HUD Bankruptcy Guidelines
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HUD Bankruptcy Guidelines After Chapter 7 And Chapter 13

ByGustan Cho Posted on

This article will discuss HUD bankruptcy guidelines following Chapter 7 and Chapter 13 bankruptcy, particularly about FHA loans. HUD Bankruptcy Guidelines affirm that individuals can become eligible for FHA loans after Chapter 7 and Chapter 13 Bankruptcy filings. Many prospective homebuyers, particularly those entering the market for the first time, may erroneously believe that obtaining…

Statute of Limitations on Debt and Judgments
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Statute of Limitations on Debt and Judgments

ByGustan Cho Posted on

In this blog, we will cover and discuss the statute of limitations on debt and judgments. Thousands of hard-working people do go through periods of hard financial times. They lose their jobs, get demoted, or the company they work for shuts down or goes out of business. Unfortunately, the outcome of financial hardships often leads…

How Do Mortgage Underwriters Qualify Borrowers
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How Do Mortgage Underwriters Qualify Borrowers

ByGustan Cho Posted on

In this blog, we will cover and discuss how do mortgage underwriters qualify borrowers. Credit scores and income is what determines whether a borrower meets the minimum requirements for a  lender to review a mortgage application how do mortgage underwriters qualify borrowers is by reviewing all documents provided by the borrower? In this article, we…

What are the 15-year and 30-year mortgage loans in loan programs
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15 Year Versus 30 Year Fixed Rate Mortgages Comparison

ByGustan Cho Posted on

This ARTICLE On 15 Year Versus 30 Year Fixed Rate Mortgages On Loan Programs. All residential mortgage loan programs have amortized terms. The most common mortgage programs are the 30-year fixed-rate mortgages. 30-year fixed-rate mortgages are the most popular due to lower monthly mortgage payments due to its longer amortized schedule of 30 years. The…

Sell and Buy House at Same Time During Chapter 13 Bankruptcy
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How to Buy and Sell a House While in Chapter 13 Bankruptcy

ByGustan Cho Posted on

In this blog, we will cover and discuss how to buy and sella house while in Chapter 13 Bankruptcy. Borrowers can buy and sell a house while in Chapter 13 bankruptcy without the Chapter 13 Bankruptcy being discharged. Borrowers would need trustee approval which is normally never a problem. Chapter 13 Bankruptcy repayment is generally…

Benefits of Refinance Mortgage
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What Are The Benefits of Refinance Mortgage

ByGustan Cho Posted on

This guide covers the benefits of refinance mortgage loans. There are many benefits of refinance mortgage. Although the Federal Reserve Board has recently raised interest rates by 0.25% basis points, mortgage rates are still at historic lows. Nobody has a crystal ball, but mortgage interest rates cannot remain this low forever. The Feds are closely…

Types of Residential Lending
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The Types of Residential Lending for Borrowers With Bad Credit

ByGustan Cho Posted on

This guide covers the different types of residential lending for homebuyers with bad credit out in todays marketplace for owner-occupant home, second homes, and investment properties. Most folks will need to know with types of residential lending when shopping for a homeThere are many types of residential lending when it comes to home mortgages, Home…

FHA and VA Amendatory Clause
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Understanding the FHA and VA Amendatory Clause

ByGustan Cho Posted on

This guide deep dives into the significance of the FHA and VA Amendatory Clause. We will explore the implications of these clauses for borrowers and underscore their crucial role in the loan process. It’s essential to note that HUD, the overseeing entity of FHA and VA, does not originate or fund loans. Instead, these government…

Best Mortgage Lenders For Bad Credit in Hawaii
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Best Mortgage Lenders For Bad Credit in Hawaii

ByGustan Cho Posted on

In this article, we will cover and discuss getting approved by the best mortgage lenders for bad credit in Hawaii in 2024 with low rates, wide variety of prime and non-QM loans, and lowest rates. Hawaii has one of the highest home prices in the United States. Home prices in Hawaii rank among the highest…

Fannie Mae Guidelines On Second Homes
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Fannie Mae Guidelines on Second Homes

ByGustan Cho Posted on

This article covers Fannie Mae Guidelines on second homes mortgage financing. There are three types of mortgage loans when it comes to residential financing. Primary homes Second homes Investment homes Primary home financing is owner-occupant homes. Homeowners will reside in the home as their primary residence. A primary home is a property that the buyer…

Can I Qualify For FHA Loan With Tax Lien
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Can I Qualify For FHA Loan With Tax Lien

ByGustan Cho Posted on

In this article, we will cover and discuss the frequently asked question can I qualify for FHA loan with tax lien. The answer to can I qualify for FHA loan with tax lien is yes under certain circumstances. You can qualify for FHA loan with tax lien only if you have a written payment agreement…

Mortgage with Recent Derogatory Credit
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Mortgage With Recent Derogatory Credit in the Past 12 Months

ByGustan Cho Posted on

In this article, we will cover and discuss qualifying for a mortgage with recent derogatory credit with our non-QM loan programs. Homebuyers can qualify for a mortgage with recent derogatory credit at Gustan Cho Associates with our non-QM loan program. What is recent significant derogatory credit? Here are examples of issues when it comes to…

Waiting Period To Qualify For a Mortgage
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Waiting Period to Qualify For a Mortgage After Foreclosure

ByGustan Cho Posted on

This guide cover the waiting period to qualify for a mortgage loan after foreclosure. Homeowners who had a prior foreclosure and are ready to purchase another home have to meet the waiting period to qualify for government and conventional loans. FHA loans and Conventional loans are the most popular loan programs in the U.S. Gustan…

Property Tax Proration VA Guidelines
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Property Tax Proration VA Guidelines on VA Home Loans

ByGustan Cho Posted on

This guide covers property tax proration VA guidelines on VA home loans. There are certain states where property taxes are paid in arrears. States, where property taxes are paid in arrears, require that sellers credit buyers with the prior year’s taxes at closing. These is called property tax proration credits. Every loan program has property…

Manual Underwriting During Chapter 13 Mortgage Process
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Manual Underwriting During Chapter 13 Mortgage Process

ByGustan Cho Posted on

In this article, we will discuss and cover manual underwriting during Chapter 13 mortgage process. Homebuyers can qualify for an FHA loan or VA loan while in an active Chapter 13 Bankruptcy repayment plan via manual underwriting. Manual underwriting is only allowed on FHA and VA loans. No other loan program permits manual underwriting.  There…

Multiple Offers on Home Purchase
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Buyers Solutions to Multiple Offers on Home Purchase

ByGustan Cho Posted on

This guide covers buyers solutions to multiple offers on home purchase. There was a time where there were tons of inventory of homes on the market. Homebuyers can ask for multiple showings on the same property. They saw weeks ago and the home was still available. As the days turned into weeks and weeks turned…

Paying Rent Timely Will Help Get Mortgage Approved
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Paying Rent Timely Will Help Get a Mortgage Approved

ByGustan Cho Posted on

This guide covers how paying rent timely will help get a mortgage approved. Homebuyers who have little to no credit tradelines and get a refer/eligible now have a chance to get an approve/eligible per an automated underwriting system will timely rent payments. Per Fannie Mae, Freddie Mac, HUD, USDA, and VA, verified rent is now…

Jumbo Florida Mortgage
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The Best Jumbo Florida Mortgage Lenders For Non-QM Loans

ByGustan Cho Posted on

This guide covers the best Jumbo Florida mortgage lenders. for prime and non-QM loans. The Florida housing market is hot and from the look of thing. There is more demand for housing than inventory. FHA and Conventional mortgages have maximum loan limits on government and conventional loans in Florida. Homebuyers in the market for higher-end…

Continuation of Income Guidelines
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Continuation of Income Guidelines of Mortgage Lenders

ByGustan Cho Posted on

This guide covers continuation of income guidelines of mortgage lenders. The ability to repay is one of the most important factors mortgage underwriters take into consideration when underwriting a mortgage borrower. Lenders require a past two-year employment work history. All agency guidelines require the mortgage underwriter document their due diligence in addressing they believe the…

Things to Know Before Filing Bankruptcy
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Things To Know Before Filing Bankruptcy

ByGustan Cho Posted on

This guide cover the things to know before filing bankruptcy for future homebuyers. There are things to know before filing bankruptcy. Many Americans are still under the impression that bankruptcy is very bad. They often do not know the benefits of bankruptcy and how you can get credit after bankruptcy. Bankruptcy rates soared after the…

Qualifying Income
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What is Considered Qualifying Income For Mortgage Loans

ByGustan Cho Posted on

This guide covers the types of income that mortgage lenders consider qualifying income can use for mortgage loans. Not all income types can be used as qualifying income for lenders. Qualifying income is verified documented income that has been sourced and is likely to continue for the next three years. It’s important to note that…