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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…
ByGustan Cho
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This Article Is About FHA Investor Overlays Versus HUD Agency Mortgage Guidelines: It is very important to understand the difference between HUD agency guidelines versus lender overlays. HUD is the parent of FHA. Every lender requires borrowers to meet the minimum HUD agency guidelines. However, lenders can have higher lending guidelines and standards that are…
ByGustan Cho
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AUS Approval On Conventional Loans Versus Refer-Eligible Per AUS: There are ways and tricks of the trade to get an approve eligible per automated underwriting system on conventional loans.
ByGustan Cho
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Homebuyers can qualify for a mortgage loan as long as they have a written payment agreement with the judgment creditor and have made three timely payments. Or they can negotiate a settled amount with the judgment creditor and pay it at or prior to closing.
ByGustan Cho
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This Article Is About Mortgage Rates Are Still At Historic Lows On Purchase And Refinance: The Dow Jones Industrials have dropped as low as 18,000 during volatile trading from February 2020’s high of 29,000 due to the coronavirus pandemic. The pandemic caused over 43 million Americans out of work. Now the Dow Jones is over…
ByGustan Cho
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This Article Is About HUD FHA 203h Mortgage Guidelines For Disaster Victims: Housing and Urban Development is the parent of FHA. HUD has a program to assist homeowners of natural disasters called FHA 203h loans. In this article, we will cover the following topics: What is the FHA 203h loan program? How does the FHA…
ByAlex Carlucci
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This Article Covers The Benefits of Buying Newer Homes Versus Older Homes: Buying a newer home, especially a new construction home, offers many benefits. In this article, we will discuss and cover the following topics: Common FAQ on the benefits of buying newer versus older homes. Potential problems with buying older homes for first-time homebuyers….
ByGustan Cho
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The housing market has skyrocketed where many homebuyers are priced out of buying a home. Many homebuyers are leaving their state to other states with affordable housing to realize their dream of homeownership become a reality.
ByGustan Cho
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Check here daily for mortgage rates and lock recommendations. You’ll see what economic data and financial reports are affecting today’s mortgage rates before choosing to lock or float your mortgage interest rate.
ByGustan Cho
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Bankruptcy and foreclosure both damage your credit and can make it difficult or impossible to buy or refinance a home. But one is worse than the other.
ByGustan Cho
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This article covers options for homeowners on alternative to foreclosure when homeowners cannot afford mortgage payments: There are instances when homeowners go through extenuating circumstances and cannot afford mortgage payments. In this article, we will cover the following points: Reason for disruption of income due to economic environment and loss of income Protecting your home…
ByGustan Cho
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When is your first mortgage payment due? Your first mortgage payment is due the first day of the first full month after closing. You have 15 days to get your payment in before it’s late. Your mortgage payment covers interest accrued the previous month. You can choose a closing date to minimize closing costs or to…
ByMike Gracz
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How fast can you close a mortgage? Americans love instant gratification! Gustan Cho Associates has a fast-track, 15-day mortgage process.
ByAlex Carlucci
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Even if you have a fixed-rate mortgage, your monthly mortgage payment can change over time. That’s because most lenders include property taxes and homeowners insurance in the monthly payment, and those elements can change over time. Property values increase and tax rates can too.
ByGustan Cho
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Borrowers should avoid these things during the mortgage process so their home loan closes on time. Certain things that may be innocent and unintentional could delay the clear to close. Delays in the clear to close by the mortgage underwriter will delay the closing of the home loan.
ByGustan Cho
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This article covers Credit Scores Versus Credit History Mortgage Guidelines The Importance Of Mortgage Guidelines On Credit Scores Versus Credit History One of the first questions mortgage loan borrowers ask mortgage lenders is what is the minimum credit scores to qualify for a home loan. There are minimum credit score requirements to qualify for particular…
ByGustan Cho
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This article covers FHA Bankruptcy Waiting Period And Mortgage Guidelines FHA Bankruptcy Waiting Period Explained Homebuyers can now qualify for an FHA Loan after Bankruptcy. There are two types of bankruptcies consumers file: A Chapter 7 Bankruptcy is also known as total liquidation bankruptcy Chapter 7 is recommended for consumers who have a lot of…
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