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ByGustan Cho
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In this blog, we will cover and discuss the credit score mortgage guidelines for home purchase and refinance. What is a Good credit score and credit score mortgage guidelines? Credit score mortgage guidelines vary between mortgage loan programs. All loan programs, with the exception of VA loans, have minimum credit score mortgage guidelines. Lenders look…
ByGustan Cho
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This guide covers the difference between FHA and Conventional mortgage guidelines. Many homebuyers, especially first-time buyers shopping for homes often wonder the difference between FHA and Conventional mortgage guidelines. They often do not understand the main difference between FHA and Conventional mortgage guidelines and which loan program is best for them. There are big differences…
ByGustan Cho
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This guide covers the truth in lending disclosure during the mortgage process. Mortgage disclosures are required to be disclosed to all mortgage loan applicants by federal law. The Truth In Lending Disclosure is one of the most important mortgage disclosures that need to be disclosed to all mortgage loan applicants in a timely manner. On…
ByGustan Cho
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Can an individual with a credit score of 500 be eligible for a VA loan? Absolutely. The Veterans Administration (VA) oversees and establishes guidelines for VA loans, and there’s no mandated minimum credit score requirement. If the borrower can receive approve/eligible through the automated underwriting system (AUS), they can secure a VA loan, even with…
ByGustan Cho
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In this blog, we will cover what a 3-2-1 buydown mortgage is. We will also discuss the differences between a 3-2-1 buydown mortgage versus what is the qualifying mortgage interest rate on a 2-1 buydown mortgage. Home prices are still at an all-time high, with mortgage rates north of seven percent. The current mortgage market…
ByGustan Cho
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Non-qualifying mortgages, commonly known as Non-QM loans, cater to borrowers seeking alternative home loan programs that diverge from the parameters set by government and conventional loan standards. Unlike conventional loans, non-qualifying mortgages accommodate individuals who may not fit the traditional criteria due to various factors. Contrary to common assumptions, Non-QM loans aren’t exclusively designed for…
ByGustan Cho
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FHA mortgage loans stand out as the leading choice among borrowers in the United States. The Federal Housing Administration (FHA) operates under the United States Department of Housing and Urban Development (HUD). The latest iteration of FHA Mortgage Guidelines, outlined in HUD’s FHA Handbook 4000.1, introduces significant changes. Notably, borrowers with credit scores exceeding 620…
ByGustan Cho
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This article delves into the lending prerequisites and regulations concerning mortgage with new job. It addresses the misconception that one must have a two-year job history to qualify for a mortgage loan. Contrary to this belief, it’s not a strict requirement. Many prospective homebuyers might have been turned away by lenders who insist on this…
ByGustan Cho
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This blog addresses the eligibility criteria for obtaining a mortgage and securing approval despite having experienced employment gaps within the last two years. Lenders have informed numerous borrowers that mortgage qualification is contingent on maintaining the same job for the preceding two years. Contrary to this notion, it is optional to have continuous employment in…
ByGustan Cho
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This blog delves into the significance of non-traditional credit in mortgage qualification process, particularly focusing on scenarios where borrowers lack conventional credit scores. A prevalent situation arises with recent college graduates with no credit history. This absence of credit scores is common among individuals who have recently completed their college education. Despite the absence of…
ByGustan Cho
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This article delves into Mortgage For College Graduates Lending Guidelines, shedding light on established norms and recent changes that may impact the qualification criteria for aspiring homebuyers in this demographic. For those recent graduates armed with job offer letters from full-time employers, securing a mortgage is generally feasible, provided they possess well-established credit and fulfill…
ByGustan Cho
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The FHA W-2 Income Only Mortgage Lending Guidelines provide a pathway for borrowers to qualify for an FHA loan based solely on W-2 income, without the requirement of submitting income tax returns. Conventional and FHA loans stand out as the most widely used among the various mortgage loan programs available today. It is important to…
ByGustan Cho
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This guide covers avoiding home loan denial during the mortgage process. We will go deeply in giving our viewers tips and steps to take in avoiding home loan denial mainly relies on the loan officer. There is no reason why mortgage applicants should get a mortgage denial if they were properly qualified. A borrower should…
ByGustan Cho
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How To Get Refer To Approve-Eligible Per AUS To Qualify For Mortgage: There are ways of trying to get a refer/eligible findings to an approve/eligible per automated underwriting system.
ByGustan Cho
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This guide covers manufactured home financing requirements. Many home buyers of manufactured home financing have a difficult time getting it. The Department of Veteran Affairs (VA) and the U.S. Department of Housing and Urban Development (HUD) have the same mortgage guidelines on manufactured home financing. The reason is that lenders view manufactured homes as high-risk properties….
ByGustan Cho
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This guide covers PMI on Conventional loans with higher than 80% LTV. PMI on Conventional loans with higher than 80% LTV is mandatory per Fannie Mae and Freddie Mac Guidelines. Private Mortgage Insurance protects mortgage lenders in the event borrowers go into default and the home goes into foreclosure. Private Mortgage Insurance is Fannie Mae…
ByGustan Cho
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Every mortgage borrower is different. Your income, debts, credit rating, savings, and goals are unlike anyone else’s. The best mortgage for your neighbor might be the worst home loan for you.
ByGustan Cho
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This guide covers VA credit agency guidelines versus lender overlays on VA loans. Understanding VA Credit Score Agency Guidelines is very important for borrowers with less than perfect credit and eligible for VA loans. VA loans are the best home loan program in the Nation. Due to the loan guarantee to lenders, mortgage companies can…
ByGustan Cho
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This guide covers the benefits of paying mortgage balance early before end of loan term. Paying mortgage balance early before end of loan term is every homeowner’s dream come true: A home is most people’s biggest investment in their lifetime Most homeowners have a mortgage on their home. Most mortgage borrowers opt for a 30-year…
ByGustan Cho
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This guide provides comprehensive insights into Fannie Mae Second Home Guidelines, specifically for vacation properties. The 2023 update to these guidelines emphasizes that Freddie Mac and Fannie Mae mandate a minimum down payment of 10% for individuals seeking to purchase a second home. It’s crucial to remember that government loans are not permissible for acquiring…
ByGustan Cho
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This article will discuss and cover qualifying for a mortgage after unemployment. Homebuyers do not need a two-year employment history with the same company. Borrowers can to qualify for a mortgage after unemployment with job gaps in the past two years, says Dale Elenteny of Gustan Cho Associates: Home mortgage approval is possible for borrowers…
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