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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….
ByDale Elenteny
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This guide covers investing in a distressed property and what you need to know. Distressed properties refer to properties for which the owner defaults on the mortgage. Investing in distressed homes became very common in the late 2000s, with a third of home sales between 2008 and 2011 falling into this category, according to Money…
ByGustan Cho
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This guide covers the credit scores required for FHA and VA loans. Many borrowers are confused about the credit scores required for FHA and VA loans. Lenders tell borrowers conflicting credit scores required for FHA and VA loans when trying to qualify for a mortgage. The VA has no minimum credit score requirement: Most lenders…
ByGustan Cho
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This guide covers verified funds for home closing before clear-to-close. Failure to provide verified funds for home closing before clear-to-close is one of the most common obstacles during the mortgage process. It is one of the many reasons a clear-to-close is delayed at the eleventh hour. Mortgage underwriters have specific rules on whether they will…
ByAlex Carlucci
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This guide covers qualifying for a mortgage after college education versus work experience mortgage guidelines. We will further cover why real work experience beats book markets. College education versus work experience. As I take this time to break away from my housing and mortgage experiences, let me jump into another topic I feel strongly about….
ByGustan Cho
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This guide covers the recovery of housing market and updates new mortgage guidelines and loan programs. Many of us remember the good old days of easy financing from the 90s until the real estate and mortgage meltdown of 2008. The Great Recession of 2008 hit everyone. Never in history since the Great Depression have so…
ByEric Jeanette
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This guide covers home loan after foreclosure waiting period guidelines to qualify for a mortgage. Millions of homeowners have had foreclosures in recent years. There are waiting period requirements to qualify for a home loan after foreclosure with government and conventional loans. Non-QM loans do not have any waiting period requirements after foreclosure. Foreclosure rates…
ByGustan Cho
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This guide covers common mortgage overlays on government and conventional loans. There are two types of mortgage guidelines. All borrowers must meet Agency Guidelines by FHA, VA, USDA, Fannie Mae, and Freddie Mac—lender overlays by mortgage companies. Mortgage lenders can impose their lending requirements above and beyond the minimum agency guidelines called lender overlays. Most lenders…
ByGustan Cho
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This guide covers the best time to purchase a home for first-time homebuyers. Many homebuyers ask when is the best time to purchase a home. The decision on the best time to purchase a Home is equally important to the overall home buying process. Frequently asked questions by buyers are the following: When is the…
ByJohn Strange
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This guide covers choosing a loan officer with no mortgage lender overlays. This guide will discuss watching out for these seven red flags when choosing a loan officer. Buying a home could be stressful if you choose an inexperienced loan officer. There should not be stress during the mortgage process. Stress in the mortgage approval…
ByGustan Cho
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This guide covers calculating monthly mortgage payment on a home purchase. Many first-time homebuyers think they need a lot of money to purchase a home. When they see that homes average $200,000, they think they could never afford a home and do not consider it. The fact is that you do not need much money…
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