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ByGustan Cho
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This guide cover how long is a pre-approval valid when shopping for a home. A pre-approval letter is a ticket for homebuyers to go and enter into a real estate purchase contract and the transaction is likely to close. A pre-approval letter is not a guarantee that the mortgage loan application is guaranteed a residential…
ByGustan Cho
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This guide covers how credit scores affect conventional loans. Two of the most popular mortgage loan programs today are FHA and Conventional loans. Conventional loans are not government loans like FHA, VA, USDA. Conventional loans are called conforming loans because they need to conform to Fannie Mae or Freddie Mac Guidelines. Credit scores play a…
ByBrent Norkus
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This guide covers how to become a real estate agent in today’s competitive housing market. A career in real estate gives you the ability to benefit from unlimited earning potential while also setting your own work hours and taking control of your career decisions. You will essentially be in the driver’s seat with all aspects…
ByGustan Cho
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This guide covers the mortgage process after the conditional approval leading to a clear-to-close. The mortgage process after the conditional approval depends on how fast the mortgage processor can gather the list of conditions. The borrower’s cooperation is needed to get complete docs that are legible with no missing pages. There are multiple steps in…
ByBrent Norkus
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This guide covers how homeowners insurance deductibles work. Homeowners insurance deductibles used to be straightforward. It was the dollar amount stated in your homeowner’s insurance policy that you’d pay out of pocket before any insurance coverage kicked in. For example, you leaked, and your home suffered severe water damage. You’d then call your insurance company…
ByGustan Cho
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This guide covers how to cancel PMI on conventional loans for homeowners. Mortgage insurance is required on FHA, USDA, and conforming loans with less than 20% equity. There are two types of mortgage insurance: Upfront mortgage insurance and annual mortgage insurance. Private Mortgage Insurance (PMI) is typically required for conventional loans when the borrower’s down…
ByGustan Cho
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This guide covers the importance of debt-to-income ratio in mortgages. Borrowers need to keep in mind the importance of debt-to-income ratio in mortgages when qualifying. DTI is what determines whether or not a borrower qualifies for a mortgage. You can have the best credit and credit scores in the world but if your debt-to-income ratios…
ByGustan Cho
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This guide covers setting up written payment agreements with creditors and collection agencies so you can qualify and get pre-approved for a mortgage. There instances where written payment agreements with creditors are required to get approved for a mortgage loan. HUD, the parent of HUD, does not require outstanding collection accounts with outstanding balances to be…
ByGustan Cho
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In this blog, we will cover and discuss the agency mortgage guidelines from the U.S. Department of Veterans Affairs for qualifying for VA loans during Chapter 7 versus 13 Bankruptcy. For those who fell victim to our country’s economic collapse and lost their jobs, chances are that they are overwhelmed with debts. There are major…
ByGustan Cho
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This guide covers how to qualify for veteran administration loans with bad credit. Veteran Administration loans, also referred to as VA home loans, are residential mortgage loans that are insured by the United States Department of Veterans Affairs. Homebuyers can qualify for VA loans with bad credit. VA loans has one of the most lenient…
ByEric Jeanette
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This guide covers HUD manual underwriting DTI guidelines on FHA loans. HUD manual underwriting DTI guidelines is dependent on the number of compensating factors. FHA and VA loans are the only two loan programs that allow manual underwriting. On approve/eligible per automated underwriting system findings, borrowers can have a maximum 46.9% front end and 56.9%…
ByAlex Carlucci
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Chicago mortgage loans for self-employed individuals. Many folks in the Chicago Area are business owners and self-employed. If you are one of the many self-employed borrowers who had difficulty qualifying for a mortgage loan over the years, you are in luck. The great news is Gustan Cho Associates now offers bank statement loans and Non-QM…
ByAnngelli Abenes
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This guide covers preparing credit profile to qualify for mortgage with a lender. Over 80% of borrowers who consult with us are folks who could not qualify at other lenders due to their overlays. Lender overlays are additional mortgage guidelines that are above and beyond agency guidelines. FHA, VA, USDA, Fannie Mae, Freddie Mac has…
ByGustan Cho
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This guide covers how credit repair can affect the mortgage process and cause a mortgage loan denial. There are several things to keep in mind with how credit repair can affect the mortgage process. Many people want to know the fastest way to repair credit and improve credit score to qualify for a mortgage. Homebuyers…
ByGustan Cho
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This guide covers qualifying for a home mortgage after forbearance. Borrowers can qualify for a home mortgage after forbearance. The CARES ACT mortgage forbearance program is not treated the same as a regular forbearance due to not being able to afford monthly mortgage payments. In this article, we will discuss and cover qualifying for a…
ByGustan Cho
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This guide covers the first payment after closing for mortgage loan borrowers. One of the most common questions new homebuyers ask is when the first payment after closing. Other homeowners tell many that it will be a while before they make the first payment after closing on the new home. The first payment on a…
ByGustan Cho
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This guide covers hard pull credit inquiries by creditors, mortgage lenders’ credit inquiries, and their impact on borrowers’ credit scores. Lenders will do hard-pull credit inquiries for mortgage loan applicants who need to get pre-approved. If you’re rate shopping for a mortgage or auto loan, multiple inquiries within a certain timeframe (often 14–45 days, depending…
ByGustan Cho
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This guide covers mortgage rates and terms compared to credit scores and loan-to-value. Homebuyers planning on buying a home should prepare way ahead of time when preparing for a mortgage to get the best mortgage rates and terms. Mortgage applicants can take certain simple steps to maximize their credit and get the best mortgage rates and…
ByGustan Cho
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This guide covers qualifying for a home loan with no credit tradelines mortgage guidelines. The team at Gustan Cho Associates often gets frequently asked questions on how to qualify for a home loan with no credit tradelines. Credit tradelines are active and open credit accounts such as credit card accounts, automobile loans, installment loans, leases, and…
ByGustan Cho
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This guide covers the DTI overlays lenders require on government and conventional loans. DTI overlays are imposed on home mortgage programs by lenders. All mortgage companies must adhere to agency mortgage guidelines on government and conventional loans. There are three government-backed loan programs: FHA, VA, and USDA. Government loans have their minimum agency lending requirements…
ByGustan Cho
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This guide covers mortgage approval with bad credit and late payments. Many consumers have had a period in their lives. Borrowers must meet minimum credit score and debt-to-income ratio requirements to qualify for particular mortgage programs. However, just because borrowers meet credit score and DTI requirements does not mean that they automatically qualify for mortgages….
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