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ByGustan Cho
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In this blog, we will discuss and cover Past Due Versus Collection And Charge Off Accounts when qualifying and getting pre-approved for a mortgage loan. FHA loans are the most popular mortgage loan programs today for first-time home buyers. What is the Difference Between Charge-Off and Collections? Charge-off and collections are distinct stages in the…
ByGustan Cho
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A two-year employment history does not necessarily mean two consecutive years at the same job. You can have gaps in employment and/or multiple jobs in the most recent two years and still qualify for mortgage approval. In some cases, you can qualify for a mortgage with 12 months employment history.
ByGustan Cho
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In this article, we will cover and discuss Self-Employed Relocation Mortgage Guidelines. Three primary categories of residential mortgages cater to different types of property ownership: Owner-Occupant Mortgages: For people who plan to live in the property they’re buying as their primary residence, mortgages are available specifically designed for them. These loans typically provide more favorable…
ByGustan Cho
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In this blog, we will cover and discuss how to refinance into FHA 203k loan from an existing home mortgage. Homeowners who are in need of either basic rehab or need to do a full-blown renovation project on their homes can refinance into FHA 203k loan. This holds true even if they do not have…
ByGustan Cho
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In this blog, we will cover and discuss what is DU automated approval on the automated underwriting system. A sound mortgage loan approval? My Loan Officer told me I had a DU Automated Approval, what is that? There are two types of automated underwriting system approvals. Fannie Mae Desktop Underwriter also referred to as DU…
ByGustan Cho
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In this blog, we will cover and discuss FHA guidelines on late payments after bankruptcy. Borrowers are often confused with FHA guidelines on late payments after bankruptcy due to being turned down for an FHA Loan if they have late payments after bankruptcy. Recent late payments in the past 12 months are not good. You can…
ByGustan Cho
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In this article, we will cover how do mortgage lenders view charge-offs. One of the frequently asked questions at Gustan Cho Associates is can I qualify for a home loan and how do mortgage lenders view charge-offs? We will not tell you what you want to hear but rather the FACTS. The simple blunt correct…
ByGustan Cho
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This guide covers EPM Empowered down payment assistance mortgage programs. There are several types of down payment assistance mortgage programs for homebuyers. We have some very exciting news at Gustan Cho Associates. The team at Gustan Cho Associates offers two different types of down payment assistance mortgage program: Forgivable and non-forgivable DPAs. We offer the…
ByGustan Cho
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This blog will discuss qualifying for an FHA loan with judgment mortgage guidelines and requirements. A Judgment is probably the worst derogatory credit item on your credit report. A judgment is worse than a bankruptcy. This is because, with bankruptcy, consumers are wiping the slate clean. Creditors can no longer come after consumers. However, with…
ByGustan Cho
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HUD, the parent of FHA, does not require you to pay off the outstanding unpaid collection account balances in order to qualify for FHA Home Loans. However, FHA will count a percentage of any outstanding non-medical collection account balances.
ByGustan Cho
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This article is on delegated versus nondelegated mortgage underwriting by lenders. We will cover the main difference between delegated and nondelegated mortgage underwriting. Many experienced loan officers still need to fully understand the difference between delegated versus non-delegated underwriting and versus being a mortgage broker. Delegated underwriting is when the lender’s in-house mortgage underwriters underwrite…
ByGustan Cho
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This guide covers the impact of credit score changes during mortgage process and how it impacts borrowers. Credit Score Changes during mortgage process happen. There are minimum credit score requirements on mortgage loan programs. The impact of credit inquiries and new accounts is generally small and temporary. Your credit score can be subject to changes…
ByGustan Cho
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In this blog, we will cover FHA guidelines on mortgage after loan modification. FHA Guidelines on Mortgage After Loan Modification for new home buyers require a one-year mandatory waiting period. HUD, the parent of FHA, is the giant federal agency that administers FHA guidelines on mortgage after loan modification. Per Alex, of Gustan Cho Associates,…
ByGustan Cho
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In this blog, we will discuss and cover the FHA Mortgage Guidelines on Collection Accounts for qualifying for an FHA loan. Per FHA mortgage guidelines on collection accounts, borrowers can qualify for an FHA loan with outstanding collection accounts without having to pay them to qualify for an FHA home loan. The Federal Housing Administration…
ByGustan Cho
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This guide covers the frequently asked question how do I qualify for a mortgage loan and get approved. Mortgage lenders do not just lend a home loan to anyone. Lenders need to make sure borrowers qualify not just in making their making their new mortgage payments but borrowers need to qualify and meet minimum mortgage…
ByGustan Cho
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This Article Is About Fannie Mae Guidelines On Timeshare Foreclosure On Conventional Loans. What are Fannie Mae guidelines regarding timeshare foreclosure on conventional loans? Timeshares experienced popularity before the 2008 financial crisis, but many owners faced financial difficulties and could not maintain their obligations. Attempts to sell timeshares often diminished values, leading some owners to…
ByGustan Cho
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This blog will discuss the VA DTI manual underwriting guidelines on VA loans. VA loans are one of the best loan programs in the United States. Lenders offer 100% financing with no down payment required at lower mortgage rates than conventional loans due to the government guarantee. There is no maximum loan limit on VA…
ByGustan Cho
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In this blog, we will cover and discuss using non-QM versus jumbo mortgages to purchase high-end homes. Using non-QM versus jumbo mortgages to buy high-end homes is becoming increasingly popular. Traditional jumbo loans have strict lending guidelines due to the risk layer lenders need to take. Most traditional jumbo lenders may require a 740 credit…
ByGustan Cho
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This guide covers late payments after Chapter 13 bankruptcy mortgage guidelines. Mortgage lenders do not want to see any late payments after Chapter 13 bankruptcy from mortgage loan applicants. Homebuyers can qualify for an FHA loan after Chapter 13 bankruptcy. There is no waiting period to qualify for VA or FHA loans after the Chapter…
ByGustan Cho
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This guide covers about FICO credit scores to qualify for a mortgage loan. Every mortgage loan applicant who has applied for credit and has had credit, whether good or bad, has a credit score. The FICO score is a mathematical scoring formula that consists of several variable factors to determine a person’s credit risk level….
ByGustan Cho
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This guide covers how bankruptcy affects mortgage approval and the waiting period after discharge date. Bankruptcy is a great tool for people to utilize if they are drowning in debt and want a fresh financial start in life. Two of the most common types of consumer bankruptcy is Chapter 7 and Chapter 13 bankruptcy. Mortgage…
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