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ByGustan Cho
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This guide covers about the third-party search by mortgage lenders during the underwriting process. Mortgage lenders will pull three credit reports on every mortgage loan applicants during the mortgage process. The first step in the mortgage process is for lenders to look at borrower’s credit scores. The credit scores are what decides whether the loan…
ByGustan Cho
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In this blog, we will cover why lenders need credit reports and credit scores to get borrowers a mortgage loan approval. We will also discuss how mortgage underwriters analyze borrowers’ credit reports during the mortgage process. A consumer’s credit score is probably the most important factor that comes into play when applying for credit. When…
ByGustan Cho
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In this blog, we will cover and discuss the difference when qualifying for a mortgage after bankruptcy dismissal versus bankruptcy discharge mortgage guidelines. There are waiting period differences when qualifying for FHA loans after bankruptcy dismissal versus bankruptcy discharge. Bankruptcy, whether a dismissal or a discharge, can have significant implications for your mortgage and financial…
ByGustan Cho
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This guide covers how solid is your pre-approval for a home purchase mortgage. A mortgage pre-approval letter means that a loan applicant has submitted an initial mortgage loan application, called 1003, and the loan originator has run credit and fully qualified borrowers: The pre-approval letter is issued after the loan originator has reviewed the following:…
ByGustan Cho
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Lenders can cover borrowers’ mortgage refinance costs with a lender, credit in lieu of a higher mortgage rate to the borrower. All mortgage loans, whether they are purchase or refinance mortgages, have closing costs. Homeowners who are thinking of refinancing their current mortgage will have mortgage refinance costs associated with their refinance. Some states have…
ByGustan Cho
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This guide covers interest rate buydowns with seller concessions on purchases. Interest Rate Buydowns are when borrowers pay DISCOUNT POINTSto buy down interest rates. Borrowers with great credit and a good mortgage interest rate can often get even lower interest rates by paying points for a lower mortgage interest rate. Mortgage rate buydowns are a…
ByGustan Cho
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This guide covers tips and advice selling home fast by real estate professionals. Many homebuyers have an existing home and need to sell the existing home to purchase the new home. Other homeowners need to sell their homes fast due to a job loss, job transfers, or immediate relocation due to expanding family. Enhance curb…
ByGustan Cho
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This blog is a short-cut guide to the HUD 4000.1 FHA Handbook Revised For FHA Loans. The HUD 4000.1 FHA handbook revised for FHA loans is a 900 comprehensive list of mortgage guidelines and requirements for FHA loans. We created a cliff notes version for borrowers on purchase and refinance transactions that most borrowers had…
ByGustan Cho
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In this blog, we will cover and discuss the mortgage guidelines Chapter 13 versus Chapter 7 Bankruptcy. Homebuyers qualifying for a mortgage after bankruptcies: Homebuyers can qualify for a mortgage after bankruptcies after they pass the waiting periods. There are separate types of qualification requirements depending on the types of bankruptcies. Mortgage Guidelines Chapter 13…
ByGustan Cho
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This Article Is About FHA Loans With Child Support Payments Mortgage Guidelines. Securing approval for FHA loans when dealing with child support payments may impact the borrower’s debt-to-income ratios. Conversely, individuals receiving child support payments have the opportunity to leverage this income as a qualifying factor. To be eligible, child support payments must be consistent…
ByGustan Cho
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This article is about FHA Bankruptcy waiting periods after Chapters 7 and 13. FHA Bankruptcy wqiting period requirements were release the HUD. Homebuyers can now qualify for FHA loans after Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Please remember that FHA loan guidelines and lender-specific requirements may vary. Consult with a HUD-approved lender to get…
ByGustan Cho
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This BREAKING NEWS covers buying or refinancing after forbearance mortgage guidelines. Buying or refinancing after forbearance is a major concern for homebuyers and homeowners. Forbearance is not a mortgage default. Under the federal coronavirus stimulus CARES Act, mortgage borrowers can qualify for forbearance for six months and can extend it for another six months for…
ByGustan Cho
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Most mortgage lenders typically disapprove of overdrafts in bank statements. The presence of overdrafts in bank statements is viewed negatively by lenders, as it indicates a lack of financial responsibility on the part of the account holders. Even a single overdraft can lead many lenders to reject a mortgage loan application. It is advisable to…
ByGustan Cho
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This guide covers how credit card balance affect debt-to-income ratio for mortgage borrowers. We will discuss the negative impact how high credit card balance affect debt-to-income ratio and lowers credit scores during the mortgage process. Homebuyers or homeowners trying to refinance their home loan, credit scores are not the only thing they need to worry…
ByGustan Cho
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This guide covers what do lenders look in bank statements during the mortgage process. Every mortgage lenders require borrowers to provide 60 days of bank statements as part of the start of mortgage process. Lenders typically review bank statements as part of their due diligence when assessing a borrower’s creditworthiness. When examining bank statements, lenders are…
ByGustan Cho
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In this blog, we will cover how to write a letter of explanation to mortgage underwriters. Borrowers planning on applying for home loans or are currently going through the mortgage process will encounter underwriters who will require a letter of explanation for one or more items in question. This is often the case if…
ByGustan Cho
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This guide covers manual underwriting versus automated approval. There are two types of Automated Underwriting Systems (AUS): Fannie Mae’s Automated Underwriting System is referred to as Desktop Underwriting (DU) and Freddie Mac’s AUS is known as Loan Prospector (LP). All government and conventional loans need to go through either DU and/or LP Automated Underwriting System…
ByGustan Cho
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This guide covers the mortgage process leading to closing for borrowers. The home buying and mortgage process leading to closing is a process. It takes time. Most closings take an average of 30 days from the time the buyer has an executed real estate purchase contract. There are times where homebuyers can close in less…
ByGustan Cho
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This guide covers Fannie Mae waiting period after deed-in-lieu and short sale on conventional loans. Freddie Mac and Fannie Mae are the two mortgage giants that set conventional mortgage guidelines. Conventional loans are also referred to as Conforming loans. The reason they are called conforming loans is that they need to conform to Fannie Mae…
ByGustan Cho
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This guide covers mortgage approval with 580 FICO credit score. The Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development ( HUD ) insures residential mortgage loans to mortgage lenders against default from mortgage loan borrowers on FHA loans. HUD, the parent of FHA is not a mortgage lender….
ByGustan Cho
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This article covers Freddie Mac foreclosure guidelines on Conventional loans. Fannie Mae and Freddie Mac is the nations largest buyers of mortgage-backed securities. The role of Freddie Mac is to keep market liquidity by buying funded mortgage loans on the secondary market. Freddie Mac is the reason why mortgage lenders can originate and fund loans…
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