This ARTICLE Is About The VA UPDATED Mortgage Guidelines For 2021 On VA Home Loans Gustan Cho Associates are always bringing guideline changes to our readers’ attention. Every calendar year we see some unique changes to loan programs such as loan limits changing. At the end of the third quarter of each calendar year, the […]
This ARTICE Is About Purchase Mortgage Pre-Approval Versus Pre-Qualification The mortgage pre-approval process is hands down the most important stage of the overall mortgage process. The number one reason for stress during the mortgage process and the reason for a last-minute mortgage loan denial are because the loan officer did not properly qualify the borrower […]
This Article Is About Conforming Guidelines On Mortgage Part Of Bankruptcy Conforming Guidelines On Mortgage Part Of Bankruptcy : Conforming Guidelines On Mortgage Part Of Bankruptcy is different on Conventional Loans than it is on FHA, VA, and USDA loans: Fannie Mae and Freddie Mac has much looser mortgage lending guidelines when it comes to the […]
This Article Is About VA Guidelines Versus Overlays On VA Home Loans: Mortgage borrowers should understand the difference between VA agency guidelines versus lender overlays. The Department of Veterans Affairs is the federal agency that creates and sets the lending guidelines of the VA. As long as the borrower meets the agency guidelines of the […]
How To Get Refer To Approve-Eligible Per AUS To Qualify For Mortgage: There are ways of trying to get a refer/eligible findings to an approve/eligible per automated underwriting system.
This Article Is About VA Guidelines On Deferred Student Loans And Debt To Income Ratio: What Are VA Guidelines On Deferred Student Loans: One of the best benefits available to Veterans of the United States Armed Services is the opportunity to become eligible to qualify for VA Loans. Only eligible active and/or retired members of […]
This Article Is About Qualifying For FHA/VA 500 FICO and Bad Credit Mortgage Loans: One of the most important things borrowers with lower credit scores and prior bad credit need to understand is agency guidelines versus lender overlays. Agency mortgage guidelines are the minimum lending requirements by the individual mortgage agency such as HUD, the […]
This Article Is About How Private Mortgage Insurance On Home Loans Work: Private mortgage insurance on home loans also referred to PMI, is paid by the borrower to benefit lenders. PMI is a mortgage insurance program that is created to protect lenders from default and loss from borrowers defaulting on conventional loans. Lenders require any […]
This Article Is About VA Guidelines After Bankruptcy And Foreclosure On VA Home Loans: VA loans are one of three government loan programs for owner-occupant homes. VA loans are the best home mortgage loan program available today. Rates are lower than conventional loans. Eligible borrowers can qualify for a VA loan with 100% financing, no […]
This Article Is About NON-QM Mortgage One Day Out Of Foreclosure And Bankruptcy: NON-QM loans were one of the hottest mortgage loan programs prior to the coronavirus outbreak that hit the nation in February 2020. Non-QM loans made homeownership possible to homebuyers who would otherwise not have qualified for a mortgage. Non-QM and alternative financing […]
This Article Is About Automated Approval From Automated Underwriting System: It is key to get an approve/eligible per the automated underwriting system for the mortgage process to go forward. In the event the borrower cannot get an approve/eligible and gets a refer/eligible per AUS findings, the file can be manually underwritten by a human mortgage […]
This Article Is About HUD Bankruptcy Guidelines After Chapter 7 And Chapter 13: HUD Bankruptcy Guidelines state that borrowers can qualify for FHA Loans after Chapter 7 and 13 Bankruptcy. Many homebuyers, especially first-time home buyers, think that getting a mortgage is next to impossible after filing bankruptcy. This is not true. Bankruptcy will initially […]
This Article Is About VA Loan With 500 Credit Scores And Bad Credit Tradelines: Is it possible to qualify for a VA Loan With 500 Credit Scores And Bad Credit? The answer to this question is an absolute YES. The Veterans Administration (VA) is the federal agency that governs and sets guidelines on VA loans. […]