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ByGustan Cho
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This guide covers why do lenders request bank statements during the mortgage process. Many mortgage loan applicants wonder why do lenders request bank statements. One of the dozen items mortgage lenders require before starting the mortgage process is 60 days of bank statements. There is a reason why do lenders request bank statements during the…
ByGustan Cho
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This guide covers Jumbo Loans Chapter 13 Bankruptcy Guidelines. Chapter 13 Bankruptcy Mortgage Guidelines allow borrowers to qualify for a mortgage during and after Chapter 13 Bankruptcy and after the discharge date. Under Chapter 13 Bankruptcy Mortgage Guidelines, borrowers can qualify for VA and FHA Loans during and after Chapter 13 Bankruptcy. The following paragraphs will…
ByGustan Cho
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This guide covers debt-to-income ratio overlays versus agency mortgage guidelines. We will be discussing what debt-to-income ratio overlays by independent lenders are. Debt To Income Ratio Overlays is additional guidelines that an individual lender sets on top of the minimum lending requirements mandated by the particular mortgage loans program, such as FHA, VA, USDA, Fannie…
ByAlex Carlucci
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This guide covers refinancing non-QM to conforming loans with lower mortgage rates. Mortgage rates hit the highest in 2023 since the 2008 Housing Bubble and Credit Collapse. Mortgage rates are increasing at historic twenty-year highs despite skyrocketing home prices, out-of-control inflation, and a volatile economy. Non-QM loans remain popular and are the mortgage loan of…
ByAlex Carlucci
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This guide covers the Chicago housing market forecast for homebuyers in Chicago and surrounding suburbs. It seems like the Housing Market has fully recovered after years of sluggish sales. Statistics indicate that Chicago Housing Market values have increased the most in almost seven years. Chicagoland Housing Market has been the best since the Great Recession…
ByGustan Cho
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This guide covers low-down-payment mortgage for first-time homebuyers. Most homebuyers are looking for low-down-payment mortgage programs. In general, homebuyers can easily afford the new monthly housing payment. However, coming up with a down payment is the problem. Many renters do not even look to buying a new home because they are under the assumption you…
ByAlex Carlucci
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This guide covers why you should not get a 15-year fixed-rate mortgage. There are several good reasons Why You Should Not Get A 15-Year Fixed-Rate Mortgage. Most homebuyers are financially stable when they are in the process of buying a home. They are often confident their job and income will remain secure. John Strange, a…
ByGustan Cho
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This guide covers final mortgage underwriter approval prior to clear to close. The mortgage process is a true process that takes time. It is important that all documents are legible and complete, with no missing pages. The mortgage process requires teamwork. Borrowers must fully cooperate on documents and paperwork requested by the mortgage processor. A…
ByAlex Carlucci
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This guide covers mortgage approval without retracting credit disputes. HUD, the parent of FHA, does not allow credit disputes on derogatory credit tradelines such as late payments, charge-offs, bankruptcy, foreclosure, short sale, repossessions, and non-medical collections. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains about getting mortgage approval without retracting credit disputes…
ByGustan Cho
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All mortgage companies need to have their borrower meet the minimum agency mortgage guidelines of HUD, VA, USDA, Fannie Mae, Freddie Mac. However, lenders can have higher lending requirements called lender overlays.
ByGustan Cho
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This guide covers mortgage rates on bad credit score loans. Are mortgage rates on bad credit loans higher? Having bad credit does not affect mortgage interest rates. Credit scores do. This is especially true on Conventional Loans. Conventional loans do affect mortgage interest rates more so than government loans. In this article, we will discuss…
ByGustan Cho
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This guide covers disabled Veterans benefits on VA loans. The Department of Veterans Affairs (VA) insures and guarantees VA Loans to private lenders. There are no minimum credit score requirements on VA Loans. There are no maximum debt-to-income ratio requirements on VA Loans. VA Loans have much easier lending guidelines than any other loan program….
ByGustan Cho
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This guide covers reaffirming debts after bankruptcy. Homebuyers can qualify for a mortgage after bankruptcy. Government and conventional loans have mandatory waiting period requirements after bankruptcy. Gustan Cho Associates offers non-QM loans. There are no waiting period requirements after bankruptcy, foreclosure, deed-in-lieu of foreclosure, or short sale with non-QM loans. Alex Carlucci, a senior loan…
ByGustan Cho
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This guide covers conforming underwriting guidelines on conventional loans. Conventional Loans are called conforming loans because they need to conform to Fannie Mae and Freddie Mac Mortgage Guidelines. Conventional loans are not government-backed loans. No government entity insures and guarantees conforming loans. Dale Elenteny of Gustan Cho Associates explains why conventional loans are called conforming…
ByGustan Cho
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This guide covers qualifying for mortgage with high student loan debts. Every loan program has different guidelines on mortgage with high student loan debts. Government, Conventional, non-QM, bank statements, jumbo mortgages, and alternative financing loans all have their mortgage with high student loan debts lending requirements. John Strange, a senior loan officer and expert in…
ByMike Gracz
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This guide covers the Colorado Springs Housing Market for homebuyers. Colorado Springs Housing Market is booming. While tens of thousands of residents are moving out of New York and California, many Americans are migrating to Colorado Springs. Colorado Springs Housing Market has grown double digits annually for the past few years. There is no slowdown…
ByDale Elenteny
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This guide covers the mortgage timeline on manual underwriting for clear to close and closing. When the COVID-19 coronavirus outbreak hit the country in February 2020, the time it takes to close a mortgage loan changed. Alex Carlucci, a senior loan officer at Gustan Cho Associates, recalls when the COVID-19 political scare hit the United…
ByAlex Carlucci
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How High Should Homebuyers Go Over List Price In A Bidding War? Homebuyers normally need to bid higher than the list price in a hot housing market.
ByGustan Cho
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This guide covers easy tips on how to sell your home fast. Despite high rates and soaring inflation, homes are still in demand, and prices are increasing. Do you want to know how to sell your home fast? Believe it or not but it is still a seller’s market. Getting a good, experienced real estate…
ByRonda Butts
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This guide covers the benefits of moving to cities with diverse Farmers Markets. We will discuss exploring local flavors: The benefits of moving to cities with diverse Farmers Markets. Welcome to a journey of exploring local flavors! Have you ever considered moving to a city that offers diverse farmers markets? If not, then this post…
ByGustan Cho
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This guide covers when the right time to buy a home with high mortgage rates, skyrocketing home prices, and soaring inflation. Many wonder when the right time to buy a home is. Home prices have been rising for the past three years. Due to rising home prices, HUD and the Federal Housing Finance Agency have…
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