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ByMike Gracz
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In this blog, we will cover and discuss VA New Construction to Permanent One-Time Close Mortgages. VA New Construction To Permanent Guidelines at Gustan Cho Associates empowered by NEXA Mortgage, LLC now allows home buyers to purchase a VA New Construction home on VA Loans. We will finance the lot, construction costs, and the end…
ByGustan Cho
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In this blog, we will discuss and cover second home versus investment home financing. For homeowners who currently own a primary residence, they can possibly qualify for a second home on their next home purchase. A second home can be a vacation home in a resort area or just a regular condominium or single-family home….
ByAlex Carlucci
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In this blog, we will cover and discuss tax settlement for borrowers who have tax liens. With the advent of TurboTax, mostly everyone can become a do-it-yourself tax preparer. But as we all know, with any do-it-yourself project, there are sometimes mishaps or consequences of not being fully informed or prepared. Most people can do…
ByGustan Cho
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In this blog, we will cover and discuss how online mortgage shopping changed mortgage lending. The Greatest Benefits Of Online Mortgage Shopping Is Time Management: Being More Efficient. We are used to getting what we want and getting it now. The world is at our fingertips. If we want information, we want it now. Anything…
ByGustan Cho
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In this blog, we will cover and discuss turning an owner-occupied to investment home. The exiting home will turn into a rental investment home. By doing so, buying a new primary residence home will not be stressful due to rental income coming in from the exiting home. There are cases where a homeowner with an…
ByDale Elenteny
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In this article, we will cover and discuss changing jobs until finding the perfect career. In my 12+ years of being in the workforce, I have changed jobs 7 times and am currently working for my 8th job. Now before you jump to any conclusions, I am justified in my logic of why doing most…
ByMike Gracz
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In this blog, we will cover and discuss buying condominium versus single-family homes. Are you looking to buy a condo? Condominiums are becoming increasingly popular today than ever before due to many reasons Many seniors who own single-family homes are downsizing to condominiums due to maintenance issues. Millennial homebuyers are finding more interest in buying…
ByGustan Cho
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In this blog, we will cover and discuss credit scoring and how it works in the mortgage process. Credit scoring and how it works to qualify for a mortgage can be very simple. Credit Scoring by the three credit bureaus is used by lenders to determine the risk of borrowers they plan on lending. Credit…
ByMike Gracz
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In this blog, we will discuss and cover choosing the right neighborhood when buying a home. Choosing The Right Neighborhood: How I Ended Up In Hampshire, ILLINOIS. When I meet up with friends who I haven’t seen in a while or meet someone new and they ask where I am living, I respond with “Hampshire”….
ByGustan Cho
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The initial loan approval from the mortgage loan approval lists a set of conditions from the mortgage loan underwriter. Once the loan conditions are satisfied, the mortgage underwriter will issue will issue a clear to close.
ByAlex Carlucci
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In this blog, we will discuss and cover buying home near schools for first-time homebuyers. There are pros and cons of Buying Home Near Schools. Buying Home Near Schools is like having a neighbor that has students congregate Monday through Fridays from 8 in the morning and by 4 pm, they all leave. This will…
ByMike Gracz
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What Are Refinancing Community Property States Mortgage Guidelines? Refinancing in community property states requires non-borrowers debts to be included on FHA loans. Conventional loans do not require non-borrowers debts to be included in the debt to income ratio calculations.
ByGustan Cho
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In this blog, we will discuss and cover qualifying for conventional loans with no lender overlays in Illinois. Gustan Cho Associates Mortgage Group has no overlays on government and conventional loans. All of our government and conventional loan programs have no mortgage lender overlays. As long as mortgage borrowers get an approve/eligible per DU Findings…
ByAlex Carlucci
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In this blog, we will cover and discuss how to avoid customer complaints by mortgage borrowers. Mortgage customer complaints have peaked at a three-year high due to the craziness in volume in the mortgage industry. More and more companies have implemented tougher lender overlays due to the coronavirus outbreak. Conditional Loan Approval and Neverending Mortgage…
ByMike Gracz
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In this article, we will cover and discuss education around the mortgage industry and lending guidelines. Good Evening to each and every one of you! Man oh man has this week been truly a fantastic one. I was able to catch up with some friends and family members as I mentioned in my previous blog,…
ByGustan Cho
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In this blog, we will cover and discuss retirees fleeing high-taxed states to low-taxed states with affordable housing and low cost of living. The economy is hot. Housing prices have been appreciating throughout the United States except in certain states. Many Retirees Fleeing High Taxed States To Low Cost Of Living States. Illinois Has The…
ByMike Gracz
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In this blog, we will cover and discuss necessary ending giving loan officers strength. Good Morning and Happy Saturday World, I hope all of you are having an amazing weekend thus far. Me, I’ve had a pretty amazing weekend. I had a chance to really sit back and analyze, think about, and dissect my life…
ByGustan Cho
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In this article, we will discuss and cover qualifying for mortgage with irregular income on a home purchase. Income qualification by loan officers is one of the most important factors in getting a residential mortgage loan approval. There are strict income and employment guidelines when it comes to qualified income. Cash-income and/or undocumented income cannot…
ByGustan Cho
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In this blog, we will cover and discuss the roles of Fannie Mae and Freddie Mac in the housing and mortgage industry. What Are Roles Of Fannie Mae And Freddie Mac? The main role of both of these mortgage giants is to provide liquidity in the mortgage markets. Fannie Mae and Freddie Mac purchase mortgages…
ByGustan Cho
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In this article, we will cover and discuss rate and term refinance mortgage loans versus other types of refinance options. Cash-Out and Rate And Term Refinance Mortgage Loans require full documentation as well as a new home appraisal. The easiest and fast track refinance loan program is the FHA Streamline Refinances and VA Streamline Refinances….
ByGustan Cho
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In this blog, we will cover and discuss HUD guidelines after bankruptcy versus other mortgage loan programs. Per HUD guidelines after bankruptcy, borrowers can qualify for FHA loans after Chapter 7 and Chapter 13 Bankruptcy. However, there are different HUD Guidelines After Bankruptcy requirements on Chapter 7 versus Chapter 13 Bankruptcy. Many folks who file bankruptcy…
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