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ByAlex Carlucci
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This article will cover the mortgage guidelines for the types of bankruptcies—James Miller of Miller explains how you can qualify for a mortgage after bankruptcy. Jamie Miller also explains how bankruptcy can restart your financial life and how you can get your credit score to 720 in less than one year after bankruptcy discharge. Attorney…
ByAlex Carlucci
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In this article, we will cover 1099-Income-Only Mortgages and how they work. Many workers are 1099 wage earners. 1099 wage earners have specific mortgage income guidelines regarding government and conforming mortgage loans. In general, FHA, VA, USDA, Fannie Mae, and Freddie Mac will require two years of income tax returns from 1099 wage earners. The…
ByAlex Carlucci
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In this blog, we will cover choosing the right lender for a mortgage loan approval. Choosing The Right Lender with no overlays is extremely important for mortgage borrowers with prior credit issues. Examples of prior credit issues include the following: prior bankruptcy prior foreclosure prior short sale prior deed in-lieu-of foreclosure outstanding collections charge off…
ByAlex Carlucci
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In this blog, we will cover everything you need to know about buying a house in Iowa. Iowa is becoming a very popular state for homebuyers, especially first-time homebuyers and people relocating to the state. A frequently asked question is can I buy a house in Iowa with bad credit? Quite honestly, the state of…
ByAlex Carlucci
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In this blog, we will cover using non-QM loans after being denied a traditional mortgage or because the other lender did not have the mortgage options suited for the homebuyer. Non-QM loans are not just for borrowers with bad credit. Non-QM loans can be for perfect credit borrowers but they may not fit into government…
ByAlex Carlucci
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Borrowers looking to qualify for a home loan with bad credit Ohio have options with traditional and/or non-traditional mortgages. The Ohio housing market has been bullish for the past few years. Many renters who were planning on buying a house after a few years are now planning on buying a house now before rates increase…
ByAlex Carlucci
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In this blog, we will cover and discuss qualifying for a high-balance FHA loan with FHA Jumbo Lenders in Hawaii with no lender overlays. Many FHA lenders in Hawaii have lender overlays on high-balance FHA loans. FHA Jumbo Lenders in Hawaii believe high-balance FHA loans pose higher risk factors. Therefore, FHA Jumbo Lenders in Hawaii…
ByAlex Carlucci
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In this blog, we will cover and discuss QM-Qualified Mortgages versus non-QM loans. We will explain what QM-qualified mortgages are and when they went into effect. QM-qualified mortgages focus on the borrower’s ability to repay. QM-Qualified Mortgages took effect on January 10, 2014. In essence, QM-Qualified Mortgages is trying to create a standard mortgage guideline…
ByAlex Carlucci
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In this blog, we will cover and discuss changing jobs during mortgage approval process. There are cases where mortgage loan borrowers change jobs during the mortgage approval process or prior to starting the mortgage process. Many folks realize that changing jobs during the mortgage approval process can cause mortgage closing delays. But it is not…
ByAlex Carlucci
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One of the most frequently asked questions is how much income do I need to buy a house in 2022. In this article, we will answer the question commonly asked, How Much Income Do I Need To Buy A House In 2022? The housing market is booming. Despite the coronavirus pandemic, home prices have skyrocketed…
ByAlex Carlucci
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In this blog, we will be covering the difference between conditional mortgage approval versus pre-approval during the mortgage process. There are several stages in the mortgage approval process. When a home buyer is ready to start shopping for a home, they consult with a lender. A loan officer will qualify the home buyer and see…
ByAlex Carlucci
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In this article, we will cover and discuss what to do with proceeds from sale of a house. A frequently asked question is what to do with proceeds from sale of a house if you are going to take a break from homeownership. Home prices have been skyrocketing for almost a decade. Homeowners who are…
ByAlex Carlucci
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In this blog, we will discuss and cover the bankruptcy mortgage guidelines on government and conventional loans. All mortgage loan programs have a mandatory waiting period after bankruptcy and foreclosure. Borrowers need to adhere to Bankruptcy Mortgage Guidelines to qualify for a residential mortgage loan. In the following sections, we will through the bankruptcy mortgage…
ByAlex Carlucci
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In this article, we will discuss and cover how FHA credit score determines mortgage rate pricing on FHA loans. FHA loans are the most popular loan program in the United States. FHA Credit Score Guidelines are very lenient to qualify for FHA Mortgages. Borrowers with credit scores down to 500 FICO can qualify. Per the…
ByAlex Carlucci
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In this article, we will discuss and cover investment home loans with no income documentation. There are several different types of Investment Home Mortgage Loans. Government Loans cannot be used for investment homes and are for owner-occupant properties only. Here are the three government loans: FHA Loans VA Loans USDA Loans In this article, we…
ByAlex Carlucci
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Many homebuyers are often confused when they are applying for a mortgage about why they are getting two rates, APR versus interest rates, from mortgage lenders. One of the many frequently asked questions at Gustan Cho Associates is why is APR higher than the quoted mortgage interest rate. The APR is always higher than the…
ByAlex Carlucci
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In this blog, we will cover and discuss Illinois home purchase mortgage options for homebuyers. Going through the home purchase process can be overwhelming. There are many moving parts to the Illinois home purchase process. No two Illinois home purchase buyers are alike. Some may be first-time homebuyers, others may be self-employed borrowers, others may…
ByAlex Carlucci
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In this article, we will cover and discuss qualifying for a mortgage after bankruptcy in Minnesota with traditional and non-prime home loans. Homebuyers can qualify for a mortgage after bankruptcy in Minnesota with traditional and non-prime loan programs. There are mandatory waiting period requirements to qualify for a mortgage after bankruptcy in Minnesota on government-backed…
ByAlex Carlucci
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In this blog, we will cover and discuss the VA loan eligibility requirements in Vermont for 2022. We will cover the basic VA loan eligibility requirements in Vermont on credit, derogatory tradelines, bankruptcy, and other frequently asked questions by our viewers and borrowers. One of the biggest concerns among homebuyers in Vermont is the options…
ByAlex Carlucci
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In this blog, we will cover and discuss the best bad credit mortgage lenders in Alaska for FHA loans. The housing market in Alaska is booming. Homes are selling the day they are listed. During these volatile economic times with mortgage rates surging, many homebuyers with lower credit scores are shopping for the best bad…
ByAlex Carlucci
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In this blog, we will cover and discuss qualifying for a mortgage with new lenders after getting mortgage denial for late payments during Chapter 13 repayment plan. Not all lenders have the same mortgage guidelines on government and conventional loans. A mortgage denial for late payments during Chapter 13 plan is normally a dead issue…
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