NON-QM QUESTIONS & FAQ’s FROM AN AE’S POV

[Cameron]

Check out the G-PA! Bridge ( GAP ) loan & let me know if you see this as a product that can benefit your hustle.

* Think of this as a 1-2 year term NO DSCR / Hard Money ( Minus the ” HARD ” ) loans you cant get approved DSCR *

* Fix & Flip without the Fix ( No Rehab Money included in LTV )

If you cant do DSCR you can most likely get funding going with this product for the reasons laid out below:

GAP PLATFORM ADVANCEMENT

A Bridge Loan for Purchase, R/T & Cashout rental properties 1-4 units :

• First time homebuyers – allowed

• NO PPP

• First Time Investors – allowed

• Living Rent free – allowed

• Up to 75% LTV

• Min FICO 650

• No tradeline requirements

• Multi-family OK

• Cash out to 65% LTV

• Foreign National- No credit references required.

• Short Term Rentals OK*

• NO Min DSCR Options

• Vacant units – allowed

G-PA_whitelabel.pdf 1,014 KB PDF - Click to view

• Copy Download Link

[Gustan]

Cameron, what type of multi family apartment building loans can The Lender do. What is the maximum number of units, the minimum credit score required, and loan-to-value on apartment buildings.

[Cameron]

Hey Gus,

Please check out this post i did a few months back 🙂 it will show you eveyrhting you need.

we do 1-4 units for all NON-QM & DSCR &

We even do 5-8 units & 2-8 units Mixed Use for DSCR too 🙂

https://forum.gustanchoassociates.com/members/cleclair/activity/2361/?no_frame=1

forum.gustanchoassociates.com

Timeline – Cameron – GCA Mortgage Forum

Timeline – Cameron – GCA Mortgage Forum

[Gustan]

Cameron, buyer is buying a renovated single family home that has been purchased four months ago. What is the seasoning requirements.

[Cameron]

Hey Gus,

if the property is financed we need 6 months.

[Ollie]

What if the property is being sold to a new buyer. The seller bought it less than six months ago.

[Cameron]

in this case its a purchase & there is no seasoning 🙂 Any negative implications would be on the sellers part not new buyer regarding prepayment penalties per the agreement with their bank .

[Gustan]

Cool. Felix Nicolas has a deal for you then. How long is the seasoning requirement for the down payment on gift funds for the down payment?

[Cameron]

2 months seasoning for Down Payment ( from borrower ) & ( No seasoning ) on Gift funds used.

[Bentley]

Question for Cameron LeClair the man. What do you think about the volatile financial markets. Treasuries are 4.8%. Conventional loans are at 8%. What do you think about rates?

[Cameron]

Morning Bentley!

Wanna know what i really think? …. who cares about rates.

From A Lender’s POV it has been slower, but were growing and hiring new AE’s everyday & were not stopping here at theLender, but alot of other lenders are struggling and its unfortunate.

The real estate market will always be there, & there is plenty of fish in the sea, if you know how to catch them.

Regarding pricing, yes rates are at a 27 year all time high, but during our company’s quarterly meeting they mentioned that We could be looking at Q2 – Q3 next year for pricing to start to reduce.

This is what the big wall street investors are saying could be possible, but you know just as much as i do, that nobody really knows.

We have been going through these rate hikes for 2-2.5 years already & nobody can be certain.

We can be at the Halfway show of the super bowl of this volatility or we can be in the Q4 Finals & could be almost at the finish line.

That being said millionaires will be made at one point and this is the time to grind your heart away & get that paper until youre in Cabo San Lucas Again chilling with a nice Pina Colada.

Market share Grow your business & find your niche that allows you to succeed in any market & You will be successful now & even more in the years to come.

That is my mentality and has worked efficiently.

* Dont forget Holidays are coming as well, so naturally we might see a decrease as brokers & borrowers are focusing more on family time & slow season is coming, but again, Billions of people in America, all in different situations & the Market is there if you know how to get it *

[Jeannie]

The current president and his administration are incompetent and corrupt. The country needs to have term limits. There is no way in the world that politicians could become multi millionaires on their public servant salaries without being compromised by corruption and bribery. How did Dementia Joe Cheatin Biden become a multi millionaire as a career politician? How about Barack Obama, Hillary Clinton, Bill Clinton, AL Gore, Nancy Pelosi, and other politicians? SMH. Unless we get rid of the corruption in politics, Americans will be victims of criminals who are the very crooks they are voting for.

[Gustan]

Good morning Cameron. Tim has a client buying a 4 unit buying a 4 unit multi family owner occupied home in Los Angeles for $3 million. Maximum FHA loan limits in Los Angeles County is $2.1 million. Can he get a second 95% CLTV for a high balance FHA loan? Do you have any idea Cameron LeClair the man.

[Cameron]

Our MAX CLTV is 90% on our 2nds & Max total Lien requirement is maxed at $2.5 Million. So that will cause an issue too.

[Gustan]

How about 2 to 4 units. Does second mortgage on piggyback lower than 90% LTV, Cameron? Can he get a seller second?

[Cameron]

Hey Gus,

90% is the Max For out 2nds, & even with seller carry seconds, we still would need the borrower to put down 10% of their own funds because MAX CLTV is 90%.

so no surpassing that

thanks

[Cameron]

Hey Gus,

Scratch that – its actually 80%

80% is the Max For out 2nds if you need it for a piggy back, & even with seller carry seconds, we still would need the borrower to put down 80% of their own funds because MAX CLTV is 80%.

so no surpassing that

thanks