How Can I Qualify For W2-Only Income Mortgages
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How Can I Qualify For W2-Only Income Mortgages

Homebuyers with pending income tax returns or significant unreimbursed business expenses may be eligible for W2-only income mortgages. Gustan Cho Associates doesn’t mandate income tax returns from borrowers unless the Automated Underwriting System specifically demands a two-year tax return for qualification. We offers W2-Only Income Mortgages on the following loan programs: FHA loans VA loans…

Understanding The VA Funding Fee on VA Home Loans
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Understanding The VA Funding Fee and Closing Costs

In this blog, we will discuss and cover understanding the VA funding fee on VA loans. VA loans are the best home mortgage program in the United States. However, not everyone can qualify for VA loans. You need to be an active and/or retired member of the U.S. Military with a certificate of eligibility (COE)….

Mortgage Loan Programs With No Overlays and 30 Day Closings
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Mortgage Loan Programs With No Overlays and 30-Day Closing

In this blog, we will cover and discuss mortgage loan programs with no overlays and closing in 30 days. The majority of mortgage lenders have their own overlays. There are not too many lenders who have mortgage loan programs with no overlays. Stay in close contact with your lender and respond promptly to additional information…

Buying Versus Renting a Home
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Buying Versus Renting a Home For First-Time Homebuyers

This guide covers buying versus renting a home for first-time homebuyers. One thing I have come to realize looking back, a single young man in 2006 was the beauty of saying it’s all mine. So one morning I asked myself why to pay someone else’s mortgage when I can pay my own mortgage and considered…

Homebuyers Buying Homes in The Suburbs
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Homebuyers Buying Homes in The Suburbs Fleeing City Life

Data Show More Homebuyers Buying Homes In The Suburbs And Fleeing City Life. More city dwellers are fleeing the city and buying homes in the suburbs due to the high crime rate in the city due to the Black Lives Matter Movement and incompetent politicians.

The Pros and Cons Of Conventional and FHA Loans
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The Pros and Cons of Conventional and FHA Loans

This guide covers the pros and cons of Conventional and FHA loans. The pros and cons of Conventional and FHA loans depend on each individual mortgage borrower. There are situations where borrowers will qualify for Conventional loans but not FHA loans. If a home buyer had a previous Chapter 7 Bankruptcy with a mortgage part…

How Does FHA Define Family Member
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How Does FHA Define Family Member Co-Borrowers

This guide covers how does FHA define family member. In this blog post, we’ll explore FHA’s criteria for defining a family member in the context of non-occupant co-borrowers. HUD, which oversees FHA, enforces guidelines that outline the definition of a family member. This definition becomes significant when considering the inclusion of non-occupant co-borrowers. According to…

Fully Underwritten TBD Mortgage Approval
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Fully Underwritten TBD Mortgage Approval As Pre-Approvals

In this blog, we will cover and discuss getting a fully underwritten TBD mortgage approval as pre-approvals. Fully Underwritten TBD Mortgage Approval on home loans is geared towards borrowers who may or may not meet agency mortgage guidelines. In most cases, loan officers will issue pre-approval letters if they are sure borrowers will definitely get…

Buying House Next To Power Lines And How It Affects Resale
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How Does Buying House Next To Power Lines Affect Resale

  This guide covers buying house next to power lines.  Some home buyers will run into their dream home when shopping. The price is lower than the market price. It has modern cabinets, a bathroom, millwork, a finished basement, and is beautifully landscaped. It has four bedrooms, four bathrooms plus a den. It is ideal…

Closing Mortgage on Time
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Closing Mortgage on Time Without Delays

This guide covers closing mortgage on time without stress during the mortgage process. All mortgage loans should not be delayed and close on time. However, this is often not the case. In this article, we will cover how mortgage loans should close on time. We will cover how loan officers should avoid closing delays. Following…

Homeowner Tax Benefits On Home Purchase Versus Renting

Homeowner Tax Benefits Versus Renting

This guide covers homeowner tax benefits versus renting. There are so many advantages of buying versus renting a home. One of the top benefits is the homeowner tax benefits homeowners. Homeowner tax benefits do not apply to renters. Homeowner Tax Benefits are often ignored by home buyers, especially first time home buyers. Besides Homeowner Tax…

How Lender Overlays Prevent Mortgages

How Lender Overlays Prevent Mortgages For Homebuyers

This  guide covers how lender overlays prevent mortgages for homebuyers. The Federal Reserve Board announced that almost a third of commercial and residential mortgage lenders loosen lending overlays in the 3rd Quarter. They expect lenders loosen lending overlays even more on the 4th Quarter. Lenders loosen lending overlays have sparked a sharp increase in mortgage…

Chicago Mortgage Loans For Self-Employed Individuals
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Chicago Mortgage Loans For Self-Employed Individuals

Chicago mortgage loans for self-employed individuals. Many folks in the Chicago Area are business owners and self-employed. If you are one of the many self-employed borrowers who had difficulty qualifying for a mortgage loan over the years, you are in luck. The great news is Gustan Cho Associates now offers bank statement loans and Non-QM…

College Education Versus Work Experience
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College Education Versus Work Experience Mortgage Guidelines

This guide covers qualifying for a mortgage after college education versus work experience mortgage guidelines.  We will further cover why real work experience beats book markets. College education versus work experience.  As I take this time to break away from my housing and mortgage experiences, let me jump into another topic I feel strongly about….

Best Arizona Mortgage Lenders For Bad Credit With Low FICO
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Best Arizona Mortgage Lenders For Bad Credit With Low FICO

This blog covers the best Arizona mortgage lenders for bad credit with low FICO credit scores. It is an important question for anyone who is a first-time homebuyer or refinancing a home in Arizona to understand if they can afford an Arizona mortgage loan. Not all mortgage lenders in Arizona have the same guidelines for…

No-Ratio Mortgage Loans
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No-Ratio Mortgage Loans

In this blog, we will cover what no-ratio mortgage loans are. We will discuss how no-ratio mortgage loans work and what types of borrowers benefit from no-ratio mortgage loans. No-ratio mortgage loans are a type of non-QM loan where the lender does not factor in the borrower’s income. No-ratio mortgage loans mean the debt-to-income ratio…

Types of Jumbo Mortgage
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Prime vs Nonprime Types of Jumbo Mortgage Options

This blog will discuss and cover the types of jumbo mortgage loan programs available at Gustan Cho Associates for homebuyers. Gustan Cho Associates has several types of jumbo mortgage loan programs available. There are prime and nonprime types of jumbo mortgage loan options. If you have been paying attention to the news, you know home…

Housing Shortage
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Skyrocketing Home Prices Due To Housing Shortage

This guide covers skyrocketing home prices due to the housing shortage facing homebuyers. The U.S. is facing a severe housing shortage of homebuyers and skyrocketing prices. The housing market was booming before the coronavirus outbreak in February 2020. All states had governors exercise their executive stay-at-home orders and were shut down. Under the watch of…

HomeReady Versus Home Possible
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HomeReady Versus Home Possible Mortgage Guidelines

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….