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This article covers HomeReady versus Home Possible mortgage guidelines. Many homebuyers contact us at Gustan Cho Associates and want to know the difference between HomeReady versus Home Possible. HomeReady conventional loans are offered by Fannie Mae. Freddie Mac offers Home Possible conventional loans. There is no major difference between Fannie Mae’s HomeReady and Home Possible….
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…
This guide covers qualifying for conventional loan with bad credit and low credit scores. Conventional loans are called conforming loans because they need to conform to Fannie Mae and/or Freddie Mac mortgage lending guidelines. Fannie Mae and Freddie Mac have their mortgage guidelines on conventional loans. Borrowers need to meet those conventional lending guidelines in…
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…
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…
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…
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…
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…
This guide covers the mortgage process of first-time home buyer loan programs. First-time home buyers have dominated the housing market for the last 10 years. All trends show this streak is likely to continue. Many first-time homebuyers are leery to enter the housing market due to misconceptions of the mortgage process. Many renters still think…
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. Down Payment Guidelines on Home…
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 BLOG On Freddie Mac HomeOne Mortgage Guidelines For First Time Home Buyers Was PUBLISHED On June 12th, 2020 Freddie Mac has come out with a new Loan program called Freddie Mac HomeOne Mortgage to help first-time home buyers. This program is designed to attract clients who may be looking into low down payment options,…
This ARTICLE On First Time Home Buyers With Student Loan Debts Mortgage Guidelines Was PUBLISHED On September 24th, 2019 High student loan debt is one of the barriers affecting first time home buyers. Student loans and auto payments are the two largest factors that impact debt to income ratios FHA, USDA, VA, Fannie Mae, Freddie…
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