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ByAlex Carlucci
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Lenders base each borrower’s credit scores as well as other risk factors when determining mortgage rates. The higher the risk of a borrower, the higher the rate. It is best for each borrower to maximize their credit scores and other layered risks to get the best mortgage rates.
ByAlex Carlucci
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The DTI Manual Underwriting Guidelines for FHA and VA loans are quite alike. Among home mortgage programs, only FHA and VA loans permit manual underwriting. There is common confusion regarding the distinctions between manual underwriting and files approved by an automated underwriting system (AUS). While manual and AUS-approved underwriting fundamentally serve the same purpose, manual…
ByAlex Carlucci
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Rumors are flying about a possible housing bubble in the US. Are they based in fact, or is this wishful thinking on the part of frustrated would-be buyers?
ByAlex Carlucci
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Lenders can offer 100% with no mortgage insurance at competitive low mortgage rates on VA loans due to the government guarantee against loss or foreclosure on VA loans. VA loans have no maximum debt-to-income ratio cap on VA loans.
ByAlex Carlucci
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This guide covers how to avoid delays in mortgage loan closings. When homebuyers enter a real estate purchase contract, the buyers and sellers agree on a tentative closing date. Normally, the closing date is set between 30 and 45 days from the purchase contract date. Many real estate agents will agree that delays in home…
ByAlex Carlucci
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This Article Is About Qualifying For VA Mortgage After Prior VA Loan Foreclosure For many veterans, a VA loan is a valuable tool that facilitates homeownership by offering favorable terms and no requirement for a down payment. However, financial setbacks can lead to foreclosure even on a VA loan. Fortunately, experiencing a foreclosure does not…
ByAlex Carlucci
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In this blog, we will cover and discuss commercial real estate purchase using FHA financing. In the following paragraphs, we will give you tips on commercial real estate purchase using FHA financing. How can investors qualify for commercial real estate purchase using FHA financing? FHA financing is generally used for residential purchases and refinances. Residential…
ByAlex Carlucci
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Transitioning from monthly to bi-weekly mortgage loan payments can be a strategic move for homeowners looking to expedite their mortgage payoff. Borrowers who choose bi-weekly payments make payments equal to half of their monthly payments every two weeks. This results in 26 half-payments or 13 full payments over a year. Making this additional payment can…
ByAlex Carlucci
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More and more people are choosing self-employment or contract work as their source of income. This trend means that mortgage guidelines for these borrowers are increasingly important to understand. This article overviews specific 1099 And Self Employed Borrowers Mortgage Guidelines. We’ll cover everything from how to verify income to the documentation needed and what to…
ByAlex Carlucci
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This guide covers mortgage case scenarios of borrowers with bad credit and lower credit scores. If you have been following the blogs in Gustan Cho Associates for a while, you will understand that many of our clients have been turned down by their current lender. If you are reading our articles for the first time…
ByAlex Carlucci
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This blog will discuss the mortgage guidelines on late payments in the past 12 months. Borrowers can qualify for home loans with bad credit, prior bankruptcy, foreclosures, and outstanding collections. However, mortgage guidelines on late payments normally require timely payments in the past 12 months. FHA and non-QM loans are the best mortgage options for…
ByAlex Carlucci
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In this blog, we will discuss and cover appraisal issues during the home buying and mortgage process. The word “appraisal” can be an ugly word when things don’t go right. All lenders require a home appraisal on borrowers purchasing and/or refinancing a home. The home appraisal is the report lenders rely on as the collateral…
ByAlex Carlucci
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This blog will cover how to build wealth by owning versus renting a home. We will show you how quickly you can become wealthy by owning a home versus renting. If you’ve been an adult long enough to live through several recessions, then you might question the very headline of this content. The Great Recession,…
ByAlex Carlucci
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Mortgage brokers are paid a commission, referred to as Yield Spread Premium Explained, from wholesale mortgage lenders or end lenders, for their services of originating a mortgage loan. Mortgage brokers are licensed mortgage loan originators who have relationships with multiple wholesale mortgage lenders. Mortgage Brokers are licensed professionals who have access to multiple wholesale lending…
ByAlex Carlucci
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In this guide, we will cover self-employed mortgage borrowers with no income tax returns required on a home purchase. Many lenders consider self-employed individuals to pose a greater risk of defaulting on a mortgage. This is because their incomes often vary from month to month and from year to year. In general, mortgage lenders want…
ByAlex Carlucci
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In this blog, we will discuss and cover high-cost guidelines on government and conventional loans. Some states have high-cost rules. What is high-cost? High-cost is that the total fees and costs in obtaining a residential mortgage loan cannot exceed 5% of the mortgage loan amount. Fees that are calculated in high cost include upfront mortgage…
ByAlex Carlucci
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This guide covers condominium questionnaire on warrantable, non-warrantable, and condo hotel condominium units. Warrantable, non-Warrantable and condotel financing are a specialty niche mortgage product and are only offered by a few portfolio lenders. There is a two-step underwriting process buying a condominium versus a single-family home. The first step in buying a condo is to…
ByAlex Carlucci
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In this blog, we will cover and discuss IHDA mortgage guidelines on Illinois home purchases. The Illinois Housing Development Authority (IHDA), commonly referred to as IHDA, is a down payment assistance mortgage program for homebuyers in Illinois. IHDA mortgage guidelines make homeownership possible for homebuyers in Illinois with covering the down payment and closing costs for…
ByAlex Carlucci
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This guide covers Indiana police hiring fired Chicago cops. This breaking news was updated on March 23rd, 2024. Breaking News: Indiana Police Hiring Fired Chicago Cops Due To Vaccine Mandate by first-time Rookie Chicago Mayor Lori Lightfoot. First-time rookie Democrat Chicago Mayor Lori Lightfoot made national news by her executive order that all city employees…
ByAlex Carlucci
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In this blog, we will cover and discuss qualifying with non-QM mortgage lenders in Connecticut for borrowers who cannot qualify for qualified mortgages. Gustan Cho Associates (Gustan Cho Associates) are mortgage brokers licensed in 48 states with a large clientele base in Connecticut. The coronavirus outbreak of 2020 took a toll on millions of Americans,…
ByAlex Carlucci
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This guide cover the struggle of car loans during the mortgage process. Looking to buy a new car? Like most of us, you’ll need financing, so, which is more beneficial, getting a loan from your local bank or your dealer? Eighty percent of loans are arranged by the dealers and for good reason. The obvious…
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