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ByGustan Cho
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Understanding Exempt Debts of Co-Signed Loans in 2024: A Guide for Homebuyers Co-signing a loan can feel like helping a friend or family member take a big step toward their dreams, whether it’s buying a car or a home. But what happens when you’re the co-signer? And it’s time to purchase your own home? One…
ByGustan Cho
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This guide covers FHA continuation income requirements on second job and other income. FHA continuation income requirements state borrower’s income will likely to continue for at least three years. FHA have specific employment and income requirements and guidelines. Borrowers can have employment gaps and qualify for FHA loans. Can have part time jobs and use…
ByGustan Cho
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This guide covers the VA credit dispute guidelines on VA mortgage loans. VA loans are the best loan program in the U.S. The Department of Veterans Affairs created and launched VA Home Loans to reward our members of the United States Military in becoming homeowners. Active and retired members of the U.S. Armed Services with…
ByGustan Cho
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In this blog, we will discuss and cover our traditional 90 LTV jumbo loans with no private mortgage insurance required. Gustan Cho Associates offers a wide variety of traditional and non-traditional alternative jumbo mortgage programs. With 160 plus wholesale lenders, we are lucky to be able to offer any loan program that is available. Real…
ByGustan Cho
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In this article, we will cover non-conforming loans and the types of non-QM mortgages for borrowers who do not qualify for traditional mortgage loans. The difference between non-conforming loans versus conforming loans is conforming loans conform to Fannie Mae or Freddie Mac Mortgage Guidelines. Any mortgage loans that do not conform to Fannie Mae and/or…
ByGustan Cho
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This guide covers no tax returns mortgages. We will discuss W2 income mortgages and no-doc mortgage loans for self-employed borrowers. Income is the most important factor in qualifying for a mortgage. Borrowers can have the most perfect in the world, but with no qualified income documentation or declared low income, borrowers may not qualify. Mortgage…
ByGustan Cho
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Qualifying for FHA loan after foreclosure is now possible for homebuyers who meet the mandatory waiting period after foreclosure. Fannie Mae and Freddie Mac are the two mortgage giants that are in charge of setting standards and lending guidelines on Conventional loans. Fannie Mae and Freddie Mac categorize foreclosure and deed in lieu of foreclosure…
ByGustan Cho
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This guide covers the frequently asked question is a 120-day mortgage late payment considered foreclosure. One of the biggest fears for home buyers late on their mortgage payments in the past is the question Is 120 day mortgage late considered foreclosure? I get countless calls throughout the year from mortgage borrowers who were told they…
ByGustan Cho
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This article concerns securing a home loan with bad credit in Indiana with no overlays. Indiana home values are skyrocketing due to the booming housing market, which is experiencing strong demand from homebuyers and keeping builders busy. The demand for homes far exceeds the available inventory. Indiana boasts one of the highest population growth rates…
ByGustan Cho
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This guide covers buying house in community property states. Buying house in community property states can be tricky on certain loan programs. Thousands of Americans live in a community property state and may not understand how this can impact buying a home until they apply for a mortgage. In community property states, each spouse has…
ByGustan Cho
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In this article, we will cover and discuss home loans in South Carolina for homebuyers with bad credit and low credit scores. Not all South Carolina mortgage lenders have the same lending requirements on government and conventional loans. Most lenders in South Carolina will have higher lending requirements called lender overlays on FHA, VA, USDA,…
ByGustan Cho
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This guide covers paying down credit cards during mortgage process due to high debt-to-income ratios. Debt-to-income ratios are one of the most important factors in the mortgage approval process. Paying down credit cards during mortgage process should be done if possible. High DTI borrowers should pay off all higher credit card balances before starting the…
ByGustan Cho
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In this blog, we will discuss and cover bad credit mortgage lenders in Rhode Island for borrowers with bad credit and credit scores down to 500 FICO. Not all lenders in Rhode Island are the same. They may have the same loan programs but different guidelines. Many Rhode Island homebuyers with bad credit apply for…
ByGustan Cho
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This guide covers FHA versus conventional mortgage rates on purchase and refinances transactions. One of the most common questions the team at Gustan Cho Associates is how are FHA versus Conventional mortgage rates. Not all borrowers get the same mortgage rates. Prime borrowers will get the best mortgage rates and terms. Prime borrowers have at…
ByGustan Cho
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This article covers the mortgage rate lock process and how to decide when to lock in a mortgage. You cannot close your mortgage without locking your interest rate when your lender gives you a mortgage rate quote that tells you what rate is available to you that day. But your mortgage rate is not guaranteed…
ByGustan Cho
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Washington NON-QM Lenders are offering multiple non-prime loans throughout the state. Homebuyers in Washington state no longer are tied with government and conventional loans. Washington Non-QM lenders can offer a selection of various non-QM and non-prime mortgage loan options for owner-occupant, second homes, and investment properties. No-Doc mortgage loans are becoming increasingly popular for homebuyers…
ByGustan Cho
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Jumbo Mortgages are home mortgage loans that are higher than the conforming loan limit. The conforming loan limit for 2024 is $766,550. Conforming mortgage loans are mortgage loans that conform to Fannie Mae and Freddie Mac Guidelines. Fannie Mae and Freddie Mac have caps on conforming loan limits. Every year, the Federal Housing Finance Agency…
ByGustan Cho
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In this blog, we will be covering pre-qualifying borrowers with bad credit for mortgage loans. This article on pre-qualifying borrowers with bad credit for mortgage loans is a resource mortgage guide for borrowers and loan officers. New loan officers need to understand that the pre-approval process is the most important stage of the mortgage process….
ByGustan Cho
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Remote job positions enable homebuyers to purchase homes in other states. This is because remote wage earners no longer have to report to a brick-and-mortar location. Many people are fleeing high-taxed cities and states to lower-taxed states with affordable housing and lower cost of living.
ByGustan Cho
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Mortgage Rates have dropped has dropped again after the sudden surge in recent weeks.
ByGustan Cho
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This guide covers the minimum credit score mortgage guidelines on home loans. Income, credit, credit history, and credit scores are all determinants to qualify for mortgage loans. Every loan program has minimum credit scores mortgage loan programs. The single most important factor in whether or not borrowers qualify for a certain type of loan program…
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