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ByGustan Cho
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This blog will cover Fannie Mae and Freddie Mac guidelines on qualifying for a conventional loan with non-occupant co-borrower. Non-Occupant Co-Borrowers can be added to Conventional and FHA loans. The United States Department of Veteran Affairs does not allow non-occupant co-borrowers on VA home loans. Only married spouses of veteran borrowers can be added as…
ByGustan Cho
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This article will discuss the guidelines for VA property tax exemption related to VA home loans. The VA has created VA Home Loans for eligible active and retired members of the US Armed Services. Military personnel must have a valid Certificate of Eligibility (COE) to qualify for a VA loan. As a token of appreciation…
ByGustan Cho
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This guide covers using rapid rescore in the mortgage process. What is a rapid rescore? It’s a service accessible only through your mortgage lender that allows you to update your credit report almost instantly. Correct credit report errors. Update balances after paying them off or down. Update new or increased lines of credit. Your mortgage…
ByGustan Cho
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This blog post will explore the revised mortgage guidelines on Using Property Tax Prorations For Down Payment on a House. The updated agency mortgage guidelines now permit homebuyers to utilize property tax prorations sellers provide for their home purchase down payment. Recently revised guidelines from HUD, VA, USDA, Fannie Mae, and Freddie Mac state that…
ByGustan Cho
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This blog will cover Fannie Mae Collection Guidelines on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants that regulate agency guidelines on conventional loans. The two mortgage giants are the largest buyers of mortgages on the secondary market. Fannie Mae typically requires a minimum credit score for conventional loans. Credit scores…
ByGustan Cho
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In this blog, we will cover and discuss qualifying and getting a mortgage approval for home purchase on acreage in rural areas. Gustan Cho Associates is licensed in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. We have dozens of options for mortgage approval for home purchase on acreage in rural…
ByGustan Cho
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This guide covers canceling a real estate purchase contract transaction. A real estate purchase contract is a legally binding agreement between a home buyer and a home seller. Before each party signs the real estate purchase contract, they should both review it carefully. Canceling a real estate purchase contract can be done if there are…
ByGustan Cho
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In this article, we will discuss and cover qualifying for an FHA loan during Chapter 13 Bankruptcy in Arizona. Not all lenders in Arizona allow borrowers to qualify for an FHA loan during the Chapter 13 Bankruptcy repayment plan. Gustan Cho Associates has no overlays for borrowers to qualify for an FHA loan during Chapter…
ByApril Ramirez
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In this blog post, we’ll delve into Mortgage Qualifying With Part-Time Income and Other Income and explore lending guidelines regarding various income sources. One significant challenge for numerous mortgage applicants is navigating a high debt-to-income ratio during the qualification process. Many lenders enforce overlays on debt-to-income ratios, which are lending criteria more stringent than those…
ByGustan Cho
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Many agency guidelines list extenuating circumstances as reasons for getting qualified for a mortgage when otherwise they would not qualify. However, borrowers need to understand
ByAli
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This guide covers manual underwriting DTI guidelines on FHA and VA loans. HUD and the Veterans Administration are the only two mortgage agencies that allow manual underwriting on home loans. Debt-to-income ratios is one of the most important factors when it comes to qualifying for a mortgage loan. Every mortgage loan program has its own…
ByGustan Cho
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This guide covers qualifying for a home loan downsizing to a smaller home. It makes no sense in having a large home when the kids leave. Many homeowners who become empty nesters only use a portion of their home. However, homeowners with a large home spend a lot of money on utilities, insurance, maintenance, and…
ByAlex Carlucci
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This article cover no waiting period on short sale mortgage guidelines. For those who were homeowners during the economic meltdown of 2008 probably have fallen victims of the real estate market crash where their home values have plummeted. Some homeowners have lost over half the value of their homes in areas of California, Illinois, Florida,…
ByGustan Cho
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In this article, we will discuss and cover homebuyers qualifying for bad credit mortgage loans Alabama. Qualifying for bad credit mortgage loans Alabama is possible with a lender with no lender overlays. HUD, the parent of FHA, has the most lenient mortgage guidelines than any other mortgage program. VA loans is the best mortgage loan…
ByGustan Cho
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This guide addresses common inquiries regarding the possibility of maintaining two FHA loans due to expanding family size. Typically, individuals are limited to one FHA loan per family. However, there are circumstances wherein you can retain your current home with an FHA loan while obtaining a second FHA loan for a new home purchase. HUD…
ByGustan Cho
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This ARTICLE cover the types of homes eligible with residential loans. Government loans are for owner occupant one to four-unit homes only. You cannot qualify for second home loans with government loans. Types of homes eligible with residential loans are one to four-unit residentially zoned properties. There are two types of traditional loan programs. In…
ByGustan Cho
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There is no reason why a pre-approved borrower should ever get a last-minute mortgage denial by a mortgage underwriter. The main reason why borrowers get a last-minute mortgage
ByGustan Cho
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This article covers how underwriters view liabilities In mortgage qualification. Income and liabilities in mortgage qualification are the two most important factors when lenders qualify borrowers. Borrowers can have high verified income, but if they have many liabilities in mortgage qualification, they may not qualify by themselves. Every mortgage loan program has debt-to-income ratio requirements….
ByAlex Carlucci
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IIn this blog, we will discuss and cover VA credit dispute guidelines during the mortgage process. VA loans is hands down the best mortgage loan program in the U.S. However, not everyone can qualify for VA loans. Only active or retired members of the U.S. Armed Forces with a certificate of eligibility (COE) can only…
ByApril Ramirez
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This manual provides information on Job Relocation Mortgage Guidelines for individuals purchasing homes in a different state. According to these guidelines, individuals are eligible for a mortgage even if they have a new out-of-state job. This remains applicable in cases of job transfers and when securing a new position with a different employer. Job relocation…
ByDale Elenteny
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This blog post will explore the implications of Buying House Near Apartment Community or Commercial Areas. Buying a house near an apartment community can significantly impact homebuyers. There have been numerous cases where individuals buy homes near large apartment complexes and experience dissatisfaction after the relocation. Unlike buying a car or other high-ticket items, purchasing…
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