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ByGustan Cho
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In this article, we will discuss and cover balloon mortgages and how they work. Balloon mortgages are short-term loans with fixed monthly payments, usually based on a 30-year fully amortizing schedule. Balloon loans are for commercial loans only and do not apply to residential mortgages. After the 2008 housing meltdown and subprime mortgage collapse, federal…
ByGustan Cho
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Many borrowers are confused about how lenders price mortgage rates. How can mortgage rates just under 3.0% just a little over a year ago hit 6.5% in such a short time? Mortgage rates are hitting historic highs due to the Federal Reserve Board’s increasing rates to fight the skyrocketing inflation rate. Most people do not…
ByGustan Cho
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This guide covers the updated non-QM guidelines post-coronavirus outbreak and political scare. Non-QM guidelines are not uniform agency lending guidelines like government and conventional loans. The individual wholesale lender sets Non-QM guidelines. Just because one lender has a set of non-QM guidelines does not mean another will have the same lending requirements. The post-coronavirus updated…
ByGustan Cho
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This guide covers qualifying income guidelines to qualify for home loan. There are federal income guidelines to qualify for home loan. Days of no income verification to qualify for a home loan have long been gone, and it does not seem like they will ever come back shortly. There are strict income guidelines to qualify…
ByGustan Cho
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This guide covers the FHFA FNMA Guidelines updates on Conventional loans. There are FNMA guidelines changes for mortgage loan borrowers on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants in the United States that set mortgage requirements for Conventional loans. To qualify, conventional mortgage borrowers must meet the minimum Fannie Mae…
ByGustan Cho
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This guide covers the waiting period mortgage guidelines after housing events and bankruptcy. Homebuyers with prior bankruptcy, foreclosure, deed-in-lieu of foreclosure, or short sale have a mandatory waiting period to qualify for a mortgage. FHA, VA, and USDA loan programs have a waiting period of 2 years after Chapter 7 bankruptcy. Waiting period mortgage guidelines…
ByGustan Cho
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This guide covers why rent when you can own a home. We will discuss the advantages of owning versus renting a home. We have discussed the advantages of owning versus renting in previous blogs. Every renter should seriously consider buying a home, and when they realize how easy it is, they will question why rent…
ByGustan Cho
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In this guide, we will cover what is lender-paid mortgage insurance on conventional loans. Lender-paid mortgage insurance is also referred to as LPMI. Lender-paid mortgage insurance applies to Conventional loans only. Private Mortgage Insurance is required for all Conventional loans with less than a 20% down payment. This blog will cover the answer to what is…
ByGustan Cho
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In this guide on types of commercial lending, we will cover the various commercial loans available at Gustan Cho Associates for real estate investors. Commercial Lending is different and separate from residential lending. There are many types of Commercial Lending, just like there are various types of Residential Lending. Residential Lending Commercial Lending Many borrowers…
ByGustan Cho
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Conventional Loans also referred to as Conforming Loans are not guaranteed and/or insured by the federal government. Conventional Loans need to …..
ByGustan Cho
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In this guide, we will cover the role of mortgage loan coordinator in the mortgage process. When borrowers apply for a mortgage and go through the process, a team of mortgage professionals is involved with every borrower. Top-producing loan officers become the best because of their business model. Here is what Alex Carlucci, the top-producing…
ByGustan Cho
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This guide will cover the difference between FHA versus conforming loans. We will discuss FHA versus conforming loans mortgage lending guidelines and the benefits of each home loan program. There are three different types of government loans: FHA loans, and VA loans. USDA loans. Conventional loans benefit over FHA loans on waiting period requirements on…
ByGustan Cho
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In this guide, we will cover how much house can I afford versus qualify. First-time and seasoned home buyers must consider ” How much house can I afford to buy?” when buying a home. Mortgage lenders will qualify borrowers on the maximum housing budget buyers can afford. Just because the lender qualifies for a…
ByGustan Cho
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In this guide, we will cover how errors on credit reports affect AUS Findings. One of the most important things to realize before a mortgage loan application can be processed and underwritten is to get a DU ( Desktop Underwriter ) automated approval by Fannie Mae’s Automated Underwriting System. Fannie Mae’s Automated Underwriting System is…
ByGustan Cho
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Borrowers with prior outstanding collections, charged-off accounts, and other bad credit can qualify for a mortgage without paying them off. The key to qualifying for a mortgage is not prior bad credit but timely payments.
ByGustan Cho
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This blog will cover the credit score needed for mortgage on home loans. We will cover the frequently asked question what is the minimum credit score needed for mortgage? Many home buyers, especially first-time home buyers, often question the minimum credit score needed for a mortgage. Credit Scores and Income are the two most important…
ByGustan Cho
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In this blog, we will discuss and cover qualifying and getting approved for a Chicago home loan with bad credit. There is hope for those who were victims of the Great Recession of 2008. Many have gone through bankruptcy, foreclosure, deed instead of foreclosure, short sale, lost their homes, jobs, or just had their credit…
ByGustan Cho
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This article will cover underwriting credit guidelines during the mortgage process. Mortgage borrowers should not stress during the mortgage process. There is no reason for any pre-approvals to get a last-minute mortgage denial. The main reason for a last-minute mortgage loan denial or stress during the mortgage process is the borrower’s inability to qualify by…
ByGustan Cho
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Thanks to alternative lending mortgage options, homebuyers who could not qualify for government and conventional loans can now qualify for specialty non-conforming mortgage loans. The 2008 Real Estate & Lending Collapse 2008 eliminated the subprime mortgage markets. Over 30% of our borrowers at Gustan Cho Associates are folks who need alternative lending mortgage options such…
ByGustan Cho
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This article will cover a niche mortgage loan program called the doctor and medical professional mortgage loans. This niche mortgage loan program has been designed, created, and launched to reward our medical doctors, dentists, oral surgeons, nurses, and pharmacists. optometrists, chiropractors, paramedics, firefighters, and first responders with buy their primary owner-occupant homes for their family,….
ByGustan Cho
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This article will cover the conventional loan guidelines for mortgage borrowers on primary, second, and investment homes. Borrowers needing Conventional loans must meet the minimum 2023 Conventional loan guidelines. Conventional loans are called Conforming loans because they must conform to Fannie Mae and Freddie Mac mortgage guidelines. There is no private mortgage insurance on conventional…
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