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This ARTICLE On Is It Worth Using Digital Accounting Software? Read Pros and Cons to Decide Was Written By Staff Writer At Gustan Cho Associates With the majority of businesses using software to handle their financial matters, the pros and cons of digital accounting ought to be considered, if you too are thinking about using…
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This BLOG On Homeowners Who Should Refinance Now To Save Money Was UPDATED On January 20th, 2019 Par mortgage rates are still under 5.0% for prime borrowers. Mortgage rates are at a 23 month high Prime borrowers are consumers with credit scores of at least 740 FICO and who have 20% down payment for a home…
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This BLOG On How Do Mortgage Lenders View Periods Of Unemployment Was UPDATED On January 18th, 2019 Qualified income is extremely important when qualifying for a residential home loan. Can borrowers qualify with gaps in employment in the past two years? The answer to the above question is an absolute YES. Most lenders do want to…
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This BLOG On Credit And DTI Guidelines On Conventional Loans Versus FHA Loans Was UPDATED On January 18th, 2019 Credit And DTI Guidelines On Conventional Loans have tighter mortgage lending requirements compared to FHA loan mortgage programs. To qualify for a 3.5% down payment FHA loan, the mortgage applicant only needs a 580 FICO credit score To…
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Fannie Mae and Freddie Mac are the two mortgage giants that set conforming mortgage guidelines. Conventional Loans also referred to as conforming loans, are not government loan However, banks and lenders who originate and fund conforming loans need to abide and follow Fannie Mae and/or Freddie Mac guidelines in order for them to be able…
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This BLOG On Property Tax Appeal For Homeowners With High Property Taxes Was PUBLISHED On January 15th, 2019 Property Taxes are one of the highest expenses homeowners have. Not all properties that are like and similar have the same property taxes Property taxes vary from state to state, county to county, city to city Homeowners…
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This BLOG On NON-QM Loans Versus Back to Work Mortgage Loan Program Was UPDATED On January 10th, 2019 All government and conventional loan programs have waiting period requirements after the following: Chapter 7 Bankruptcy Foreclosure Deed In Lieu Of Foreclosure Short Sale In this article, we will cover and discuss NON-QM Loans Versus Back To Work…
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This BLOG On FHA Insured Mortgage Loans Versus Other Loan Programs Was UPDATED And PUBLISHED On January 10th, 2019 FHA Insured Mortgage Loans are government residential home loans that are originated and funded by private mortgage lenders. However, FHA Insured Mortgage Loans are insured by the Federal Housing Administration against borrower default and foreclosure HUD,…
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This BLOG On Primary Home Status When Qualifying For Mortgage Was UPDATED On January 8th, 2019 When a mortgage loan borrower applies for a residential mortgage home, there are three statuses. Primary home Second-home Investment home All government loan programs are for primary home status only. Second homes and investment home loans do not qualify for…
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This BLOG On Factors Influencing Credit Scores When Applying For Mortgage Was UPDATED On January 8th, 2019 There are five Factors Influencing Credit Scores: Payment history Credit balances outstanding Credit history longevity Types of credit types Credit Inquiries In this article, we will cover and discuss the Factors Influencing Credit Scores when applying for a mortgage. How…
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This BLOG On Mortgage Lender Overlays On FHA And VA Loans Was UPDATED On January 8th, 2019 Mortgage Lender Overlays are mortgage lending guidelines that are above and beyond those mandated by mortgage loan programs. There are two types of mortgage lending guidelines: Mortgage Loan Program Guidelines Mortgage Lender Overlays All banks and mortgage companies need…
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This ARTICLE On Top Cities in The United States To Invest In For Investors Was Written By Staff Writer at Gustan Cho Associates Mortgage Group It is no secret that the economy is not what it used to be. Things have become more expensive, salaries are pretty much the same, and you just get the…
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This BLOG On Importance Of Credit Reports In Mortgage Application Process Was UPDATED On January 6th, 2019 Our society is credit driven. Almost every aspect in the financial world is based on a borrower’s credit score and credit report, especially in mortgage lending Credit and income are the two most important factors to a lender However,…
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This BLOG On Conforming Versus FHA Mortgage Guidelines And Benefits Was PUBLISHED On January 5th, 2019 Higher loan conventional loan limit of $484,350 Conventional Loans does not count non-borrowing spouse’s debt in community property states FHA Loans does include non-borrowing spouses debts in community property states Conventional Loans allows Income Based Repayment FHA Loans does…
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This BLOG On Are Mortgage Rates Heading Higher With Dow Soaring Was PUBLISHED On January 4th, 2019 The economy is hot. So is the housing markets. Both HUD and FHFA has increased loan limits for three years in a row due to rising housing prices. Mortgage Rates Heading Higher with Dow Soaring has not put…
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This BLOG On Foreclosure In Mortgage Qualification Lending Guidelines Was UPDATED On January 4th, 2019 Foreclosure In Mortgage Qualification There are mandatory waiting periods after foreclosure in mortgage qualification process on government and conventional loans. Government Loans are home loans that are guaranteed and insured by the federal government. There are three different types of government…
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This BLOG On How Do I Qualify For A Conventional Loan Mortgage Was UPDATED On January 4th, 2019 A conventional loan is a residential mortgage loan that conforms to Fannie Mae and Freddie Mac mortgage lending standards and guidelines. Fannie Mae stands for the Federal National Mortgage Association and Freddie Mac stands for the Federal Home Loan…
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This BLOG On Qualifying Mortgage Borrowers And Co-Borrowers For Loan Approval Was UPDATED On January 4th, 2019 All mortgage lenders qualify mortgage borrowers and co-borrowers in similar ways: All Mortgage Borrowers and Co-Borrowers need to have a valid social security number Two years of employment history: Gaps in employment is allowed Two years of residential history…
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The FHA Back to Work Extenuating Circumstances Mortgage has been discontinued. Back to Work Extenuating Circumstances Mortgage Loan Program was created and implemented temporarily to help mortgage borrowers who have been involuntarily terminated from their employment due to the Great Recession. FHA Back To Work Extenuating Circumstances Mortgage Loan Program: DISCONTINUED HUD just launched the Back…
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This BLOG On What Are Mortgage Lender Overlays On Home Loans Was UPDATED And PUBLISHED On January 1st, 2019 The arena for government home loan programs such as found with Department of Veterans Affairs, USDA, and the Federal Housing Administration place minimum lender criteria on those seeking home loans to purchase or refinancing their home….
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This BLOG On Funds Required For First Time Home Buyer On Home Purchase Was UPDATED On December 17th, 2018 Are you a first time home buyer? Potential homebuyers who are currently renting and living paycheck to paycheck often think that becoming a homeowner is a dream Many believe that they do not qualify for a mortgage…
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