Welcome To One Solution Real Estate

One Solution Real Estate

One Solution Real Estate is a mega website about real estate, investing, mortgage lending, creative financing, residential loans, hard money lending, credit and credit solutions, and specialty mortgage loan programs. One Solution Real Estate mission to provide information and resources to real estate agents, mortgage loan originators, mortgage lenders, real estate investors, attorneys, title agents, insurance agents, home buyers, home sellers, and consumers through its sister and affiliate websites as well as its daily blog articles by real estate and finance professionals. Guest writers will include professional realtors, licensed veteran mortgage loan officers ( both residential and commercial ), real estate attorneys, veteran title officers, contractors ( on do it yourself construction projects ), real estate investors, and other members of the real estate community.

Comments And Feedback

Viewers of One Solution Real Estate should feel free to comment on every blog. Participation and comments by our viewers are appreciated. Not just asking questions but also if you feel that a topic will benefit our readers, it will be greatly appreciated if you would share it. The real estate market has gone through many changes in recent years, especially after the 2008 Real Estate and Mortgage Meltdown. Millions of real estate investors have lost millions. Many with high net worth lost everything from the real estate market crash. Besides losing everything they have worked so hard for, many had ruined their credit because the Great Recession forced them into bankruptcy and foreclosure. Millions of real estate investors have lost not just their investment properties but also lost their homes they have raised their families in and had to go back to renting. Many with solid jobs and careers had to settle for minimum wage jobs or jobs that they were overqualified for just to make ends meet. Some who had tens of thousands of debts and could not afford the funds to file for bankruptcy and had to endure the hard core calls by bill collectors year after year. Never in history of the United States and the World has the economy been so bad and so many families been affected. Prior to the 2008 Real Estate and Mortgage Meltdown, bankruptcy was hardly a common word. After the 2008 Real Estate and Mortgage Meltdown, the term bankruptcy was a household term. Bankruptcy attorneys had so much business that some bankruptcy attorneys had to turn away bankruptcy clients because they were so busy. Many real estate attorneys changed fields and became bankruptcy attorneys and their business were booming. All viewers should join our real estate and mortgage forum which is part of Gustan Cho Associates . Our goal is to develop a large online community consisting of real estate industry professionals and consumers where we can all participate on a daily basis and help consumers who have all types of questions about real estate. Real estate investment opportunities is back and will continue to grow. One Solution Real Estate will be the number one premier real estate information and go to website for real estate investors to go to for resources, especially specialty financing program.

Real Estate Market Is Recovering

The real estate market has recovered and is continuing to recover. Some areas of the United States like California and Florida has doubled in value. Homeowners who had their mortgage loan balances higher than the value of their homes are now seeing their home values recovered and can now sell their homes. Hundreds of thousands of real estate agents and mortgage loan originators who left the business due to the 2008 Real Estate and Mortgage Meltdown have come back to the real estate and mortgage industry and are doing better than ever. Real estate investors and real estate developers who have gone out of business are now back in business and are doing better than ever. The mission and goal of www.onesolutionrealestate.com is to offer as many resources as possible for real estate investors, real estate developers, real estate agents, mortgage loan officers, mortgage lenders, and consumers access and resources to further their real estate business and careers. One Solution Real Estate will be consistently be updating specialty mortgage loan programs, changes in lending guidelines, hard money lenders, top producing real estate agents, and mortgage loan officers that offer unique and creative financing programs.

Credit And Lending

Credit and income are the two most important factors in obtaining a mortgage loan. Whether you are looking for a residential loan, commercial loan, business loan, hard money loan, or specialty loan, credit is one of the most important factor in not just obtaining a loan but credit also determines your mortgage rates and terms of the loan. Through our sister credit information site, Credit Fix Advisors , credit repair tips will be offered as well as reasonable credit repair services.  Lenders do understand that many have had prior bad credit due to the Great Recession but as long as the borrower has re-established credit, lenders will gladly approve financing. Prior bad credit does not affect mortgage rates or interest rates. Credit scores is the factor that determines what your mortgage rates and/or interest rates will be.

 

How Solid Is The Pre-Approval Letter?

Importance Of Pre-Approval Letter

Realtors count on a solid pre-approval letter from home buyers. Home sellers normally will not show a property and more importantly, will not accept a real estate purchase offer from a home buyer without a pre-approval letter. A shrewd real estate agent will question the pre-approval letter that they were presented with and will often contact the mortgage lender who issued the pre-approval letter to see how solid the pre-approval letter is and to see whether the mortgage loan originator has thoroughly reviewed the mortgage loan borrower’s tax returns, W-2s, and whether the mortgage loan originator has submitted the mortgage loan applicant’s file through Fannie Mae’s Automated Underwriting System.

Do All Mortgage Loan Originators Qualify Borrowers Same Way?

The pre-approval stage is the most important part of the mortgage loan process. Many mortgage loan officers just issue pre-approvals by running the credit report and seeing whether the mortgage borrower meets the minimum credit scores. They do not review the credit report to see whether they have had any late payments in the past 12 months, see if they have any credit disputes, check for unsatisfied judgments, check to see for any tax liens, or check for any other credit issues that may come up during the mortgage approval process. A sloppy pre-approval is the main reason why mortgage loans get denied. Other more diligent mortgage loan officers will look and thoroughly review the mortgage applicant’s tax returns to see if they have unreimbursed expenses or any other debt obligations such as alimony payments, or child support payments.

Prior Foreclosure

Most mortgage loan officers do not make a mistake with prior bankruptcies from mortgage applicant’s. There is a two year mandatory waiting period after a Chapter 7 Bankruptcy to qualify for a FHA Loan from the date of the Bankruptcy discharged date with re-established credit. There is a four year waiting period after a Chapter 7 Bankruptcy discharged date to qualify for a conventional loan with re-established credit. However, with foreclosures, it is a different matter. There is a three year waiting period to qualify for a FHA Loan after the recorded date of either a foreclosure and/or deed in lieu of foreclosure. The three year waiting period does not start until the date of the sheriff’s sale or the date when the deed of the property was transferred out of the homeowner’s name into the name of the mortgage lender or the name of the new homeowner. It does not matter when the homeowner surrendered the keys to the mortgage lender. Sometimes, years go by where the deed of the property has not been transferred out of the name of the homeowner and the homeowner thought that the foreclosure process was done and that they have met the mandatory waiting period. With conventional loans, there is a seven year mandatory waiting period to qualify for a conventional loan after the recorded date of the foreclosure or the date of the sheriff’s sale. There is a four year mandatory waiting period after the date of the short sale to qualify for a conventional loan. There is a four year mandatory waiting period to qualify for a conventional loan after the recorded date of a deed in lieu of foreclosure to qualify for a conventional loan.

FHA Loans

What Are FHA Loans?

FHA Loans are the most popular mortgage loan programs in the United States today. The Federal Housing Administration, FHA, is a subsidiary of the United States Department of Housing and Urban Development, HUD. FHA is not a mortgage lender. FHA’s mission and objective is to insure FHA Loans against default from FHA mortgage loan borrowers which are originated by banks and mortgage companies who are FHA approved and where all their mortgage loans meet FHA mortgage lending guidelines.  As long as the FHA approved banks and mortgage bankers make sure that all of their FHA mortgage loan borrowers meet minimum FHA mortgage lending guidelines, FHA will insure the FHA approved banks and mortgage lenders in the event if the mortgage loan borrower defaults on their FHA Loans.

Minimum Requirements On FHA Loans

FHA Loan Requirements include the following:

  1. Minimum 580 FICO credit scores for 3.5% home purchase FHA Loans.
  2. If credit scores are under 580 FICO, then 10% down payment is required.
  3. If credit scores are under 620 FICO, then maximum debt to income ratio is capped at 43% debt to income ratio.
  4. If credit scores are 620 FICO or higher, then the maximum back end debt to income ratios are capped at 56.9% and maximum front end debt to income ratios are capped at 46.9%.
  5. FHA does not count medical collection accounts and charged off collection accounts and are ignored. Each individual mortgage lender can have mortgage lender overlays on medical collection accounts and charged off accounts.
  6. Mortgage loan borrowers can qualify for FHA Loans with unpaid non-medical collection accounts without having to pay it off or without a written payment agreement. However, if the unpaid collection balance is great than $2,000, then 5% of the unpaid balance will be used as a monthly debt payment obligation and be used to calculate the mortgage loan borrowers debt to income ratios.
  7. FHA Loan Programs allow for non-occupant co-borrowers to be added on the mortgage loan in order to qualify.
  8. Borrowers with prior bankruptcy and foreclosure can qualify for FHA Loan Programs as long as they have waited two years after a Chapter 7 Bankruptcy discharge and three years after the recorded date of foreclosure and/or recorded date of deed in lieu of foreclosure and three year waiting period after the date of a short sale.
  9. FHA Loan Borrowers can get their down payment gifted by a family member and/or relative with a gift letter which states that the home buyer is not going to pay the gift funds back and that the gift funds is not a loan but merely a gift. 100% gift funds are acceptable.

Gustan Cho Associates

If you are shopping for a mortgage lender with no lender overlays, contact Gustan Cho Associates . Gustan Cho and his associates are experts in FHA Loans, VA Loans, USDA Loans, Conventional Loans, Jumbo Loans, and Portfolio Loans. Gustan Cho Associates are also commercial loan specialists and hard money lenders. Gustan Cho Associates is also associated with Doctors Funding Group, a direct lender where it offers unsecured financing to healthcare professionals such as medical doctors, dentists, veterinarians, pharmacists, physical therapists, and chiropractors. If you need a no mortgage lender overlay lender, contact Gustan Cho directly at 262-716-8151 or email Gustan Cho Associates at GustanCho@Outlook.com.