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ByAlex Carlucci
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This guide covers solutions for no credit scores on mortgage loan approvals. There are cases where consumers do not have any credit scores because they never applied for credit and have no credit. There are solutions for no credit scores qualifying for a mortgage. This is common for many young folks who have just entered…
ByAlex Carlucci
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This guide covers preparing and choosing the right vacation for your family. Planning a family vacation takes work, but it can be a lot of fun. Knowing where to look for the best travel deals can be key. It helps to stretch your budget further without sacrificing one minute of the experience. Once you’ve narrowed…
ByAlex Carlucci
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This guide covers changes in mortgage guidelines for the government and conforming loans. HUD, the parent of FHA, has made over 20 changes due to the growing pressure from the Consumer Finance Protection Bureau to abide by the ability to repay rule (i.e., qualified mortgage). As a result, more documentation will be required, and more…
ByAlex Carlucci
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This guide covers home title insurance policy guidelines by lenders. A home title insurance policy is a contract of indemnity between the insured and the insurance company relating to the title to the land described in the policy. A Home Title Insurance Policy protects the insured against loss or damage because of defects, liens, or…
ByAlex Carlucci
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This guide covers the dream of owning your own home. The dream of owning your own home is a common aspiration for many people worldwide. It represents a significant milestone in one’s life and is often seen as a symbol of financial stability, security, and personal achievement. Here are some key aspects and reasons why…
ByAlex Carlucci
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This guide covers understanding mortgage forbearance for homeowners who cannot pay their monthly housing payments. Phase three of the coronavirus pandemic economic stimulus package included assistance for homeowners eligible for forbearance. Homeowners financially affected by the economic meltdown due to the pandemic can defer their mortgage payments for six months. After six months, borrowers can…
ByAlex Carlucci
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This guide covers the Fannie Mae guidelines on conventional loans with a waiting period after mortgage part of bankruptcy. Many of our borrowers are folks with prior bankruptcy, foreclosure, short sale, or deed-in-lieu of foreclosure. Borrowers can qualify for a home loan after bankruptcy and foreclosure. This holds true as long as they meet the…
ByAlex Carlucci
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This guide covers the role of a mortgage loan processor. We will discuss the important role processors undertake during the mortgage process. Mortgage processors are the backbone of a lender. Processors are the quarterbacks and the professionals who make the loan to the closing table. Ami Thakkar of Gustan Cho Associates is one of the…
ByAlex Carlucci
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This guide covers the risk of taking out that next student loan when getting a mortgage loan approved. If you plan on buying a home, think twice before taking out that next student loan. I worked in the medical field for three years while slowly chipping away at my student loans by making minimal payments….
ByAlex Carlucci
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This guide covers eliminating property taxes, such as how it works for a small town in Texas. Property taxes are how most communities pay for their schools, city services, police, fire, and other expenses. Lately, high property taxes have been a concern for many homeowners. Many cities with budget deficits raise property taxes to cover…
ByAlex Carlucci
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This blog will discuss and cover starting a new career as a MLO or a mortgage loan officer. Have You Considered Of Starting a New Career as a MLO or a Mortgage Loan Officer? Have you ever thought about starting a new career as a mortgage loan officer? A career as a mortgage loan officer…
ByAlex Carlucci
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This guide covers how inflation affects the housing and mortgage markets. Whenever you turn on the news, you hear “inflation.” In this article, we will review the current inflation rate throughout the country and break it down by sector. We will also go one step further and discuss inflation’s effects on the mortgage market. The…
ByAlex Carlucci
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This guide covers refinancing non-QM to conforming loans with lower mortgage rates. Mortgage rates hit the highest in 2023 since the 2008 Housing Bubble and Credit Collapse. Mortgage rates are increasing at historic twenty-year highs despite skyrocketing home prices, out-of-control inflation, and a volatile economy. Non-QM loans remain popular and are the mortgage loan of…
ByAlex Carlucci
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This guide covers the Chicago housing market forecast for homebuyers in Chicago and surrounding suburbs. It seems like the Housing Market has fully recovered after years of sluggish sales. Statistics indicate that Chicago Housing Market values have increased the most in almost seven years. Chicagoland Housing Market has been the best since the Great Recession…
ByAlex Carlucci
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This guide covers why you should not get a 15-year fixed-rate mortgage. There are several good reasons Why You Should Not Get A 15-Year Fixed-Rate Mortgage. Most homebuyers are financially stable when they are in the process of buying a home. They are often confident their job and income will remain secure. John Strange, a…
ByAlex Carlucci
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This guide covers mortgage approval without retracting credit disputes. HUD, the parent of FHA, does not allow credit disputes on derogatory credit tradelines such as late payments, charge-offs, bankruptcy, foreclosure, short sale, repossessions, and non-medical collections. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains about getting mortgage approval without retracting credit disputes…
ByAlex Carlucci
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How High Should Homebuyers Go Over List Price In A Bidding War? Homebuyers normally need to bid higher than the list price in a hot housing market.
ByAlex Carlucci
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This guide covers qualifying and getting pre-approved for a mortgage loan after foreclosure and short sale guidelines. Previous homeowners who had a prior foreclosure can now qualify for a mortgage loan after foreclosure and short sale. There is a minimum of a 3-year waiting period to qualify for FHA and USDA loans after foreclosure, deed-in-lieu…
ByAlex Carlucci
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This guide covers qualifying for jumbo loans with lower credit scores and debt-to-income ratios up to 50% with traditional and non-QM loans. Qualifying for jumbo loans with lower credit scores and a 50% debt-to-income ratio at competitive rates is possible at Gustan Cho Associates. Gustan Cho Associates are commercial and residential mortgage lenders. Gustan Cho…
ByAlex Carlucci
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The homebuying and mortgage process in a seller market with historically high rates and soaring inflation can be challenging. The aftermath of the coronavirus pandemic is making the homebuyer and mortgage process more difficult than it used to be. Dale Elenteny of Gustan Cho Associates said the coronavirus outbreak had changed the mortgage industry. Never…
ByAlex Carlucci
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In this article, we will discuss and cover the borrower review of Gustan Cho Associates. Just this past June 2, 2023, I received a frantic call from a home buyer who was extremely disturbed. This was because she learned from multiple mortgage lenders in her community that she could not qualify for a conventional loan…
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