Lowest Credit Score Allowed For Mortgage Approvals depends on the individual loan program
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Lowest Credit Score Allowed For Mortgage Approvals

ByGustan Cho Posted on

This guide covers what is the lowest credit score allowed for mortgage approvals. The team at Gustan Cho Associates gets countless daily calls from our viewers about what is the lowest credit score allowed for mortgage approvals. Many borrowers often get confused about why lenders have different credit score requirements on FHA, VA, USDA, and…

Buying a House in Alaska
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Buying a Home in Alaska With Low FICO Scores and Poor Credit

ByGustan Cho Posted on

This article will cover buying a home in Alaska with bad credit. Buying a home in Alaska with bad credit is definitely possible at Gustan Cho Associates, empowered by NEXA Mortgage. Gustan Cho Associates, a dba of NEXA Mortgage LLC, is licensed in 48 states, including Alaska. Gustan Cho Associates has wholesale lending relationships with…

NON-QM Mortgage Guidelines On Down Payment And Loan Limits

NON-QM Mortgage Guidelines

ByGustan Cho Posted on

This article is about NON-QM Mortgage Guidelines on primary homes, second homes, and investment properties. Every non-QM lender has their own non-QM mortgage guidelines. Gustan Cho Associates has dozens of different lwholesale ending relationships with wholesale non-QM mortgage lenders and financial institutions: For the latest information, it’s advisable to consult with mortgage professionals or refer…

Unreimbursed Business Expenses
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How Unreimbursed Business Expenses Affect Mortgage Loans

ByGustan Cho Posted on

In this blog, we will cover how unreimbursed business expenses affect qualified income for a mortgage. Unreimbursed business expenses only affect borrowers who must turn in their federal income tax returns. Turning in federal income tax returns is necessary for unreimbursed business expenses to matter. The days of no-doc mortgages and state-income mortgage loans have been…

Credit Card Balance vs Credit Scores
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The Correlation Between Credit Card Balance vs Credit Scores

ByGustan Cho Posted on

In this article, we will cover the correlation between credit card balance vs credit scores. There are mortgage guidelines on credit score requirements. The first step in qualifying for a particular mortgage loan program is to meet the minimum credit score requirements. The higher the credit scores, the lower the borrower’s mortgage rates. It is…

Overlays With FHA Loans
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Overlays With FHA Loans By Mortgage Lenders

ByGustan Cho Posted on

This blog will cover overlays with FHA loans compared to HUD agency guidelines. FHA loans are the most popular home loan program in the United States. The U.S. Department of Housing and Urban Development (HUD) is the Federal Housing Administration (FHA) parent. FHA is not a lender. HUD is a large federal agency that administers…

Using Secured Credit Cards To Raise Credit Scores
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Using Secured Credit Cards To Improve Scores For Mortgage

ByGustan Cho Posted on

The best and easiest way to rebuild and re-establish credit to qualify for a mortgage is using secured credit cards to raise credit scores and have timely payments on all of your debt payments for the past 12 months. The combination of these two tasks increases your chances greatly to get an approve/eligible per the…

Job Interview

Mastering a Job Interview For Mortgage Loan Officers

ByGustan Cho Posted on

In this blog, we will cover and discuss mastering a job interview for mortgage loan officers. In the job world these days, there is nothing better you can be than an excellent, skilled, and confident job interview. The job interview is what will ultimately determine if you get the job or you don’t. The mortgage…

Rent-To-Own a Home
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Rent-To-Own a Home With Home Partners of America

ByGustan Cho Posted on

In this blog, we will cover and discuss the rent-to-own a home with Home Partners of America (HPA). The rent-to-own a home with HPA is a homebuyer down payment assistance program where you get to purchase the home of your dreams now and get a mortgage later. There are many instances where many homebuyers are…

FHA Loan With Bad Credit Versus Late Payments

FHA Loan With Bad Credit Versus Late Payments

ByGustan Cho Posted on

There is a major difference in qualifying for an FHA Loan With Bad Credit Versus Late Payments. FHA loans are the best loan program for homebuyers with less-than-perfect credit. HUD, the parent of FHA, is very forgiving with prior bad credit. HUD is a federal agency that sets FHA Agency Mortgage Guidelines. Lenders need to have their…

How Mortgage Lenders Determine Interest Rates?

How Mortgage Lenders Determine Interest Rates?

ByGustan Cho Posted on

In this article, we will cover and discuss how mortgage lenders determine interest rates. Many home buyers and homeowners often get confused when they shop for rates on how mortgage lenders determine rates. Mortgage borrowers should be aware of the various how mortgage lenders determine rates prior to applying for a mortgage. Not all borrowers…

Fannie Mae Guidelines On Conforming Loans After Housing Event
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FNMA Waiting Period Guidelines After Foreclosure For 2022

ByGustan Cho Posted on

In this blog, we will cover and discuss  FNMA waiting period guidelines after foreclosure for 2022. Conventional loans are often referred to as conforming loans because they need to conform to Freddie Mac and/or Fannie Mae guidelines. If lenders do not make sure conventional loans they originate and fund do not conform to FNMA or…

Student Loans Mortgage Guidelines On Government & Conforming Loans
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Student Loans Mortgage Guidelines on Home Loans

ByGustan Cho Posted on

In this blog, we will cover and discuss the student loans mortgage guidelines on government and conforming loans. We will cover and fully go into depth about qualifying for a mortgage with large outstanding student loans. There have been major updates on student loans mortgage guidelines on FHA and conventional loans. Higher student loan balances…

What Is An 80-10-10 Or Piggyback Mortgage Loans
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What Is An 80-10-10 Or Piggyback Mortgage Loans

ByGustan Cho Posted on

In this blog, we will discuss and cover what is an 60-10-10 piggyback mortgage. Many Home Buyers Ask What Is An 80-10-10 Or Piggyback Mortgage And How This Powerful Tool Can Help Them Qualify To Make Their Home Purchase Happen. What is an 80-10-10 or Piggyback Mortgage? An 80-10-10 or Piggyback Mortgage is a combination…

Ability To Repay Is Analyzed In The Home Loan Application Process
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Avoiding Delays In Getting A Conditional Mortgage Approval

ByGustan Cho Posted on

In this article, we will cover and discuss avoiding delays in getting conditional mortgage approval. There are ways of avoiding delays in getting a conditional mortgage approval and closing on time: Conditional mortgage approval is a loan commitment by the mortgage lender. A conditional mortgage approval means that the lender is ready to issue a…

FHA Jumbo Loans While In The Chapter 13 Bankruptcy
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FHA Jumbo Loans While In The Chapter 13 Bankruptcy

ByGustan Cho Posted on

In this blog, we will cover and discuss qualifying for FHA jumbo loans while in the Chapter 13 Bankruptcy repayment plan. FHA jumbo loans are also called FHA high-balance loans. HUD, the parent of HUD, is the federal agency that sets the maximum FHA loan limits in standard and high-cost areas throughout the United States….