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ByGustan Cho
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This guide covers mortgage approval with bad credit and late payments. Many consumers have had a period in their lives. Borrowers must meet minimum credit score and debt-to-income ratio requirements to qualify for particular mortgage programs. However, just because borrowers meet credit score and DTI requirements does not mean that they automatically qualify for mortgages….
ByGustan Cho
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This guide covers the credit scores required for FHA and VA loans. Many borrowers are confused about the credit scores required for FHA and VA loans. Lenders tell borrowers conflicting credit scores required for FHA and VA loans when trying to qualify for a mortgage. The VA has no minimum credit score requirement: Most lenders…
ByGustan Cho
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This guide covers verified funds for home closing before clear-to-close. Failure to provide verified funds for home closing before clear-to-close is one of the most common obstacles during the mortgage process. It is one of the many reasons a clear-to-close is delayed at the eleventh hour. Mortgage underwriters have specific rules on whether they will…
ByGustan Cho
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This guide covers the recovery of housing market and updates new mortgage guidelines and loan programs. Many of us remember the good old days of easy financing from the 90s until the real estate and mortgage meltdown of 2008. The Great Recession of 2008 hit everyone. Never in history since the Great Depression have so…
ByGustan Cho
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This guide covers common mortgage overlays on government and conventional loans. There are two types of mortgage guidelines. All borrowers must meet Agency Guidelines by FHA, VA, USDA, Fannie Mae, and Freddie Mac—lender overlays by mortgage companies. Mortgage lenders can impose their lending requirements above and beyond the minimum agency guidelines called lender overlays. Most lenders…
ByGustan Cho
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This guide covers the best time to purchase a home for first-time homebuyers. Many homebuyers ask when is the best time to purchase a home. The decision on the best time to purchase a Home is equally important to the overall home buying process. Frequently asked questions by buyers are the following: When is the…
ByGustan Cho
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This guide covers calculating monthly mortgage payment on a home purchase. Many first-time homebuyers think they need a lot of money to purchase a home. When they see that homes average $200,000, they think they could never afford a home and do not consider it. The fact is that you do not need much money…
ByGustan Cho
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This guide covers home loan programs after bankruptcy and foreclosure. There are various home loan programs after bankruptcy and foreclosure. However, all home loan programs after bankruptcy and foreclosure have waiting period requirements, except non-QM loans. HUD has announced that the waiting period for those who have filed for bankruptcy has been trimmed from the…
ByGustan Cho
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This guide covers the frequently asked question: do all lenders have the same guidelines on VA loans? One of the most common questions the team at Gustan Cho Associates gets daily is: Do all lenders have The same guidelines on VA loans? The simple answer to this question is no. Not all lenders have the…
ByGustan Cho
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This guide covers buying a home with a well and septic versus public water and sewer. Buying a home with a well and septic compared to public water and sewer is often the case when buying a home in a rural area. The coronavirus pandemic has changed the way we work. Many companies are changing…
ByGustan Cho
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This guide covers solutions for when things go wrong during the mortgage process. The mortgage process can be very stressful. This holds especially for borrowers with credit issues or higher debt-to-income ratios. Every mortgage loan application is different from the next. Some mortgage files can be tricky. The most important phase is the pre-approval stage…
ByGustan Cho
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This guide details the steps of the home mortgage process, from pre-approval to closing. Taking the proper steps of the home mortgage process is necessary to avoid stress and to close on time. The most important steps of the home mortgage process are the qualification and pre-approval steps. The number one reason for stress during…
ByGustan Cho
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This article is about buying a foreclosed home for first-time homebuyers. Buying a foreclosed home is not always a deal. Many home buyers believe that buying a foreclosed home is always a deal. There are times when homebuyers can get a good deal. Many lenders who list foreclosed homes normally do their homework before listing…
ByGustan Cho
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This guide covers qualifying and getting approved for a mortgage for self-employed versus W-2 borrowers. Qualifying for a mortgage for self-employed versus W-2 borrowers has become much easier this year. This is due to the emergence of bank statement mortgage loans for self-employed borrowers. Non-QM loans are now back. In the following paragraphs, we will…
ByGustan Cho
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This guide covers getting more house for your money with low property taxes. Getting more house for your money is possible. Getting more house for your money for homebuyers can be done by getting a home with lower property taxes. Property taxes vary widely from state to state and county to county. New Jersey has…
ByGustan Cho
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This guide covers how the VA mortgage process work for homebuyers. How the VA mortgage process work? VA loans are the best mortgage loan program for owner-occupant homes. The Department of Veterans Affairs (VA) is the federal agency in charge of VA loans. There are no down payment requirements on VA loans. Lenders offer 100%…
ByGustan Cho
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This guide covers qualifying for a home loan after multiple foreclosures. Homebuyers can qualify for a home loan after foreclosure. There are waiting periods after foreclosure that are mandatory for every mortgage loan program. For example, there is a mandatory waiting period of three years from the recorded foreclosure date to qualify for an FHA…
ByGustan Cho
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This guide covers buying a house after bankruptcy discharge date. Buying a house after bankruptcy is possible. Many homebuyers think that bankruptcy is the end of the world when it comes to obtaining credit, especially a mortgage. This is not true. Many people have credit scores higher than 700 FICO less than a year before…
ByGustan Cho
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This guide covers the mortgage process timeline from mortgage loan application to closing. There is a mortgage process timeline. The mortgage process timeline is a process. There are steps in the mortgage process. Once you have decided to get a mortgage, whether it is a home purchase or refinancing your current home, there are several stages…
ByGustan Cho
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This guide covers taking the next steps after getting a mortgage denial by underwriter. There should be no mortgage denial if the borrower was properly qualified for a home loan. Borrowers need to be very cautious with their finances and credit during the mortgage loan approval process. Make sure not bounce checks or apply for…
ByGustan Cho
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This guide covers preparing to qualify for conventional loans versus other mortgage loan programs. Preparing to qualify for conventional loans is often required for some mortgage borrowers who cannot go with an FHA loan. Every home mortgage program has its own mortgage lending guidelines. There are instances where borrowers cannot take out an FHA loan….
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