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  • Hi Gustan,

    I came across your blog while searching for information about getting my MLO license, specifically this article, https://gustancho.com/can-you-become-a-loan-officer-with-bad-credit.

    I have one outstanding judgement and several collections, personally, as a result of a failed business several years back.

    So far I have applied for my license in New York and New Jersey. I haven’t heard back from NY yet, but NJ is saying that I will need to enter into payment agreements with all of my debtors in order to be granted a license. This is a big ask, as I cannot really afford to do this right now.

    In your experience, are there any states that I can apply for now that will grant me a license given my situation?

    Thank you,
    Louis

  • Hello,

    My fiancee and I are looking to purchase a home in Arizona.
    We are currently in Minnesota.
    Self employed
    We have sold 2 of our 4 businesses and receive monthly payments, & will sell one more and get 4 years payments from sale.
    I think we should’ve able to show enough income based on bank statement averages over oadt3 years

    Businesses are in Lana’s name

    Lana has 830 credit score
    I have 725
    Can you help us?
    We have 20% to put down
    On a 1.2 to $1,400,000 purchase

    I sent a text message also

    Thank you,
    Mark

  • I am a Navy physician and a real estate investor. I am interested in a mortgage with a low down payment, as we are in the middle of adopting a child and will need cash upon our match. That said I have a W2 income of ~250k and a rental income of 50k/year. I am having trouble with loans given the number of investment homes I have and my dti being right around 53%. I am converting my current residence into a short-term beach rental, but obviously do not have that income yet on my W2.

    Please let me know if you think we can work together.
    Thank you,

    Heather Smith

  • I am permanently disabled, I am an insured driver, had a car accident 4 years ago and I am being sued. My insurance company is handling this .. are my assets protected because of the total disability…or will this prevent me from getting a mortgage loan? My only household incomes are social sec and disability,

  • I need to pay my rent and my landlord has been waiting patiently on my amended return that the IRs received on the 1st of April and I need to pay him before tomorrow at 1030am so that he won’t to go threw the courts I have been trying to get help all over the place but no luck at all and I haven’t received my 2nd or.3rd stimulus checks and I had to do an amendment on the 2nd one

  • Hello,
    My name is Tim.
    I’m texting you with WillBeCoded company. We are interested in publishing an article on your website.Do you allow sponsored articles on your website, with dofollow link? If yes, what is the price?
    The link will be related to the essay writing service, it won’t look like an advertisement. We are open to discuss the type and topic of the article before publishing.
    I will be waiting for your response.

  • I spoke with Michelle regarding a VA cash-out refinance. I tried to complete the online app when I
    back to my computer I was unable to locate the app. Please have her me asap. Thanks

  • Yes, we can do that. However, with cash-out, you may need 12 months of timely housing payments. I will have my Associate Michelle McCue call you shortly so she can go over your options with you. We are licensed in Kentucky.

  • Hello, My name is Sally Ford Smith Halcomb we are looking to refinance our mirage and cash out to pay off some things and home repairs. Do you all consider applicants who have 1 late may lent in 12M period? Email is the best way to contact me for I am at work today.

  • I had An excellent job from august 2018- august 2019
    Then my wife got diagnosed with two types of cancer and I was Facing a layoff so I took An early layoff to care for her. I was On unemployment for 6 months and wanted to go back to work but covid hit so they shut my plant down and I had To take unemployment again for six months. I have Debt from her illness and I just Really want to sell our home and buy a new one that’s less expensive but I’ve been told I don’t qualify due to the employment gap
    I’m back at the same company now for 4 months. Can you help?

  • I am a self employed registered landscape architect in Georgia and North Carolina and earn 36000 per year. My credit score average is 810. I am being denied the opportunity to purchase a home because of my net income is being used to calculate my debt to income ratio.

  • My husband and I are self-employed realtors in Michigan looking to purchase in FL. Income last year 70k 1099 and year to date 63k. Last 12 bank statements show 120k for deposits from brokerage. Can do 15% down. 700 Fico. Going to Florida to expand the business. Michigan business will continue as well. Can have 12-24 months reserves.

  • I read your news feed on-line. I wanted to apply for the NMLS and wanted to know your opinion. My husband lost his business due to Covid and some extenuating circumstances. In 2020 Filed for bankruptcy! After 27 years the last 4 have been extremely challenging. I live in PA and I just needed to know if I was able to apply.

    Thank you for your time,
    Sincerely,
    Donna

  • We are selling our current home and looking to purchase a new one. I am a Veteran and would like to do a VA loan. I have 2 late mortgage payments Jan and Feb of this year due to some loss of income due to the Pandemic. I am wondering if I would still qualify for a Home Loan. I can be reached today after 11:30 am

  • We have been approved for FHA mortgage 3 years after a short sale, which allows us to only buy a single-family home. We are interested in the condo and could pr down payment of$160,000 on a $415, 000 units.

  • I’m recently self-employed. The business is going well, but that’s not enough time to qualify for traditional financing. We’d like to learn about asset depletion programs and any others that could work for us.

  • Hello,
    My family relies on social security for our daughter who’s mother passed on and also for our daughter who has a rare condition. I’m a server and my wife is a stay at home mother. I read a few articles on your site and you seem to be experts on tricky cases. We are only looking for a modest loan and I am fairly sure we qualify for a USDA Rural mortgage if we find a home in the right location. Let me know if you can help us.
    Thanks,
    Nathan and Loretta Montgomery

  • I’m looking to qualify for a VA loan and I believe my middle FICO score is in the 590s. I’m still working on my credit and trying to get at least over 620. I’d like to get an idea of where I stand with possible approval and the next steps.

    Thank you!

    Sean C.

  • Hello All,

    I just reached out to the AMC. I have called Plaza as well. The appraisal has been assigned again. The appraiser will be reaching out. If you would like to reach out, the AMC said they will put you in contact with them. The phone number is 888-752-5145. The order number is 729010-390460015.

    The appraisal was previously assigned, and concerns were raised about the rural location and uniqueness of the property. There are two structures on the property which increases the difficulty of finding sufficient comparables. Perhaps the realtors could help speed this process by researching comps? Obviously, as industry experts you would have the best context.

    Respectfully,

    Michelle

  • The current loan with Platinum Home Mortgage Corporation fell through. We have never ever met such incompetent mortgage company like Platinum Home Mortgage Corporation of Rolling Meadows, Illinois. Total incompetents. We need to close by 7/30. Can the dream team at Gustan Cho Associates help us?

  • Thanks for your quick response! Much appreciated.

    I am completely new to the home buying process. I have been renting a townhouse with my partner for the last 5 years, and we just learned this past weekend that our landlord will be selling the property. With that being said, we of course have the option to rent another property or attempt to purchase a home. I read some information on your website about W2 only Mortgages and I am very interested to learn more, but again, this is all very new to me and I have no clue where to begin.

    Thanks for your time!

    Jeremy Collins.

  • I was approved for an FHA loan through another lender and have already had an offer accepted/contract signed. The lender is now saying that because I had a career gap that was 21 days over a year and hasn’t been at my new job for 6 months, I no longer qualify. I’m hoping there is some sort of loophole of the grace period. I lost my job due to Covid and found out I was pregnant within 24 hours. When trying to get a new job, my pregnancy stood in the way. Id get to the finish line and then disclose my pregnancy and the offer would be off the table. I finally accepted a wonderful offer from a great company in April. The letter was signed on April 26th, 2021. We had to push my start date to June because we couldn’t find childcare on the fly. Options are very limited in the city. If I had started in April, or before May 8th, I would have fallen in the less than a year gap. I’m wondering if there are any loopholes or special considerations. The FHA Loan seems to be my only option as I work to build my credit.

  • I’m trying to do a 1031 exchange for a property I’m selling for 270k w 180k debt. I am purchasing a condo hotel for 98k which I was going to do cash but if I can borrow 85% (or whatever percent u loan) and buy 2 the 2nd for 112k or so I think it could work for the exchange.

  • I need to pay my rent and my landlord has been waiting patiently on my amended return that the IRs received on the 1st of April and I need to pay him before tomorrow at 1030am so that he want go threw the courts I have been trying to get help all over the place but no luck at all and I haven’t received my 2nd or.3rd stimulus checks and I had to do an amendment on the 2nd one

  • Hi! I was wondering about getting licensed in the state of Arizona with bad credit, I have a couple derogatory marks, I’m at a 640 on credit karma and a 540 on my other two credit bureaus. Is it possible in the state or Arizona?

  • Good afternoon! We are located in Indiana. My husband is in chapter 13. I think it has been close to two years. He has never been late on a trustee payment. They take close to $1800 biweekly. He has a very good income…over $100,000/year. He has paid off all of the small debt in the 13. Just two small car loans. We want to refi and pull cash out to pay off those small debts and make a few home improvements. The houses around us have been selling for over $100,000 more than what they were purchased for in days. We have at least $100,000 equity in our home…we don’t want anything near that out of course. I saw your website and contacted our mortgage company and they said no so I am reaching out to you. He has job security, payment history, and equity. We briefly separated a few years ago and that was the cause of the financial issue. Please let me know if you can help us. Thank you!

  • Good Morning Shannon,

    I would be happy to answer your questions. To answer one of your questions, the GI Bill cannot be used for qualifying purposes. The $2200.00 you will receive can be “grossed up” by 25% because it is untaxed. That increases your buying power a bit. Many of our borrowers with service related injuries receive Social Security in addition to their VA award. Would you be willing to reach out to SS and explore that option?

    Let me know a good time to chat and we can go over your scenario. My cell is 815-593-4122. I am looking forward to working with you.

    Respectfully,

    Michelle McCue
    Gustan Cho Associates

  • Hi, My credit score is mid to upper 6’s. I do have late payments on a previous mortgage that was paid off. I lost a job a couple years ago and was on a payment plan, and was told they were not going to mark them as late payments, but they did. wrote a letter and still waiting to hear from them. since then I’ve paid off two credit cards and been on time. I moved to Florida 4 months ago, and renting a manufactured home in a 55+ community that I want to buy. The price is 116,000 and I’m putting 25,000 down. Please let me know if you can assist me with, thank you for your time.

  • At this point, I am pre-approved for a VA home loan, but because I am doing this on my own, I am asking for help with a down payment. I do not have any money to put down, if I could get help I could possibly get a better home. The homes in the state of Washington are outrageously expensive. Getting a house for $350000 is not practical, so I would like to know if I qualify.

  • Hello Gustan!
    I read your article regarding becoming a loan officer with bad credit and getting your license. I live in Ohio and I’m almost finished with my online class. I plan to take my test soon after I spend some more hours studying. I’m concerned about the requirement to “show financial stability”. My husband and I filed a chapter 13 over 10 years ago and it was discharged from our credit. He has amazing credit now and all loans we started with him because he had a better score overall than I did after filing. Since then we have had impeccable credit under his name, but my credit shows in the 600’s because I have zero negative marks, no debt basically a clean slate. This also means I don’t have anything to show as far as credit goes. Do you know if they would hold this against me? I had thought about applying for a secure credit card and just paying it off a couple of times before submitting my info to be approved. But would that look worse to them that I have recent accts open? I would like to skip that step and just pass the test and move forward. You mentioned states like Ohio are more lenient.
    Do you have any input that regarding my situation? I would appreciate any tips!
    Thank you so much!

  • Hi! I was reading your article about credit requirements for an MLO license. My credit score is 588. 5 or 6 years ago I had a credit card in collections. Those were paid off…. And haven’t used my credit since. Everything has gone on my husbands’ name, 2 houses, and vehicles.

    I am applying in the state of Florida, do you think I am going to have any issues?

  • Good Morning, Credit Guru ( Anne Marie) gave us your information. We are wanting to get a VA Loan, but our credit report is showing an outstanding Loan for a timeshare. We do not owe the outstanding balance and Credit Guru is working to get the balance removed for us.

    We were told that you could help us to get in touch with a broker in Texas to help us with the VA Loan process. We currently have our home on the market and looking to relocate in the Granbury Texas area.

    Will you please call me at 806-584-8804 or my husband, Earl ( Rusty) at 806-433-3690
    Thank you
    Reginia Williams

  • We are trying to buy a home in NY. I have been working with a mortgage company in NY, Home point Financial, They gave me a pre-approval for an asset depletion mortgage but got last-minute cold feet and decided they couldn’t help us due to the fact the assets were in the name of our (my husband and mine) revocable trust. They deemed them inaccessible even though we provided proof that we have been accessing those funds since January of this year. So we just transferred those assets to a personal account and now they are saying they can’t help us because neither one of us is at least 62 years of age according to Freddie Mac guidelines. We are supposed to close on July 30th and do not want to cash out of these assets to buy our home. Can you help us? please call me

  • Hi Gustan,

    Good morning.

    I’m interested in a remote loan officer position with your firm. However, I am new to the industry and do not have the required 1 year of experience. Could you please offer a few brief suggestions so that I can circle back to you after I have the required experience?:

    1) In what state should I get licensed? I live in AR but see your firm is not licensed there. Do you need help in a particular state? Among the states where your firm is licensed, I would be open to FL, TX, and TN assuming no requirements to be based there.

    2) Once licensed, for what type of company should I work during my first year? Should I try to focus on any loan products in particular? From personal experience I am interested in the non-QM space, but that may be too narrow of a focus.

    Many thanks in advance,
    Andrew

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