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ByGustan Cho
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In this blog, we will discuss and cover Past Due Versus Collection And Charge Off Accounts when qualifying and getting pre-approved for a mortgage loan. FHA loans are the most popular mortgage loan programs today for first-time home buyers. What is the Difference Between Charge-Off and Collections? Charge-off and collections are distinct stages in the…
ByRonda Butts
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Qualifying for a conventional loan after foreclosure presents more challenges than government loans. However, homebuyers can qualify for a conventional loan after experiencing foreclosure and bankruptcy. There are specific waiting period requirements that must be met. To qualify for a conventional loan post-foreclosure, borrowers must have a minimum credit score 620. Additionally, debt-to-income ratios can…
ByGustan Cho
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In this blog, we will cover and discuss how to refinance into FHA 203k loan from an existing home mortgage. Homeowners who are in need of either basic rehab or need to do a full-blown renovation project on their homes can refinance into FHA 203k loan. This holds true even if they do not have…
ByGustan Cho
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In this blog, we will cover and discuss what is DU automated approval on the automated underwriting system. A sound mortgage loan approval? My Loan Officer told me I had a DU Automated Approval, what is that? There are two types of automated underwriting system approvals. Fannie Mae Desktop Underwriter also referred to as DU…
ByGustan Cho
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In this blog, we will cover and discuss FHA guidelines on late payments after bankruptcy. Borrowers are often confused with FHA guidelines on late payments after bankruptcy due to being turned down for an FHA Loan if they have late payments after bankruptcy. Recent late payments in the past 12 months are not good. You can…
ByGustan Cho
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HUD, the parent of FHA, does not require you to pay off the outstanding unpaid collection account balances in order to qualify for FHA Home Loans. However, FHA will count a percentage of any outstanding non-medical collection account balances.
ByGustan Cho
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In this blog, we will cover FHA guidelines on mortgage after loan modification. FHA Guidelines on Mortgage After Loan Modification for new home buyers require a one-year mandatory waiting period. HUD, the parent of FHA, is the giant federal agency that administers FHA guidelines on mortgage after loan modification. Per Alex, of Gustan Cho Associates,…
ByDale Elenteny
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In this blog, we will cover and discuss how homebuyers can qualify for a mortgage with new lenders after having a mortgage denied for late payments in Missouri after being pre-approved by a loan officer. Late payments in the past 12 months are very serious. Many borrowers will get a mortgage denied for late payments…
ByGustan Cho
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This guide covers the frequently asked question how do I qualify for a mortgage loan and get approved. Mortgage lenders do not just lend a home loan to anyone. Lenders need to make sure borrowers qualify not just in making their making their new mortgage payments but borrowers need to qualify and meet minimum mortgage…
ByAlex Carlucci
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In this blog, we will discuss and cover high-cost guidelines on government and conventional loans. Some states have high-cost rules. What is high-cost? High-cost is that the total fees and costs in obtaining a residential mortgage loan cannot exceed 5% of the mortgage loan amount. Fees that are calculated in high cost include upfront mortgage…
ByRonda Butts
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This article will cover and discuss when mortgage lenders require two appraisals. In general, only one appraisal is required—however, there are cases where lenders require two appraisals. Two appraisals are required because the lender does not feel comfortable with the security of the property. Lenders are not real estate investors. They have no interest in…
ByGustan Cho
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This guide covers late payments after Chapter 13 bankruptcy mortgage guidelines. Mortgage lenders do not want to see any late payments after Chapter 13 bankruptcy from mortgage loan applicants. Homebuyers can qualify for an FHA loan after Chapter 13 bankruptcy. There is no waiting period to qualify for VA or FHA loans after the Chapter…
ByGustan Cho
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This guide covers saving money on mortgage on home purchase and refinance loans. A home purchase is a very happy and exciting time for homebuyers. Saving money on mortgage is the last concern buyers may have on their minds. However, mortgage borrowers do want to avoid home buyer mistakes and avoid future regrets. There are several…
ByDale Elenteny
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In this article, we will cover and discuss finding the best mortgage lenders for bad credit in Arkansas to qualify for a home loan as first-time homebuyers with bad credit. Arkansas is one of the most sought-after migration spots in the country due to affordable housing prices. Tens of thousands of people and businesses from…
ByGustan Cho
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FHA Spot Loans enables condo buyers to purchase a condo unit in a non-HUD-Approved Condo Complex with an FHA loan.
ByGustan Cho
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In this blog, we will cover and discuss using FHA loans to purchase home and eligibility requirements. Using FHA loans to purchase home is very popular among first time home buyers and buyers with less than perfect credit. Using FHA Loans to purchase home only requires a 3.5% down payment. HUD, the parent of FHA,…
ByGustan Cho
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This guide covers bad credit mortgage guidelines on home purchase and refinance. Mortgage borrowers can qualify for home loans with bad credit per bad credit mortgage guidelines. FHA loans are the most popular mortgage loans for borrowers with bad credit and low credit scors. FHA loans can have fixed-rate or adjustable-rate mortgage (ARM) options, with…
ByGustan Cho
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In this article, we’ll explore the process of Qualifying For FHA Loan During Chapter 13 Bankruptcy. Homebuyers can secure an FHA loan even during their Chapter 13 Bankruptcy repayment plan before the discharge of the bankruptcy. After completing one year into the repayment period, individuals may become eligible for an FHA loan, whether seeking to…
ByDale Elenteny
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In this blog, we will cover the debt collection laws in community property states and qualifying for a home mortgage. Debt Collection Laws In Community Property States do not make each person liable for each other’s debt. For example, if a spouse in a community property state were to rack up credit card debts, the…
ByGustan Cho
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HUD, the parent of FHA, has increased FHA loan limits in Chicago for six consecutive years due to rising home prices. HUD has again increased FHA loan limits. Here are the updated FHA loan limits for 2024. FHA loan limits in Chicago and surrounding areas have been increased to $492,257 in non-high-cost areas for single-family…
ByGustan Cho
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This blog will cover the FHA Total Scorecard and how it works. The United States Department of Housing and Urban Development (HUD) FHA TOTAL Scorecard enables mortgage underwriters to analyze and evaluate mortgage borrowers’ overall credit/income worthiness and instant automated eligibility or denial by FHA. Borrowers who want to qualify for FHA loans need to…
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