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ByGustan Cho
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This guide covers understanding FHA mortgage rates on purchase and refinance transactions. FHA loans are the most popular mortgage program in the United States. More and more homebuyers use FHA mortgages to purchase their homes. This especially holds true for first-time homebuyers and borrowers with less than perfect credit. HUD, the parent of the Federal…
ByGustan Cho
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This guide covers the frequently asked question do I have to pay collections for FHA loan approval. We will discuss the topic of do I have to pay collections for FHA loan approval. A large percentage of our borrowers are folks who were turned down by other mortgage companies because they had outstanding collection accounts…
ByGustan Cho
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In this blog, we will discuss and cover shopping for mortgage with poor credit and low credit scores. Shopping for a mortgage is somewhat different than shopping for other goods and services. Home Buyers are limited when Shopping For Mortgage With Poor Credit and lower credit scores. Buyers with higher credit scores have advantages over…
ByGustan Cho
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This guide cover the FHA guidelines during vs after Chapter 13 Bankruptcy on FHA loans. VA and FHA guidelines during vs after Chapter 13 Bankruptcy is similar. You are eligible to qualify for a VA or FHA loan during Chapter 13 Bankruptcy one year after filing the Chapter 13 Bankruptcy. The major difference between VA…
ByAlex Carlucci
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This guide covers approved mortgage after short sale in Chicago FAQ and answers. Ronda Butts covers getting approved for a mortgage after short sales in Chicago. Interview with Jeff Wolff, President of Illinois Distressed Property Solutions. Jeff has been in the business for over 15 years. He negotiated hundreds of short sales with multiple lenders….
ByGustan Cho
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This guide covers FHA facts versus fiction of qualifying for FHA loans. The U.S. Department of Housing Administration (HUD) is the parent federal agency of the Federal Housing Administration (FHA). FHA is not a lender. The role of the Federal Housing Administration is to insure FHA Loans originated and funded by private mortgage companies against…
ByGustan Cho
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This guide covers the mortgage loan programs for homebuyers. There are several types of mortgage loan programs. The mortgage process can be quite complex and confusing due to the many different types of mortgage loan programs and the countless regulations and the constant changes in mortgage regulations. Not all borrowers will qualify for a particular…
ByGustan Cho
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There’s a common misconception that only those with excellent credit scores can secure a conventional loan, while FHA loans are reserved for borrowers with poorer credit. However, this belief needs to be revised. Both conventional and FHA loans operate under distinct lending guidelines. Credit history, including past issues like bankruptcy or foreclosure, doesn’t directly affect…
ByGustan Cho
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This article will discuss and cover refinancing during Chapter Bankruptcy repayment plans on FHA and VA loans. FHA and VA loans are the only two mortgage loan programs that allow borrowers refinancing during Chapter 13 Bankruptcy repayment plan. Chapter 13 Bankruptcy can be active and must not be discharged. VA and FHA refinancing during Chapter…
ByGustan Cho
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This guide covers FHA versus conforming loan limits on home purchase and refinance transactions. FHA versus conforming loan limits on home purchase can often become confusing because the maximum loan limit is always higher on conventional loans versus FHA loans: New FHA and conforming loan limits become effective in the begining of every year. FHA…
ByAnngelli Abenes
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FHA Work History Guidelines: Can You Qualify with Gaps in Employment? If you’ve been dreaming of owning a home but worry about your work history, you’re not alone. Many borrowers are in the same boat, wondering if gaps in employment or multiple jobs could hurt their chances of getting approved for a mortgage. The good…
ByGustan Cho
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In this blog, we will cover and discuss how to buy and sella house while in Chapter 13 Bankruptcy. Borrowers can buy and sell a house while in Chapter 13 bankruptcy without the Chapter 13 Bankruptcy being discharged. Borrowers would need trustee approval which is normally never a problem. Chapter 13 Bankruptcy repayment is generally…
ByGustan Cho
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This guide covers the different types of residential lending for homebuyers with bad credit out in todays marketplace for owner-occupant home, second homes, and investment properties. Most folks will need to know with types of residential lending when shopping for a homeThere are many types of residential lending when it comes to home mortgages, Home…
ByGustan Cho
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This guide deep dives into the significance of the FHA and VA Amendatory Clause. We will explore the implications of these clauses for borrowers and underscore their crucial role in the loan process. It’s essential to note that HUD, the overseeing entity of FHA and VA, does not originate or fund loans. Instead, these government…
ByAnngelli Abenes
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HUD oversees the Federal Housing Administration (FHA) and helps homebuyers in buying a home in Tennessee with bad credit and low FICO. The most recommended loan programs for those interested in buying a home in Tennessee with poor credit and diminished credit scores are government and conventional loans. This preference arises from FHA, VA, USDA,…
ByDale Elenteny
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In this article, we will discuss and cover the FHA credit guidelines on how to get qualified for an FHA loan.. This will include how to get an approve/eligible per automated underwriting system and what credit guidelines are required on manual underwriting. we will cover the newest updates on recent late payments in the last…
ByGustan Cho
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In this article, we will cover and discuss getting approved by the best mortgage lenders for bad credit in Hawaii in 2024 with low rates, wide variety of prime and non-QM loans, and lowest rates. Hawaii has one of the highest home prices in the United States. Home prices in Hawaii rank among the highest…
ByGustan Cho
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In this article, we will cover and discuss the frequently asked question can I qualify for FHA loan with tax lien. The answer to can I qualify for FHA loan with tax lien is yes under certain circumstances. You can qualify for FHA loan with tax lien only if you have a written payment agreement…
ByGustan Cho
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In this article, we will discuss and cover manual underwriting during Chapter 13 mortgage process. Homebuyers can qualify for an FHA loan or VA loan while in an active Chapter 13 Bankruptcy repayment plan via manual underwriting. Manual underwriting is only allowed on FHA and VA loans. No other loan program permits manual underwriting. There…
ByGustan Cho
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This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is can I qualify and get approved for multiple FHA loans at the same time. FHA loans are for owner-occupant primary homes. A homeowner can live in one property. There are…
ByGustan Cho
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This guide will delve into the major changes in FHA guidelines, specifically the HUD 4000.1 Handbook, which may have implications for individuals applying for FHA loans. Major changes in FHA guidelines have been in place for two consecutive years, as stipulated in the updated HUD 4000.1 Handbook. Homebuyers, homeowners, realtors, and third-party mortgage and real…
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