Call or Text: (800) 900-8569
Email Us: alex@gustancho.com
ByGustan Cho
Posted on
This Article Is About FHA Loan Credit Guidelines Versus Lender Overlays The U.S. Department of Housing and Urban Development (HUD), which is the parent of the Federal Housing Administration (FHA), is not a mortgage lender but an insurance provider for all FHA loans in this country. FHA loans are extremely popular due to the government…
ByGustan Cho
Posted on
This Article Is About What Do Mortgage Lenders Want To See In A Borrower The number one concern lenders have and want to see in a borrower is the ability to repay their new mortgage. This is why lenders are very careful when qualifying, processing, underwriting, and approving a mortgage loan for a borrower. The…
ByGustan Cho
Posted on
Condos are becoming very popular for millennials, young busy professionals, and the elderly. However, lending standards are tougher on condos versus single-family homes.
ByGustan Cho
Posted on
This Article Is About How To Prevent Mortgage Default With Loss Of Employment Mortgage lenders will work with homeowners who have lost their jobs. Lenders do not want to foreclose on a property if they can avoid it. They will do everything possible to help the homeowner do a workout. Most mortgage companies have workout…
ByGustan Cho
Posted on
This ARTICLE On HUD FHA 203k Renovation Guidelines On Home Improvement Loans Home values are appreciating nationwide. Both HUD and the FHFA increased FHA and Conforming Loan Limits the past three years due to rising home prices. FHA Loan Limits are now at $356,362. The Federal Housing Finance Agency (FHFA) increased the Conventional Loan Limit…
ByGustan Cho
Posted on
Most lenders have a debt to income ratio cap on government and conventional loans. Lenders need to meet the minimum debt to income ratio caps. However, lenders can have their own DTI caps which is lower than the agency guidelines as part of their DTI lender overlays
ByGustan Cho
Posted on
This Article Is About FHA Investor Overlays Versus HUD Agency Mortgage Guidelines: It is very important to understand the difference between HUD agency guidelines versus lender overlays. HUD is the parent of FHA. Every lender requires borrowers to meet the minimum HUD agency guidelines. However, lenders can have higher lending guidelines and standards that are…
ByGustan Cho
Posted on
AUS Approval On Conventional Loans Versus Refer-Eligible Per AUS: There are ways and tricks of the trade to get an approve eligible per automated underwriting system on conventional loans.
ByGustan Cho
Posted on
Homebuyers can qualify for a mortgage loan as long as they have a written payment agreement with the judgment creditor and have made three timely payments. Or they can negotiate a settled amount with the judgment creditor and pay it at or prior to closing.
ByGustan Cho
Posted on
This Article Is About Mortgage Rates Are Still At Historic Lows On Purchase And Refinance: The Dow Jones Industrials have dropped as low as 18,000 during volatile trading from February 2020’s high of 29,000 due to the coronavirus pandemic. The pandemic caused over 43 million Americans out of work. Now the Dow Jones is over…
ByGustan Cho
Posted on
This Article Is About HUD FHA 203h Mortgage Guidelines For Disaster Victims: Housing and Urban Development is the parent of FHA. HUD has a program to assist homeowners of natural disasters called FHA 203h loans. In this article, we will cover the following topics: What is the FHA 203h loan program? How does the FHA…
ByGustan Cho
Posted on
The housing market has skyrocketed where many homebuyers are priced out of buying a home. Many homebuyers are leaving their state to other states with affordable housing to realize their dream of homeownership become a reality.
ByGustan Cho
Posted on
Check here daily for mortgage rates and lock recommendations. You’ll see what economic data and financial reports are affecting today’s mortgage rates before choosing to lock or float your mortgage interest rate.
ByGustan Cho
Posted on
Bankruptcy and foreclosure both damage your credit and can make it difficult or impossible to buy or refinance a home. But one is worse than the other.
ByGustan Cho
Posted on
This article covers options for homeowners on alternative to foreclosure when homeowners cannot afford mortgage payments: There are instances when homeowners go through extenuating circumstances and cannot afford mortgage payments. In this article, we will cover the following points: Reason for disruption of income due to economic environment and loss of income Protecting your home…
ByGustan Cho
Posted on
When is your first mortgage payment due? Your first mortgage payment is due the first day of the first full month after closing. You have 15 days to get your payment in before it’s late. Your mortgage payment covers interest accrued the previous month. You can choose a closing date to minimize closing costs or to…
ByGustan Cho
Posted on
Borrowers should avoid these things during the mortgage process so their home loan closes on time. Certain things that may be innocent and unintentional could delay the clear to close. Delays in the clear to close by the mortgage underwriter will delay the closing of the home loan.
ByGustan Cho
Posted on
This article covers Credit Scores Versus Credit History Mortgage Guidelines The Importance Of Mortgage Guidelines On Credit Scores Versus Credit History One of the first questions mortgage loan borrowers ask mortgage lenders is what is the minimum credit scores to qualify for a home loan. There are minimum credit score requirements to qualify for particular…
ByGustan Cho
Posted on
This article covers FHA Bankruptcy Waiting Period And Mortgage Guidelines FHA Bankruptcy Waiting Period Explained Homebuyers can now qualify for an FHA Loan after Bankruptcy. There are two types of bankruptcies consumers file: A Chapter 7 Bankruptcy is also known as total liquidation bankruptcy Chapter 7 is recommended for consumers who have a lot of…
ByGustan Cho
Posted on
This article covers Other Income To Qualify To Meet Debt To Income Ratio Caps Income is probably the most important factor when it comes to get a residential mortgage approval. Many self-employed borrowers often run into problems in qualifying for mortgages due to the many write-offs they claim on their income tax returns. Gustan Cho…
ByGustan Cho
Posted on
This guide covers refinancing with low(bad) credit scores and bad credit. Homeowners considering refinancing with low credit scores on their home loans must know that credit scores determine mortgage rates. The higher the credit scores, the lower the mortgage rates. Refinancing with low credit scores can be done. However homeowners thinking about refinancing with low…
CALL NOW