I am licensed to originate residential mortgage loans and work with dozens of realtor referral partners. I get daily inquiries from realtors throughout the United States about the specialty products I have to offer their home buyers and many realtors have requested that I write a blog about the mortgage loan programs I have available and the services I provide. Here is the personal service I can offer:
1. I am available 7 days a week, including holidays, and you can always get a hold of me on my cell at 262-716-8151
or email me at firstname.lastname@example.org.
2. Clients can apply online, 24/7 by going to www.gustancho.com
and clicking the APPLY NOW
icon on top right category section. Pre-approvals are issued 7 days per week.
3. Once mortgage client applies online, I run credit check and can submit credit profile to our Automated Underwriting System
for an automated Fannie Mae approval.
4. All calls promptly returned. Available evenings, weekends, and holidays.
5. 100% mortgage approvals after submitting formal mortgage application. I will not submit a mortgage application until I have went over the mortgage case scenario with wholesale underwriting staff.
6. If you got turned down by another lender, please contact me. I have closed on many loans that other lenders could not do.
7. Have access to over 30 wholesale mortgage lenders, many of them that do not have overlays and can close on mortgage loans with open collections, recent late payments, judgments, tax liens, overdrafts, and recent late payments. Will qualify your home buyer and once fully qualified, you can rest assured that your client’s mortgage loan will close.
FHA Mortgage Loan Program
1. 530 FICO to 580 FICO scores require 10% down payment.
2. 3.5% down payment on FHA mortgage loan program over 580 FICO credit scores with no lender overlays mortgage loan program.
5. Open collections, late payments, bank overdrafts, judgments, tax liens, and other prior bad credit allowed. Collections do not have to be repaid.
6. Bankruptcy, Foreclosure, Deed in Lieu of Foreclosure, Short Sales are allowed, however, need to adhere to Fannie Mae lending guidelines concerning mandatory waiting period requirements. One year waiting period after bankruptcy and/or foreclosure, Back to Work Extenuating Circumstances Program, mortgage loans are now available to qualified mortgage loan borrowers.
8. 100% gifts allowed on home purchase by family member on FHA mortgage loan program.
9. 24 hour mortgage loan underwrites and mortgage approvals.
10. Closings in 14 days if it is a rush file. Most closings are in 30 days or less.
11. No waiting period for borrowers with short sale as long as they were current on their loan until the day of the sale.
FHA Back to Work Extenuating Circumstances Mortgage Program
Effective August 15th, 2013, HUD has introduced the new FHA Back to Work Extenuating Circumstances due to an economic event mortgage program. The FHA Back to Work Extenuating Circumstances due to an economic event shortens the waiting period to one year for those home buyers who had a prior bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale. One of the major requirements for a home buyer to qualify under the FHA Back to Work Extenuating Circumstances due to an economic event is that they need to prove that they were unemployed or underemployed for at least six months prior to the initiation of the bankruptcy and/or foreclosure proceedings. Proper documentation will be required as well as supporting facts. A one hour HUD approved counseling course need to completed and the certificate needs to be signed by the housing counselor. The maximum debt to income ratios are 31% front end and 43% back end. The FHA Back to Work Extenuating Circumstances due to an economic event mortgage programs are all manual underwrites and the underwriter has tons of discretion in mortgage approvals. A detailed letter of explanation is what will make or break this deal. If you are interested in HUD’s FHA Back to Work Extenuating Circumstances due to an economic event mortgage program, contact Gustan Cho Associates at www.gustancho.com .
Gustan Cho NMLS ID # 873293