Call or Text: (800) 900-8569
Email Us: alex@gustancho.com
ByAnngelli Abenes
Posted on
This article is about Why Mortgage Process Is Biggest Home Buying Stress The process of buying a home can be both thrilling and nerve-wracking. Home buying stress is particularly pronounced during the mortgage process, which often stands out as the biggest source of anxiety. This stress is typically more intense for first-time home buyers than…
ByAnngelli Abenes
Posted on
This blog will discuss the intricacies of buying home with illegal apartment in the basement and attic. Most of these non-conforming dwelling units have been constructed without proper building permits. Despite having these additional units, properties still need to be classified as two-unit residential buildings, not three-unit. The same applies to attics, where many homeowners…
ByPeter Arcuri
Posted on
This guide covers HUD FHA 203k loans manual underwriting guidelines on renovation loans. HUD FHA 203k loans manual underwriting guidelines allow manual underwriting on FHA loans. Most lenders do not allow manual underwriting on FHA 203k loans . Lenders can have higher lending requirements above and beyond the minimum agency mortgage guidelines of HUD. Lenders…
ByGustan Cho
Posted on
Barndominiums is a blend of a barn and barndominium. A barndominium is a portmanteau of “barn” and “barndominium.” Barndominiums are a unique and growing trend in the housing market. These structures are increasingly popular among homeowners seeking practicality and a rustic charm. Barndominiums are metal buildings converted into living spaces, combining a barn’s functionality with…
ByAnngelli Abenes
Posted on
This guide covers clearing mortgage conditions of conditional loan approval. After borrower’s mortgage application has been processed and underwritten, the mortgage underwriter will issue a conditional mortgage approval. Clearing Mortgage Conditions is required for the underwriter to issue a clear to close. A conditional mortgage approval is a letter of intent that the lender will…
ByAnngelli Abenes
Posted on
This Article Is About Verification Of Mortgage Guidelines And Requirements By Lenders. A Verification of Mortgage, commonly known as VOM, is crucial documentation that reflects a borrower’s overall mortgage payment history. Verification of Mortgage Guidelines emphasizes the importance of reviewing a borrower’s prior mortgage payment history when considering a new mortgage loan application. All lenders require insight…
ByAnngelli Abenes
Posted on
This guide covers how prenuptial agreements affect mortgage loans. You may have heard of prenuptial agreements if you plan to marry soon. A prenuptial agreement, or premarital agreement, is a legal contract that specifies how a couple will divide their assets and liabilities in case of divorce or death. Dale Elenteny of Gustan Cho Associates…
ByGustan Cho
Posted on
This guide covers buying a home from a family member with no down payment or closing costs with a gift of equity. Buying a home from a family member is becoming more and more common. Homebuyers can get a discounted price on a home by buying a home from a family member. This is a…
ByJohn Strange
Posted on
In this article, we will cover and discuss homes for heroes mortgage for medical professionals. A few articles have been written by Gustan Cho associates about homes for heroes mortgage for medical professionals. One of the main topics is who is eligible to utilize this program. Anybody who is a “healthcare professional”, but what does…
ByAnngelli Abenes
Posted on
Understanding Sellers Concessions and Tax Prorations in Illinois Home Purchases Illinois home buyers benefit from a unique financial advantage that sets them apart from buyers in many other states. Illinois is characterized by its system, where property taxes are paid in arrears. This means that sellers must credit buyers with the property taxes for the…
ByAnngelli Abenes
Posted on
When And Why Do Mortgage Lenders Ask For Reserves? On VA and FHA manual underwriting, one month’s reserves are required. Multi-family units require reserves by homebuyers.
ByAnngelli Abenes
Posted on
In this article, we’ll talk about reaffirming home loan after bankruptcy, a frequently inquired topic. Milwaukee-based Attorney James Miller of Miller and Miller LLC Attorney at Law is often consulted. It’s a common misconception among homeowners that filing for bankruptcy necessitates immediate eviction from their property. To clarify, here’s what James Miller outlines: Any non-exempt…
ByDale Elenteny
Posted on
This guide covers changes in mortgage guidelines on home loans and year-end recap. 2023 was a tough year for the mortgage industry and Gustan Cho Associates. It was a year filled with ups and downs in the housing and mortgage markets. In this guide, we will detail changes in the housing, mortgage, and financial markets….
ByGustan Cho
Posted on
This guide covers investmetn home pruchase mortgage guidelines. Investment home mortgage loans can be conventional or non-qm loans. Investment home purchase mortgage loans. If you are planning on getting investment home purchase mortgage loan, then Fannie Mae or Freddie Mac agency guidelines apply. If you are planning on getting non-QM investment home mortgage loans, then…
ByAnngelli Abenes
Posted on
This article will explore the HUD CAIVRS Guidelines for FHA loans when obtaining a mortgage. Government-backed mortgage loans are an excellent option, particularly for those who have struggled to qualify for conventional financing. However, there’s a caveat: you can only qualify for these loans if your CAIVRS report is clear. If you need clarification on…
ByDale Elenteny
Posted on
In this blog, we will discuss and cover bank statement loans for self-employed borrowers. Non-QM Loans and Bank Statement Loans are back. Gustan Cho Associates is a national mortgage company licensed in multiple states known for its no lender overlays on government and conventional loans as well as the dozens of non-QM loan programs we…
ByAnngelli Abenes
Posted on
In this article, we’ll discuss about Should I Use Fannie Mae or Freddie Mac for Automated Underwriting Systems (AUS). There are two distinct types of AUS available. Many loan officers may not realize that if a borrower fails to receive automated approval from Fannie Mae’s system, they could still obtain an “approve/eligible” status through Freddie…
ByAnngelli Abenes
Posted on
This guide covers what a clear-to-close on FHA loans means. What does a clear-to-close on FHA loans mean for borrowers? A clear-to-close is the final step of the mortgage process before the home closes. The mortgage underwriter is the person who signs off on the clear-to-close. The clear-to-close is commonly referred to as the CTC….
ByGustan Cho
Posted on
This Article On Fannie Mae HomePath Mortgage Was PUBLISHED On May 10, 2024. Fannie Mae is now offering the Fannie Mae HomePath Mortgage to qualified home buyers. A Fannie Mae HomePath property is a Fannie Mae owned home Therefore, no appraisal is required and is available for owner occupant homes, vacation homes, and investment homes…
ByGustan Cho
Posted on
This Article Is About FHA Back to Work Versus Other Loan Programs With traditional loans such a government loans and Conventional Loans, there is a mandatory waiting period after a Chapter 7 or Chapter 13 Bankruptcy discharged date to qualify for a mortgage loan. Buying a home is often a significant financial decision, particularly for…
ByAnngelli Abenes
Posted on
In this article, we will delve into the process of buying a home with bad credit in Nevada, specifically for individuals with credit scores below 600. The team at Gustan Cho Associates specializes in guiding homebuyers through purchasing a home with bad credit in Nevada. Over 75% of our clients come to us after being…
CALL NOW