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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…
ByAlex Carlucci
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Borrowers looking to qualify for a home loan with bad credit Ohio have options with traditional and/or non-traditional mortgages. The Ohio housing market has been bullish for the past few years. Many renters who were planning on buying a house after a few years are now planning on buying a house now before rates increase…
ByAlex Carlucci
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In this blog, we will cover and discuss qualifying for a high-balance FHA loan with FHA Jumbo Lenders in Hawaii with no lender overlays. Many FHA lenders in Hawaii have lender overlays on high-balance FHA loans. FHA Jumbo Lenders in Hawaii believe high-balance FHA loans pose higher risk factors. Therefore, FHA Jumbo Lenders in Hawaii…
ByAlex Carlucci
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In this blog, we will cover and discuss QM-Qualified Mortgages versus non-QM loans. We will explain what QM-qualified mortgages are and when they went into effect. QM-qualified mortgages focus on the borrower’s ability to repay. QM-Qualified Mortgages took effect on January 10, 2014. In essence, QM-Qualified Mortgages is trying to create a standard mortgage guideline…
ByGustan Cho
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There is a major difference in qualifying for an FHA Loan With Bad Credit Versus Late Payments. FHA loans are the best loan program for homebuyers with less-than-perfect credit. HUD, the parent of FHA, is very forgiving with prior bad credit. HUD is a federal agency that sets FHA Agency Mortgage Guidelines. Lenders need to have their…
ByMike Gracz
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The one-time construction loan close for new construction homes enables homebuyers to purchase land, build, and permanently finance a new home.
ByCrisartia Torres
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In this blog, we will cover and discuss the equity release scheme mortgage option for senior homeowners. We will be covering how the equity release scheme works for homeowners with equity where they do not have to sell the house or move out of their home. As you pay down your mortgage, the amount of…
ByGustan Cho
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In this guide on millennials and mortgages, we will cover tips for millennial home buyers going from renting to becoming a homeowner. Many millennials are realizing the skyrocketing home prices and high rates. If they do not act on buying a home now, they will lose their chance of ever becoming a homeowner. We have…
BySapna Sharma
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In this mortgage guide in Gustan Cho Associates we will cover what predatory lending laws are. Predatory Lending is the practice where the mortgage lender benefits and the borrowers are taken advantage of. This type of lending is against the law. It benefits the lender and the borrower’s ability to repay their mortgage loan is…
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