Fresno Venture Capital Partner Podcast

When you borrow money to buy a home, you’ll see many numbers thrown around. Most buyers focus on the purchase price of the home. It’s an indicator of whether or not you can afford the price. But since you probably won’t pay cash only, you must consider the loan amount.

The loan amount is the money you borrow to buy the home. It usually differs from the purchase price since most lenders don’t always provide 100 percent financing. Considering the loan-to-value ratio is important too. This value compares the purchase price and the loan amount and is a number lenders talk about often.

Understanding these numbers helps you make solid real estate investment decisions. While focusing on the purchase price makes sense, it’s the loan amount that plays the most important role in your decision, here’s why.

What’s The Purchase Price?The purchase price is the amount you agree to pay the seller. It’s the amount on your sales contract or the amount your real estate agent worked so hard to get the seller to agree to.

For example, a home is listed for $300,000, but your real estate agent gets them down to $285,000. Your purchase price is $285,000. That’s what you agree to pay. Now, you probably don’t have $285,000 lying around, so you need financing, which is where the loan amount matters.

The Loan Amount Isn’t The Purchase PriceThe loan amount differs from the purchase price because most lenders won’t give you 100 percent of the sales price. We’ll use our $285,000 sales price example from above. Traditional lenders or banks will typically give you 80 percent of that amount, so $228,000 if you live in the home as your primary residence. Primary residence properties have a lower risk of default because you live there, but you must come up with the remaining $57,000.

Lenders require your own investment to reduce the risk of default. They call it having ‘skin in the game’. Traditional loans require a 20 percent investment. Lenders feel if you have 20 percent of your own money invested, you’ll be more likely to pay your bills on time and not default on the loan, risking your property.

MKG Enterprises Corp. Third-Party Originator

NLMS ID 1370394

Call 559.412.7248 to speak to a loan officer

Website:

https://www.blink.mortgage/app/signup/p/mkgenterprisescorp (https://www.blink.mortgage/app/signup/p/mkgenterprisescorp)

GSFA Platinum borrowers with certain occupations are eligible to apply for a DPA Gift instead of a Second Mortgage. The DPA Gift never has to be repaid.

Qualifying occupations in CA include:

Medical and Healthcare workers;

Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity;

Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs), including administrative staff that supports firefighters; and

Current members of the California State Teachers Retirement System (CalSTRS) or University of California Retirement Plan (UCRP), employees of a California accredited Private, Charter or Public School District or California State University, Junior College or Private College, including school administration and staff.

Program HighlightsFinancial assistance for down payment and/or closing costs (Now up to 5.5%).

Homebuyer doesn't have to be a first-time homebuyer to qualify.

Perfect credit not required. FICO scores as low as 640 can qualify.

Flexible income limits (low-to-moderate income).

Various first mortgage loan types available to fit the needs of the homebuyer

(FHA, VA, USDA and Conventional financing)

The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. On a $300,000 Mortgage Loan, 7% in assistance is $21,000.

The program is limited to owner occupied primary residences only. There is no first-time homebuyer requirement and the qualifying guidelines are flexible.

Program HighlightsFinancial assistance up to 7%, to use for down payment and/or closing costs.Homebuyer doesn't have to be a first-time homebuyer to qualify.

Perfect credit not required. FICO Scores as low as 620 can qualify.

Flexible income limits (low-to-moderate income).

Various first mortgage loan types available to fit the needs of the homebuyer.

(FHA, VA, USDA and Conventional financing)

Mortgage Loan Officer

Marshawn Govan NLMS# 1370676

https://justcall.io/call-now/b2957848 (Appointments, Call, Message )

Direct (559) 354-3100

Schedule a down payment assistance consultation:

https://calendly.com/marshawngovan?fbclid=IwAR1l5_ovlGwveWgAHRevTvzVON27DDJK8zW7TAada6xRQr_vMAXGs7tCxk8 (https://calendly.com/marshawngovan)

Get Prequalified

https://www.mkgenterprisescorp.com/home-purchase/ (https://www.mkgenterprisescorp.com/home-purchase/)

Get Prequalified for a Home Loan

Find out how much house you can borrow before you start looking – and how you can make the strongest offer possible on the property you choose.

What documents should you have ready when contacting a loan officer?

When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

Pay stubs last 30 days

Bank statements last 3 months

Employment history

Previous tax returns 2 years

Get prequalified for a mortgage loan

https://www.mkgenterprisescorp.com/home-purchase/ (https://www.mkgenterprisescorp.com/home-purchase/)

CalHFA - Am I Eligible?

https://www.calhfa.ca.gov/apps/AmIEligible/ (https://www.calhfa.ca.gov/apps/AmIEligible/)

CalHFA FICO requirements 660

https://www.calhfa.ca.gov/homebuyer/programs/index.htm (https://www.calhfa.ca.gov/homebuyer/programs/index.htm)

The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.

Fannie Mae Area Median Income Lookup Tool

https://ami-lookup-tool.fanniemae.com/amilookuptool/ (https://ami-lookup-tool.fanniemae.com)

80% AMI divided income limit by 12

Calculate DTI = 45% of AMI income limits

Example $50,240 /12= $4,187 X 0.45 = $1,884.15 must include interest + principle + property taxes and PMI

Determines borrowers Capacity ability to make interest and principal repayments on a loan, using his or her disposable income or cash flow.

Conforming 30 Year Fixed

An interest rate of 5.625% (5.89 APR) is for the cost of 1.875 points ($4,687.59) paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,439.15. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00%

An interest rate of 6.25% (6.345% APR) is for the cost of points paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,539.30. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00%

Mortgage Loan Officer

Marshawn Govan NLMS ID 1370676

Text: (559) 500-6030

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

E – Employee

An employee has a job. This is where most people earn their income. The job itself is owned by a business, which could be a single person or a large corporation. The employee gives his or her time, energy, and skills to an employer in exchange for a pay check and benefits.

Employees can make a little or lot of money. But when an employee stops working (or when the business stops), their income stops, too.

This long-term lack of control over income is the primary problem of the E quadrant. An employee’s financial destiny, security, and freedom is dependent upon the whim and the success of their employer.

S – Self-Employed

Many employees get tired of their lack of control and choose to work for themselves. The self-employed still work, but they own their job.

The S quadrant includes dentists, insurance agents, restaurant owners, realtors, handymen, and many other trade workers. Many self-employed people earn very large incomes, but like the employee, when they stop working so does their income.

Self-employed people do have a lot more control than an employee, but that also means they have more responsibility. As a result, success usually means working harder and working longer. Over the long run this can lead to burn out and fatigue.

B – Business Owner

Those in the B quadrant own a system and lead people. The systems and people who work for the business can run successfully without the business owner’s constant involvement.

The same types of businesses could be run by S owners and B owners. For example, a plumber could own and work in his own plumbing business, or a business owner could create a plumbing business and hire quality plumbers, administrators, and a manager to run the systems of the plumbing business.

The wealthiest individuals in the world typically own businesses. These include Bill Gates of Microsoft, Jeff Bezos of Amazon, and Mark Zuckerberg of Facebook.

I – Investors

Investors own assets that produce income. This is the quadrant for truly passive income.

Investors in this quadrant have usually accumulated money earned in one or more of the other three quadrants, and they let the money go to work and produce even more money for themselves.

Investors often purchase shares of companies owned by those in the B quadrant. The capital from the investors helps to fuel the systems created by the business owner, and this fuel can lead to even greater growth (and more income) for everyone involved.

There are multiple paths to financial independence, but most of them ultimately lead to the right side of the quadrant – B and I. So, if you want to achieve greater financial independence and freedom, it will pay to start learning the skills and mindset required to make this move to the right side.

Become a guest on MKG Tax Consultants News, View Points, Taxes and Finances podcast covers the latest trends in the market from real estate, taxes, finances, crowdfunding, crypto investing, wealth building strategies and asset protection with a mission driven purpose to strengthen our community by closing the wealth gap created by systemic disparities in the financial industry.

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Tax-Smart Strategies, Get our Tax-Filing App on Android and iOS - Now available for personal and business tax preparation, Get approved to buy a home, purchase mortgage insurance and protect your family with life insurance.

Powered by: https://mkgtaxconsultants.com/ (MKG Tax Consultants)

MKG Enterprises Corp is revolutionizing the tax industry to tackle the housing affordability crisis to build the next financial technology company with a mission driven purpose to strengthen our community by closing the wealth gap created by systemic disparities in the financial industry.

The goal is to give underprivileged and underbanked families access to consumer credit to be able to affordably finance auto loans, finance solar systems, home improvements, make a down payment on a home, investing and/or pay off debt leveraging their tax refund, bitcoin investments, IRA, 401K, 403B, HSA accounts towards the down payment on a house using a proprietary tax-filing banking as a service best in class mobile app, there are even some benefits: 401K, 403B, IRA loans aren’t taxed as early withdrawal penalty and they have low interest rates.

Choose the Best Mortgage Option Right For You.

First-Time Homebuyers Down Payment Assistance

Work with the Largest Home Lenders In America

Connect with a mortgage broker in your community.

Three tax-smart home buying moves: mortgage prequalification vs preapproval and using an IRA to purchase a home.

I. Pre Qualification is an early step in your home buying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check.

Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.

II. Pre Approval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check. If you’re pre approved, you’ll receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days.

Find out how much house you can borrow before you start looking – and how you can make the strongest offer possible on the property you choose.

If you’re ready to make your dream of owning a home a reality, you’ve probably already heard that you should consider getting prequalified or preapproved for a mortgage. It’s time to understand exactly what each of those terms means and how they might help you. And when you’re working towards a goal this big, you want every advantage.

III. Using a 401(k) and 403(b) to purchase a home is borrowing from your retirement —this is the more tax favorable option. When you take out a 401(k) or 403(b) loan, you do not incur the early withdrawal penalty, nor do you have to pay income tax on the amount you withdraw up to $10,000 tax free earnings.

But you do have to pay yourself back—that is, you have to put the money back into the account and will pay yourself interest. The interest rate and the other repayment terms are usually designated by your 401(k) plan provider or administrator. Generally, the maximum loan term is five years. However, if you take a loan to buy a principal residence, you may be able to pay it back over a longer period than five years

IRAs

Unlike 401(k)s or 403(b)s IRAs have special provisions for first-time homebuyers—people who haven't owned a primary residence in the last two years, according to the IRS.

First, look to take a distribution from your IRA—if you have one. You may be able to withdraw IRA contributions without penalty due to a qualified financial hardship. You can also withdraw up to $10,000 of earnings tax-free if the money is used

Loans for unique situations

If a traditional home loan doesn’t fit your style, https://www.mkgenterprisescorp.com/home-purchase/ (MKG Enterprises Corp) has other options that may suit your needs.

First-Mortgage Down Payment Assistance Programs

• Minimum down payment of 0% to 3%

• Down payment can be a gift

• Minimum FICO® Score of 640

• Loan amounts up to $647,200

https://mkgenterprisescorp.com (GET PREQUALIFIED )

Mortgage Loan Officer

Marshawn Govan NLMS ID 1370676

California Forgivable Equity Builder Loan

Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and CalHFA is committed to improving equitable access to homeownership for all Californians.

The Forgivable Equity Builder Loan gives first-time homebuyers a head start on this with immediate equity in their homes via a loan of up to 10% of the purchase price of the home. The loan is forgivable if the borrower continuously occupies the home as their primary residence for five years

“Interest rates on the CalHFA first mortgage will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily.

The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.

Borrower Requirements

Be a first-time homebuyer

Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.

CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.

Property Requirements

Be a single-family, one-unit residence, including approved condominium, planned unit developments

Guest houses, granny units and in-law quarters may be eligible

Manufactured housing is permitted

Condominiums must meet the guidelines of the first mortgage

Choose the Best Mortgage Option Right For You.

First-Time Homebuyers Down Payment Assistance

Work with the most popular down payment assist programs in California.

Contact Loan Officer

https://www.mkgenterprisescorp.com/contact-us/ (https://www.mkgenterprisescorp.com/contact-us/)

Phone (559) 337-5990

MKG Tax Consultants is pleased to offer diversity and connect humans with VRS to bridge the language barrier gap of the deaf and hard of hearing community to get their taxes prepared or buy auto, home, and life insurance.

We offer video conferencing technology with a sign language interpreter to facilitate communication between a deaf person and a hearing person.

Scheduled-Video Remote interpreting tax preparation, auto, home, life insurance, and mortgage loan originator Sign Language Service price $2.32 per minute 1-hour minimum requirement (paid-in advance) If the scheduled appointment is canceled within 48 hours of the scheduled appointment, the client will be billed for the full scheduled appointment.

Deaf and Hard of Hearing Taxes and Financial Support (DHTFS) Schedule VRI Support Link:

https://keap.app/checkout/qmz602/scheduled-vrs-asl (https://keap.app/checkout/qmz602/scheduled-vrs-asl)

On-Demand Video Remote interpreting tax preparation, insurance and mortgage loan originator Sign language $2.80 per minute 1-hour minimum requirement (paid-in advance) On-Demand interpreting will be billed by the minute for the duration the interpreter was connected with the client.

DHTFS On-Demand VRI Support Link:

https://keap.app/checkout/qmz602/on-demand-vrs (https://keap.app/checkout/qmz602/on-demand-vrs)

We will email and text message a zoom or video appointment calendar invite for the date and time you requested

All scheduled assignments are subject to a 1-hour minimum per interpreter at the applicable rate and are billed at 15-minute increments after the 1st hour.

Learn more about our VRS Financial Services

https://mkgtaxconsultants.com/video-remote-interpreting-sign-language-service (https://mkgtaxconsultants.com/video-remote-interpreting-sign-language-service)

Co-founder of a top real estate team in Fresno called Strive Real Estate Group at Real Broker. Helped 144 families in 2021. Receives cash flow from 17 doors with 3 being an Airbnb.

OUR MISSION

To provide our clients with sound business advice and represent their interests with the highest level of professionalism, intelligence and integrity in the industry.

Win – Win: or no deal

Integrity: do the right thing

Customers: always come first

Commitment: in all things

Communication: seek first to understand

Creativity: ideas before results

Teamwork: together everyone achieves more

Trust: starts with honesty

Success: results through people

Fresno Calif. has had a 23.1% rent increase over the last 12 months which is well above the state of California (11.6%) and U.S. (15.1%) rent increases. The average one-bedroom apartment now costs $1,150.

KEY POINTS

Home prices are rising faster than rents, which is shrinking the affordability gap between being a homeowner and a tenant.

Single-family homes are less affordable than they have been in just over three quarters of the U.S. — the highest total in 13 years, according to a real estate data tracker.

All real estate is local, however. Homeownership is more affordable than renting in suburban and rural areas, but it’s cheaper to rent in big cities.

Work with a good mortgage loan officer that put your best interest at heart

Get Pre-approved before home shopping

Find a good relator that knows the local market

File two years of tax returns

Contact Darren Wade

Strive Real Estate DRE # 01910957

550 W Alluvial, STE 110

Fresno , CA 93711

(559) 840-8838

Instagram: Dad_Realtor_Investor

Linkedin: https://www.linkedin.com/in/strive-real-estate-group-6602b6180 (https://www.linkedin.com/in/strive-real-estate-group-6602b6180)

Website: http://strivehomefinder.com (http://strivehomefinder.com)

Community Development Financial Institution (CDFI) certification is awarded to “community-based organizations that seek to expand economic opportunity in low-income communities and provide financial products and services to individuals and businesses often underserved by traditional financial institutions. The CDFI Fund, which oversees the certification process, provides technical and financial assistance to empower qualified organizations that are providing disadvantaged communities with financial products and services. Particularly, as the focus of this OnPoint, the CDFI Fund provides a variety of unique benefits to privately-managed loan funds and venture capital funds seeking to assist communities that historically have lacked access to traditional financial services. These benefits may be appealing to banks, bank holding companies and other financial service providers that can serve as investors in these for-profit CDFI-eligible investment funds. The program has garnered recent attention in the wake of COVID-19 with participation by a number of large firms.

Overview of CDFI Program

The CDFI Fund was formed as an agency of the Department of the Treasury in 1994 to oversee the CDFI certification program. Once certified, CDFIs are qualified to apply for technical and financial assistance awards (i.e. grants and low-cost credit), as well as operational support and training through the CDFI Fund’s Capacity Building Initiative. CDFI certification is based upon whether the CDFI entity: has a primary mission of promoting community development; primarily serves one or more target markets; and maintains accountability to the defined target market(s). Government benefits and incentives are available for traditional lenders to invest in CDFIs, which, in turn, support communities that traditionally have been overlooked by financial services providers. It has been reported that a 2018 survey conducted by the Opportunity Finance Network estimated that “58% of the clients served by its roughly 300 CDFI members are people of color, 85% are low-income and 48% are women. Certification Process CDFI certification is a designation conferred by the CDFI Fund. Obtaining CDFI certification is a formal acknowledgement by the CDFI Fund that a financial institution meets certain community-development finance criteria. To be eligible for CDFI certification, an organization must be a legal entity and:

Have a primary mission of promoting community development;

Be a financing entity (i.e., an entity whose predominant business activity is the provision, in arms-length transactions, of financial products and/or services);

Serve one or more target markets

Provide development services in conjunction with its financing activities;

Maintain accountability to a defined market (typically through representation on its governing board and/or advisory board(s); and

Be a non-governmental entity (other than a Tribal government) at the time of application.

Conclusion

CDFI loan funds and venture capital funds are options worth considering by fund managers in order to attract new capital in pursuit of community-driven investment opportunities. Renewed government support, as well as growing interest from the private sector, make this an excellent time for innovative private funds, which are interested in acting as a catalyst for investments in underserved communities, to seek CDFI certification.

As more consumers rely on using their mobile phone devices nowadays Americans Check Their Phones 8 Billion Times a Day, making Banking-As-A-Service and online mobile tax preparation a game-changer. Banking as a Service is reconfiguring the banking value chain, enabling new digital banking.

MKG Enterprises Corp is a diversified financial technology company with a mission driven purpose to strengthen our community by closing the wealth gap created by systemic disparities in the financial industry. By providing venture capital funding, banking-as-a-service, tax

The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia for everyone except taxpayers who live in Maine or Massachusetts. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots' Day holiday in those states. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file.

File electronically and choose direct depositTo speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as they have everything they need to file an accurate return. If the return includes errors or is incomplete, it may require further review that may slow the tax refund. Having all information available when preparing the 2021 tax return can reduce errors and avoid delays in processing.

IRS Extension Form 4868 Sole Proprietors and Individualhttps://mkgtaxconsultants.com/product/irs-extension-form-4868-sole-proprietors-and-individual/ (https://mkgtaxconsultants.com/product/irs-extension-form-4868-sole-proprietors-and-individual/)

Watch for IRS letters about advance Child Tax Credit payments and third Economic Impact PaymentsThe IRS started sending Letter 6419, 2021 advance Child Tax Credit, in late December 2021 and continues to do so into January. The letter contains important information that can help ensure the return is accurate. People who received the advance CTC payments can also check the amount of the payments they received by using the https://www.irs.gov/credits-deductions/child-tax-credit-update-portal (CTC Update Portal) available on IRS.gov.

Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return.

The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to individuals who received a third payment in 2021 in late January. While most eligible people already received their stimulus payments, this letter will help individuals determine if they are eligible to claim the https://www.irs.gov/newsroom/recovery-rebate-credit (Recovery Rebate Credit) for missing stimulus payments. If so, they must file a 2021 tax return to claim their remaining stimulus amount. People can also use https://www.irs.gov/payments/your-online-account (IRS online account) to view their Economic Impact Payment amounts.

Both letters include important information that can help people file an accurate 2021 tax return. If the return includes errors or is incomplete, it may require further review while the IRS corrects the error, which may slow the tax refund. Using this information when preparing a tax return electronically can reduce errors and avoid delays in processing.

The fastest way for eligible individuals to get their 2021 tax refund that will include their allowable Child Tax Credit and Recovery Rebate Credit is by filing electronically and choosing https://www.irs.gov/refunds/get-your-refund-faster-tell-irs-to-direct-deposit-your-refund-to-one-two-or-three-accounts (direct deposit).

Tips to make filing easierTo avoid processing delays and speed refunds, the IRS urges people to follow these steps:

Organize and gather 2021 tax records including Social Security numbers, Individual Taxpayer Identification Numbers, Adoption Taxpayer Identification Numbers, and this year's https://www.irs.gov/individuals/understanding-your-cp01a-notice (Identity Protection Personal Identification Numbers) valid for calendar year 2022.

Check IRS.gov for the latest tax information, including the latest on reconciling advance payments of the...