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ByGustan Cho
Posted on
This article will cover the conventional loan guidelines for mortgage borrowers on primary, second, and investment homes. Borrowers needing Conventional loans must meet the minimum 2023 Conventional loan guidelines. Conventional loans are called Conforming loans because they must conform to Fannie Mae and Freddie Mac mortgage guidelines. There is no private mortgage insurance on conventional…
ByGustan Cho
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This guide covers what is the lowest credit score allowed for mortgage approvals. The team at Gustan Cho Associates gets countless daily calls from our viewers about what is the lowest credit score allowed for mortgage approvals. Many borrowers often get confused about why lenders have different credit score requirements on FHA, VA, USDA, and…
ByMike Gracz
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Gustan Cho Associates has over 160 wholesale lending partnerships. Gustan Cho Associates has a national reputation for its no lender overlays on government and conventional loans. We have a reputation for being able to do loans other lenders cannot do. Gustan Cho Associates are mortgage brokers licensed in 48 states including Washington, DC, and Puerto…
ByAlec Finn
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In this article, we will discuss why More Homeowners Fleeing Illinois Than Any Other State in the nation. Illinois is tied neck to neck with California for residents and businesses leaving their state. Illinois is now the sixth most populous state. It used to rank as the fourth most populous state in the country, but…
ByMike Gracz
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This article will discuss three simple marketing ideas for mortgage loan originators. Buying a house can be stressful, particularly for a first-time home buyer. Getting approved for a mortgage loan can be one of the greatest sources of anxiety. Getting started as a brand new licensed loan officer can be challenging. The job is very…
ByGustan Cho
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This article will cover buying a home in Alaska with bad credit. Buying a home in Alaska with bad credit is definitely possible at Gustan Cho Associates, empowered by NEXA Mortgage. Gustan Cho Associates, a dba of NEXA Mortgage LLC, is licensed in 48 states, including Alaska. Gustan Cho Associates has wholesale lending relationships with…
ByGustan Cho
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This article is about NON-QM Mortgage Guidelines on primary homes, second homes, and investment properties. Every non-QM lender has their own non-QM mortgage guidelines. Gustan Cho Associates has dozens of different lwholesale ending relationships with wholesale non-QM mortgage lenders and financial institutions: For the latest information, it’s advisable to consult with mortgage professionals or refer…
ByGustan Cho
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In this blog, we will cover how unreimbursed business expenses affect qualified income for a mortgage. Unreimbursed business expenses only affect borrowers who must turn in their federal income tax returns. Turning in federal income tax returns is necessary for unreimbursed business expenses to matter. The days of no-doc mortgages and state-income mortgage loans have been…
ByAlex Carlucci
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In this article, we will cover 1099-Income-Only Mortgages and how they work. Many workers are 1099 wage earners. 1099 wage earners have specific mortgage income guidelines regarding government and conforming mortgage loans. In general, FHA, VA, USDA, Fannie Mae, and Freddie Mac will require two years of income tax returns from 1099 wage earners. The…
ByAlex Carlucci
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In this blog, we will cover choosing the right lender for a mortgage loan approval. Choosing The Right Lender with no overlays is extremely important for mortgage borrowers with prior credit issues. Examples of prior credit issues include the following: prior bankruptcy prior foreclosure prior short sale prior deed in-lieu-of foreclosure outstanding collections charge off…
ByGustan Cho
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In this article, we will cover the correlation between credit card balance vs credit scores. There are mortgage guidelines on credit score requirements. The first step in qualifying for a particular mortgage loan program is to meet the minimum credit score requirements. The higher the credit scores, the lower the borrower’s mortgage rates. It is…
ByGustan Cho
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This blog will cover overlays with FHA loans compared to HUD agency guidelines. FHA loans are the most popular home loan program in the United States. The U.S. Department of Housing and Urban Development (HUD) is the Federal Housing Administration (FHA) parent. FHA is not a lender. HUD is a large federal agency that administers…
ByGustan Cho
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The best and easiest way to rebuild and re-establish credit to qualify for a mortgage is using secured credit cards to raise credit scores and have timely payments on all of your debt payments for the past 12 months. The combination of these two tasks increases your chances greatly to get an approve/eligible per the…
ByAlex Carlucci
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In this blog, we will cover everything you need to know about buying a house in Iowa. Iowa is becoming a very popular state for homebuyers, especially first-time homebuyers and people relocating to the state. A frequently asked question is can I buy a house in Iowa with bad credit? Quite honestly, the state of…
ByMike Gracz
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If you are in the market for a mortgage loan, you know the importance of credit scores for home loans during periods of high inflation and increasing rates. Having low credit scores can be incredibly frustrating. You can wreck them in one night and can take years to rebuild. In this blog, we will detail the…
ByRonda Butts
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In this blog, we will cover the difference between mortgage forbearance versus loan modification. We will also cover and discuss the forbearance Coronavirus Law implemented during the outbreak by President Donald Trump. President Trump signed the $2 trillion stimulus package forbearance relief package for homeowners on March 27th, 2020. The former President signed the stimulus…
ByGustan Cho
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In this blog, we will cover and discuss mastering a job interview for mortgage loan officers. In the job world these days, there is nothing better you can be than an excellent, skilled, and confident job interview. The job interview is what will ultimately determine if you get the job or you don’t. The mortgage…
ByMike Gracz
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In this blog, we will be comparing the skyrocketing mortgage rates versus housing prices. We will cover the forecast of mortgage rates versus housing prices. Just a little over 12 months ago, mortgage rates were as low as 2.5% on a 30-year fixed-rate conforming loan. Home prices were surging like never before in history. Homebuyers…
ByMike Gracz
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In this blog, we will cover the mortgage due-on-sale clause when you inherit a house with a lien. If you are inheriting a property with a mortgage, you may wonder if the mortgage due-on-sale clause is relevant to you. The mortgage due-on-sale clause is a provision in mortgage loans that gives the lending company the…
ByGustan Cho
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In this blog, we will cover and discuss the rent-to-own a home with Home Partners of America (HPA). The rent-to-own a home with HPA is a homebuyer down payment assistance program where you get to purchase the home of your dreams now and get a mortgage later. There are many instances where many homebuyers are…
ByAlex Carlucci
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In this blog, we will cover using non-QM loans after being denied a traditional mortgage or because the other lender did not have the mortgage options suited for the homebuyer. Non-QM loans are not just for borrowers with bad credit. Non-QM loans can be for perfect credit borrowers but they may not fit into government…
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