1099-Income Versus W-2 Income Mortgage Lending Guidelines
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1099-Income Versus W-2 Income Mortgage Guidelines

ByGustan Cho Posted on

This article will cover 1099-income versus W-2 income mortgage lending guidelines. Regarding traditional government and conventional loans, more scrutiny is placed on 1099-wage earners than on W-2 income earners. 1099-wage earners often benefit from being able to write off substantial unreimbursed business expenses. Substantially unreimbursed business expenses will benefit 1099 wage earners by paying fewer…

Multiple FHA loans
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HUD Guidelines on Multiple FHA Loans at Same Time

ByGustan Cho Posted on

This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is can I qualify and get approved for multiple FHA loans at the same time. FHA loans are for owner-occupant primary homes. A homeowner can live in one property. There are…

Changing Lenders During Underwriting Process
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Changing Lenders During Underwriting Process

ByGustan Cho Posted on

This guide covers changing lenders during underwriting process before closing. The mortgage approval process does not have to be stressful if the borrower is properly qualified and the loan officer has set proper expectations for the mortgage process. Alex Carlucci, a senior loan officer at Gustan Cho Associates, explains the number one reason for a…

Major Changes In FHA Guidelines
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Major Changes In FHA Guidelines HUD 4000.1 Handbook

ByGustan Cho Posted on

This guide will delve into the major changes in FHA guidelines, specifically the HUD 4000.1 Handbook, which may have implications for individuals applying for FHA loans. Major changes in FHA guidelines have been in place for two consecutive years, as stipulated in the updated HUD 4000.1 Handbook. Homebuyers, homeowners, realtors, and third-party mortgage and real…

Buying House While In Chapter 13 Bankruptcy
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Buying House While In Chapter 13 Bankruptcy

ByGustan Cho Posted on

This blog post will explore Buying House While In Chapter 13 Bankruptcy. Chapter 13 Bankruptcy involves a structured five-year repayment plan before receiving a discharge. The good news is that potential homebuyers must only delay their plans to qualify for a mortgage once the bankruptcy is fully discharged. Instead, the bankruptcy trustee needs to approve…

Two FHA Loans At The Same Time
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Can I Have Two FHA Loans at The Same Time

ByGustan Cho Posted on

This guide explains the requirements for obtaining two FHA loans at the same time. This is important information for those who want to finance two primary residences. Joey Virga, the President and CEO of Virga Realty, a distinguished real estate company headquartered in Panama City, Florida, shares insights into his clients’ journey to obtain approval…

How Underwriters Qualify Income
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How Underwriters Qualify Income To Approve Mortgage Loans

ByGustan Cho Posted on

This guide covers how underwriters qualify income to approve mortgage loans. Many mortgage loan applicants do not have the role of the underwriter and how underwriters qualify income. Mortgage loans must be documented in accordance with the mortgage guidelines of the individual loan programs. We will use FHA on this blog since FHA are the…

Conventional Loans With Non-Occupant Co-Borrowers
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Conventional Loan With Non-Occupant Co-Borrower

ByGustan Cho Posted on

This blog will cover Fannie Mae and Freddie Mac guidelines on qualifying for a conventional loan with non-occupant co-borrower. Non-Occupant Co-Borrowers can be added to Conventional and FHA loans. The United States Department of Veteran Affairs does not allow non-occupant co-borrowers on VA home loans. Only married spouses of veteran borrowers can be added as…

VA Property Tax Exemption
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VA Property Tax Exemption Guidelines on VA Home Loans

ByGustan Cho Posted on

This article will discuss the guidelines for VA property tax exemption related to VA home loans. The VA has created VA Home Loans for eligible active and retired members of the US Armed Services. Military personnel must have a valid Certificate of Eligibility (COE) to qualify for a VA loan. As a token of appreciation…

Using Rapid Rescore

Using Rapid Rescore in The Mortgage Process

ByGustan Cho Posted on

This guide covers using rapid rescore in the mortgage process. What is a rapid rescore? It’s a service accessible only through your mortgage lender that allows you to update your credit report almost instantly. Correct credit report errors. Update balances after paying them off or down. Update new or increased lines of credit. Your mortgage…

Property Tax Prorations
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Using Property Tax Prorations For Down Payment on a House

ByGustan Cho Posted on

This blog post will explore the revised mortgage guidelines on Using Property Tax Prorations For Down Payment on a House. The updated agency mortgage guidelines now permit homebuyers to utilize property tax prorations sellers provide for their home purchase down payment. Recently revised guidelines from HUD, VA, USDA, Fannie Mae, and Freddie Mac state that…

Fannie Mae Collection Guidelines on Conventional Loans
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Fannie Mae Collection Guidelines on Conventional Loans

ByGustan Cho Posted on

This blog will cover Fannie Mae Collection Guidelines on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants that regulate agency guidelines on conventional loans. The two mortgage giants are the largest buyers of mortgages on the secondary market. Fannie Mae typically requires a minimum credit score for conventional loans. Credit scores…

Mortgage Approval For Home Purchase on Acreage
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Mortgage Approval For Home Purchase on Acreage in 2024

ByGustan Cho Posted on

In this blog, we will cover and discuss qualifying and getting a mortgage approval for home purchase on acreage in rural areas. Gustan Cho Associates is licensed in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. We have dozens of options for mortgage approval for home purchase on acreage in rural…

Canceling a Real Estate Purchase Contract And Transaction
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Canceling a Real Estate Purchase Contract Transaction

ByGustan Cho Posted on

This guide covers canceling a real estate purchase contract transaction. A real estate purchase contract is a legally binding agreement between a home buyer and a home seller. Before each party signs the real estate purchase contract, they should both review it carefully. Canceling a real estate purchase contract can be done if there are…

FHA Loan During Chapter 13 Bankruptcy in Arizona
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FHA Loan During Chapter 13 Bankruptcy in Arizona

ByGustan Cho Posted on

In this article, we will discuss and cover qualifying for an FHA loan during Chapter 13 Bankruptcy in Arizona. Not all lenders in Arizona allow borrowers to qualify for an FHA loan during the Chapter 13 Bankruptcy repayment plan. Gustan Cho Associates has no overlays for borrowers to qualify for an FHA loan during Chapter…

Downsizing To A Smaller Home
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Qualifying For a Mortgage Downsizing To a Smaller Home

ByGustan Cho Posted on

This  guide covers qualifying for a home loan downsizing to a smaller home. It makes no sense in having a large home when the kids leave. Many homeowners who become empty nesters only use a portion of their home. However, homeowners with a large home spend a lot of money on utilities, insurance, maintenance, and…

Bad Credit Mortgage Loans Alabama With 530 FICO
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Bad Credit Mortgage Loans Alabama With 530 FICO

ByGustan Cho Posted on

In this article, we will discuss and cover homebuyers qualifying for bad credit mortgage loans Alabama. Qualifying for bad credit mortgage loans Alabama is possible with a lender with no lender overlays. HUD, the parent of FHA, has the most lenient mortgage guidelines than any other mortgage program. VA loans is the best mortgage loan…

Two FHA Loans Due To Expanding Family Size
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Can I Have Two FHA Loans Due To Expanding Family Size?

ByGustan Cho Posted on

This guide addresses common inquiries regarding the possibility of maintaining two FHA loans due to expanding family size. Typically, individuals are limited to one FHA loan per family. However, there are circumstances wherein you can retain your current home with an FHA loan while obtaining a second FHA loan for a new home purchase. HUD…

Types of Homes Eligible With Residential Loans

Types of Homes Eligible With Residential Loans

ByGustan Cho Posted on

This ARTICLE cover the types of homes eligible with residential loans. Government loans are for owner occupant one to four-unit homes only. You cannot qualify for second home loans with government loans. Types of homes eligible with residential loans are one to four-unit residentially zoned properties. There are two types of traditional loan programs. In…