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This ARTICLE On Updated Fannie Mae Guidelines Mortgage After Short Sale And Deed In Lieu Was UPDATED And PUBLISHED On May 20th, 2020 Fannie Mae Guidelines Mortgage After Short Sale requires a four year waiting period after the date of the short sale. A short sale is an alternative to foreclosure Short Sales is often…
ByGustan Cho
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This BLOG On Negative Income With Co-Borrowers Mortgage Guidelines Was UPDATED And PUBLISHED On May 17th, 2020 FHA allows non-occupant co-borrowers to be added on borrowers who has little or no income. Income is the most important factor when it comes to qualifying for FHA Loans Income is more important than credit when it comes…
ByGustan Cho
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BREAKING NEWS: 2020 Housing Market Correction Due To Coronavirus Pandemic There will be a 2020 Housing Market Correction due to the coronavirus pandemic crisis. How much of a correction, we do not know It is too early to tell on the after-effects of the housing market due to the coronavirus pandemic The pandemic has devastated…
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This ARTICLE On What Are The FHA Loan Limits For One To Four Unit Properties In Illinois Was PUBLISHED On May 11th, 2020 FHA Loan Limits for one to four unit properties depends on the particular county the property is located as well as the type of housing. FHA Loan Limits for two to four…
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BREAKING NEWS: DTI Mortgage Guidelines During The COVID-19 Pandemic Crisis The COVID-19 pandemic outbreak in the United States has not just plummeted the U.S. economy but shut down all non-essential businesses. Millions of businesses closed with no set date of opening Millions of closed businesses will not reopen as the pandemic lingers The good news…
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This BLOG On FHA Loan Guidelines On Bad Credit And Credit Scores Was UPDATED And PUBLISHED On May 6th, 2020 FHA Loan Guidelines Explained: FHA Loan Guidelines are the requirements and standards set by the Federal Housing Administration, commonly known as FHA, for FHA approved lenders to follow: Lenders need to follow FHA Loan Guidelines…
ByGustan Cho
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BREAKING NEWS: Paying Rent During Coronavirus Pandemic For Unemployed Tenants Paying Rent During Coronavirus Pandemic For Unemployed Tenants may be challenging. The U.S. economy was booming like never before prior to the coronavirus pandemic Just in February 2020, the Dow Jones Industrial Average peaked to an all-time high at 29,000 Most Americans 401ks were up…
ByGustan Cho
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This ARTICLE On Fannie Mae Collection Accounts Guidelines Versus FHA Was PUBLISHED On April 27th, 2020 Fannie Mae Collection Accounts Guidelines For Conventional Loans Versus FHA Fannie Mae and Freddie Mac is in charge of setting up mortgage rules and guidelines for Conventional Loans. Conventional Loans are called Conforming Loans. This is because they need…
ByGustan Cho
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This BLOG On VA Employment History Guidelines To Qualify For VA Loans Was UPDATED On April 15th, 2024. VA Loans is the best loan program in the U.S. Unfortunately, not everyone can qualify for VA Home Loans. To be eligible for VA Loans, borrowers need to be either an active member of the U.S. Military…
ByGustan Cho
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BREAKING NEWS: Coronavirus Stimulus Checks Being Sent To American Taxpayers This Week: Coronavirus Stimulus Checks are being sent to individual taxpayers this week. Over 80 million Americans will be receiving the coronavirus stimulus checks: Taxpayers who filed income taxes where the Internal Revenue Service has the taxpayer’s bank account information will be getting a direct…
ByGustan Cho
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BREAKING NEWS: Lender Overlays Due To Coronavirus Crisis On Mortgage Loans The economic shut down due to the coronavirus pandemic is affecting the US economy like never before. The US economy is shut down due to the unexpected pandemic Millions of businesses have closed, either laying off workers and/or firing them Many closed businesses are…
ByGustan Cho
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BREAKING NEWS: VA Loans During Coronavirus Pandemic Mortgage Crisis The US economy is at a standstill as we speak due to the coronavirus pandemic that hit the nation. Prior to the pandemic, the US economy was the strongest it has been in the history of the United States Unemployment hit an all-time historic low at…
ByGustan Cho
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BREAKING NEWS: Mortgage Programs Suspended During Coronavirus Pandemic The 2020 housing market is still strong. However, mortgage lenders are going through turmoil and chaos due to the economic impact of the coronavirus pandemic. The secondary mortgage bond markets have plummeted Mortgage-backed securities (MBS) have been tanking where investors do not see any value in purchasing…
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BREAKING NEWS: Qualifying for FHA loans during coronavirus pandemic mortgage crisis. Gustan Cho Associates is getting countless calls from borrowers who are getting conflicting reports as to qualifying for FHA loans during coronavirus pandemic mortgage crisis. Many are often confused because they are turned down from qualifying for an FHA loan by lenders. Others who…
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This ARTICLE On Qualifying For FHA Loans During Coronavirus Pandemic Was PUBLISHED On April 4th, 2020 The coronavirus pandemic has not just halted the US economy but has turned the mortgage industry upside down. FHA, VA, USDA, Fannie Mae, Freddie Mac has not changed any agency mortgage guidelines However, most lenders are facing major liquidity…
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This ARTICLE On Mortgage Guidelines After Unemployment Due To Coronavirus Crisis Was PUBLISHED On April 4th, 2020 There are many Americans who have worked hard over the years saving money to purchase a home in 2020. The US economy was stronger than ever in the history in the past several years Job growth was increasing…
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This article is about Conventional Loan 101 For New Loan Officers And Borrowers I like to congratulate those who recently took the NMLS Exam And Passed it. Now the fun part of becoming a loan officer starts The NMLS exam is a tough 3 hour 125 question national test The only way and best way candidates…
ByGustan Cho
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This BLOG On Mortgage Compliance And Changes In Mortgage Industry Was UPDATED And PUBLISHED On March 25th, 2020 So, mortgage interest rates are increasing and have been the highest since 2008. Mortgage lending guidelines and mortgage compliance have tightened up to the point where prime borrowers are the norm. Mortgage default rates have dropped to…
ByGustan Cho
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This ARTICLE On Why Opening New Credit Cards Raise Scores And Help For Mortgage Was PUBLISHED On March 19th, 2020 Why Opening New Credit Cards Raise Scores And Help Borrowers Qualify For A Home Loan: After the coronavirus pandemic is under control and the economy has stabilized, the home purchase market is expected to be…
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This BLOG On Mortgage Lenders In Chicago With No VA Lender Overlays Was UPDATED And PUBLISHED On March 18th, 2020 Veteran Home Buyers who are looking for Lenders In Chicago With No VA Lender Overlays came to the right place. VA Lender Overlays are Lender Overlays that is above and beyond the VA Guidelines imposed…
ByGustan Cho
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This ARTICLE On Reasons Real Estate Agents Wants You Pre-Approved Was PUBLISHED On March 17th, 2020 The Pre-Approval Stage Of The Mortgage Process Is The Most Important Part Of Your Home Buying Process: This Blog Shows The Reasons Real Estate Agents Wants You Pre-Approved There are reasons real estate agents want you pre-approved before showing…
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