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ByGustan Cho
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This article delves into how underwriters analyze bank statements of borrowers. When individuals seek a mortgage loan, underwriters deem 60…
ByRonda Butts
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This guide will cover the Texas housing market forecast for 2023 going into 2024. The Texas housing market is booming…
ByGustan Cho
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This article will delve into the mortgage guidelines for FHA DTI ratios on manual underwrites. The key distinction between manual…
ByGustan Cho
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In this blog, we will discuss payment shock from paying rent as a renter to paying a mortgage as a…
ByJohn Parker
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There are special rules for commission income when applying for a mortgage:
These rules apply to anyone who earns at least 25% of their compensation from commissions.
In general, you must earn commission income for at least two years to use it for mortgage qualification. But there are exceptions.
Because commission income is variable, lenders average it according to certain rules.
Mortgage lenders must adhere to the Ability to Repay (ATR) rule when underwriting. That means they must make sure that borrowers can afford the loan before they approve it.
ByAlex Carlucci
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This blog post will explore the Fannie Mae-Freddie Mac charge-off guidelines applicable to conventional loans. Gustan Cho Associates has recently…
ByGustan Cho
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In this blog, we will be covering the QC Review Prior Clear To Close During Mortgage Process by some mortgage…
ByGustan Cho
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This article will delve into the HUD guidelines for gift funds in the context of home purchase transactions involving Federal…
ByGustan Cho
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This article delves into the implications and potential challenges homeowners may face in the unfortunate event of a job loss…
ByGustan Cho
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In this blog, we will cover and discuss qualifying for a mortgage during and after divorce on purchase and refinance…
ByGustan Cho
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According to VA and HUD Chapter 13 cash-out refinance guidelines, homeowners may be eligible for a cash-out refinance on an…
ByGustan Cho
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There are strict rules regarding the part-time income to full-time income mortgage guidelines. For part-time income to be used, borrowers…
ByGustan Cho
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This guide covers how credit repair during mortgage underwriting can halt loan process . Mortgage borrowers should know the impact…
ByGustan Cho
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In this article, we will cover and discuss the comparison between jumbo loan vs conventional loan programs and the differences…
ByGustan Cho
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This blog will cover FHA debt-to-income ratio requirements for FHA loans. Just because borrowers meet all the HUD Agency Mortgage…
ByDale Elenteny
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Is Timeshare Foreclosure Considered Mortgage Foreclosure? A timeshare is not considered real estate and is classified as an installment loan. Foreclosure waiting period guidelines do not apply on timeshare foreclosures.
ByGustan Cho
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This guide covers overlays on debt-to-income ratio on FHA loans. Homebuyers who got issued pre-approval from a mortgage loan originator…
ByGustan Cho
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This guide covers eliminating FHA mortgage insurance premium by refinancing FNMA. Borrowers taking out an FHA insurance mortgage loan, besides…
ByGustan Cho
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Kentucky’s economy is booming, especially the housing market. Many individual taxpayers and businesses are making Kentucky their home due to low state taxes and affordable housing and low property taxes. Homebuyers are finding home priced reasonably and home prices are beginning to creep up.
ByAlex Carlucci
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This guide covers non-QM down payment guidelines on home purchase. Non-QM down payment guidelines on home purchase for homebuyers on…
ByAlex Carlucci
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In this article, we will cover and discuss when you can get a mortgage approval after bankruptcy dismissal. There are…
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