This Blog On Florida Mortgage Lenders With No Investor Overlays Was Written By Alex Carlucci of GCA Mortgage News
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 research and know for a fact they meet the minimum FHA Guidelines?
- Do home buyers know they meet all of the lending guidelines under HUD but are still being denied for a FHA Loan
- Are borrowers being told that the only loan program they 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
In this article, we will discuss and cover Florida mortgage loans with no lender overlays.
Florida Housing Market
Florida real estate is hot again since the 2008 Real Estate and Mortgage Meltdown:
- Many 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
- 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 average turnaround times to close investment property loans over 45 days to close. Many investors are turning to alternative financing where closing can happen in a much short time.
There is no need to resort to hard money lenders.
Gustan Cho Associates Are Licensed Florida Lenders With No Investor Overlays
Gustan Cho Associates Mortgage Group represents a Full Eagle, Fannie Mae, Freddie Mac, Ginnie Mae nationally known mortgage banking firm licensed in multiple states. We have no lender overlays on government and conventional loans with a 21 day closing policy
- GCA Mortgage Group are also experts in non-qm loans and bank statement loans for self employed borrowers
Case Scenario On Cash-Out Refinance While Getting Credit Repaird
This is a story a client told me recently.
In the paraphrased words of 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 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 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.
Gustan Cho Associates Mortgage Group
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 Gustan Cho Associates 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
Gustan Cho Associates 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.
National Lender With No Overlays
Gustan Cho Associates represents a national full service national Fannie Mae, Freddie Mac, Ginnie Mae mortgage lender with no overlays on conventional and government loan programs
- 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 Gustan Cho Associates Mortgage Group 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 GCA Mortgage Group takes every pre-approval seriously
A second mortgage professional always reviews a loan officer’s pre-approval prior to issuance.
Our Mission At Gustan Cho Associates
Gustan Cho Associates Mortgage Group has a national reputation of getting loans closed where other lenders can’t because of its no overlay policy:
- GCA Mortgage Group will not close all of its pre-approvals, but will close them on time
- Most loans at GCA Mortgage Group close in 21 days or less
- All loan officers of Gustan Cho Associates Mortgage Group realize the importance of communication between borrower and loan officer
- This 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.
About The Author Alex Carlucci Of Lenders With No Investor Overlays
Alex Carlucci is a senior mortgage banker with Gustan Cho Associates. Alex Carlucci is also a contributing writer for Gustan Cho Associates Mortgage News. Gustan Cho Associates is known nationally for not having any lender overlays on government and conventional loans. Gustan Cho Associates is one of the few national Lenders With No Investor Overlays. Gustan Cho Associates is one of the largest five star lenders in the state of Florida