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ByGustan Cho
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This Article Is About Changes In Mortgage Lending And Guidelines And How It Affects Buyers 2021 has come and is almost gone in several weeks. 2021 was a tough year for Americans due to the coronavirus outbreak last year in February 2020. It was a very tough year in mortgage lending. Mortgage Rates have increased…
ByGustan Cho
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This Article Is About How Do Underwriters View Charge Off Accounts With Balances Home Buyers Can Now Qualify Mortgages With Charge Off Accounts With Balances. All government and conventional loans that are owner-occupant home loans do not require outstanding collections and charged-off accounts to be paid in order for borrowers to qualify for a mortgage….
ByMike Gracz
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This ARTICLE Is About VA Loans Alabama Mortgage Guidelines With No Lender Overlays Alabama is on the map. The state borders one of the hottest states in the nation, Florida. Alabama is one of the top states residents from high-taxed states are migrating to. A large percentage of New Yorkers fleeing the state to lower-taxed…
ByGustan Cho
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This Article Is About Debt Versus Credit Scores During Mortgage Qualification There is a negative impact on debt versus credit scores. If you have credit cards with high credit balances, that will negatively impact your credit scores. The good news is that paying down credit card balances will boost credit scores. Here is the scoop…
ByGustan Cho
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This Article Covers 85% LTV Jumbo Loans Versus 90% LTV Non-QM Mortgages. Topics to be Covered in This Article: Gustan Cho Associates offers traditional 90% LTV jumbo mortgages with at least a 660 credit score and 50% LTV. We offer both traditional and non-QM jumbo loans. The maximum debt to income ratio cap is up…
ByGustan Cho
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This Article Is About Mortgage Insurance Premium On NON-QM Mortgage Loans Lenders will require a mortgage insurance premium on borrowers who have less than 20% equity in their home purchase. The mortgage insurance premium is commonly referred to as MIP. MIP is paid by the borrower for the benefit of the lender. Mortgage insurance premiums…
ByGustan Cho
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This ARTICLE Is About Jumbo Loans After Foreclosure With No Waiting Period Requirements The U.S. Housing Market is booming in the majority of counties in the Nation. Home prices are literally skyrocketing. Both HUD and the FHFA realize this. Many homebuyers are getting priced out of the housing market due to skyrocketing home prices. For…
ByGustan Cho
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This Article Is About FHA Automated Findings With Low Credit Scores And High DTI It will be much more difficult getting an FHA Automated Findings Approval on the automated underwriting system (AUS) this year. HUD, the parent of FHA, has changed its algorithms on the automated underwriting system. The algorithm changes make it much more…
ByAlex Carlucci
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This article covers Owner Financing On Home Purchase For Buyers And Sellers Owner financing is a great option for homebuyers who cannot qualify for a mortgage from a lender and need time to either re-establishing their credit or to document their income. Owner financing offers benefits for both home buyers and sellers. For home buyers…
ByGustan Cho
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This article covers DIY Tips For Homeowners On Home Improvements Good Morning world and happy Friday to all of you. I don’t know about you but I woke up this morning with an exceptionally high energy count knowing that today is going to be a great day. I’m currently at my daughter’s school doing some…
ByGustan Cho
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You cannot dispute derogatory credit tradelines during the mortgage process unless they are exempt from retraction. Any non-exempt credit disputes will suspend and halt the mortgage process.
ByGustan Cho
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This Article Is About FHA Loan Credit Guidelines Versus Lender Overlays The U.S. Department of Housing and Urban Development (HUD), which is the parent of the Federal Housing Administration (FHA), is not a mortgage lender but an insurance provider for all FHA loans in this country. FHA loans are extremely popular due to the government…
ByGustan Cho
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This Article Is About What Do Mortgage Lenders Want To See In A Borrower The number one concern lenders have and want to see in a borrower is the ability to repay their new mortgage. This is why lenders are very careful when qualifying, processing, underwriting, and approving a mortgage loan for a borrower. The…
ByDale Elenteny
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Lenders are really strict and can nit-pick during the mortgage process due to tough mortgage regulations. Mortgage regulators can fine lenders. If lenders do not follow mortgage regulations, the mortgage loans the lender closes, and funds may not be able to get sold on the secondary market.
ByAlex Carlucci
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This Article Is About Removing Negative Items To Qualify For Mortgage Gustan Cho Associates are experts in advising borrowers in rebuilding and boosting their credit scores to qualify for a mortgage. Removing negative items to qualify for a mortgage is recommended in certain circumstances but not all circumstances. We will discuss the pros and cons…
ByGustan Cho
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Condos are becoming very popular for millennials, young busy professionals, and the elderly. However, lending standards are tougher on condos versus single-family homes.
ByGustan Cho
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This Article Is About How To Prevent Mortgage Default With Loss Of Employment Mortgage lenders will work with homeowners who have lost their jobs. Lenders do not want to foreclose on a property if they can avoid it. They will do everything possible to help the homeowner do a workout. Most mortgage companies have workout…
ByGustan Cho
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This ARTICLE On HUD FHA 203k Renovation Guidelines On Home Improvement Loans Home values are appreciating nationwide. Both HUD and the FHFA increased FHA and Conforming Loan Limits the past three years due to rising home prices. FHA Loan Limits are now at $356,362. The Federal Housing Finance Agency (FHFA) increased the Conventional Loan Limit…
ByDale Elenteny
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Most undisclosed debts will be discovered by lenders during a third-party national search of public records.
ByGustan Cho
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Most lenders have a debt to income ratio cap on government and conventional loans. Lenders need to meet the minimum debt to income ratio caps. However, lenders can have their own DTI caps which is lower than the agency guidelines as part of their DTI lender overlays
ByAlex Carlucci
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This Article Is About Manufactured Home Construction To Permanent Mortgages Manufactured homes are gaining popularity throughout the United States. With today’s technology, manufactured home builders are launching beautiful homes. Many manufactured homes are better looking and better built than stick-built homes. In many instances, you cannot tell whether it is a manufactured home or a…
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