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ByRonda Butts
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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…
ByGustan Cho
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This article will delve into the mortgage guidelines for FHA DTI ratios on manual underwrites. The key distinction between manual and automated underwriting system guidelines lies in the debt-to-income ratio cap applied during manual underwriting. As per FHA DTI ratios on manual underwrites, the allowable DTI ratios are subject to specific caps, and these limits…
ByGustan Cho
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This article will delve into the HUD guidelines for gift funds in the context of home purchase transactions involving Federal Housing Administration (FHA) loans. Our exploration will cover the fundamental HUD guidelines for gift funds and examine any potential modifications made to these guidelines concerning mortgage requirements. It is essential to understand that the FHA,…
ByGustan Cho
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This blog will cover and discuss the FHA case number on new FHA mortgage applications. We will also discuss transfers from one lender to a new lender. FHA loans are the most popular loan program in the U.S. Borrowers with lower prior bad credit scores can benefit from FHA loans compared to conventional loans. Not…
ByGustan Cho
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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…
ByGustan Cho
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This blog will cover FHA debt-to-income ratio requirements for FHA loans. Just because borrowers meet all the HUD Agency Mortgage Guidelines on FHA loans does not mean that all lenders will approve borrowers meeting just the minimum agency mortgage guidelines. Lenders will require all borrowers to meet the minimum HUD agency mortgage guidelines on FHA…
ByGustan Cho
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This guide covers overlays on debt-to-income ratio on FHA loans. Homebuyers who got issued pre-approval from a mortgage loan originator but think that the loan amount is not enough may have options. Debt-to-income ratio is the determinant on how much borrowers can qualify for. Overlays on debt-to-income ratio can limit maximum loan amounts borrowers can…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByAlex Carlucci
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This guide covers the frequently asked question can I get denied for FHA loan with good credit on home purchase. You can qualify for an FHA loan with credit scores down to 500 but you will not get an FHA loan approval with a 700 credit score if you have late payments in the past…
ByAlex Carlucci
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This blog will discuss HUD late payment mortgage guidelines during the Chapter 13 Bankruptcy repayment plan. HUD and VA are the only two mortgage loan programs that allow borrowers in an active Chapter 13 Bankruptcy repayment plan to qualify for an FHA and VA loan. However, the key is to have been timely on all…
ByGustan Cho
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This guide covers the mortgage process of first-time home buyer loan programs. First-time home buyers have dominated the housing market for the last 10 years. All trends show this streak is likely to continue. Many first-time homebuyers are leery to enter the housing market due to misconceptions of the mortgage process. Many renters still think…
ByGustan Cho
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This blog is a short-cut guide to the HUD 4000.1 FHA Handbook Revised For FHA Loans. The HUD 4000.1 FHA handbook revised for FHA loans is a 900 comprehensive list of mortgage guidelines and requirements for FHA loans. We created a cliff notes version for borrowers on purchase and refinance transactions that most borrowers had…
ByAlex Carlucci
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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…
ByGustan Cho
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This guide covers mortgage approval with 580 FICO credit score. The Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development ( HUD ) insures residential mortgage loans to mortgage lenders against default from mortgage loan borrowers on FHA loans. HUD, the parent of FHA is not a mortgage lender….
ByGustan Cho
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Mortgage Underwriters will require one or more compensating factors for borrowers with higher debt to income ratio on manual underwrites to offset the risk of the higher DTI.
ByEric Jeanette
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This guide cover FHA versus conventional mortgage after bankruptcy. There are differences in when and how you can qualify for FHA versus conventional mortgage after bankruptcy. You can qualify earlier on FHA loans because the waiting period requirements on FHA versus Conventional mortgage after bankruptcy is shorter. The waiting period on FHA versus Conventional mortgage…
ByGustan Cho
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This guide covers setting up written payment agreements with creditors and collection agencies so you can qualify and get pre-approved for a mortgage. There instances where written payment agreements with creditors are required to get approved for a mortgage loan. HUD, the parent of HUD, does not require outstanding collection accounts with outstanding balances to be…
ByEric Jeanette
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This guide covers HUD manual underwriting DTI guidelines on FHA loans. HUD manual underwriting DTI guidelines is dependent on the number of compensating factors. FHA and VA loans are the only two loan programs that allow manual underwriting. On approve/eligible per automated underwriting system findings, borrowers can have a maximum 46.9% front end and 56.9%…
ByGustan Cho
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This guide covers qualifying for a home loan with no credit tradelines mortgage guidelines. The team at Gustan Cho Associates often gets frequently asked questions on how to qualify for a home loan with no credit tradelines. Credit tradelines are active and open credit accounts such as credit card accounts, automobile loans, installment loans, leases, and…
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