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ByGustan Cho
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This GUIDE covers debt-to-income ratio limit to qualify for a mortgage loan. Home loans and debt-to-income ratio limit. Every mortgage loan program has a debt-to-income ratio limit (DTI). FHA loans have a more lenient debt-income ratio requirements than any other mortgage loan program. Debt-to-income ratios is calculated by taking the sum of all minimum monthly…
ByGustan Cho
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This guide covers mortgage rates on non-QM loans and no-doc mortgages. Current Home Mortgage Rates after the election of President Donald Trump has been increased to an all-time high since 2008. Rates on conventional loans are in the 5.0% range for prime borrowers. Jumbo mortgage rates for prime borrowers are nearing 6% and many times…
ByAlex Carlucci
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Homeowners With FHA Loans Should Consider A Conventional Refinance Loan While Mortgage Rates Are At Historic Lows And Avoid Paying FHA MIP. Mortgage rates are at historic lows and many home values have skyrocketed in the past several years. Many homeowners with FHA loans can benefit by refinancing to a conventional mortgage and avoid paying LPMI.
ByAlex Carlucci
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In this blog, we will discuss lender versus borrower-paid mortgage transactions. Mortgage brokers can often opt to go with a borrower paid for by a mortgage borrower to save the borrower’s commissions. There is no such thing as free in the mortgage industry. The way mortgage rates charged is the higher the lender’s compensation, the…
ByGustan Cho
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This guide covers how to increase credit scores before applying for mortgage. Consumer credit report and credit scores are probably the most important factor that lenders and creditors take into account when applying for credit. Creditors of the mortgage loan, automobile loan, business loan, credit cards, or other types of credit will pull and thoroughly review credit…
ByAlex Carlucci
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This guide covers the importance of mortgage qualification and pre-approval. A pre-approval is when a home buyer or homeowner has completed a 1003 mortgage loan application and the loan officer is confident the borrower qualifies for a mortgage. A pre-approval should be issued once the loan originator has run credit, ran the file through the…
ByGustan Cho
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In this blog, we will discuss and cover qualifying for home loan with job offer letter. One of the frequently asked questions at Gustan Cho Associates is can I qualify for home loan with job offer letter? There are certain rules and regulations in qualifying for a home loan with job offer letter. Every mortgage…
ByAlex Carlucci
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In this article, we will cover and discuss new mortgage programs for homebuyers and real estate investors. We have over 160 wholesale lending partners and hundreds of new mortgage programs for homebuyers and real estate investors. Gustan Cho Associates had an amazing start to the New Year with new mortgage programs like no-doc loans, stated-income…
ByGustan Cho
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In this article, we will cover qualifying for the Profit and Loss Statement Only Mortgage Loans with no-income verification and limited documents. Profit and loss mortgage loans, also referred as P and L statement only mortgage loans, only requires a profit and loss statement prepared by a Certified Public Accountant. No federal income tax returns,…
ByGustan Cho
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Most guidelines require lenders to average the most recent two years of income to qualify applicants. Some programs allow borrowers with newer businesses if they have experience
ByGustan Cho
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This guide covers Fannie Mae and HUD Guidelines on conventional versus FHA loans. Fannie Mae and HUD guidelines on conventional versus FHA loans are similar but has differences. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA versus conventional loans. FHA loans is the easiest loan program to get an…
ByAlex Carlucci
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This guide covers things to avoid when repairing your credit for a mortgage approval. There are things to avoid when repairing your credit for a mortgage approval. Mortgage applicants need to realize that low credit scores mean higher mortgage interest rate. Lenders view lower credit score borrowers as higher risk. With higher risk, comes higher…
ByAlex Carlucci
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This article covers getting a VA loan denial due to overlays and qualifying with a different lender. In this article, we will cover the VA agency guidelines, what are VA lender overlays, VA agency guidelines versus overlays, and why Gustan Cho Associates can approve VA loans when other lenders can’t. VA loans are hands down…
ByRonda Butts
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Can I Use Overtime Income As Qualified Income To Qualify For A Mortgage? You can use overtime and part-time income as qualified income as long as those other income has been seasoned for at least two years.
ByMike Gracz
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This guide covers VA guidelines on seller concessions to cover closing costs. VA loans is hands down the best mortgage loan program available today for owner occupant home buyers. Unfortunately, not everyone can qualify for a VA loan. Only veterans with a Certificate of Eligibility (COE) can qualify for a VA loan. One of the…
ByGustan Cho
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This guide covers protecting home with insurance for home appliances. Insurance for home appliances might be a good idea for people who purchased a house and want to protect their wallets from spending thousands of dollars on repairs or replacing all items. Your home is your most valuable asset, but it’s the appliances within your…
ByGustan Cho
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This guide covers home maintenance for first time home buyers and homeowners. A home purchase is a life-changing event for most American Families. Buying a home is most people’s single largest investment in their life. Anyone who has accomplished becoming a homeowner, hands down they should be proud to have accomplished this goal. Not every…
ByGustan Cho
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Can You Close Your Investment Property Under A Limited Liability Corporation? Many wholesale real estate investors will not allow borrowers of investment properties to close
ByAlex Carlucci
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This guide covers the five C’s of mortgage underwriting leading to clear-to-close. With mortgage loans, the risk analysis is critically important, so it is a good idea to review the file in detail before even submitting it. It is the responsibility of the mortgage underwriter to analyze the layered risk of the lender and the…
ByGustan Cho
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This article covers Conforming versus government-backed loans. FHA, VA, and USDA loans are called government-backed loans. This is because lenders who originate these types of home loans are guaranteed by the government. FHA loans are insured by the Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development VA loans…
ByGustan Cho
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This article covers Non-QM down payment requirements for home buyers. Non-QM down payment requirements for home buyers is anywhere between 10% to 30% on a home purchase. Let us at Gustan Cho Associates help you qualify for a non-QM mortgage that suits your needs. Apply Now with Gustan Cho Associates on the dozens of non-QM…
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