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ByGustan Cho
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In this article, we will discuss and cover bad credit mortgage loans with collections guidelines for 2022. A substantial percentage of consumers fell victim to the 2008 real estate and credit meltdown. The financial crisis of 2008 devastated their credit and many were forced into bankruptcy. Millions of Americans lost their jobs and businesses. The…
ByGustan Cho
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This article is about Things To Do After Home Closing For New Homeowners. There are many Things To Do After Home Closing for the new homeowner. The home closing is when the transfer of ownership takes place. In most states, the closing takes place at a title company and/or an attorney’s office. The home closing…
ByGustan Cho
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This Article Is About What Is A Mortgage Pre-Approval And How Is It Issued What Is A Mortgage Pre-Approval And Are All Pre Approvals The Same? Homebuyers who are shopping for a home know what a mortgage pre-approval means. Buyers of new homes need a mortgage pre-approval letter in order to be able to shop…
ByGustan Cho
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What Are The Waiting Period Requirements On Conventional Versus FHA Loans On Chapter 13 Bankruptcy? There is no waiting period requirements after Chapter 13 Bankruptcy discharged date on FHA loans but Conventional loans require a two-year waiting period.
ByGustan Cho
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This ARTICLE Is About Credit Card Balances Impacts Credit Scores High credit card balances impact credit scores to qualify for FHA Loans. There are minimum credit score requirements to qualify for FHA Loans and other mortgage programs. For example, HUD requires a minimum 580 Credit Score to qualify for a 3.5% down payment home purchase…
ByGustan Cho
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This Article Is About Buying Home Without Solid Pre-Approval And AUS Findings Buying Home Without Solid Pre-Approval and without Automated Underwriting System findings can be a recipe for disaster. For example, for homebuyers who have a prior Chapter 7 bankruptcy, there is a two-year waiting period for FHA and VA Loans before being eligible for…
ByGustan Cho
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This Article Is About How To Buy A Home If I Do Not Have The Down Payment How To Buy A Home If I Do Not Have The Down Payment on home purchase: In general, there are two costs involved in a home purchase The down payment and closing costs Most Americans live paycheck to…
ByGustan Cho
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This Article Is About How To Get AUS Approval With Late Payments After Bankruptcy Most lenders will not accept any mortgage applicants with late payments after bankruptcy and/or housing event (foreclosure, deed in lieu, short sale). Late payments after bankruptcy are frowned upon by mortgage lenders. It is possible to get an approve/eligible per automated…
ByGustan Cho
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This Article Is About Buying A Home With Dogs And Other Pets For Homebuyers Americans love their dogs and other pets. Buying A Home With Dogs And Other Pets are the majority of homebuyers. 70% of homebuyers own a dog or cat or both. That translates into 85 million families who own a dog or…
ByGustan Cho
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This Article Is About Steps In Buying A House And Getting Qualified For A Mortgage Buying a home can be one of the most exciting times in your life, but can also be a very stressful process. A home purchase is one’s biggest investment in a person’s lifetime. A Home Purchase is one of the…
ByGustan Cho
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This Article Is About Myths And Truths About Conventional Loans Versus FHA Mortgages What do you believe is the most pervasive myth about conventional mortgage financing? When people think of conventional loans, they think they need a 20% down payment and great credit. This is not true. Conventional loans are not backed by any government…
ByGustan Cho
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This Article Is About Conforming Down Payment Guidelines For Home Buyers Conventional Loans are called conforming loans because they need to conform to Fannie Mae and/or Freddie Mac Guidelines. Conforming Loans are not government loans. The Federal Housing Finance Agency (FHFA) regulates Fannie Mae and Freddie Mac. Why do conforming loans need to conform to…
ByGustan Cho
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This Article Is About Changes In Mortgage Lending And Guidelines And How It Affects Buyers 2021 has come and is almost gone in several weeks. 2021 was a tough year for Americans due to the coronavirus outbreak last year in February 2020. It was a very tough year in mortgage lending. Mortgage Rates have increased…
ByGustan Cho
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This Article Is About How Do Underwriters View Charge Off Accounts With Balances Home Buyers Can Now Qualify Mortgages With Charge Off Accounts With Balances. All government and conventional loans that are owner-occupant home loans do not require outstanding collections and charged-off accounts to be paid in order for borrowers to qualify for a mortgage….
ByGustan Cho
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This Article Is About Debt Versus Credit Scores During Mortgage Qualification There is a negative impact on debt versus credit scores. If you have credit cards with high credit balances, that will negatively impact your credit scores. The good news is that paying down credit card balances will boost credit scores. Here is the scoop…
ByGustan Cho
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This Article Covers 85% LTV Jumbo Loans Versus 90% LTV Non-QM Mortgages. Topics to be Covered in This Article: Gustan Cho Associates offers traditional 90% LTV jumbo mortgages with at least a 660 credit score and 50% LTV. We offer both traditional and non-QM jumbo loans. The maximum debt to income ratio cap is up…
ByGustan Cho
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This Article Is About Mortgage Insurance Premium On NON-QM Mortgage Loans Lenders will require a mortgage insurance premium on borrowers who have less than 20% equity in their home purchase. The mortgage insurance premium is commonly referred to as MIP. MIP is paid by the borrower for the benefit of the lender. Mortgage insurance premiums…
ByGustan Cho
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This ARTICLE Is About Jumbo Loans After Foreclosure With No Waiting Period Requirements The U.S. Housing Market is booming in the majority of counties in the Nation. Home prices are literally skyrocketing. Both HUD and the FHFA realize this. Many homebuyers are getting priced out of the housing market due to skyrocketing home prices. For…
ByGustan Cho
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This Article Is About FHA Automated Findings With Low Credit Scores And High DTI It will be much more difficult getting an FHA Automated Findings Approval on the automated underwriting system (AUS) this year. HUD, the parent of FHA, has changed its algorithms on the automated underwriting system. The algorithm changes make it much more…
ByGustan Cho
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This article covers DIY Tips For Homeowners On Home Improvements Good Morning world and happy Friday to all of you. I don’t know about you but I woke up this morning with an exceptionally high energy count knowing that today is going to be a great day. I’m currently at my daughter’s school doing some…
ByGustan Cho
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You cannot dispute derogatory credit tradelines during the mortgage process unless they are exempt from retraction. Any non-exempt credit disputes will suspend and halt the mortgage process.
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