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ByGustan Cho
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In this blog, we will cover the role of mortgage underwriter during the mortgage process. The role of mortgage underwriter is to underwrite the borrower’s file and make sure they qualify for a home mortgage. The mortgage underwriter is hands down the most important person during the mortgage process. The mortgage underwriter determines whether or…
ByDale Elenteny
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In this blog, we will cover the debt collection laws in community property states and qualifying for a home mortgage. Debt Collection Laws In Community Property States do not make each person liable for each other’s debt. For example, if a spouse in a community property state were to rack up credit card debts, the…
ByGustan Cho
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This guide covers how do mortgage underwriters calculate income of borrowers. Income is the most important aspect of qualifying for a mortgage loan. Homebuyers can have prior bad credit and low credit scores and still qualify for a home loan if they have income. There are strict lending guidelines with regards to income and the…
ByMike Gracz
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In this article, we will discuss and cover refinancing land contract homes to government or conventional loans. There are factors to address when refinancing land contract homes to government and conventional loans. In today’s crazy mortgage market, more and more Americans are purchasing homes with a land contract. This is an alternative to traditional mortgage…
ByDale Elenteny
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In this blog, we will discuss and cover mortgage after foreclosure with no waiting period with non-QM loans. Non-QM loans are alternative mortgage loan programs that do not have to meet government or conforming mortgage loan guidelines. Non-QM loans are portfolio loans. Wholesale non-QM mortgage lenders can set their lending guidelines. Non-QM mortgage lenders can…
ByGustan Cho
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In this article, we will cover and discuss using future rental income to qualify for a mortgage. Some first-time home buyers buy two to four-unit multi-unit properties as their first home. They use one of the units as an owner-occupant unit and rent the others for rental income. Multi-unit properties naturally cost more than single-family…
ByGustan Cho
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This guide addresses the issue of credit tradelines not reporting to credit bureaus. When faced with this situation, finding solutions can be frustrating and challenging. I experienced this and will share my experience dealing with credit tradelines that must be reported to credit bureaus. There were no answers available, and the automated systems of the…
ByGustan Cho
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This guide covers VA derogatory credit mortgage guidelines on VA loans. VA derogatory credit mortgage guidelines on VA loans are very lenient. VA mortgages have the most lenient lending guidelines than any other loan program. The Department of Veterans Affairs (the VA) is the government agency that governs VA loans to eligible members of the…
ByAli
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This guide covers common credit score questions from first-time homebuyers. What does a “good credit or good FICO” really mean One of the most important achievements in life (amongst many others) is to build a good credit history and thus achieve a respectable FICO score right? We all work very hard in life, day in…
ByGustan Cho
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HUD, the parent of FHA, has increased FHA loan limits in Chicago for six consecutive years due to rising home prices. HUD has again increased FHA loan limits. Here are the updated FHA loan limits for 2024. FHA loan limits in Chicago and surrounding areas have been increased to $492,257 in non-high-cost areas for single-family…
ByGustan Cho
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This blog will cover the FHA Total Scorecard and how it works. The United States Department of Housing and Urban Development (HUD) FHA TOTAL Scorecard enables mortgage underwriters to analyze and evaluate mortgage borrowers’ overall credit/income worthiness and instant automated eligibility or denial by FHA. Borrowers who want to qualify for FHA loans need to…
ByGustan Cho
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This guide covers understanding FHA mortgage rates on purchase and refinance transactions. FHA loans are the most popular mortgage program in the United States. More and more homebuyers use FHA mortgages to purchase their homes. This especially holds true for first-time homebuyers and borrowers with less than perfect credit. HUD, the parent of the Federal…
ByGustan Cho
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In this blog, we will cover and discuss the automated underwriting system approval, which is also referred to as AUS findings. The automated underwriting system approval is what is needed for a mortgage borrower to go forward with the mortgage process. The automated underwriting system will render three types of findings: approve/eligible per AUS: A/E per…
ByGustan Cho
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This guide covers the frequently asked question do I have to pay collections for FHA loan approval. We will discuss the topic of do I have to pay collections for FHA loan approval. A large percentage of our borrowers are folks who were turned down by other mortgage companies because they had outstanding collection accounts…
ByGustan Cho
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This guide covers the 97 LTV conventional loan mortgage guidelines for first-time homebuyers. Fannie Mae and Freddie Mac 97 LTV conventional loan program is back: Fannie Mae and Freddie Mac have just released news that they will bring the 97 LTV conventional loan program back. The 97 LTV conventional loan program enables qualified home buyers…
ByAlex Carlucci
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This guide cover the struggle of car loans during the mortgage process. Looking to buy a new car? Like most of us, you’ll need financing, so, which is more beneficial, getting a loan from your local bank or your dealer? Eighty percent of loans are arranged by the dealers and for good reason. The obvious…
ByGustan Cho
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In this blog, we will discuss and cover shopping for mortgage with poor credit and low credit scores. Shopping for a mortgage is somewhat different than shopping for other goods and services. Home Buyers are limited when Shopping For Mortgage With Poor Credit and lower credit scores. Buyers with higher credit scores have advantages over…
ByGustan Cho
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This guide cover the FHA guidelines during vs after Chapter 13 Bankruptcy on FHA loans. VA and FHA guidelines during vs after Chapter 13 Bankruptcy is similar. You are eligible to qualify for a VA or FHA loan during Chapter 13 Bankruptcy one year after filing the Chapter 13 Bankruptcy. The major difference between VA…
ByAlex Carlucci
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This guide covers approved mortgage after short sale in Chicago FAQ and answers. Ronda Butts covers getting approved for a mortgage after short sales in Chicago. Interview with Jeff Wolff, President of Illinois Distressed Property Solutions. Jeff has been in the business for over 15 years. He negotiated hundreds of short sales with multiple lenders….
ByGustan Cho
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In this blog, we will cover and discuss high-balance conforming loans for high-cost homebuyers. There are certain areas throughout the United States where it is considered high-cost areas. In high-cost areas, loan limits are higher than the traditional loan limits. The Federal Housing Finance Agency (FHFA) has increased the conventional loan limit to $766,550 for…
ByGustan Cho
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In this blog, we will cover and discuss the statute of limitations on collection accounts and charge-offs. We will go into detail on how older collection accounts affect qualifying for a mortgage. The Great Recession of 2008 has affected the financial lives of many Americans in this country as well as globally. Hard-working Americans not…
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