Conventional Loan After Chapter 7 Bankruptcy
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Conventional Loan After Chapter 7 Bankruptcy Mortgage Guidelines

ByGustan Cho Posted on

There’s a common misconception that only those with excellent credit scores can secure a conventional loan, while FHA loans are reserved for borrowers with poorer credit. However, this belief needs to be revised. Both conventional and FHA loans operate under distinct lending guidelines. Credit history, including past issues like bankruptcy or foreclosure, doesn’t directly affect…

Types of Residential Lending
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The Types of Residential Lending for Borrowers With Bad Credit

ByGustan Cho Posted on

This guide covers the different types of residential lending for homebuyers with bad credit out in todays marketplace for owner-occupant home, second homes, and investment properties. Most folks will need to know with types of residential lending when shopping for a homeThere are many types of residential lending when it comes to home mortgages, Home…

Fannie Mae Guidelines On Second Homes
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Fannie Mae Guidelines on Second Homes

ByGustan Cho Posted on

This article covers Fannie Mae Guidelines on second homes mortgage financing. There are three types of mortgage loans when it comes to residential financing. Primary homes Second homes Investment homes Primary home financing is owner-occupant homes. Homeowners will reside in the home as their primary residence. A primary home is a property that the buyer…

Conventional Loans With Non-Occupant Co-Borrowers
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Conventional Loan With Non-Occupant Co-Borrower

ByGustan Cho Posted on

This blog will cover Fannie Mae and Freddie Mac guidelines on qualifying for a conventional loan with non-occupant co-borrower. Non-Occupant Co-Borrowers can be added to Conventional and FHA loans. The United States Department of Veteran Affairs does not allow non-occupant co-borrowers on VA home loans. Only married spouses of veteran borrowers can be added as…

Fannie Mae Collection Guidelines on Conventional Loans
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Fannie Mae Collection Guidelines on Conventional Loans

ByGustan Cho Posted on

This blog will cover Fannie Mae Collection Guidelines on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants that regulate agency guidelines on conventional loans. The two mortgage giants are the largest buyers of mortgages on the secondary market. Fannie Mae typically requires a minimum credit score for conventional loans. Credit scores…

Modular Homes
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Modular Homes Mortgage Guidelines For Homebuyers

ByGustan Cho Posted on

This guide covers modular homes mortgage guidelines on purchase and refinance transactions. Modular homes are becoming more and more popular during the housing boom. If you are reading this article, you are more than likely finding it hard to find mortgage financing to buy a modular home. Fewer lenders are willing to enter the modular…

Fannie Mae Chapter 13 Dismissal Guidelines
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Fannie Mae Chapter 13 Dismissal Guidelines

ByGustan Cho Posted on

In this blog, we will cover the Fannie Mae Chapter 13 dismissal guidelines on conventional loans. One of the most frequently asked questions at Gustan Cho Associates is what is the eligibility requirements to qualify for a conventional loan after Chapter 13 Bankruptcy dismissal. Homebuyers can qualify for FHA and VA loans with no waiting…

FHA MIP Versus Conventional PMI For Mortgage Borrowers
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FHA MIP Versus Conventional PMI For Mortgage Borrowers

ByGustan Cho Posted on

This  guide covers FHA MIP versus conventional PMI for mortgage borrowers. Mortgage Insurance is mandatory on all FHA loans and Conventional loans with less than 20% equity. There are pros and cons of FHA MIP versus Conventional PMI. In this article, we will discuss the pros and cons on FHA MIP versus conventional PMI for…

Difference Between FHA And Conventional Mortgage
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Difference Between FHA and Conventional Mortgage Guidelines

ByGustan Cho Posted on

This guide covers the difference between FHA and Conventional mortgage guidelines. Many homebuyers, especially first-time buyers shopping for homes often wonder the difference between FHA and Conventional mortgage guidelines. They often do not understand the main difference between FHA and Conventional mortgage guidelines and which loan program is best for them. There are big differences…

Escrow Account Mortgage Guidelines
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Escrow Account Mortgage Guidelines on Home Mortgage Loans

ByRavinder Sharma Posted on

This article covers escrow account mortgage guidelines and requirements.  Lenders conduct periodic escrow analyses to ensure that the account balance is sufficient to cover upcoming expenses. If the analysis reveals a shortage or surplus in the account, adjustments may be made to the borrower’s monthly escrow payments. Escrow accounts are required by lenders so the…

Fannie Mae Guidelines on Community Property States
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Fannie Mae Guidelines on Community Property States

ByEric Jeanette Posted on

This guide offers insights into Fannie Mae Guidelines on Community Property States, catering to individuals searching for mortgage-related information. An additional focus is placed on elucidating Fannie Mae Guidelines about the debts of non-borrowing spouses within Community Property States. Navigating community property states can be intricate for those pursuing mortgages, especially given that the United…

PMI on Conventional Loans With Higher Than 80% LTV
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PMI on Conventional Loans With Higher Than 80% LTV

ByGustan Cho Posted on

This guide covers PMI on Conventional loans with higher than 80% LTV. PMI on Conventional loans with higher than 80% LTV is mandatory per Fannie Mae and Freddie Mac Guidelines. Private Mortgage Insurance protects mortgage lenders in the event borrowers go into default and the home goes into foreclosure. Private Mortgage Insurance is Fannie Mae…

FHA Appraisals Versus Conventional Appraisals
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FHA Appraisals Versus Conventional Appraisals Guidelines

ByRonda Butts Posted on

This article examines and clarifies the criteria for FHA Appraisals Versus Conventional Appraisals. There are significant differences in the guidelines governing FHA appraisals versus conventional appraisals. Whenever individuals seek home financing, they must undergo a home appraisal according to their lenders’ requirements. The mortgage offered by lenders to borrowers is dependent on the results of…

Jumbo Loan vs Conventional Loan Comparison
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Jumbo Loan vs Conventional Loan Comparison | Rates and LTV

ByGustan Cho Posted on

  In this article, we will cover and discuss the comparison between jumbo loan vs conventional loan programs and the differences in rates, terms, and LLPAs. Gustan Cho Associates has wholesale lending partners on traditional and conventional loan products. High-balance FHA jumbo loans need to meet HUD agency guidelines. VA high-balance jumbo loans need to…

Eliminating FHA Mortgage Insurance Premium
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Eliminating FHA Mortgage Insurance Premium

ByGustan Cho Posted on

This guide covers eliminating FHA mortgage insurance premium by refinancing FNMA. Borrowers taking out an FHA insurance mortgage loan, besides paying an upfront mortgage insurance premium of 1.75%, borrowers need to pay an annual FHA mortgage insurance premium of 0.55% for the life of the FHA Loan. FHA mortgage insurance premium can be a substantial…

conventional refinance loan with no PMI
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Conventional Refinance Loan With No PMI

ByAlex Carlucci Posted on

Homeowners With FHA Loans Should Consider A Conventional Refinance Loan While Mortgage Rates Are At Historic Lows And Avoid Paying FHA MIP. Mortgage rates are at historic lows and many home values have skyrocketed in the past several years. Many homeowners with FHA loans can benefit by refinancing to a conventional mortgage and avoid paying LPMI.

Fannie Mae and HUD Guidelines
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Fannie Mae and HUD Guidelines on Conforming vs FHA Loans

ByGustan Cho Posted on

This guide covers Fannie Mae and HUD Guidelines on conventional versus FHA loans. Fannie Mae and HUD guidelines on conventional versus FHA loans are similar but has differences. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA versus conventional loans. FHA loans is the easiest loan program to get an…

Conforming versus government-backed loans
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Conforming Versus Government-Backed Loans

ByGustan Cho Posted on

This article covers Conforming versus government-backed loans. FHA, VA, and USDA loans are called government-backed loans. This is because lenders who originate these types of home loans are guaranteed by the government. FHA loans are insured by the Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development VA loans…

The Pros and Cons Of Conventional and FHA Loans
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The Pros and Cons of Conventional and FHA Loans

ByAlex Carlucci Posted on

This guide covers the pros and cons of Conventional and FHA loans. The pros and cons of Conventional and FHA loans depend on each individual mortgage borrower. There are situations where borrowers will qualify for Conventional loans but not FHA loans. If a home buyer had a previous Chapter 7 Bankruptcy with a mortgage part…

Freddie Mac Foreclosure Guidelines on Conventional Loans
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Freddie Mac Foreclosure Guidelines on Conventional Loans

ByGustan Cho Posted on

This article covers Freddie Mac foreclosure guidelines on Conventional loans. Fannie Mae and Freddie Mac is the nations largest buyers of mortgage-backed securities. The role of Freddie Mac is to keep market liquidity by buying funded mortgage loans on the secondary market. Freddie Mac is the reason why mortgage lenders can originate and fund loans…