QM Qualified Mortgages
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How Qualified Mortgages Affect Borrowers and Lenders

ByGustan Cho Posted on

This guide covers how qualified mortgages affect borrowers and lenders on residential loans. To avoid another 2008 financial crisis, Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act created qualified mortgages. Qualified mortgages are also referred to as QM. QM is a mortgage that needs to meet certain guidelines in order to protect…

FHA Loan After Chapter 13 Bankruptcy in North Dakota
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FHA Loan After Chapter 13 Bankruptcy in North Dakota

ByGustan Cho Posted on

In this blog, we will discuss and cover the mortgage guidelines for getting qualified and approved for an FHA loan after Chapter 13 Bankruptcy in North Dakota. Gustan Cho Associates is a mortgage broker licensed in 48 states and is licensed in North Dakota. Bankruptcy is a fairly common legal option when one’s liabilities exceed…

Portfolio Loan Programs
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What are Portfolio Loan Programs

ByGustan Cho Posted on

This guide covers portfolio loan programs. We will cover what a portfolio loan is. We will compare the benefit of portfolio loan programs versus agencies mortgage loans. Conventional and FHA loans have their own mortgage guidelines. Portfolio loan programs are mortgages where lenders keep on their books and do not sell them to the secondary…

Bankruptcy Manual Underwriting Guidelines
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Bankruptcy Manual Underwriting Guidelines on FHA and VA Loans

ByGustan Cho Posted on

The bankruptcy manual underwriting guidelines on FHA and VA loans are covered in this guide, which focuses on the exclusive mortgage programs that permit manual underwriting. Manual underwriting occurs when a borrower fails to receive an approve/eligible status via the automated underwriting system and necessitates human underwriter assessment. Dale Elenteny is a loan officer at…

North Carolina FHA Lenders For Bad Credit
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North Carolina FHA Lenders For Bad Credit with No Overlays

ByGustan Cho Posted on

In this blog post, we’ll discuss qualifying for FHA loans with top North Carolina FHA lenders for bad credit. It’s important to note that not all North Carolina FHA lenders have identical loan criteria. First-time homebuyers with lower credit scores or lacking credit history may be rejected by one lender but approved by another lender…

Mortgage With Multiple Jobs
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How To Calculate Income For Mortgage With Multiple Jobs

ByGustan Cho Posted on

This blog will cover and discuss how to calculate income for mortgage with multiple jobs. Homebuyers can qualify for a mortgage with multiple jobs and employment gaps. However, there are rules and restrictions regarding qualifying for a mortgage with multiple jobs. There are also regulations on gaps in employment. If you have an extended gap…

Manual Underwriting Versus Automated Underwriting Guidelines
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Manual Underwriting Versus Automated Underwriting Guidelines

ByGustan Cho Posted on

In this blog, we will cover and discuss manual underwriting versus automated underwriting guidelines. The Automated Underwriting System is a sophisticated computer system and is often referred to as AUS. There are two different types of AUS. Fannie Mae’s automated underwriting system is called Desktop Underwriter and is commonly referred to as DU. Freddie Mac’s…

Rebuilding Credit During Chapter 13 Bankruptcy
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Rebuilding Credit During Chapter 13 Bankruptcy For a Mortgage

ByGustan Cho Posted on

This guide covers rebuilding credit during Chapter 13 Bankruptcy repayment plan. Rebuilding credit during Chapter 13 Bankruptcy is highly recommended for those who want to purchase or refinance their current home. Consumers do not have to wait until Chapter 13 Bankruptcy has been discharged to re-establish their credit. To qualify for a mortgage with an…

Federal Employee Mortgage Loan Programs

Federal Employee Mortgage Loan Programs

ByGustan Cho Posted on

In this mortgage guide, we will cover and discuss federal employee mortgage loan programs offered at Gustan Cho Associates Gustan Cho Associates, empowered by NEXA Mortgage, Inc. is licensed in 48 states including Washington DC, Puerto Rico, and the U.S. Virgin Islands. The team at Gustan Cho Associates are experts not just on government and…

Owner-Occupant Multi-Family Mortgage Guidelines On 2 To 4 Units
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Owner-Occupant Multi-Family Mortgage Guidelines

ByGustan Cho Posted on

We will discuss and cover owner-occupant multi-family mortgage guidelines on two to four units. Any property between one to four units is considered residential properties homes. First-time homebuyers with goals of investing in real estate can start by buying a two-to-four-unit multi-family home as their first home.  Homebuyers can purchase an owner-occupant two-to-four unit multi-family…

FHA Waiting Period After Bankruptcy and Foreclosure
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FHA Waiting Period After Bankruptcy and Foreclosure

ByGustan Cho Posted on

This article will discuss the FHA Waiting Period After Bankruptcy and Foreclosure. The FHA mandates waiting periods after bankruptcy, foreclosure, and short sales for loan qualification. HUD guidelines specify these waiting periods. FHA loans target individuals with low to moderate incomes, aiding first-time homebuyers with limited credit or financial history. Dale Elenteny, a senior loan…

Credit Supplement
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What is a Credit Supplement For a Mortgage

ByGustan Cho Posted on

This guide covers what a credit supplement in a mortgage is and how it works. There are three major credit reporting agencies; Transunion, Experian, and Equifax. Each credit reporting agency is independent of each other and each credit reporting agency has its own formula in calculating a consumer’s credit score. C redit reporting agencies update…

How To Become A Private Money Lender For Real Estate Investors

How To Become A Private Money Lender For Real Estate Investors

ByGustan Cho Posted on

This Article Is About How To Become A Private Money Lender For Real Estate Investors To find a good opportunity to lend. What constitutes a good opportunity to lend? There are a couple of things you as a private money lender can do to be sure you’re getting the best possible opportunity to lend on….

Buying House After Selling Home With Late Payments
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Buying House After Selling Home With Late Payments

ByGustan Cho Posted on

In this article, we will cover and discuss buying a house after selling home with late payments. One of the frequently asked questions is buying a house after selling home with late payments possible. There are instances when a homeowner is behind on their mortgage payments and decide to sell their home. After they sell…

Fannie Mae And Freddie Mac Versus HUD
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Fannie Mae And Freddie Mac Versus HUD Guidelines

ByGustan Cho Posted on

This article explores the differences between Fannie Mae And Freddie Mac Versus HUD Guidelines. Acknowledging the complexity of the mortgage business, even for professionals, reflects on the comprehensive overhaul following the 2008 Real Estate and Financial Collapse. This period saw the emergence of new government-sponsored agencies, accompanied by the implementation of Dodd-Frank legislation, the launch…

Funds In Bank Statements
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Funds In Bank Statements That Cannot Be Used By Lenders

ByGustan Cho Posted on

This guide covers funds in bank statements that mortgage lenders cannot use.  All funds in bank statements that are newer than 60 days need to be sourced. All lenders require two months of bank statements from borrowers. In order for lenders to be able to use funds in bank statements, the funds needs to be…

Refinancing NON-QM Loans to Traditional Mortgages
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Refinancing NON-QM Loans To Traditional Mortgages

ByGustan Cho Posted on

In this blog, we will discuss and cover refinancing non-QM loans to government and conventional mortgages. Refinancing NON-QM loans to government or conventional loans is possible after the initial home mortgage closing. This only holds true if the deal makes sense. Homebuyers who initially closed on their home loan with a non-QM loan at a…

Lawsuit During Mortgage Process
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Lawsuit During Mortgage Process

ByGustan Cho Posted on

This article covers the lawsuit question on a mortgage application and what to do if you’re in a lawsuit during mortgage process. There are no issues if you are a lawsuit plaintiff during the mortgage process. However, borrowers can have issues getting a loan approval if they are defendants in a lawsuit during mortgage process….

Declining And Irregular Income
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How Mortgage Underwriters View Declining And Irregular Income?

ByGustan Cho Posted on

In this blog, we will cover and discuss how mortgage underwriters view the declining and irregular income of borrowers. There are certain ways lenders view declining and irregular income. There are many case scenarios where declining and irregular income can disqualify borrowers from obtaining a mortgage. There are case scenarios where a worker works 40…

Property Taxes In Mortgage Qualification
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How Property Taxes in Mortgage Qualification Affects DTI

ByGustan Cho Posted on

This guide covers property taxes in mortgage qualification and how it affects debt-to-income ratios. For homebuyers, especially first-time home buyers, property taxes in mortgage qualification are one of the most important aspects to consider when buying a home. John Strange, a senior loan officer at Gustan Cho Associates, explains how property taxes in mortgage qualification…