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ByGustan Cho
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This Article Is About The Easy Online Mortgage Pre Approval Letter For Home Buyers The mortgage industry has changed drastically since the Subprime Mortgage And Real Estate Meltdown of 2008. Brick and mortar offices are becoming more and more extinct. Online mortgage banking seems to be the new trend in the mortgage loan origination business…
ByGustan Cho
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This Article Is About A Pre-Approval Versus Loan Commitment During Mortgage Process Many first-time home buyers often ask What Is The Difference Between Pre-Approval Versus Loan Commitment. Homebuyer starting house shopping would need a pre-approval letter from a reputable lender. The pre-approval stage of the mortgage process is the most important step. The number one…
ByGustan Cho
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This Article Is About The FHA 203i Loans Mortgage Lending Guidelines For Borrowers HUD, the parent of FHA, launched the FHA 203i Loans to enable home buyers of Outlying Areas possible. FHA 203i Loans enables home buyers to qualify for FHA Loans on home purchases outside the city and metropolitan areas. With 203i Loans, it…
ByGustan Cho
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This Article Is About Accelerated Buyer Mortgage Program Pre-Approvals The Accelerated Buyer Mortgage Program is a special mortgage loan program where a home buyer can get a mortgage loan approval by a mortgage underwriter: The only thing that is missing is the property Sounds too good to be true? Well, the fact of the matter…
ByGustan Cho
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This ARTICLE Is About COVID-19 Mortgage Guidelines Changes On Home Loans COVID-19 Mortgage Guidelines Changes have created stress for borrowers with less than perfect credit. Many analysts and economists predicted a housing meltdown in 2020 due to the coronavirus pandemic. However, despite the unemployment rate of 10% and more than 50 million Americans filing for…
ByGustan Cho
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This Article Is About Fannie Mae Automated Underwriting System Approval Borrowers normally need an automated approval by the Automated Underwriting System also referred to as AUS in order to proceed with their mortgage loan process. There are two types of Automated Underwriting Systems: Fannie Mae Freddie Mac Fannie Automated Underwriting System Approval is called Desktop…
ByGustan Cho
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This Article Is About Homeowners Who Bailed On Mortgage During Mortgage Collapse Residential home sales have been steadily increased and so have real estate prices. Investor demand has been increasing more so this year than in the past several years and so has consumer confidence in the housing market. Many previous homeowners who have walked…
ByGustan Cho
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This Article Is About Selecting The Best Mortgage Rates When Refinancing Selecting the best mortgage rates can be challenging but will be worth the time invested for a home purchase mortgage loan borrower as well as refinance borrowers. Mortgage rates vary depending on a mortgage loan borrower’s credit scores, debt to income ratios, and loan…
ByGustan Cho
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This Article Is About Conventional Loan After Chapter 13 Bankruptcy Guidelines What Is The Waiting Period To Qualify For Conventional Loan After Chapter 13 Bankruptcy? Qualifying for a Conventional Loan After Chapter 13 Bankruptcy discharge is no problem for home buyers needing a conventional loan. However, Fannie Mae and Freddie Mac Guidelines state that there…
ByGustan Cho
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This Article Is About Mortgage Guidelines On Down Payment With the exception of VA and USDA loans, most mortgage loan programs require a down payment. Not everyone can qualify for a VA loan. Only active and/or retired members who have served in the United States Armed Services with a certificate of eligibility (COE) are eligible…
ByGustan Cho
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This Article On Mistakes When Refinancing Mortgage To Be Avoided By Homeowners Avoiding These 5 Mistakes When Refinancing Home Loan The mortgage refinance process normally takes 30 to 45 days and for it to run smoothly in general with most lenders However, the average turnaround time at Gustan Cho Associates loans close in 21 days…
ByGustan Cho
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In this article, we will discuss and cover the coronavirus stimulus bill passed by the House. The House passed the $2,000 paycheck coronavirus stimulus bill on Monday. It now goes to the Senate for approval. However, many are expecting resistance from Senate Majority Leader Mitch O’Connell and a number of other Senate Republicans. The Republican-majority…
ByGustan Cho
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This Article Is About Using Second Home As A Rental And Vacation Home Using Second Home As A Rental and Vacation Home at the same time is becoming more popular among real estate investors. Using Second Home As A Rental, the investor gets to enjoy the benefits of having a vacation home and get rental…
ByGustan Cho
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BREAKING NEWS: FHFA Increases 2021 Conforming Loan Limit To $548,250 And High-Balance Ceiling To $822,375 As expected, the FHFA Increases 2021 Conforming Loan Limit To $548,250 from $510,400. Fannie Mae and Freddie Mac are the two mortgage giants in the United States The role of Fannie Mae and Freddie Mac is to provide liquidity in…
ByGustan Cho
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This Article Is About What Do Underwriters Look On Credit Report Besides Credit Scores Credit scores is the biggest factor in determining mortgage rates. Credit scores also determines whether or not borrowers qualify for certain mortgage loan programs. However, just meeting the minimum credit score requirement is not a ticket to mortgage approval. Below Are…
ByGustan Cho
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This Article Is About The Steps In The Underwriting Process Steps In The Underwriting Process By Mortgage Lenders: Most mortgage lenders have similar steps in the underwriting process. However, each lender may have its own steps on how they process a loan from the time the homebuyers turns in the executed purchase contract to closing…
ByGustan Cho
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This Article Is About Exempt Debts From Debt To Income Ratio To Qualify For Mortgage There are certain Exempt Debts From Debt To Income Ratio. Borrowers with high debt to income ratios with debts that are co-signed and/or debts someone else is paying can get those debts exempt from DTI calculations The borrower needs to…
ByGustan Cho
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This Article Is About Us at Gustan Cho Associates: We Are A National Mortgage Company Licensed In Multiple States With No Lender Overlays On Government And Conventional Loans: Gustan Cho Associates is a national five-star mortgage company licensed in multiple states with no lender overlays on government and conventional loans. The team at Gustan Cho…
ByGustan Cho
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This Article Is About Waiting Period After CARES ACT Forbearance To Qualify For Mortgage The CARES ACT is a financial economic relief act created by Congress and signed into law by President Donald Trump to Americans affected by the coronavirus outbreak The U.S. economy was booming prior to the coronavirus outbreak in February 2020 The…
ByGustan Cho
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This Article Is About How Student Loans Affect Qualifying For Mortgage Two types of debts are the biggest hurdles most home buyers will encounter when qualifying for a mortgage loan. They are student loan debts and automobile monthly payments Student loan debts can be tens of thousands of dollars A car payment can be a minimum…
ByGustan Cho
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This Article Is About Mortgage With High DTI Guidelines On Home Loans Qualifying for a mortgage with high DTI can be very challenging. The reason why qualifying for a mortgage with high DTI is extremely challenging This is because most lenders will have overlays on debt to income ratios This often causes a loan denial…
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