Paying Rent Timely Will Help Get Mortgage Approved
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Paying Rent Timely Will Help Get a Mortgage Approved

ByGustan Cho Posted on

This guide covers how paying rent timely will help get a mortgage approved. Homebuyers who have little to no credit tradelines and get a refer/eligible now have a chance to get an approve/eligible per an automated underwriting system will timely rent payments. Per Fannie Mae, Freddie Mac, HUD, USDA, and VA, verified rent is now…

Jumbo Florida Mortgage
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The Best Jumbo Florida Mortgage Lenders For Non-QM Loans

ByGustan Cho Posted on

This guide covers the best Jumbo Florida mortgage lenders. for prime and non-QM loans. The Florida housing market is hot and from the look of thing. There is more demand for housing than inventory. FHA and Conventional mortgages have maximum loan limits on government and conventional loans in Florida. Homebuyers in the market for higher-end…

Continuation of Income Guidelines
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Continuation of Income Guidelines of Mortgage Lenders

ByGustan Cho Posted on

This guide covers continuation of income guidelines of mortgage lenders. The ability to repay is one of the most important factors mortgage underwriters take into consideration when underwriting a mortgage borrower. Lenders require a past two-year employment work history. All agency guidelines require the mortgage underwriter document their due diligence in addressing they believe the…

Things to Know Before Filing Bankruptcy
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Things To Know Before Filing Bankruptcy

ByGustan Cho Posted on

This guide cover the things to know before filing bankruptcy for future homebuyers. There are things to know before filing bankruptcy. Many Americans are still under the impression that bankruptcy is very bad. They often do not know the benefits of bankruptcy and how you can get credit after bankruptcy. Bankruptcy rates soared after the…

Qualifying Income
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What is Considered Qualifying Income For Mortgage Loans

ByGustan Cho Posted on

This guide covers the types of income that mortgage lenders consider qualifying income can use for mortgage loans. Not all income types can be used as qualifying income for lenders. Qualifying income is verified documented income that has been sourced and is likely to continue for the next three years. It’s important to note that…

1099-Income Versus W-2 Income Mortgage Lending Guidelines
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1099-Income Versus W-2 Income Mortgage Guidelines

ByGustan Cho Posted on

This article will cover 1099-income versus W-2 income mortgage lending guidelines. Regarding traditional government and conventional loans, more scrutiny is placed on 1099-wage earners than on W-2 income earners. 1099-wage earners often benefit from being able to write off substantial unreimbursed business expenses. Substantially unreimbursed business expenses will benefit 1099 wage earners by paying fewer…

Multiple FHA loans
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HUD Guidelines on Multiple FHA Loans at Same Time

ByGustan Cho Posted on

This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is can I qualify and get approved for multiple FHA loans at the same time. FHA loans are for owner-occupant primary homes. A homeowner can live in one property. There are…

Changing Lenders During Underwriting Process
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Changing Lenders During Underwriting Process

ByGustan Cho Posted on

This guide covers changing lenders during underwriting process before closing. The mortgage approval process does not have to be stressful if the borrower is properly qualified and the loan officer has set proper expectations for the mortgage process. Alex Carlucci, a senior loan officer at Gustan Cho Associates, explains the number one reason for a…

How to Buy a House With Bad Credit
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How To Buy a House With Bad Credit

ByAlex Carlucci Posted on

This guide covers how to buy a house with bad credit.  Many folks assume you cannot get a mortgage loan with bad credit. Many non-believers frequently ask can you please help us how to buy a house with bad credit. The anwer to the frequently asked question how to buy a house with bad credit…

How Holidays Affects The Mortgage Process
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How Holidays Affect The Mortgage Process and Closings

ByAli Posted on

This guide covers how holidays affect the mortgage process and can delay home closings. As the holidays come around our lives get very hectic. If you are in the process of obtaining a mortgage loan, you may have realized the process does slow down around the holidays. The support staff at mortgage companies are human…

Major Changes In FHA Guidelines
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Major Changes In FHA Guidelines HUD 4000.1 Handbook

ByGustan Cho Posted on

This guide will delve into the major changes in FHA guidelines, specifically the HUD 4000.1 Handbook, which may have implications for individuals applying for FHA loans. Major changes in FHA guidelines have been in place for two consecutive years, as stipulated in the updated HUD 4000.1 Handbook. Homebuyers, homeowners, realtors, and third-party mortgage and real…

Texas Cash-Out Refinance Guidelines For 2024
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Texas Cash-Out Refinance Guidelines For 2024

ByJohn Strange Posted on

This blog post will explore and elaborate on the Texas Cash-Out Refinance Guidelines in home mortgages. Gustan Cho Associates, a team of mortgage brokers, holds licenses in 48 states, specifically including Texas. Operating as licensed mortgage lenders in those same 48 states, Gustan Cho Associates has earned a national reputation for successfully facilitating mortgage loans…

Buying House While In Chapter 13 Bankruptcy
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Buying House While In Chapter 13 Bankruptcy

ByGustan Cho Posted on

This blog post will explore Buying House While In Chapter 13 Bankruptcy. Chapter 13 Bankruptcy involves a structured five-year repayment plan before receiving a discharge. The good news is that potential homebuyers must only delay their plans to qualify for a mortgage once the bankruptcy is fully discharged. Instead, the bankruptcy trustee needs to approve…

Two FHA Loans At The Same Time
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Can I Have Two FHA Loans at The Same Time

ByGustan Cho Posted on

This guide explains the requirements for obtaining two FHA loans at the same time. This is important information for those who want to finance two primary residences. Joey Virga, the President and CEO of Virga Realty, a distinguished real estate company headquartered in Panama City, Florida, shares insights into his clients’ journey to obtain approval…

How Credit Repair Works During Mortgage Process
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How Credit Repair Works During The Mortgage Process

ByAli Posted on

This guide covers how credit repair works during the mortgage process. A substantial percentage of my borrowers are folks who had previous credit issues, prior bankruptcies, foreclosures, a deed in lieu, or short sales and have overcome the financial issues and are now ready to purchase a home.  HUD, the parent of FHA, does not…

Loan Officer Document Checklist To Start Mortgage Process
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Loan Officer Document Checklist To Start Mortgage Process

ByApril Ramirez Posted on

This guide covers the loan officer document checklist. This article on the Loan Officer Document Checklist is a series of training worksheets that will be prepared and saved on the Mortgage Learning Center archives for both new and experienced loan officers who came on board at  Gustan Cho Associates. All loan officers must ensure all files…

Employer Distance Requirements
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Employer Distance Requirements on Primary Home Mortgages

ByApril Ramirez Posted on

In this blog, we will cover employer distance requirements on primary home mortgages. Employer Distance Requirements On Primary Home Mortgages is a requirement on all loan programs. Lenders want to make sure that the distance from the new home purchase to their work location is reasonable. FHA, VA, and USDA loans (Government Loans) only offer…

How Underwriters Qualify Income
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How Underwriters Qualify Income To Approve Mortgage Loans

ByGustan Cho Posted on

This guide covers how underwriters qualify income to approve mortgage loans. Many mortgage loan applicants do not have the role of the underwriter and how underwriters qualify income. Mortgage loans must be documented in accordance with the mortgage guidelines of the individual loan programs. We will use FHA on this blog since FHA are the…