Florida Mortgage Lenders With No Investor Overlays

This Blog On Florida Mortgage Lenders With No Investor Overlays Was Written By Gustan Cho NMLS 873293

Are you a home buyer who have been denied by multiple mortgage lenders and were told that you do not qualify for a FHA Loan because of overlays? Have you done your research and know for a fact that you meet the minimum FHA Guidelines and know that you meet all of the lending guidelines under HUD but are still being denied for a FHA Loan? Are you told that the only loan program that you may qualify for is NON-QM Loans or hard money loans? Do not take no for an answer. If there is a will, there is a way. You have come to the right place. Florida real estate is hot again since the 2008 Real Estate and Mortgage Meltdown and home buyers who have lost their homes or filed bankruptcy are now ready to buy Florida real estate again. Property investors and home builders are back purchasing properties, rehabbing them, and reselling them at a handsome profit. There are more buyers than homes in the market and home prices in Florida, as well as most areas of the United States, are appreciating double digits year after year with no sign of a slowdown. With tough mortgage rules and regulations with conforming loans and taking an average Fannie Mae and Freddie Mac investment conventional loan over 45 days to close, many property investors are turning to Hard Money Loans Florida where closing can happen in a much short time. There is no need to resort to hard money lenders or NON-QM Lenders. The Gustan Cho Team at CrossCountry Mortgage NMLS 3029 is a Full Eagle, Fannie Mae, Freddie Mac, Ginnie Mae nationally known mortgage banking firm licensed in 50 days with no overlays on government and conventional loans with a 21 day closing policy.

How did I get a Cash out of my Investment Property while I was getting my Credit Fixed?

This is a story a client told me recently.

In the paraphrased words of Peter Bieda the Borrower:

Easy I found a Hard Money lender. Well it was almost easy. I had a problem with the first few lenders I talked to.

Lender One Of Hard Money Loans Florida

Lender one didn’t like the fact I didn’t have a clear plan of what I needed the cash for. I did but the guy was short with me, and kind of intimidated me a little. It was the first time I talked to a lender. I told him about things I wanted to do. I didn’t focus on my true intent.

I said I was looking for 2 or 3 properties, and I wanted to flip them and make some money. Duh, that’s half the people that call the guy.

I didn’t have any idea of what the actual purchase price range I would be looking at would be, how much I planned on spending for rehab, and what I could sell the property for. The lender also pointed out I needed to know how much a Realtor commission and closing costs would be. Apparently I didn’t figure any of this stuff into my equation or plan mostly because I didn’t have a plan.

So wrote down what I wanted to do.

Lender Two Of Hard Money Loans Florida

Lender 2 told me I wasn’t going to make enough money. He said he was passing on the deal.

Hugh, he was concerned with how much money I was making. I asked him why. He told me if I am not make 20-40% on my flip, he wouldn’t lend. Then he went on to tell me how Private Money Lenders have to worry about the borrowers making money, or they can default, or even go to sell the property they just rehabbed and have to bring a check to the closing. Hugh……. Then he said he had a situation where he had to lend one of his borrowers $10,000 to sell a property. Although, I wrote down my plan before I called Hard Money Lender 2, I didn’t think about any of this stuff.

No one asked me why my credit sucked. We never got that far.

Lender Three Of Hard Money Loans Florida

Lender number 3 asked about all my credit issues after I told him about the 2 flat in Tampa, Florida I could by for $62,000 and sell for $150,000 after I put $15,000 into it. Why did he now ask me about my credit? He was interested in my deal. I had a house worth $180,000 that I owed $15,000 on. Then I had a clear plan, a good deal in place, and l appeared to Hard Money Lender 3 to know what the heck I was doing.

Finding Lenders With No Investor Overlays

Borrower Peter Bieda had credit challenges, but he learned that he has to present an opportunity to a Private Money Lender that makes sense, and helps them both make money when it comes to investment home financing. 

If You Have Credit Issues, There Are 2 Things You Have To Do In Order:

  • Find Lenders With No Investor Overlays
  • First you have to sell your project, or idea for why you need the money.
  • Remember, there are a ton of other people looking for money.
  • You need to then sell yourself.
  • Why do you have these credit challenges?
  • What are you going to do to fix them?
  • Why are you a good bet to for a Private Money or Hard Money Lender to take a risk on.

The Gustan Cho Team at CrossCountry Mortgage

Gustan Cho NMLS 873293 is the are manager of The Gustan Cho Team at CrossCountry Mortgage Inc. NMLS 3029 and his expertise is in lending guidelines. CrossCountry Mortgage is one of a few national Lenders With No Investor Overlays. The Gustan Cho Team at CrossCountry Mortgage is the lender of choice if you are shopping for Lenders With No Investor Overlays:

Here is a little background and history on Gustan Cho NMLS 873293

  • Gustan Cho NMLS 873293 has been a licensed mortgage banker since 2012.
  • Gustan Cho is the Editor in Chief of Gustan Cho Associates and its subsidiaries and partners.
  • Over 75% of borrowers of The Gustan Cho Team at CrossCountry Mortgage are folks who have gotten a last minute mortgage denial or are going through a major stressful mortgage loan process with their current lender.
  • Reason for last minute loan denials and stress during loan process is due to loan officers not properly qualifying borrowers or due to overlays with the mortgage company the original loan officer works
  • The Gustan Cho Team at CrossCountry and its licensed and support personnel are experts in structuring mortgage loan files prior to submission to make sure it has been structured completely where there are no issues during the mortgage process.
  • CrossCountry Mortgage is a national full service national Fannie Mae, Freddie Mac, Ginnie Mae mortgage lender with no overlays on conventional and government loan programs and is licensed in 50 states.
  • The Gustan Cho Team specializes in helping borrowers who have had credit and/or debt to income issues get mortgage loan approvals.
  • Again, Over 75% of borrowers represented by Gustan Cho Associates are folks who have been denied or could not qualify at other mortgage lenders.
  • The mission of Gustan Cho NMLS 873293 and The Gustan Cho Team at CrossCountry Mortgage is to make every borrower realize their dream of home ownership become a reality.
  • The pre-approval stage of the mortgage process is the most important stage and The Gustan Cho Team at CrossCountry Mortgage take every pre-approval seriously and another mortgage professional always reviews a loan officer’s pre-approval prior to issuance.
  • The Gustan Cho Team at CrossCountry Mortgage NMLS 3029 has a national reputation of getting loans closed where other lenders can’t because of its no overlay policy.
  • CrossCountry Mortgage NMLS 3029 will not close all of its pre-approvals, but will close them on time.
  • Most loans at CrossCountry Mortgage close in 21 days or less.
  • All loan officers of The Gustan Cho Team at CrossCountry Mortgage realize the importance of communication between borrower and loan officer and it is this reason why Gustan Cho Associates is available 7 days a week including evenings, weekends, and holidays.
  • Gustan Cho NMLS 873293 is the lender of choice if you are shopping for Lenders With No Investor Overlays in Florida.

Related> How do I qualify for a private money loan?

Related> Private Money Lenders

Related> How do I qualify for Hard Money Loans?

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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