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When Is Rental Verification Required? A Complete Guide for Borrowers in 2025 One of the most common questions we hear from homebuyers is, “When is rental verification required?” If you’re planning to buy a home, understanding rental verification can help you prepare for the mortgage process and increase your chances of approval. So, when is…
This Article Is About Verification Of Mortgage Guidelines And Requirements By Lenders. A Verification of Mortgage, commonly known as VOM, is crucial documentation that reflects a borrower’s overall mortgage payment history. Verification of Mortgage Guidelines emphasizes the importance of reviewing a borrower’s prior mortgage payment history when considering a new mortgage loan application. All lenders require insight…
In this guide, we will cover what to do if borrowers get mortgage denial from bank. First and foremost, find out the reason why you got denied. Is it because of having lower credit scores? Was it because of prior bad credit? Was it due to high debt-to-income ratios? Is it due to outstanding collections…
Can You Qualify For Manual Underwriting With Late Payments? VA and FHA allow manual underwriting for borrowers who cannot get an approve/eligible per automated underwriting system.
Re-Establishing Credit During Waiting Period: How to Boost Your Credit and Get a Mortgage Life happens. Job loss, medical emergencies, divorce, or business failures can lead to financial setbacks, including bankruptcy, foreclosure, short sales, or deed-in-lieu of foreclosure. The good news? You can rebuild. Even if you’re in a waiting period after a significant financial…
In this article, we will discuss and cover manual underwriting during Chapter 13 mortgage process. Homebuyers can qualify for an FHA loan or VA loan while in an active Chapter 13 Bankruptcy repayment plan via manual underwriting. Manual underwriting is only allowed on FHA and VA loans. No other loan program permits manual underwriting. There…
Unlock Your Dream Home in Kansas: A Guide to Bad Credit Mortgage Loans in 2024 If you’re eyeing a new home in Kansas but worry about your credit history, you’re in the right place. Despite what you might think, a few credit mishaps don’t shut the door on your dream home. In Kansas, the housing…
In this blog, we will discuss and cover qualifying and getting approved for a Chicago home loan with bad credit. There is hope for those who were victims of the Great Recession of 2008. Many have gone through bankruptcy, foreclosure, deed instead of foreclosure, short sale, lost their homes, jobs, or just had their credit…
USDA One Credit Score Mortgage: What You Need to Know to Qualify in 2024 If you’ve been told you can’t qualify for a USDA loan because you only have one credit score, you’re not alone. Many potential homebuyers are turned away by lenders requiring three credit scores, but that’s not the full story. At Gustan…
FHA Chapter 13 Bankruptcy Guidelines allow homebuyers and homeowners to qualify for FHA loans for home purchases and refinance during and after Chapter 13 Bankruptcy. FHA and VA loans are the only two loan programs allowing borrowers to qualify for a mortgage during the Chapter 13 Bankruptcy repayment plan. Dustin Dumestre, a senior loan officer…
What are the VA Agency Guidelines to qualify for a VA loan during Chapter 13 Bankruptcy
Qualifying for FHA loan after foreclosure is now possible for homebuyers who meet the mandatory waiting period after foreclosure. Fannie Mae and Freddie Mac are the two mortgage giants that are in charge of setting standards and lending guidelines on Conventional loans. Fannie Mae and Freddie Mac categorize foreclosure and deed in lieu of foreclosure…
Gustan Cho Associates is a mortgage company licensed in multiple states, specializing in FHA mortgage loans with no overlays. More than 75% of our clients couldn’t qualify or got turned down by other lenders. While most lenders add extra requirements, or overlays, to FHA, VA, USDA, and conventional loans, we don’t. At Gustan Cho Associates,…
What To Do If Homeowners Cannot Afford Property Taxes: Every homeowner has to pay property taxes. Homeowners who own home free and clear, property taxes must be paid. Homeowners insurance is optional for homeowners who own their property free and clear However, all lenders will require borrowers to have homeowners insurance All property taxes will…
In this blog, we will be discussing the factors that are considered layered risks in manual underwriting. FHA and VA loans are the two primary loan programs that permit manual underwriting. When a VA or FHA loan receives a refer/eligible finding on the automated underwriting system (AUS), the application can still proceed with manual underwriting….
In this blog, we will cover and answer the FAQ of can I buy house in Maine with 580 FICO with no active credit accounts. The short answer is yes. The best loan program for lower credit with no active credit tradelines is FHA loans. You can buy a house in Maine with 580 FICO…
This guide covers realtors marketing package for home buyers, real estate agents and referral partners. Home buyers rely on their real estate agents for advice, and one of the most important roles of a realtor is to give their home buyers a referral to a loan officer. Giving the wrong loan officer referral partner as…
This Article Is About FHA Back to Work Versus Other Loan Programs With traditional loans such a government loans and Conventional Loans, there is a mandatory waiting period after a Chapter 7 or Chapter 13 Bankruptcy discharged date to qualify for a mortgage loan. Buying a home is often a significant financial decision, particularly for…
Select a StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashington DCWashingtonWest VirginiaWisconsinWyoming Mortgage borrowers eligible for VA loans can calculate their debt-to-income ratio. The Veterans Administration, or VA, does not have a specific debt-to-income ratio cap on VA loans. Borrowers can get an approve/eligible per automated underwriting system (AUS) with over 60%…
We will be covering qualifying and getting approved for VA mortgage loans in Arizona. Arizona is one of the most migrated states in the nation. Tens of thousands of families are moving to the state due to the great economy, low taxes, affordable housing, and low cost of living. Thousands of Californians are moving to…
In this blog, we will cover and discuss manual underwriting versus automated underwriting guidelines. The Automated Underwriting System is a sophisticated computer system and is often referred to as AUS. There are two different types of AUS. Fannie Mae’s automated underwriting system is called Desktop Underwriter and is commonly referred to as DU. Freddie Mac’s…
In this article, we will cover and discuss applying for mortgage with another lender when denied by the original lender. The team at Gustan Cho Associates gets countless calls from borrowers asking for advice on applying for mortgage with another lender when denied by their first lender. Applying for mortgage with another lender when denied…
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