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ByGustan Cho
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This blog post focuses on Fannie Mae 5-10 Financed Properties, which is particularly beneficial for real estate investors. The 2008 Real Estate and Mortgage meltdown led to significant changes within the mortgage industry. One positive development is the return of non-QM loans. These allow homebuyers to secure financing through non-QM stated income and no-doc mortgage…
ByGustan Cho
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This blog will discuss getting approved for FHA loans in Las Vegas with bad credit and credit scores down to 500 FICO. This blog will cover FHA loans with bad credit in Las Vegas. FHA loans are very popular mortgage loan programs for borrowers with bad credit, first-time homebuyers with no credit, and borrowers with…
ByGustan Cho
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The Federal Housing Administration (FHA), a segment of the United States Department of Housing and Urban Development, was established in 1934. Its primary mission is to foster homeownership among Americans, particularly those with moderate incomes, less-than-perfect credit, and minimal down payments. The FHA plays a vital role not as a lender but as a government-sponsored…
ByGustan Cho
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This guide covers 580 score VA financing for eligible veteran homebuyers and homeowners. The team at Gustan Cho Associates are experts in originating and funding 580 score VA financing with no lender overlays. VA loans are the best mortgage loan program today. However, the only privileged borrowers able to qualify for VA Loans are Veterans…
ByGustan Cho
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This blog will discuss and cover FHA manual underwriting mortgage guidelines and requirements. We will explain the key points of the FHA manual underwriting mortgage lending guidelines and the importance of compensating factors. FHA and VA loans are the only two home mortgage programs that allow manual underwrite. FHA manual underwriting mortgage guidelines require timely…
ByGustan Cho
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Can you get a Freddie Mac mortgage if you have lots of investments or savings but little or no income? In many cases, you can convert assets into income (for mortgage qualifying purposes) by using asset depletion.
ByGustan Cho
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After experiencing financial difficulties, it can be overwhelming to navigate the intricacies of mortgage lending. The process can be complex and confusing, but it can be made easier with the right guidance and support. For those who have gone through Chapter 13 bankruptcy, it’s essential to comprehend how to reintegrate into the housing market. Fannie…
ByGustan Cho
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This guide covers excluding debts from co-signed loans to qualify for mortgage loans. Mortgage borrowers who are co-signers on debts often have a hard time qualifying for mortgage loans because the monthly payments of the main borrower are included in the calculations of their debt-to-income ratios. John Strange, a senior loan officer at Gustan Cho…
ByGustan Cho
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California FHA loans are a preferred mortgage solution for various borrowers, including first-time homebuyers, individuals with poor credit, and those dealing with collections or charged-off accounts. They are also well-suited for recent college graduates needing more credit scores or credit history and borrowers with high debt-to-income ratios. Limited programs allow borrowers with a credit score…
ByGustan Cho
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What is the difference between a job versus a career? Is my job a career? What is the difference between a job versus a career as a loan officer? Individuals just entering the workforce or have been in it for just a couple of years are probably asking themselves the same exact questions. Another thing…
ByGustan Cho
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This blog will discuss FHA mortgage guidelines on credit disputes during the mortgage process. In general, you cannot have credit disputes during the mortgage process. There are a few credit disputes exempt from removal. Gustan Cho Associates is an expert in working with borrowers who have credit disputes. The following sections will discuss the FHA…
ByGustan Cho
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In this blog, we’ll address the common inquiry: Can I buy a house in South Dakota with poor credit and low credit scores? Purchasing a home with less-than-ideal credit in South Dakota might feel daunting, with the buying process seeming nearly insurmountable. However, it’s worth noting that there are mortgage options tailored for individuals with…
ByGustan Cho
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One of the most common inquiries we receive daily pertains to the eligibility for an FHA loan with recent late payments. It’s important to note that you can qualify for an FHA loan even if you have outstanding collections and charged-off accounts. Settling these accounts is not mandatory for approval; instead, securing an automated approval…
ByGustan Cho
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This blog will discuss the appraisal transfer policy from one lender to another when a borrower changes mortgage lenders. As you know, we do not have any LENDER OVERLAYS at Gustan Cho Associates. Meaning we can help more borrowers than most lenders. FHA and VA home appraisals are generally transferrable from one lender to another….
ByGustan Cho
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One of the frequently asked mortgage questions we get from home buyers is when is rental verification required by mortgage underwriters. Rental verification is an extremely strong credit tradeline that will add strength to the mortgage loan borrower’s credit profile. There are times when the Automated Underwriting System (AUS) will require borrowers to provide verification…
ByGustan Cho
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This blog will discuss how mortgage underwriters calculate property taxes on new construction homes. Property taxes on new construction homes can often affect the homebuyer’s debt-to-income ratio due to being estimated versus an exact number. The exact property taxes on new construction homes are not known until a few years after the development has been…
ByGustan Cho
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This article will discuss buying home near railroad tracks and its negative impact on appreciation and resale value. No doubt buying home near railroad tracks has a lower market price compared to a comparable home. During a booming housing market, when there is a shortage of homes, some homebuyers may only have the choice of…
ByGustan Cho
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This blog will discuss and cover bank statement deposit only mortgage for self-employed borrowers with no income tax returns required. Since the real estate crash 2008, the United States Federal Government stepped in to create mortgage guidelines and standards. One added rule required income calculations used for borrowers, including self-employed borrowers. This is part of…
ByGustan Cho
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This article covers qualifying for an FHA loan with low credit scores mortgage guidelines for 2024. FHA loans are the best home loan program for homebuyers with low credit scores and a low down payment on a home purchase. Many homebuyers, especially first-time homebuyers, do not realize they can qualify for an FHA loan with…
ByGustan Cho
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This blog will cover how mortgage underwriters look at credit report vs credit scores. Minimum credit scores are required to qualify for government and conventional loans. Here are the credit score requirements: HUD requires a minimum credit score of 580 for a 3.5% down payment on home purchases. HUD allows borrowers under 580 credit scores…
ByGustan Cho
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This article covers 12 Month Bank Statement Mortgage For Self-Employed Borrowers Until recently, most self-employed home buyers had a difficult time qualifying for a mortgage. Many self-employed home buyers often have the means to afford a higher-end home. Self-employed wage-earners have the luxury to write off many business expenses under the IRS Tax Code. Writing…
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