the person.
Family values were the third building block. Belief in family and God may be the foundation for all of us. Honesty is another building block. Do not lie; it will only catch up with you later. Integrity is always important, as is doing the right thing. And I think the most important building block was having his workers, whom he calls his team, take ownership of the business. He has the respect of his team. Work smart and streamline; make everything clear and transparent.
Enjoy what you do, or don’t do it.
Make Cho your choice for a mortgage, Choose Cho!
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As a Utah resident and licensed in the surrounding states. I would not suggest Idaho as an option to get your MLO license. Unless you have solid connections with real estate agents from several regions throughout the state. I have only found success as an MLO in the state of Idaho due to targeting real estate investment groups outside the state. Rental properties are a good opportunity near the Air Force base in Mountain Home Idaho. Obviously, anything near Sun Valley will do well, but most of that property was swallowed up over a decade ago. Idaho Falls is seeing a huge influx of non-residents due to the recently built U.S. Government laboratories just outside of Idaho Falls. But the residents of Idaho Falls, Pocatello, and other small communities along the I-15 corridor are NOT excited about the expansion and are actively not selling their homes to investors.
Make sure you take a hard look at what Idaho has to offer you before you make the jump into that market.
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Wyoming is one of the most beautiful places on earth to live. Property values are not cheap. There is a lot of land and many homebuyers can get great deals buying a house in Wyoming. Many hard working people retire to Wyoming. Gustan Cho Associates is licensed in Wyoming.
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I want to give a five-star thumbs up to Wisconsin Bankruptcy Attorney James Miller of Miller and Miller Law. Jamie Miller is hands down the best bankruptcy attorney in the nation. Unfortunately, Bankruptcy Attorney James Miller is only licensed in Wisconsin, with offices throughout the entire state in all major counties of Wisconsin. Attorney James Miller of Miller and Miller Bankruptcy Attorneys is hands-on and has the utmost most talented bankruptcy professionals in his staff. Proud to say I am a previous client of James Miller and Miller and Miller Law Firm. If you reach out to Jamie Miller, tell them Gustan Cho of Gustan Cho Associates sent you. Bankruptcy filings will start soaring so keep Attorney Miller’s contact information handy.
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There is many conflicting answers as to when you can apply for a mortgage after Chapter 11 Bankruptcy mortgage. Per HUD guidelines, there is a two year waiting period after a Chapter 11 Bankruptcy discharge date to be eligible for an FHA loan.. Chapter 11 Bankruptcy repayment plan should be the same type of guidelines per HUD as Chapter 13 Bankruptcy. More on this in the coming days. Will be contacting HUD to get confirmation.
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Every state has a state housing authority where homebuyers can get down payment assistance for their down payment and closing costs. The lending requirements for each state, county and city is different. We will be covering every state’s down payment assistance program available through their down payment assistance program for first time homebuyers on the individual state thread of this forum.
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Great NEWS. Like to thank our National Operations Director at Gustan Cho Associates Angelica Torres for coordinating the team at Gustan Cho Associates | NEXA Mortgage to officially be an approved lender for Utah Down Payment Assistance homebuyers program. More details on the two down payment assistance homebuyer’s program coming soon.
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This discussion was modified 1 year, 11 months ago by Gustan Cho.
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This discussion was modified 1 year, 11 months ago by
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Like to congratulate Dino Hasapis for earning the best Chicago Real Estate Agent Award for Chicago Area. Dino Hasapis always goes above and beyond for all his clients. Dino Hasapis not only treats his clients like family but he follows up after each closing and makes sure his clients have no questions and is Johnny on the spot if his clients needs a referral on the area his clients moved to. Dino is trusted, loved, and respected by his clients, family and friends. All of Dino Hasapis clients become his lifelong friend and family. Very proud of you my man.
https://www.facebook.com/share/tBBjMumuX8QdXJKn/?mibextid=oEMz7o
facebook.com
I am both humbled and thrilled to announce that I've been recognized again by Chicago Association of Realtors as a top producer. I'm grateful for each and every person I have had the opportunity to...
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Commission-income borrowers can qualify for a mortgage loan. John Parker NMLS 124935 authored this blog on commission-income mortgage guidelines:
https://gustancho.com/commission-income-mortgage-guidelines/
gustancho.com
Commission-Income Mortgage Guidelines
Commission-Income Mortgage Guidelines require all self-employed and 1099 income earners 2 years of self-employment income to qualify
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I will start creating a comprehensive power point training program in GCA FORUMS for brand new loan officers, and dually real estate agents and mortgage loan officers. Becoming a mortgage loan originator can be extremely lucrative, with no limit on how much you can make. However, getting licensed and passing the national NMLS exam is the easy part. The real training starts with doing deals. Any newly licensed loan officers who have yet to have two years of full ti8m experience originating mortgage loans with a minimum of 20 million in production will need to be on a six-closed loan apprenticeship training program with a senior tenured licensed loan officer at Gustan Cho Associates. What this means is the newly licensed loan officer will get trained by an experienced GCA loan officer and take six loans from qualification to closing in order for them to become independent. The training program will be comprehensive and I will link blogs that were written to this section for reference.
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If a deal is a cash-out refi, on a DSCR loan, you need to know the loan amount and LTV, credit score, zoning, term of the lease, nor credit scores, or how long the house has been owned, the price that was paid for the house. If this is a bridge loan short term, you need to know whether it will be a 25/30 year term house is a residentially zoned neighborhood, if it’s in a commercial zone, or a permitted or conditional use permit. All of these answers will determine the type of loan along with its term, penalties, and rate, and if we can use the rental agreement VS the rental appraisal supplement 1007 (the appraiser will also perform a rental market analysis report called 1007 if a 1004 appraisal is used). Need to know if it will be for the long-term agreement for the state-certified daycare. This information determines how we will see the house classified and what type of loan will be required. Just because the lease is in place does not mean the lease amount will be used to calculate the DSCR because 1007 will also give a number, and it’s the lower of the two.
If this is a house with a conditional use permit, I could require a rebuild letter from the city or county, and The DSCR would go off the Appraisal rental supplement.
Please note that the definition of debt service coverage ratio (DSCR) is net operating income divided by total debt service.View Last Reply: replied 1 year, 11 months ago
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Greetings all, I have a commercial scenario, below are the details. What rate could we offer?
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 DSCRYou can email me at taylorgilmore86@gmail.com
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A borrower’s investment property is worth approximately $1.5M (CA 94551) and the first loan is amounting to $625K and needs to have at least $450K as a second lien. FICO is 738.
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Here is the link to USDA DIRECT LOANS, where packagers make $1,500 per file.
https://www.rd.usda.gov/files/
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Chicago is my hometown. I grew up in the Northwest suburbs of Chicago. There is no other downtown like Downtown Chicago that is as beautiful and has so many things to do. Chicago is the home of thousands of immigrants from hundreds of different countries. However, the thing that is fucking up this great city are the crazy Democrats and far left wing liberals with their asinine ideology. Need to get rid of the mice and cockroaches forever.
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