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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…
ByMike Gracz
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Homebuyers can buy a house and qualify for a mortgage with derogatory credit. Borrowers do not need perfect credit to qualify for a home mortgage. You can have derogatory credit tradelines and qualify for FHA, VA, USDA, Conventional, Jumbo, and non-QM loans. Gustan Cho Associates are experts in helping homebuyers with credit scores down to…
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…
ByPeter Arcuri
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Can Realtors Be Loan Officers at the Same Time? The answer is yes. GCA Mortgage Group is recruiting professional real estate agents with at least a one-year of loan origination experience.
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…
ByPeter Arcuri
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This guide covers clearing conditions for clear to close on home purchases. Once mortgage borrowers have signed the mortgage application and the mortgage processor has processed it, it gets submitted to underwriting. A mortgage underwriter gets assigned to the file. After the underwriter thoroughly reviews the borrower’s applications and documents, the borrower will get conditional…
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…
ByDale Elenteny
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In this blog, we will cover and discuss how homebuyers can qualify for a mortgage with new lenders after having a mortgage denied for late payments in Missouri after being pre-approved by a loan officer. Late payments in the past 12 months are very serious. Many borrowers will get a mortgage denied for late payments…
ByMike Gracz
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In this blog, we will discuss and cover VA manufactured home guidelines on VA loans. Gustan Cho Associates has invested substantial time tailoring loan programs to cater to our nation’s veterans, including those seeking VA loans for manufactured homes. Many of our borrowers opt for VA loans, and we have earned a national five-star reputation…
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…
ByAlex Carlucci
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In this guide, we will cover self-employed mortgage borrowers with no income tax returns required on a home purchase. Many lenders consider self-employed individuals to pose a greater risk of defaulting on a mortgage. This is because their incomes often vary from month to month and from year to year. In general, mortgage lenders want…
ByAlex Carlucci
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In this blog, we will discuss and cover high-cost guidelines on government and conventional loans. Some states have high-cost rules. What is high-cost? High-cost is that the total fees and costs in obtaining a residential mortgage loan cannot exceed 5% of the mortgage loan amount. Fees that are calculated in high cost include upfront mortgage…
BySarah Wu
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In recent years, the United States Virgin Islands have seen an unprecedented boom in tourism. Money started trickling into the island through investments and tourism. This means that even the hospitality industry has directly
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