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ByGustan Cho
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This guide covers FHA Guidelines on Manufactured Home Loans. FHA Guidelines on manufactured home loans are released. HUD, the parent of FHA loans, sets all the agency guidelines on Manufactured Homes and FHA loans. More and more homebuyers are interested in buying manufactured homes. Technology has come a long way. Dale Elenteny, a senior loan…
ByGustan Cho
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This article explores the VA Guidelines on Deferred Student Loans and their influence on the debt-to-income ratio in the context of VA loans. VA YouTubeloans are the only program not considering deferred student loans lasting over 12 months when determining eligibility. Unlike other loan programs, VA loans do not impose a mandatory minimum credit score…
ByGustan Cho
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The primary emphasis of this blog centers around the waiting period obligations that individuals face after foreclosure, specifically those on title but not on mortgage. We often receive queries from married home buyers grappling with financial challenges, making it difficult for them to maintain their existing homes.These homeowners often fall behind on their mortgage payments…
ByGustan Cho
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This blog examines the eligibility requirements for FHA loans after unemployment or employment gaps. Prospective FHA loan applicants now have the opportunity to qualify, even if they have faced periods of unemployment or breaks in their employment history. Contrary to a widespread misconception that obtaining these loans necessitates an uninterrupted two-year work history with no…
ByGustan Cho
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This article will cover what escrow hold back is in the mortgage loan process. We will discuss escrow hold back mortgage guidelines for repairs. Nothing is worse than approaching your closing date and having issues arise. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains escrow hold backs for home repairs as follows:…
ByGustan Cho
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This article delves into how underwriters analyze bank statements of borrowers. When individuals seek a mortgage loan, underwriters deem 60 days’ worth of bank statements as a crucial requirement for the application. The underwriting process mandates the submission of two months’ worth of bank statements. How underwriters analyze bank statements is a crucial aspect of…
ByGustan Cho
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This article will delve into the mortgage guidelines for FHA DTI ratios on manual underwrites. The key distinction between manual and automated underwriting system guidelines lies in the debt-to-income ratio cap applied during manual underwriting. As per FHA DTI ratios on manual underwrites, the allowable DTI ratios are subject to specific caps, and these limits…
ByGustan Cho
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In this blog, we will discuss payment shock from paying rent as a renter to paying a mortgage as a homeowner. Payment shock is the increase of the new housing payment by homeowners versus the rent they used to pay as renters. Low Payment shock is a compensating factor. The lender wants to know that…
ByGustan Cho
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In this blog, we will be covering the QC Review Prior Clear To Close During Mortgage Process by some mortgage lenders. The mortgage application and approval process starts when borrowers submit all of their financial and credit information to the mortgage lender. The mortgage process starts once the borrower is pre-approved and submits an executed…
ByGustan Cho
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This article will delve into the HUD guidelines for gift funds in the context of home purchase transactions involving Federal Housing Administration (FHA) loans. Our exploration will cover the fundamental HUD guidelines for gift funds and examine any potential modifications made to these guidelines concerning mortgage requirements. It is essential to understand that the FHA,…
ByGustan Cho
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This article delves into the implications and potential challenges homeowners may face in the unfortunate event of a job loss after mortgage closing. The focus is on understanding the repercussions and navigating the associated difficulties when individuals grapple with job loss after the mortgage closing process. The residential mortgage lending sector has experienced a significant…
ByGustan Cho
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In this blog, we will cover and discuss qualifying for a mortgage during and after divorce on purchase and refinance transactions. Divorce rates among Americans have surpassed the 56% mark. All marriages have a 56% probability of eventually ending up in divorce. Divorce can be very emotional and painful in more than several ways, says…
ByGustan Cho
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According to VA and HUD Chapter 13 cash-out refinance guidelines, homeowners may be eligible for a cash-out refinance on an FHA or VA loan, allowing them to pay off their Chapter 13 Bankruptcy ahead of schedule. VA and FHA loans are the only mortgage loan programs that permit borrowers to purchase or refinance a home…
ByGustan Cho
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There are strict rules regarding the part-time income to full-time income mortgage guidelines. For part-time income to be used, borrowers need two years of consistent part-time income. Besides the two-year seasoning requirement, lenders want to be convinced that the likelihood of the part-time income continuing for the next three years is extremely likely. Qualifying for…
ByGustan Cho
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This blog will cover and discuss the FHA case number on new FHA mortgage applications. We will also discuss transfers from one lender to a new lender. FHA loans are the most popular loan program in the U.S. Borrowers with lower prior bad credit scores can benefit from FHA loans compared to conventional loans. Not…
ByGustan Cho
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In this article, we will cover and discuss the comparison between jumbo loan vs conventional loan programs and the differences in rates, terms, and LLPAs. Gustan Cho Associates has wholesale lending partners on traditional and conventional loan products. High-balance FHA jumbo loans need to meet HUD agency guidelines. VA high-balance jumbo loans need to…
ByGustan Cho
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This blog will cover FHA debt-to-income ratio requirements for FHA loans. Just because borrowers meet all the HUD Agency Mortgage Guidelines on FHA loans does not mean that all lenders will approve borrowers meeting just the minimum agency mortgage guidelines. Lenders will require all borrowers to meet the minimum HUD agency mortgage guidelines on FHA…
ByGustan Cho
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This guide covers overlays on debt-to-income ratio on FHA loans. Homebuyers who got issued pre-approval from a mortgage loan originator but think that the loan amount is not enough may have options. Debt-to-income ratio is the determinant on how much borrowers can qualify for. Overlays on debt-to-income ratio can limit maximum loan amounts borrowers can…
ByGustan Cho
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This guide covers eliminating FHA mortgage insurance premium by refinancing FNMA. Borrowers taking out an FHA insurance mortgage loan, besides paying an upfront mortgage insurance premium of 1.75%, borrowers need to pay an annual FHA mortgage insurance premium of 0.55% for the life of the FHA Loan. FHA mortgage insurance premium can be a substantial…
ByGustan Cho
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Kentucky’s economy is booming, especially the housing market. Many individual taxpayers and businesses are making Kentucky their home due to low state taxes and affordable housing and low property taxes. Homebuyers are finding home priced reasonably and home prices are beginning to creep up.
ByGustan Cho
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This guide covers how to negotiate a home purchase prior to signing a contract. How to negotiate a home purchase prior to signing a contract is important so homebuyers get the best deal possible under the circumstances. There are ways how to negotiate a home purchase. Negotiating a home purchase before signing a contract is…
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