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ByMike Gracz
Posted on
This ARTICLE Is About The Flood Insurance Mortgage Guidelines With Homes In Flood Zones Flood insurance can be incredibly expensive and may even deter you from buying a specific property. In this blog, we will detail when flood insurance is required for mortgage lending, the basics surrounding mortgage insurance, and some tips to keep your…
ByGustan Cho
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This Article Is About Mortgage Guidelines On Co-Borrowers On Home Purchase Mortgage Guidelines On Co-Borrowers has recently been updated for both FHA Loans and Conventional Loans. FHA allows non-occupant co-borrowers to be added to the mortgage loan of a borrower if the main borrower cannot qualify due to income. There is no limit on the…
ByAlex Carlucci
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This Article Is About The Top Tips On Finding A Great Place To Rent In The U.S. Renting has become the preferred and more viable solution for getting a place to live. In many situations, it’s just a more affordable and advantageous move than buying straight up. Not to mention that not all people looking…
ByAlex Carlucci
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This Article Is About Private Money Loans With Bad Credit For Real Estate Investors Qualifying for Private Money Loans With Bad Credit. Is it possible? What if my credit is bad? Can I still get a Private or Hard Money Loan on my Investment Property? Do private money lenders require a minimum credit score to qualify…
ByGustan Cho
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This Article Is About Calculating Annual Percentage Rate On Home Mortgage Transactions An FHA Loan or VA loan, which typically adds on the upfront mortgage insurance premium to the mortgage balance, will rise the effective annual percentage rate, also referred to as APR, for that amount is now a finance cost. Calculating Annual Percentage Rate can…
ByGustan Cho
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This Article Is About Qualifying At Banks Versus Mortgage Companies For Mortgage When a home buyer thinks of getting pre-qualified for a mortgage loan for a home purchase, the first thought is going to the local bank to qualify for a mortgage. However, the local bank might not be the best choice depending on their…
ByMike Gracz
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VA Chapter 13 Mortgage Guidelines During COVID-19 Pandemic If you have been following Gustan Cho Associates, you know that we are open for business during the COVID-19 coronavirus outbreak. We are busier than ever. This is a good sign for the mortgage market. We all hope this pandemic ends sooner than later. There is also…
ByGustan Cho
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This Article Is About How Mortgage Underwriters View Negative Credit History Mortgage Borrowers can qualify for mortgage loans with prior bad credit and negative credit history. Outstanding collection accounts and charge-off accounts do not have to be paid to qualify for home loans. Lenders understand that loss of income and unable to meet debt obligations…
ByGustan Cho
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In this article, we will discuss and cover bad credit mortgage loans with collections guidelines for 2022. A substantial percentage of consumers fell victim to the 2008 real estate and credit meltdown. The financial crisis of 2008 devastated their credit and many were forced into bankruptcy. Millions of Americans lost their jobs and businesses. The…
ByGustan Cho
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This article is about Things To Do After Home Closing For New Homeowners. There are many Things To Do After Home Closing for the new homeowner. The home closing is when the transfer of ownership takes place. In most states, the closing takes place at a title company and/or an attorney’s office. The home closing…
ByGustan Cho
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This Article Is About What Is A Mortgage Pre-Approval And How Is It Issued What Is A Mortgage Pre-Approval And Are All Pre Approvals The Same? Homebuyers who are shopping for a home know what a mortgage pre-approval means. Buyers of new homes need a mortgage pre-approval letter in order to be able to shop…
ByGustan Cho
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What Are The Waiting Period Requirements On Conventional Versus FHA Loans On Chapter 13 Bankruptcy? There is no waiting period requirements after Chapter 13 Bankruptcy discharged date on FHA loans but Conventional loans require a two-year waiting period.
ByDale Elenteny
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This Article Is About Interest Only Home Loans For Investment Properties Short Term Fix And Flip Interest Only Loans Chicago are now back in full swing. Real estate investors do not have to rely on Hard Money Loans at over 10% mortgage interest rates. The No Doc Fix And Flip Loans is available for property…
ByGustan Cho
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This ARTICLE Is About Credit Card Balances Impacts Credit Scores High credit card balances impact credit scores to qualify for FHA Loans. There are minimum credit score requirements to qualify for FHA Loans and other mortgage programs. For example, HUD requires a minimum 580 Credit Score to qualify for a 3.5% down payment home purchase…
ByMike Gracz
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This Article Is About Illinois DPA Mortgage Programs For Home Buyers Gustan Cho Associates offers DPA Mortgage Programs for home buyers. Our Illinois DPA Programs are not just for first-time home buyers. Illinois DPA Programs for repeat buyers as well as first-time home buyers. Most people can afford the proposed new housing mortgage payments. With rents…
ByGustan Cho
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This Article Is About Buying Home Without Solid Pre-Approval And AUS Findings Buying Home Without Solid Pre-Approval and without Automated Underwriting System findings can be a recipe for disaster. For example, for homebuyers who have a prior Chapter 7 bankruptcy, there is a two-year waiting period for FHA and VA Loans before being eligible for…
ByGustan Cho
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This Article Is About How To Buy A Home If I Do Not Have The Down Payment How To Buy A Home If I Do Not Have The Down Payment on home purchase: In general, there are two costs involved in a home purchase The down payment and closing costs Most Americans live paycheck to…
ByGustan Cho
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This Article Is About How To Get AUS Approval With Late Payments After Bankruptcy Most lenders will not accept any mortgage applicants with late payments after bankruptcy and/or housing event (foreclosure, deed in lieu, short sale). Late payments after bankruptcy are frowned upon by mortgage lenders. It is possible to get an approve/eligible per automated…
ByMike Gracz
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BREAKING NEWS: Mortgage Pre-Approval During The COVID-19 Pandemic Crisis Obstacles And Changes On Mortgage Pre-Approval During The COVID-19 Pandemic Crisis: If you have been following Gustan Cho Associates, you know the mortgage industry is rapidly changing due to the COVID-19 coronavirus outbreak With over 40 million Americans out of work, it has become tougher than…
ByGustan Cho
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This Article Is About Buying A Home With Dogs And Other Pets For Homebuyers Americans love their dogs and other pets. Buying A Home With Dogs And Other Pets are the majority of homebuyers. 70% of homebuyers own a dog or cat or both. That translates into 85 million families who own a dog or…
ByGustan Cho
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This Article Is About Steps In Buying A House And Getting Qualified For A Mortgage Buying a home can be one of the most exciting times in your life, but can also be a very stressful process. A home purchase is one’s biggest investment in a person’s lifetime. A Home Purchase is one of the…
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