FHA Lenders With No Overlays In California On FHA Loans
Many lenders in California have lender overlays on FHA loans due to the state having many high-cost areas.
Florida Mortgage Rates On Conventional Loans In Comparison To FHA Loans
This Article Is About Florida Mortgage Rates On Conventional Loans Versus FHA Loans Florida mortgage rates on Conventional Loans in comparison to FHA Loans are higher. Current Florida Mortgage Rates On Conventional Loans on average is 0.50% higher than FHA loans for borrowers with credit scores between 620 and 680 FICO. Florida Mortgage Rates On…
FHA Loan Guidelines Alabama For Homebuyers
This Article Is About FHA Loan Guidelines Alabama For First-Time Homebuyers and borrowers with bad credit. Due to the lenient FHA loan guidelines Alabama, FHA loans are the most popular loan programs in Alabama. HUD, the parent of FHA, created FHA loans to help hard-working Americans be able to purchase a home with a 3.5%…
Asset And Reserves Requirements And Guidelines For Mortgages
This Article Is About Asset And Reserves Requirements And Guidelines For Mortgages Homebuyers applying for a mortgage are going to be asked for asset and reserves on their mortgage application. Lenders will want to know where the down payment and closing costs are coming from. Lenders also require the applicant’s bank account information as well…
Credit Score Improvement In Mortgage Process Benefits Rates
This Article Is About Credit Score Improvement In Mortgage Process Benefits Rates Credit scores are the biggest determinant of what mortgage rates borrowers get, especially on conventional loans. For FHA loans, if credit scores are under 600, interest rates will definitely be higher. Loan Level Pricing Adjustments (LLPA) are pricing adjustments on borrowers due to…
Reserves Requirement On Home Loan By Mortgage Lenders
This Article Is About The Reserves Requirement On Home Loan By Mortgage Lenders Reserves are recommended for all homeowners but are not required on files that gotten an approve/eligible per automated underwriting system findings on single-family homes. All FHA and VA manual underwrites require one month’s reserves. Multi-family family homes require reserves. Reserves cannot be…
VA Bad Credit Mortgage Guidelines Versus Lender Overlays
This Article Is About VA Bad Credit Mortgage Guidelines Versus Lender Overlays VA Home Loans are primary residence owner-occupant mortgages only available to active and/or retired members of the United States Armed Services with a Certificate of Eligibility. VA loans is one of three government-backed home mortgage loan programs available in the United States. However,…
LLPA During Coronavirus Pandemic Mortgage Crisis
This Breaking News Is About LLPA During Coronavirus Pandemic Mortgage Crisis. Understanding LLPA During Coronavirus Pandemic Mortgage Crisis. The coronavirus pandemic has created disruption and chaos in the secondary mortgage bond markets. Loan Level Pricing Adjustments are commonly referred to as LLPA. LLPA’s are pricing adjustments on mortgages. Lenders determine mortgage rates based on risk…
Jumbo Mortgage Eligibility Requirements On High Priced Homes
This Article Is About Jumbo Mortgage Eligibility Requirements On High Priced Homes Jumbo mortgage eligibility requirements and guidelines are more strict than government and/or conventional loans. Any mortgage loan balance that is higher than the conforming loan limit of $548,250 is considered a jumbo mortgage. Jumbo loans are also referred to as non-conforming loans because…
Difference Between Mortgage Lender Versus Servicer
This ARTICLE Is About The Difference Between Mortgage Lender Versus Servicer What are the major Difference Between Mortgage Lender Versus Servicer? We will discuss the various types of lenders in this article. The Difference Between Mortgage Lender Versus Servicer is the lender will initially fund the home loan. The lender will use their own funds…
Waiting Period After Loan Modification To Qualify For FHA Loan
This Article Is About The Waiting Period After Loan Modification To Qualify For FHA Loan A home loan modification is when a mortgage lender will agree to change the terms of the original mortgage loan in order to lower borrowers monthly mortgage payment. Reasons why lenders offer modifications is because borrowers are not able to…
NON-QM Loans For Real Estate Investors Mortgage Options
This Article Is About NON-QM Loans For Real Estate Investors Qualification Requirements Gustan Cho Associates now offers NON-QM Loans For Real Estate Investors. Until the creation and launch of NON-QM Loans For Real Estate Investors, most investors relied on high-interest hard money loans. Real estate investors relied on using hard money loans with interest rates higher…
Should I Buy a House That Needs Renovation And Rehab
This ARTICLE Is About Should I Buy a House That Needs Renovation And Rehab Buying property can be one of the biggest expenses you’ll ever encounter and, as a result, many people look for those seemingly great deals in fixer-uppers. The main question here is if should I buy a house that needs renovation? Sometimes it seems…
How Can Homeowners Hold Title On Home Purchase
This Article Is About How Can Homeowners Hold Title On Home Purchase One of the most common questions we get from our borrowers is how can homeowners hold title on a home purchase. Homeowners do not have to be on the mortgage note to be on title to the property. There are countless incidents where…
Things To Avoid Selling Your Home And Mistakes To Avoid
This Article Is About The Things To Avoid Selling Your Home And Mistakes To Avoid Great news for homeowners who were stuck from selling their homes due to their homes being underwater. The real estate market is hot nationwide. With mortgage rates increasing at a record pace, the housing market is still hot with no…
Loss Of Employment During Mortgage Process And How It Affects CTC
This Article Is About The Loss Of Employment During Mortgage Process And How It Affects CTC What If My Loan Application Is Denied Due To Loss Of Employment During Mortgage Process? Income is one of the most important factors when qualifying for a mortgage. You can have the best credit in the world but with…
Florida FHA Loan With Bad Credit And High Debt To Income Ratio
This Article Is About Florida FHA Loan With Bad Credit And High Debt To Income Ratio Homebuyers can now qualify for Florida FHA Loan With Bad Credit, high debt to income ratios, and outstanding collections & charge-off accounts with Gustan Cho Associates. Most mortgage loan applicants do not bother trying to get qualified for FHA…
Mortgage Guidelines On Co-Borrowers On Home Purchase
This Article Is About Mortgage Guidelines On Co-Borrowers On Home Purchase Mortgage Guidelines On Co-Borrowers has recently been updated for both FHA Loans and Conventional Loans. FHA allows non-occupant co-borrowers to be added to the mortgage loan of a borrower if the main borrower cannot qualify due to income. There is no limit on the…
Calculating Annual Percentage Rate On Home Mortgage Transactions
This Article Is About Calculating Annual Percentage Rate On Home Mortgage Transactions An FHA Loan or VA loan, which typically adds on the upfront mortgage insurance premium to the mortgage balance, will rise the effective annual percentage rate, also referred to as APR, for that amount is now a finance cost. Calculating Annual Percentage Rate can…
Qualifying At Banks Versus Mortgage Companies For Mortgage
This Article Is About Qualifying At Banks Versus Mortgage Companies For Mortgage When a home buyer thinks of getting pre-qualified for a mortgage loan for a home purchase, the first thought is going to the local bank to qualify for a mortgage. However, the local bank might not be the best choice depending on their…
How Mortgage Underwriters View Negative Credit History
This Article Is About How Mortgage Underwriters View Negative Credit History Mortgage Borrowers can qualify for mortgage loans with prior bad credit and negative credit history. Outstanding collection accounts and charge-off accounts do not have to be paid to qualify for home loans. Lenders understand that loss of income and unable to meet debt obligations…
