How to Get an Approval on a Mortgage Loan?

Loan Approval

Mortgage Loan Approval

If you can provide proof of income, you can qualify for a mortgage loan in California,  Illinois,  and Florida.  Even home buyers with very bad credit can qualify for a mortgage loan in California, Illinois and Florida.  Whether you have a bankruptcy, foreclosure, collections, and other forms of bad credit, I can qualify you for a mortgage loan in California, Illinois and Florida.  For some folks who have bad credit, contact me at and let me evaluate your financial situation.  If you credit is extremely bad, we might have to repair and rebuild your credit so we can improve your credit scores before we start the mortgage loan application process.  Other times, you might qualify for a mortgage loan now but with some basic credit repair, we might be able to get you a better or more favorable mortgage rates and terms.

Approval on a Mortgage Loan after Bankruptcy and Foreclosure

For those folks who have bankruptcies and/or foreclosures, there are federally mandated waiting periods before they will be eligible to qualify for a mortgage loan in Illinois or Florida.  Waiting periods for bankruptcy is a two year waiting period from the date of the bankruptcy discharge.  Waiting periods for a foreclosure, there is a 3 year waiting period from the date of the sheriff’s sale or the date the deed was transferred out of your name into the bank’s name.

Loan Programs at Gustan Cho Associates

Here is the mortgage loan programs I offer for home buyers and homeowners in California, Illinois and Florida:

1. Minimum credit score of 530 FICO.  For those with credit scores between 530 and 580, 10% down payment is required.  3.5% down payment for home buyers who have credit scores higher than 580.

2. Open collections are okay.

3. Mandatory 2 year waiting period for those who filed Chapter 7 bankruptcy from the bankruptcy discharged date.  Mandatory 1 year waiting period for those home buyers who have filed Chapter 13 bankruptcy and are in good standing.

4. Debt to income ratio can be as high as 56.9%.

5. 2 year waiting period for home buyers who had a prior short sale or a deed in lieu of foreclosure on a 20% down payment conventional mortgage loan.

6. You can be laid off up to 6 months and still qualify for a mortgage loan.  If you have been unemployed more than six months, there is a six month waiting period before you are eligible to qualify for a mortgage loan.

7. Judgements okay if a payment plan has been in effect for 3 to 6 months or judgment has been paid off.  Judgments can be paid off prior to closing.

8. Tax liens are okay if the home mortgage loan borrower has entered into a payment agreement with the IRS.

9. 80/10/10 mortgage loan programs available to avoid paying mortgage insurance premium.  10% down payment, 10% second mortgage, 80% first mortgage.

10. Jumbo Loans and super jumbo loans up to $5 million via hedge fund financing.  Over $5 million dollar homes are evaluated on a case by case scenario.

11.  Condo Hotel mortgage loans in California, Florida and Illinois.

12. Commercial mortgage loans in California, Florida and Illinois.

If you have been rejected for a mortgage loan at a bank or another mortgage banker/broker in California, Illinois or Florida, contact me at  262-716-8151 or email me at  You can also subscribe to our daily mortgage newsletter at .

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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