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HomeReady Versus Home Possible in 2025: Which Loan Is Best for You? If you’re looking for a mortgage and don’t have a big down payment, you might have come across HomeReady and Home Possible. These are two popular options for low down payment conventional loans supported by Fannie Mae and Freddie Mac. At Gustan Cho…
Home Purchase Loans: Traditional and Non-QM Options for 2026 Home purchase loans are the financing options that make it possible to buy a home—whether you’re a first-time buyer, upgrading to a bigger place, or purchasing after a credit event. The right loan affects everything: how much house you can afford, how much cash you need…
In this blog, we will cover and discuss the down payment guidelines on home purchase mortgage loans. The down payment guidelines and requirements depend on the particular loan program. Government loans have lower down payment requirements due to the lower level of risk lenders take due to the government guarantee. Understand the difference of Non-QM…
Fannie Mae DTI Guidelines on Conventional Loans: Borrowers can calculate their debt-to-income ratio using the Conventional Loan DTI Mortgage Calculator powered by Gustan Cho Associates. Conventional loans are the most popular loan program for first-time homebuyers due to the low 3% down payment program. Select a StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth…
This guide covers qualifying for a conventional loan with bad credit and low credit scores. Conventional loans are called conforming loans because they must conform to Fannie Mae and/or Freddie Mac mortgage lending guidelines. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates, says the following about conventional loans with bad credit and…
There’s a common misconception that only those with excellent credit scores can secure a conventional loan, while FHA loans are reserved for borrowers with poorer credit. However, this belief needs to be revised. Both conventional and FHA loans operate under distinct lending guidelines. Credit history, including past issues like bankruptcy or foreclosure, doesn’t directly affect…
DACA Mortgage Loans: How DREAMERS Can Buy a Home in 2025 Are you a DACA recipient dreaming of buying your first home? You’re not alone. Many young adults under the Deferred Action for Childhood Arrivals (DACA) program are ready to take that next step into homeownership. The good news? DACA mortgage loans are available and…
In this blog, we will cover and discuss the roles of Fannie Mae and Freddie Mac in the housing and mortgage industry. What Are Roles Of Fannie Mae And Freddie Mac? The main role of both of these mortgage giants is to provide liquidity in the mortgage markets. Dale Elenteny, a senior mortgage loan originator…
Homebuyers should take time and ask as many questions as possible prior to the homebuying process. This holds especially true even if they are purchasing the home cash.
This guide covers how much money do I need to buy a house. One of the most common first time home buyer questions is how much money do I need to buy a house. On all home purchase transactions, there are two types of funding a home buyer needs: The down payment on a home purchase….
This guide covers Fannie Mae non-citizens mortgage guidelines on conventional loans. Recently Fannie Mae added clarity to Fannie Mae non-citizens mortgage guidelines. Per Fannie Mae non-citizens mortgage guidelines on conventional loans, borrowers do not have to be U.S. citizens to qualify for home loans. Fannie Mae non-citizens mortgage guidelines, homebuyers can qualify for a home…
Fannie Mae and Freddie Mac Explained: What’s the Difference? If you’re considering purchasing or refinancing a home, you’ve likely heard of Fannie Mae and Freddie Mac—two major names in the mortgage industry. But what exactly do they do, and how do they differ? Here, we’ll break down the essentials to help you understand the difference…
Understanding Fannie Mae Down Payment Guidelines in 2025 Beginning the journey to owning a home can feel both exciting and tough. One important step is knowing the down payment rules, especially if you are looking at loans from Fannie Mae. This guide will explain the Fannie Mae down payment guidelines. With this guide, you can…
Buying a home as a single parent may seem tough, but there are home loans for single moms that can make it easier than you think. Mortgage lenders will check your income, credit score, and how much debt you have compared to your earnings. But don’t worry—special grants and programs are designed to help single…
Delegated Versus Nondelegated Mortgage Underwriting: What You Need to Know Understanding how mortgages are underwritten can feel overwhelming, especially when terms like delegated versus nondelegated mortgage underwriting, come into play. These terms are crucial for borrowers and mortgage professionals alike because they define how a loan is reviewed and approved. At Gustan Cho Associates, we…
Mortgage for Self-Employed Versus W-2 Borrowers: 2024 Guide to Getting Approved Are you a self-employed worker or a W-2 employee looking for a mortgage? Purchasing a home can seem daunting, particularly when the nature of your employment influences how lenders evaluate your income. Whether you’re your boss or receive a steady paycheck, this guide will…
Boarder Income Mortgage Guidelines for 2024: Boosting Your Income to Buy or Refinance a Home Are you wondering if the rent you collect from a roommate or boarder could help you qualify for a mortgage? With rising home prices, every bit of income can make a big difference. Let’s dive into how boarder income works…
This article is about VA TBD Manual Underwriting Mortgage Guidelines On Pre-Approvals VA TBD Manual Underwriting Mortgage Process. Gustan Cho Associates are excited to re-introduce our TBD underwriting process. We are now able to send applications that require a manual underwrite to our underwriting staff in advance. Receiving a pre-approval from an underwriter will help…
In this blog, we will cover the Freddie Mac HomeOne Mortgage Loan Program. Fannie Mae and Freddie Mac are the two government-sponsored enterprises (GSE). Freddie Mac and Fannie Mac sets the guidelines and lending requirements for conventional loans. The role of Fannie Mae and Freddie Mac is to provide market stability and liquidity by purchasing…
This manual provides information on Job Relocation Mortgage Guidelines for individuals purchasing homes in a different state. According to these guidelines, individuals are eligible for a mortgage even if they have a new out-of-state job. This remains applicable in cases of job transfers and when securing a new position with a different employer. Job relocation…
Every mortgage borrower is different. Your income, debts, credit rating, savings, and goals are unlike anyone else’s. The best mortgage for your neighbor might be the worst home loan for you.
This blog post will explore Fannie Mae rental income guidelines and lending requirements. We will focus on elucidating the latest updates in Fannie Mae’s rental income guidelines that have recently come into effect. Gustan Cho Associates is available to provide insights into the newly established rental income guidelines applicable to both investment properties and primary…
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