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This guide covers qualifying and getting approved for commercial loans Chicago at Gustan Cho Associates. Gustan Cho Associates is a one-stop lending shop for all types of lending. Looking for Commercial Loans Chicago? You have come to the right website. Gustan Cho Associates has a national reputation for being able to do mortgage loans other…
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This guide covers qualifying for a mortgage with disability income. People with disability income are eligible for a mortgage loan if they can document the income and the disability income is likely to continue for the next three years. The recipient of the disability needs to be able to repay their new home loan after…
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This guide covers Fannie Mae HomeStyle Mortgage Guidelines on conventional loans. Have you thought about adding a pool to your property? Or how about redoing your kitchen or bathrooms? How about remodeling your outdated home and modernizing it without moving to a new home. John Strange, a senior loan officer at Gustan Cho Associates explains…
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This guide covers curb appeal in selling your house fast. Importance Of Curb Appeal In Selling Your House: Home sales are finally picking up. The real estate market slowly recovered after the 2008 Great Recession and Real Estate Collapse. There are more buyers than an inventory of homes. Home prices are appreciating nationwide. HUD and…
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This guide covers why do lenders request bank statements during the mortgage process. Many mortgage loan applicants wonder why do lenders request bank statements. One of the dozen items mortgage lenders require before starting the mortgage process is 60 days of bank statements. There is a reason why do lenders request bank statements during the…
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This guide covers Jumbo Loans Chapter 13 Bankruptcy Guidelines. Chapter 13 Bankruptcy Mortgage Guidelines allow borrowers to qualify for a mortgage during and after Chapter 13 Bankruptcy and after the discharge date. Under Chapter 13 Bankruptcy Mortgage Guidelines, borrowers can qualify for VA and FHA Loans during and after Chapter 13 Bankruptcy. The following paragraphs will…
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This guide covers debt-to-income ratio overlays versus agency mortgage guidelines. We will be discussing what debt-to-income ratio overlays by independent lenders are. Debt To Income Ratio Overlays is additional guidelines that an individual lender sets on top of the minimum lending requirements mandated by the particular mortgage loans program, such as FHA, VA, USDA, Fannie…
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This guide covers low-down-payment mortgage for first-time homebuyers. Most homebuyers are looking for low-down-payment mortgage programs. In general, homebuyers can easily afford the new monthly housing payment. However, coming up with a down payment is the problem. Many renters do not even look to buying a new home because they are under the assumption you…
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This guide covers final mortgage underwriter approval prior to clear to close. The mortgage process is a true process that takes time. It is important that all documents are legible and complete, with no missing pages. The mortgage process requires teamwork. Borrowers must fully cooperate on documents and paperwork requested by the mortgage processor. A…
ByGustan Cho
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All mortgage companies need to have their borrower meet the minimum agency mortgage guidelines of HUD, VA, USDA, Fannie Mae, Freddie Mac. However, lenders can have higher lending requirements called lender overlays.
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This guide covers mortgage rates on bad credit score loans. Are mortgage rates on bad credit loans higher? Having bad credit does not affect mortgage interest rates. Credit scores do. This is especially true on Conventional Loans. Conventional loans do affect mortgage interest rates more so than government loans. In this article, we will discuss…
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This guide covers disabled Veterans benefits on VA loans. The Department of Veterans Affairs (VA) insures and guarantees VA Loans to private lenders. There are no minimum credit score requirements on VA Loans. There are no maximum debt-to-income ratio requirements on VA Loans. VA Loans have much easier lending guidelines than any other loan program….
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This guide covers reaffirming debts after bankruptcy. Homebuyers can qualify for a mortgage after bankruptcy. Government and conventional loans have mandatory waiting period requirements after bankruptcy. Gustan Cho Associates offers non-QM loans. There are no waiting period requirements after bankruptcy, foreclosure, deed-in-lieu of foreclosure, or short sale with non-QM loans. Alex Carlucci, a senior loan…
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This guide covers conforming underwriting guidelines on conventional loans. Conventional Loans are called conforming loans because they need to conform to Fannie Mae and Freddie Mac Mortgage Guidelines. Conventional loans are not government-backed loans. No government entity insures and guarantees conforming loans. Dale Elenteny of Gustan Cho Associates explains why conventional loans are called conforming…
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This guide covers qualifying for mortgage with high student loan debts. Every loan program has different guidelines on mortgage with high student loan debts. Government, Conventional, non-QM, bank statements, jumbo mortgages, and alternative financing loans all have their mortgage with high student loan debts lending requirements. John Strange, a senior loan officer and expert in…
ByGustan Cho
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This guide covers easy tips on how to sell your home fast. Despite high rates and soaring inflation, homes are still in demand, and prices are increasing. Do you want to know how to sell your home fast? Believe it or not but it is still a seller’s market. Getting a good, experienced real estate…
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This guide covers when the right time to buy a home with high mortgage rates, skyrocketing home prices, and soaring inflation. Many wonder when the right time to buy a home is. Home prices have been rising for the past three years. Due to rising home prices, HUD and the Federal Housing Finance Agency have…
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This guide covers the steps to buying your first home during a booming housing market. Buying your first home during a booming housing market can be quite challenging. Many would-be homebuyers often get discouraged from purchasing a new home when competition for homes is at historic highs. Gustan Cho Associates are experts in helping first-time…
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This guide covers the frequently asked questions at Gustan Cho Associates, What are hard money lenders? What Are Hard Money Lenders? Hard Money Lenders are lenders primarily based on the assets rather than the borrower. Michael Neill, President of AXEN Mortgage, LLC, a dba of NEXA Mortgage, LLC, explains what are hard money lenders as…
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This blog will discuss and cover fix-and-flip mortgage loans. The fix-and-flip mortgage option is one of the most popular loan programs for real estate investors and rehabbers. Several wholesale lenders offer fix-and-flip mortgage loans offer says John Strange, a senior loan officer at Gustan Cho Associates who is an expert on flip-and-fix mortgage loans: The…
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This guide covers mortgage pre-approval issued by underwriters. Over 80% of our borrowers at Gustan Cho Associates are folks who either got a last-minute mortgage loan denial or are stressed during their mortgage process with their current lender. Alex Carlucci, a senior loan officer at Gustan Cho Associates, explains the reasons for a last-minute mortgage…
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