Call or Text: (800) 900-8569
Email Us: alex@gustancho.com
ByJohn Strange
Posted on
In this blog, we will discuss and extensively cover everything you need to know about the loan estimate. The Loan Estimate, also known by mortgage industry professionals borrowers as the GFE, was created by the United States Department of Housing and Urban Development in 2010. The Good Faith Estimate is being replaced by the newly…
ByGustan Cho
Posted on
This guide covers manual underwriting versus automated approval. There are two types of Automated Underwriting Systems (AUS): Fannie Mae’s Automated Underwriting System is referred to as Desktop Underwriting (DU) and Freddie Mac’s AUS is known as Loan Prospector (LP). All government and conventional loans need to go through either DU and/or LP Automated Underwriting System…
ByAlex Carlucci
Posted on
In this blog, we will cover and discuss getting a fully underwritten TBD mortgage approval as pre-approvals. Fully Underwritten TBD Mortgage Approval on home loans is geared towards borrowers who may or may not meet agency mortgage guidelines. In most cases, loan officers will issue pre-approval letters if they are sure borrowers will definitely get…
ByGustan Cho
Posted on
This guide covers the mortgage process leading to closing for borrowers. The home buying and mortgage process leading to closing is a process. It takes time. Most closings take an average of 30 days from the time the buyer has an executed real estate purchase contract. There are times where homebuyers can close in less…
ByGustan Cho
Posted on
This guide covers Fannie Mae waiting period after deed-in-lieu and short sale on conventional loans. Freddie Mac and Fannie Mae are the two mortgage giants that set conventional mortgage guidelines. Conventional loans are also referred to as Conforming loans. The reason they are called conforming loans is that they need to conform to Fannie Mae…
ByAlex Carlucci
Posted on
This guide covers buying house next to power lines. Some home buyers will run into their dream home when shopping. The price is lower than the market price. It has modern cabinets, a bathroom, millwork, a finished basement, and is beautifully landscaped. It has four bedrooms, four bathrooms plus a den. It is ideal…
ByGustan Cho
Posted on
This guide covers mortgage approval with 580 FICO credit score. The Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development ( HUD ) insures residential mortgage loans to mortgage lenders against default from mortgage loan borrowers on FHA loans. HUD, the parent of FHA is not a mortgage lender….
ByGustan Cho
Posted on
This article covers Freddie Mac foreclosure guidelines on Conventional loans. Fannie Mae and Freddie Mac is the nations largest buyers of mortgage-backed securities. The role of Freddie Mac is to keep market liquidity by buying funded mortgage loans on the secondary market. Freddie Mac is the reason why mortgage lenders can originate and fund loans…
ByGustan Cho
Posted on
Mortgage Underwriters will require one or more compensating factors for borrowers with higher debt to income ratio on manual underwrites to offset the risk of the higher DTI.
ByAlex Carlucci
Posted on
This guide covers closing mortgage on time without stress during the mortgage process. All mortgage loans should not be delayed and close on time. However, this is often not the case. In this article, we will cover how mortgage loans should close on time. We will cover how loan officers should avoid closing delays. Following…
ByGustan Cho
Posted on
This guide covers getting a mortgage with student loans with high debt-to-income ratio. Getting a mortgage with student loans can often be challenging. Student loans and auto loans are the two biggest barriers affecting borrowers getting a mortgage with student loans due to high debt-to-income ratios. Professionals such as doctors, dentists, educators, lawyers, and business…
ByBrent Norkus
Posted on
This guide covers the importance of job stability when buying a house with a mortgage. Income is the most important factor when qualifying for a mortgage. You can have the highest credit scores in the world but without documented income, you will not qualify for a mortgage. You can have credit scores down to 500…
ByGustan Cho
Posted on
This article will cover and discuss refer-eligible per automated underwriting system findings. All mortgage loan applicants need to go through the automated underwriting system (AUS) before the loan process can proceed. If the findings on the automated underwriting system render an approve/eligible, that means the AUS approves the borrower. There are three decisions the automated…
ByMike Gracz
Posted on
Embarking on a career in mortgage lending is an exciting endeavor, but before you can fully dive into the industry, you must know how to study for NMLS exam and pass the exam successfully. This standardized test is critical in obtaining your mortgage loan originator license. In this article, we’ll explore effective strategies and tips…
ByEric Jeanette
Posted on
This guide cover FHA versus conventional mortgage after bankruptcy. There are differences in when and how you can qualify for FHA versus conventional mortgage after bankruptcy. You can qualify earlier on FHA loans because the waiting period requirements on FHA versus Conventional mortgage after bankruptcy is shorter. The waiting period on FHA versus Conventional mortgage…
ByGustan Cho
Posted on
This guide covers VA late payment after bankruptcy mortgage guidelines on VA loans. VA loans were created and implemented to reward active-duty or retired members of the United States Armed Services for their service. Only eligible members with a valid Certificate of Eligibility (COE) can qualify for VA loans. VA loans are the best loan…
ByGustan Cho
Posted on
This guide covers mortgage rates after bankruptcy on government and conventional loans. There are loan level pricing adjustments (LLPA) charged by mortgage companies for layers of risk. For example, there are tiers of pricing adjustments on credit scores. The lower the credit scores, the higher the pricing adjustments. Many people think mortgage rates will be…
ByAlex Carlucci
Posted on
This guide covers homeowner tax benefits versus renting. There are so many advantages of buying versus renting a home. One of the top benefits is the homeowner tax benefits homeowners. Homeowner tax benefits do not apply to renters. Homeowner Tax Benefits are often ignored by home buyers, especially first time home buyers. Besides Homeowner Tax…
ByAlex Carlucci
Posted on
This guide covers how lender overlays prevent mortgages for homebuyers. The Federal Reserve Board announced that almost a third of commercial and residential mortgage lenders loosen lending overlays in the 3rd Quarter. They expect lenders loosen lending overlays even more on the 4th Quarter. Lenders loosen lending overlays have sparked a sharp increase in mortgage…
ByAlex Carlucci
Posted on
This guide covers buying house during off season. You might have heard that there is not much of a supply of homes in the $100,000 to $300,000 range. This has caused a frenzy when a house in this price range comes available. There are always multiple offers and the house often sells for more than…
ByGustan Cho
Posted on
This article covers mortgage escrows guidelines on purchase and refinance home loans. Homeowners are not just responsible for their principal and interest payments on their loan balance but are also responsible for their property taxes and homeowners insurance. Lenders prefer their borrowers all have escrow account. By having a mortgage escrow account, the lender will…
CALL NOW