FHA Amendatory Clause
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What Is The FHA Amendatory Clause And Who Is Obligated To Sign It

ByGustan Cho Posted on

The Federal Housing Administration (FHA), a segment of the United States Department of Housing and Urban Development, was established in 1934. Its primary mission is to foster homeownership among Americans, particularly those with moderate incomes, less-than-perfect credit, and minimal down payments. The FHA plays a vital role not as a lender but as a government-sponsored…

FHA Manual Underwriting Mortgage Guidelines
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FHA Manual Underwriting Mortgage Guidelines

ByGustan Cho Posted on

This blog will discuss and cover FHA manual underwriting mortgage guidelines and requirements. We will explain the key points of the FHA manual underwriting mortgage lending guidelines and the importance of compensating factors. FHA and VA loans are the only two home mortgage programs that allow manual underwrite. FHA manual underwriting mortgage guidelines require timely…

Fannie Mae Chapter 13 Guidelines
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Fannie Mae Chapter 13 Guidelines On Conventional Loans

ByGustan Cho Posted on

After experiencing financial difficulties, it can be overwhelming to navigate the intricacies of mortgage lending. The process can be complex and confusing, but it can be made easier with the right guidance and support. For those who have gone through Chapter 13 bankruptcy, it’s essential to comprehend how to reintegrate into the housing market. Fannie…

California FHA Loans
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California FHA Loans Versus Other Mortgage Options For Homebuyers

ByGustan Cho Posted on

California FHA loans are a preferred mortgage solution for various borrowers, including first-time homebuyers, individuals with poor credit, and those dealing with collections or charged-off accounts. They are also well-suited for recent college graduates needing more credit scores or credit history and borrowers with high debt-to-income ratios. Limited programs allow borrowers with a credit score…

DTI Manual Underwriting Guidelines
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DTI Manual Underwriting Guidelines on FHA and VA Loans

ByAlex Carlucci Posted on

The DTI Manual Underwriting Guidelines for FHA and VA loans are quite alike. Among home mortgage programs, only FHA and VA loans permit manual underwriting. There is common confusion regarding the distinctions between manual underwriting and files approved by an automated underwriting system (AUS). While manual and AUS-approved underwriting fundamentally serve the same purpose, manual…

FHA Mortgage Guidelines on Credit Disputes
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FHA Mortgage Guidelines on Credit Disputes

ByGustan Cho Posted on

This blog will discuss FHA mortgage guidelines on credit disputes during the mortgage process. In general, you cannot have credit disputes during the mortgage process. There are a few credit disputes exempt from removal. Gustan Cho Associates is an expert in working with borrowers who have credit disputes. The following sections will discuss the FHA…

Can I Buy a House in South Dakota With Poor Credit
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Can I Buy a House in South Dakota With Poor Credit

ByGustan Cho Posted on

In this blog, we’ll address the common inquiry: Can I buy a house in South Dakota with poor credit and low credit scores? Purchasing a home with less-than-ideal credit in South Dakota might feel daunting, with the buying process seeming nearly insurmountable. However, it’s worth noting that there are mortgage options tailored for individuals with…

Commercial Real Estate Purchase Using FHA Financing
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Commercial Real Estate Purchase Using FHA Financing

ByAlex Carlucci Posted on

In this blog, we will cover and discuss commercial real estate purchase using FHA financing. In the following paragraphs, we will give you tips on commercial real estate purchase using FHA financing. How can investors qualify for commercial real estate purchase using FHA financing? FHA financing is generally used for residential purchases and refinances. Residential…

FHA Loan With Recent Late Payments
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FHA Loan With Recent Late Payments in the Past 12 Months

ByGustan Cho Posted on

One of the most common inquiries we receive daily pertains to the eligibility for an FHA loan with recent late payments. It’s important to note that you can qualify for an FHA loan even if you have outstanding collections and charged-off accounts. Settling these accounts is not mandatory for approval; instead, securing an automated approval…

Mortgage Case Scenarios
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Mortgage Case Scenarios of Borrowers With Bad Credit

ByAlex Carlucci Posted on

This guide covers mortgage case scenarios of borrowers with bad credit and lower credit scores. If you have been following the blogs in Gustan Cho Associates for a while, you will understand that many of our clients have been turned down by their current lender. If you are reading our articles for the first time…

FHA Loan With Low Credit Scores
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FHA Loan With Low Credit Scores Mortgage Guidelines

ByGustan Cho Posted on

This article covers qualifying for an FHA loan with low credit scores mortgage guidelines for 2024. FHA loans are the best home loan program for homebuyers with low credit scores and a low down payment on a home purchase. Many homebuyers, especially first-time homebuyers, do not realize they can qualify for an FHA loan with…

HUD DACA Mortgage Guidelines
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HUD DACA Mortgage Guidelines For DREAMERS on FHA Loans

ByPeter Arcuri Posted on

This article will cover HUD DACA mortgage guidelines on FHA loans for DREAMERS. Gustan Cho Associates have some good news surrounding FHA mortgage lending. The Federal Housing Administration (FHA) has recently added “dreamers” to the list of acceptable borrowers for all FHA mortgage products. This is a big step.  This news means roughly 640,000 people…

Mortgage Guidelines on Late Payments
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Mortgage Guidelines on Late Payments

ByAlex Carlucci Posted on

This blog will discuss the mortgage guidelines on late payments in the past 12 months. Borrowers can qualify for home loans with bad credit, prior bankruptcy, foreclosures, and outstanding collections. However, mortgage guidelines on late payments normally require timely payments in the past 12 months. FHA and non-QM loans are the best mortgage options for…

FHA Loan After Chapter 13 Bankruptcy in North Dakota
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FHA Loan After Chapter 13 Bankruptcy in North Dakota

ByGustan Cho Posted on

In this blog, we will discuss and cover the mortgage guidelines for getting qualified and approved for an FHA loan after Chapter 13 Bankruptcy in North Dakota. Gustan Cho Associates is a mortgage broker licensed in 48 states and is licensed in North Dakota. Bankruptcy is a fairly common legal option when one’s liabilities exceed…

Bankruptcy Manual Underwriting Guidelines
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Bankruptcy Manual Underwriting Guidelines on FHA and VA Loans

ByGustan Cho Posted on

The bankruptcy manual underwriting guidelines on FHA and VA loans are covered in this guide, which focuses on the exclusive mortgage programs that permit manual underwriting. Manual underwriting occurs when a borrower fails to receive an approve/eligible status via the automated underwriting system and necessitates human underwriter assessment. Dale Elenteny is a loan officer at…

North Carolina FHA Lenders For Bad Credit
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North Carolina FHA Lenders For Bad Credit with No Overlays

ByGustan Cho Posted on

In this blog post, we’ll discuss qualifying for FHA loans with top North Carolina FHA lenders for bad credit. It’s important to note that not all North Carolina FHA lenders have identical loan criteria. First-time homebuyers with lower credit scores or lacking credit history may be rejected by one lender but approved by another lender…

Home Loan With Bad Credit Texas
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How To Get Approved For Home Loan With Bad Credit Texas

ByMike Gracz Posted on

This article explores the various mortgage options available to homebuyers seeking approval for a home loan with bad credit Texas. Despite lower credit scores, mortgage applicants can still qualify for and be approved for a home loan. However, the crucial factor in obtaining approval for a mortgage with bad credit and lower credit scores is…

Rebuilding Credit During Chapter 13 Bankruptcy
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Rebuilding Credit During Chapter 13 Bankruptcy For a Mortgage

ByGustan Cho Posted on

This guide covers rebuilding credit during Chapter 13 Bankruptcy repayment plan. Rebuilding credit during Chapter 13 Bankruptcy is highly recommended for those who want to purchase or refinance their current home. Consumers do not have to wait until Chapter 13 Bankruptcy has been discharged to re-establish their credit. To qualify for a mortgage with an…

FHA Waiting Period After Bankruptcy and Foreclosure
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FHA Waiting Period After Bankruptcy and Foreclosure

ByGustan Cho Posted on

This article will discuss the FHA Waiting Period After Bankruptcy and Foreclosure. The FHA mandates waiting periods after bankruptcy, foreclosure, and short sales for loan qualification. HUD guidelines specify these waiting periods. FHA loans target individuals with low to moderate incomes, aiding first-time homebuyers with limited credit or financial history. Dale Elenteny, a senior loan…

Refinancing NON-QM Loans to Traditional Mortgages
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Refinancing NON-QM Loans To Traditional Mortgages

ByGustan Cho Posted on

In this blog, we will discuss and cover refinancing non-QM loans to government and conventional mortgages. Refinancing NON-QM loans to government or conventional loans is possible after the initial home mortgage closing. This only holds true if the deal makes sense. Homebuyers who initially closed on their home loan with a non-QM loan at a…