In this guide, we will cover why GCA approves when others can’t. Gustan Cho Associates has a national reputation for being able to approve mortgage borrowers with less-than-perfect credit when other lenders cannot. Over 80% of our clients at Gustan Cho Associates are borrowers who either got a last-minute mortgage loan denial or could not qualify at other mortgage lenders due to overlays or because the lender could not offer the mortgage loan option suited for the borrower. Gustan Cho Associates (Gustan Cho Associates Mortgage Group) is a mortgage company licensed in multiple states with no lender overlays on government and conventional loans.
Gustan Cho Associates has a national reputation for being a one-stop mortgage shop. This is because over 80% of our borrowers at Gustan Cho Associates are folks who could not qualify at other lenders due to that lender’s overlays. All lenders need to have their borrowers meet the minimum agency mortgage guidelines of HUD, VA, USDA, Fannie Mae, and Freddie Mac. However, lenders can have higher lending standards that are above and beyond FHA, VA, USDA, Fannie Mae, and Freddie Mac.
Another reason Gustan Cho Associates Approves When Others Can’t is that we offer dozens of non-QM and alternative mortgage loan programs. Most residential mortgage lenders only offer government and conventional loans. How about if a borrower cannot qualify for a government and/or conventional loan?
Non-QM and Alternative Financing Mortgage Loan Options
The housing market is booming and prices are skyrocketing. If a homebuyer has bankruptcy and/or foreclosure and does not meet the waiting period requirement, do these buyers need to be on the sidelines until the waiting period has been met?
Gustan Cho Associates has dozens of non-QM and alternative mortgage loan programs. Some of our non-QM loan programs include non-QM mortgages one day out of bankruptcy and foreclosure, bank statement mortgages, asset-depletion loans, fix and flip loans, P and L stated income mortgages, and dozens of other loan programs not offered at traditional mortgage lenders.
Gustan Cho Associates are mortgage advisors licensed in 48 states, including Washington, DC, Puerto Rico, and the United States Virgin Islands with a lending network of 210 wholesale mortgage lenders. There are no loan programs that Gustan Cho Associates does not have for primary homes, second homes, and investment properties.
Gustan Cho Associates Approves When Others Can’t: The Importance Of Not Having Any Lender Overlays
These higher lending standards by lenders are often referred to as lender overlays. Not all lenders have the same type of lender overlays. Some lenders have higher lending overlays than other lenders. Gustan Cho Associates has a national reputation for being able to approve and close home loans where other lenders cannot due to its no-lender overlays platform on government and conventional loans.
Gustan Cho Associates can approve and close FHA loans down to a 500 credit score. This holds true as long as the borrower can get approve/eligible per the automated underwriting system.
Many lenders will not approve borrowers with under 580 credit scores even though the borrower has an approve/eligible per AUS and qualifies for an FHA loan. This is because they have their own lender overlays on not taking lower credit score borrowers on FHA loans. Mortgage companies are allowed to have lender overlays on just about anything and everything. It is totally legal for lenders to have higher lending standards (lender overlays). Just because a borrower does not qualify for an FHA loan at one lender does not mean they cannot qualify at a different lender.
GCA Approves When Others Can’t Due To Lender Overlays on VA Loans
Another example of common lender overlays by most mortgage companies is lender overlays on VA loans. There are no minimum credit score requirements on VA loans. However, most lenders will require a 620 FICO or higher on VA loans due to their lender overlays. Gustan Cho Associates has no lender overlays on VA mortgages
Gustan Cho Associates has no minimum credit score requirements or maximum debt-to-income ratio cap on VA loans. We have approved countless VA loans with 500 credit scores for borrowers who got an approve/eligible per AUS. The Veterans Administration does not have any maximum debt-to-income ratio caps on VA loans with an approve/eligible per AUS. There is no maximum loan limit on VA loans.
Gustan Cho Associates has zero lender overlays on VA loans as well as other government and conventional loans. At Gustan Cho Associates, as long as you get approve/eligible per AUS on a VA loan, Gustan Cho Associates will approve and close your mortgage loan.
Lender Overlays on VA and FHA Loans During Chapter 13 Bankruptcy Repayment Plan
Gustan Cho Associates can approve FHA and VA loans for borrowers who are in the Chapter 13 Bankruptcy repayment plans without the bankruptcy being discharged. Borrowers need to be in the Chapter 13 Bankruptcy repayment plan for at least 12 months to be eligible. Timely payments to the trustee for the past 12 months and trustee approval are required
All FHA loans during the Chapter 13 Bankruptcy repayment plan need to be manually underwritten. The team at Gustan Cho Associates Mortgage Group are experts in manual underwriting on FHA and VA loans.
FHA and VA loans are the only two mortgage loan programs that allow manual underwriting. There is no waiting period after the Chapter 13 Bankruptcy discharge date. Chapter 13 Bankruptcy discharge that has not been seasoned for two years needs to be manually underwritten. Borrowers with late payments after bankruptcy and/or foreclosure can qualify for a mortgage at Gustan Cho Associates. This holds true as long as they get automated approval per AUS.
GCA Approves When Others Can’t on Non-QM Loans
Besides having a national reputation of not having any lender overlays on government and conventional loans, Gustan Cho Associates is nationally known for being a one-stop mortgage shop. Most mortgage lenders only offer government and conventional loans.
Gustan Cho Associates does more volume on non-QM and alternative mortgage loans than government and/or conventional loans. This holds true even though we have zero lender overlays on FHA, VA, USDA, and Conventional loans.
There is no other mortgage company than Gustan Cho Associates that offers such a wide variety of different non-QM and alternative mortgage loan programs for owner-occupant homes, second homes, and investment properties.
Non-QM Loans One Day Out of Bankruptcy and Foreclosure
Gustan Cho Associates offers non-QM loans one day out of bankruptcy and/or foreclosure. Gustan Cho Associates also offers bank statement loans for self-employed borrowers with no income tax required. Gustan Cho Associates offers 90% LTV bank statement loans for self-employed borrowers with no maximum loan limit and no private mortgage insurance required.
Other popular non-QM loan programs include ITIN loan programs and financing for foreign nationals. Gustan Cho Associates has a wide variety of loan programs on investment properties for real estate investors such as fix and flip mortgages, asset depletion, no-income rental loans, and blanket lines of credit on investment properties.
To learn more about our wide variety of mortgage loan programs at Gustan Cho Associates, please contact us at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays.
