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ByGustan Cho
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In this blog post, we’ll explore obtaining an FHA loan with a credit score under 600. Gustan Cho Associates specializes in processing and finalizing FHA Loans With Under 600 Credit Scores in Florida. Many lenders set higher credit score thresholds due to additional criteria known as overlays. However, it’s important to note that only some…
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…
ByMargarett Jurilla
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This guide covers the topic of no maximum VA loan limit cap on VA home loans. There are no maximum VA loan limit cap on VA loans. However, VA loans with loan limit higher than the conforming loan limit of $766,550 is called high-balance VA loans. Gustan Cho Associates is excited to pass on some…
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…
ByMike Gracz
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When does an automated underwriting system approved file get downgraded to a VA manual underwrite downgrade on VA loans happen? If you are following Gustan Cho Associates, you know we are experts in VA mortgage guidelines. We do our best to help as many of our Nation’s veterans as possible. The team at Gustan Cho…
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…
ByRonda Butts
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As per the Fannie Mae Bankruptcy Guidelines for conventional loans, borrowers must follow a mandatory waiting period after filing for Chapter 7 or Chapter 13 bankruptcy before being considered eligible for a conventional loan. While it is possible for mortgage borrowers to obtain a loan post-bankruptcy, they must first satisfy the required waiting period to…
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…
ByRonda Butts
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In this guide, we will cover how rent-to-own homes work for homebuyers who cannot quite get traditional financing. When you want to buy a home, the usual process involves applying for a mortgage to finance the purchase. This is a whole different process, where you will have to be approved to get the funds, and…
BySapna Sharma
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In this blog, we will cover ARM versus fixed-rate mortgages. ARM stands for an adjustable-rate mortgage. Adjustable-Rate Mortgage is when the mortgage interest rate of the loan is not fixed for the 30-year term; The mortgage interest rate is fixed for the initial rate period, which is normally three years, five years, seven years, or…
ByAlex Carlucci
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Lenders base each borrower’s credit scores as well as other risk factors when determining mortgage rates. The higher the risk of a borrower, the higher the rate. It is best for each borrower to maximize their credit scores and other layered risks to get the best mortgage rates.
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…
ByAlex Carlucci
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The DTI Manual Underwriting Guidelines for FHA and VA loans are quite alike. Among home mortgage programs, only FHA and VA loans permit manual underwriting. There is common confusion regarding the distinctions between manual underwriting and files approved by an automated underwriting system (AUS). While manual and AUS-approved underwriting fundamentally serve the same purpose, manual…
ByAlex Carlucci
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Rumors are flying about a possible housing bubble in the US. Are they based in fact, or is this wishful thinking on the part of frustrated would-be buyers?
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…
ByDale Elenteny
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In this article, we will cover and discuss delayed financing guidelines on refinance transactions. Delayed Financing Guidelines apply for homebuyers who purchased home cash and are needing to do a cash-out refinance. Sellers often prefer cash home buyers. The housing market has been hot for the past few years. Bidding wars are often common. Cash…
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…
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