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ByAlex Carlucci
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Lenders can offer 100% with no mortgage insurance at competitive low mortgage rates on VA loans due to the government guarantee against loss or foreclosure on VA loans. VA loans have no maximum debt-to-income ratio cap on VA loans.
ByAlex Carlucci
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This guide covers how to avoid delays in mortgage loan closings. When homebuyers enter a real estate purchase contract, the buyers and sellers agree on a tentative closing date. Normally, the closing date is set between 30 and 45 days from the purchase contract date. Many real estate agents will agree that delays in home…
ByAlex Carlucci
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This Article Is About Qualifying For VA Mortgage After Prior VA Loan Foreclosure For many veterans, a VA loan is a valuable tool that facilitates homeownership by offering favorable terms and no requirement for a down payment. However, financial setbacks can lead to foreclosure even on a VA loan. Fortunately, experiencing a foreclosure does not…
ByAlaina Phillips
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There is no sign of any housing market crash, especially in Florida. Home prices are booming with no signs of any correction.
ByGustan Cho
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In this blog, we’ll address the common inquiry: Can I buy a house in South Dakota with poor credit and low credit scores? Purchasing a home with less-than-ideal credit in South Dakota might feel daunting, with the buying process seeming nearly insurmountable. However, it’s worth noting that there are mortgage options tailored for individuals with…
ByAlex Carlucci
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In this blog, we will cover and discuss commercial real estate purchase using FHA financing. In the following paragraphs, we will give you tips on commercial real estate purchase using FHA financing. How can investors qualify for commercial real estate purchase using FHA financing? FHA financing is generally used for residential purchases and refinances. Residential…
ByMike Gracz
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This article will tackle the Community Property States Mortgage Guidelines On DTI. Understanding marital property rights can be intricate, especially considering the varying legal frameworks across different states. Different states, including Texas, New Mexico, Louisiana, Wisconsin, California, Washington, Nevada, Idaho, and Arizona, may have varying ownership rules for assets acquired during a marriage. Unlike common…
ByMike Gracz
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DSCR mortgage loans, debt-service coverage ratio mortgages, is a type of no-income verification mortgage loan program. There is no income verification and documentation required on DSCR mortgage loans. DSCR mortgage loans benefit self-employed borrowers or real estate investors who do not have a consistent flow of qualified income. DSCR mortgage loans are underwritten just based…
ByGustan Cho
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One of the most common inquiries we receive daily pertains to the eligibility for an FHA loan with recent late payments. It’s important to note that you can qualify for an FHA loan even if you have outstanding collections and charged-off accounts. Settling these accounts is not mandatory for approval; instead, securing an automated approval…
ByGustan Cho
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This blog will discuss the appraisal transfer policy from one lender to another when a borrower changes mortgage lenders. As you know, we do not have any LENDER OVERLAYS at Gustan Cho Associates. Meaning we can help more borrowers than most lenders. FHA and VA home appraisals are generally transferrable from one lender to another….
ByGustan Cho
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One of the frequently asked mortgage questions we get from home buyers is when is rental verification required by mortgage underwriters. Rental verification is an extremely strong credit tradeline that will add strength to the mortgage loan borrower’s credit profile. There are times when the Automated Underwriting System (AUS) will require borrowers to provide verification…
ByGustan Cho
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This blog will discuss how mortgage underwriters calculate property taxes on new construction homes. Property taxes on new construction homes can often affect the homebuyer’s debt-to-income ratio due to being estimated versus an exact number. The exact property taxes on new construction homes are not known until a few years after the development has been…
ByGustan Cho
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This article will discuss buying home near railroad tracks and its negative impact on appreciation and resale value. No doubt buying home near railroad tracks has a lower market price compared to a comparable home. During a booming housing market, when there is a shortage of homes, some homebuyers may only have the choice of…
ByAlex Carlucci
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Transitioning from monthly to bi-weekly mortgage loan payments can be a strategic move for homeowners looking to expedite their mortgage payoff. Borrowers who choose bi-weekly payments make payments equal to half of their monthly payments every two weeks. This results in 26 half-payments or 13 full payments over a year. Making this additional payment can…
ByAlex Carlucci
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More and more people are choosing self-employment or contract work as their source of income. This trend means that mortgage guidelines for these borrowers are increasingly important to understand. This article overviews specific 1099 And Self Employed Borrowers Mortgage Guidelines. We’ll cover everything from how to verify income to the documentation needed and what to…
ByPeter Arcuri
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What Are The 3% Down Payment Conventional Loan Requirements And Guidelines? Fannie Mae and Freddie Mac allow a 3% down payment on conventional loans for first-time homebuyers. A first-time homebuyer is a buyer who had no ownership of a home in the past three years.
ByAlex Carlucci
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This guide covers mortgage case scenarios of borrowers with bad credit and lower credit scores. If you have been following the blogs in Gustan Cho Associates for a while, you will understand that many of our clients have been turned down by their current lender. If you are reading our articles for the first time…
ByMike Gracz
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California FHA 203k Loans are a great home purchase acquisition and renovation loan program with a 3,5% down payment of the after-repair value for homebuyers of fixer-uppers. Homebuyers of fixer-uppers can gut/rehab and/or renovate the home they are buying. California has one of the highest housing prices in the nation. Many Californians are not able…
ByGustan Cho
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This blog will discuss and cover bank statement deposit only mortgage for self-employed borrowers with no income tax returns required. Since the real estate crash 2008, the United States Federal Government stepped in to create mortgage guidelines and standards. One added rule required income calculations used for borrowers, including self-employed borrowers. This is part of…
ByGustan Cho
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This article covers qualifying for an FHA loan with low credit scores mortgage guidelines for 2024. FHA loans are the best home loan program for homebuyers with low credit scores and a low down payment on a home purchase. Many homebuyers, especially first-time homebuyers, do not realize they can qualify for an FHA loan with…
ByGustan Cho
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This blog will cover how mortgage underwriters look at credit report vs credit scores. Minimum credit scores are required to qualify for government and conventional loans. Here are the credit score requirements: HUD requires a minimum credit score of 580 for a 3.5% down payment on home purchases. HUD allows borrowers under 580 credit scores…
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