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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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This Article Is About Surety Bond For Mortgage Brokers Requirements By Regulators. Understanding The Surety Bond Requirement By State Mortgage Regulators For Mortgage Brokers. Every state mortgage regulator will have its own surety bond requirements for mortgage brokers who want to get licensed and do business in that particular state. Amount of Surety Bond Requirements…
ByGustan Cho
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In this blog, we will discuss and cover the common VA overlays by lenders versus agency mortgage guidelines. Over 75% of our borrowers at Gustan Cho Associates are folks who could not qualify at other lenders due to their lender overlays. Lender overlays are mortgage guidelines that are above and beyond Agency Lending Guidelines. VA…
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…
ByAlex Carlucci
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In this blog, we will cover and discuss keyboard bullies and how it affects people and communities. Social media can be described as one of the best things ever created. However, as time goes on, there are more and more negatives on the other side of the argument. Now I bet you are thinking, how…
ByGustan Cho
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In this blog, we will discuss and cover how do underwriters approve mortgage loans when analyzing and processing borrowers. Mortgage Underwriters play the most important role in the mortgage process. There are certain ways on how do underwriters approve mortgage loans. Underwriters are professionals who approve or deny mortgage loans. There is no reason why…
ByGustan Cho
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In this blog, we will discuss and cover how to know the market value of your home. Home prices have been skyrocketing in the past few years. Many are thinking that another housing bubble is imminent. Others were forced out of the housing market due to skyrocketing home values. Almost every one of us comes to…
ByMike Gracz
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Gustan Cho Associates created this blog and guide on mortgage guidelines 101 for borrowers and new loan officers. The mortgage business can be tricky and overwhelming not just for borrowers but also for new loan officers. We have written this BLOG on Mortgage Guidelines 101 not just for borrowers but also for loan officers in…
ByAlex Carlucci
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In this blog, we will discuss and cover qualifying and getting approved on FHA loans with not paying off collections and charged-off accounts. I met Gustan Cho when I was working with another lender as a licensed mortgage loan originator. I was seeking out some information concerning a loan that I was working on at…
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