In this blog, we will discuss and cover our 21-day fast-track TBD home purchase loan program. Gustan Cho Associates offers a fast-track TBD loan program when most mortgage loans close in 21 days or less. Realtors love this program where borrowers do not need a subject property. Our mortgage processor will process the mortgage file and submit the mortgage loan to the underwriting department to our underwriting division.
How Does The TBD Home Purchase Loan Program Work?
A mortgage underwriter will be assigned to the mortgage file. The underwriter will do a full underwrite the only thing that will be mission is the subject property and tile and appraisal for the property. Once the property is submitted, the title and appraisal will be reviewed and a clear to close will be approved and a clear to close will be issued. Most closings on the Fast Track TBD Loan Program will get a loan commitment will get a clear to close in less than than a week.
Same As A Cash To Close
Most borrowers, home sellers, and real estate brokers do not realize are that the fast-track TBD Loan Program at Gustan Cho Associates is similar to a clear-to-close. There is no pre-approval here. It is a full-blown mortgage approval. The only condition that is missing will be the property, the title to the property, and the home appraisal to the subject property. Unless the home cannot pass a home appraisal or needs an FHA 203k Rehab Loan, the processor can order a rush appraisal once the borrower gets a home under contract and close the loan in 10 days or less with a TBD Loan Program underwrite. Gustan Cho Associates are experts in originating and funding the 21 Day Fast Track TBD Loan Program
Gustan Cho Associates Has No Lender Overlays On Government and Conventional Loans
Over 75% of our borrowers are folks who could not qualify at other lenders or got a last-minute loan denial due to their lender overlays. Overlays are additional mortgage guidelines that are above and beyond the guidelines of FHA, VA, USDA, Fannie Mae, and Freddie Mac.
Here are examples of lender overlays on FHA, VA, USDA, and Conventional loans:
- HUD does not require collection accounts to be paid off to qualify for FHA loans.
- However, lenders may require that borrowers pay off outstanding collection accounts in order to qualify for FHA loans
- This is called lender overlays on collection accounts
- FHA does not require credit tradelines to qualify for FHA loans
- However, lenders may require three credit tradelines that have been seasoned for three years
- This is called lender overlays on credit tradelines
- HUD, the parent of FHA, has minimum credit score requirements of 500 FICO
- Most lenders will require higher credit scores like 620 to 640 as part of their lender overlays on credit scores
- This is called lender overlays on credit scores
- HUD allows up to a 46.9% front-end and 56.9% back-end debt to income for borrowers of FHA loans
- Most lenders will limit DTI Caps between 45% to 50% DTI
This is called overlays on debt to income ratios.
Benefits With TBD Home Purchase Loan Program
One of the greatest benefits of the 21-day fast-track TBD Home Purchase Loan Program at Gustan Cho Associates is that a home buyer will have gone through the processing and underwriting process of the mortgage process and the only item missing is the property. The difference between a pre-approval and a TBD Home Purchase Loan Program underwrite is that with the TBD Home Purchase Loan Program, the borrower has gone through the whole mortgage process by a mortgage underwriter.
How TBD Home Purchase Loan Program Pre-Approvals Are Issued
The pre-approval is the conditional loan approval signed off by the mortgage underwriter. This is why most realtors and sellers love the home buyer who has been through the TBD Home Purchase Loan Program. With a TBD Home Purchase Loan Program approval, most home buyers can close their home loans in just over a week or two. All the lender needs to approve and underwrite the property,
How To Get Approved With TBD Home Purchase Loan Program
Gustan Cho Associates is a five-star national lender with no overlays on government and conventional loans. We just go off AUS FINDINGS and have ZERO MORTGAGE LENDER OVERLAYS. Mortgage borrowers who want a full credit mortgage loan approval signed off by a mortgage underwriter can contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. All mortgage loan pre-approvals at Gustan Cho Associates are all TBD Home Purchase Loan Program credit approvals. Mortgage Borrowers can also email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.
The 21 Day Fast Track TBD:
21 Day Fast Track TBD Program is an accelerated loan processing and underwriting process offered at Gustan Cho Associates Mortgage Group. Gustan Cho Associates has a 21-day fast track mortgage program. Most loans close in 21 days or less.
The Fast Track TBD Program is called The Accelerate Buyers Mortgage Program.
In this article, we will cover and discuss our FAST Track TBD Loans.
How Our TBD Underwriting Loan Approvals Work
Gustan Cho Associates offers TBD Loan Program:
- Most of our realtor partner request this program
- Mortgage borrowers are issued a full loan commitment in lieu of a pre-qualification and/or pre-approval letter
- Borrowers do not need a subject property for the mortgage process to begin
- Our mortgage processor will process the whole mortgage file and borrower like any other full file
- Once the file has been fully processed, it is then submitting to our underwriting department and assigned a mortgage underwriter
After the underwriter fully underwrites the file, the only condition missing will be the subject property and tile and appraisal for the property.
Title And Home Appraisal For Clear To Close
Once the borrowers decide on a property and get us the executed purchase contract, it will be submitted back to underwriting for a clear to close.
- The underwriter will need to underwrite the property
- The title and appraisal will be ordered and reviewed
- Once the home appraisal, title, and other property conditions have been cleared, a clear to close will be approved and issued
Most closings on the Fast Track TBD Loan Program will get a loan commitment will get a clear to close in less than than a week.
TBD Loan Program Is Comparable As Loan Commitment
Most borrowers, home sellers, and real estate brokers do not realize is that the fast track TBD Loan Program is similar to cash to close.
- 21 Day FAST Track TBD Loan Program is the actual loan commitment
- FHA loan appraisal is the only missing condition for the underwriter to issue a clear to close
- This holds true unless the house is complete a shack and it is completely inhabitable
- As long as the property meets mortgage guidelines the house can be financed
If the house is a complete shack and is uninhabitable and does not meet agency guidelines, we can explore converting the loan to an FHA 203K Loan.
Home Loans Closing 21 Day FAST Track TBD Loan Program
Not all lenders offer the 21 Day FAST Track TBD Loan Program. Many lenders will call it TBD Underwrite. As mentioned above, others call it TBD Loan Programs. Borrowers with less than perfect credit or higher debt to income ratios should submit their loan applications as a TBD Underwrite. This way there will not be a last minute mortgage denial or stress during the mortgage process. Borrowers with a solid TBD Underwrite Approval can rest assured not only will their loans close but will close on time. Most of our TBD Underwrite Approvals close in 21 days or less.
