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ByGustan Cho
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Every mortgage borrower is different. Your income, debts, credit rating, savings, and goals are unlike anyone else’s. The best mortgage for your neighbor might be the worst home loan for you.
ByGustan Cho
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This guide covers VA credit agency guidelines versus lender overlays on VA loans. Understanding VA Credit Score Agency Guidelines is very important for borrowers with less than perfect credit and eligible for VA loans. VA loans are the best home loan program in the Nation. Due to the loan guarantee to lenders, mortgage companies can…
ByGustan Cho
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This guide covers the benefits of paying mortgage balance early before end of loan term. Paying mortgage balance early before end of loan term is every homeowner’s dream come true: A home is most people’s biggest investment in their lifetime Most homeowners have a mortgage on their home. Most mortgage borrowers opt for a 30-year…
ByGustan Cho
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This guide provides comprehensive insights into Fannie Mae Second Home Guidelines, specifically for vacation properties. The 2023 update to these guidelines emphasizes that Freddie Mac and Fannie Mae mandate a minimum down payment of 10% for individuals seeking to purchase a second home. It’s crucial to remember that government loans are not permissible for acquiring…
ByGustan Cho
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This article will discuss and cover qualifying for a mortgage after unemployment. Homebuyers do not need a two-year employment history with the same company. Borrowers can to qualify for a mortgage after unemployment with job gaps in the past two years, says Dale Elenteny of Gustan Cho Associates: Home mortgage approval is possible for borrowers…
ByAlex Carlucci
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In this blog, we will cover and discuss buying and moving to another owner-occupied home without selling their first home. There are strict rules and mortgage regulations with owner-occupant home financing. Gustan Cho Associates get countless calls from potential homebuyers about Moving To Another Owner-Occupied Home Without Selling their first home. There are several variables…
ByGustan Cho
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This guide covers FHA Guidelines on Manufactured Home Loans. FHA Guidelines on manufactured home loans are released. HUD, the parent of FHA loans, sets all the agency guidelines on Manufactured Homes and FHA loans. More and more homebuyers are interested in buying manufactured homes. Technology has come a long way. Dale Elenteny, a senior loan…
ByGustan Cho
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This article explores the VA Guidelines on Deferred Student Loans and their influence on the debt-to-income ratio in the context of VA loans. VA YouTubeloans are the only program not considering deferred student loans lasting over 12 months when determining eligibility. Unlike other loan programs, VA loans do not impose a mandatory minimum credit score…
ByDale Elenteny
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Borrowers cannot qualify for a mortgage with defaulted federal student loans until the student loans are out of default.
ByGustan Cho
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The primary emphasis of this blog centers around the waiting period obligations that individuals face after foreclosure, specifically those on title but not on mortgage. We often receive queries from married home buyers grappling with financial challenges, making it difficult for them to maintain their existing homes.These homeowners often fall behind on their mortgage payments…
ByGustan Cho
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This blog examines the eligibility requirements for FHA loans after unemployment or employment gaps. Prospective FHA loan applicants now have the opportunity to qualify, even if they have faced periods of unemployment or breaks in their employment history. Contrary to a widespread misconception that obtaining these loans necessitates an uninterrupted two-year work history with no…
ByMike Gracz
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This blog post will explore Fannie Mae rental income guidelines and lending requirements. We will focus on elucidating the latest updates in Fannie Mae’s rental income guidelines that have recently come into effect. Gustan Cho Associates is available to provide insights into the newly established rental income guidelines applicable to both investment properties and primary…
ByRonda Butts
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This article examines and clarifies the criteria for FHA Appraisals Versus Conventional Appraisals. There are significant differences in the guidelines governing FHA appraisals versus conventional appraisals. Whenever individuals seek home financing, they must undergo a home appraisal according to their lenders’ requirements. The mortgage offered by lenders to borrowers is dependent on the results of…
ByGustan Cho
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This article will cover what escrow hold back is in the mortgage loan process. We will discuss escrow hold back mortgage guidelines for repairs. Nothing is worse than approaching your closing date and having issues arise. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains escrow hold backs for home repairs as follows:…
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 days’ worth of bank statements as a crucial requirement for the application. The underwriting process mandates the submission of two months’ worth of bank statements. How underwriters analyze bank statements is a crucial aspect of…
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 despite mortgage rates surging past 7% in a volatile economy. If you’re considering moving to Texas, you’re not alone. The Lone Star State is one of the fastest-growing states in the country, and its cities…
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 and automated underwriting system guidelines lies in the debt-to-income ratio cap applied during manual underwriting. As per FHA DTI ratios on manual underwrites, the allowable DTI ratios are subject to specific caps, and these limits…
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 homeowner. Payment shock is the increase of the new housing payment by homeowners versus the rent they used to pay as renters. Low Payment shock is a compensating factor. The lender wants to know that…
ByPeter Arcuri
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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 received numerous inquiries regarding conventional mortgages and charged-off accounts. These queries have come from prospective borrowers and loan officers, emphasizing the importance of educating our readers on this topic. The Fannie Mae-Freddie Mac Charge-Off Guidelines…
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 lenders. The mortgage application and approval process starts when borrowers submit all of their financial and credit information to the mortgage lender. The mortgage process starts once the borrower is pre-approved and submits an executed…
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