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ByGustan Cho
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VA Loans with High Debt-to-Income Ratio: A 2024 Guide for Veterans Are you a Veteran worried about your high debt-to-income ratio holding you back from a VA loan? Here’s the good news: VA loans offer some of the most flexible options, even if your debt-to-income ratio (DTI) is on the high side. In this guide,…
ByGustan Cho
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How Underwriters Calculate Debt-to-Income Ratio (DTI) – 2024 Guide When it comes to buying a home, there are a few numbers that can make or break your mortgage application. One of the biggest? Your debt-to-income ratio (DTI). Understanding how underwriters calculate DTI can help you better prepare for mortgage approval, increase your chances of getting…
ByGustan Cho
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Understanding HUD DTI Guidelines for FHA Loans in 2024: How to Qualify for a Purchase or Refinance When you’re considering buying a home or refinancing, one term you’ll often hear is the DTI—or Debt-to-Income Ratio. If you’re considering obtaining an FHA loan supported by the Federal Housing Administration (FHA) under the supervision of HUD (U.S….
ByGustan Cho
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Excluding Debts from DTI Calculations in 2024: How You Can Qualify for a Mortgage with High Debt-to-Income Ratios One of the biggest challenges homebuyers face when trying to qualify for a mortgage is a high debt-to-income (DTI) ratio. If you’ve ever been told your DTI is too high to qualify for a loan, you’re not…
ByGustan Cho
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Maximum Debt-To-Income Ratios for AUS Approval: What You Need to Know in 2024 When applying for a mortgage, your debt-to-income (DTI) ratio is a major consideration for lenders. But what exactly is a DTI ratio, and why is it so important? If you’re wondering how to make sure your DTI ratio falls within the guidelines…
ByAnngelli Abenes
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This guide covers all about Debt-To-Income Ratio for Conventional Loan: Your 2024 Guide to Homeownership with conventional loans: Are you wondering if you can qualify for a conventional loan to buy a home or refinance your current mortgage? Lenders take into account your debt-to-income ratio (DTI) as one of the crucial factors. This guide on…
ByGustan Cho
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Understanding Exempt Debts of Co-Signed Loans in 2024: A Guide for Homebuyers Co-signing a loan can feel like helping a friend or family member take a big step toward their dreams, whether it’s buying a car or a home. But what happens when you’re the co-signer? And it’s time to purchase your own home? One…
ByAnngelli Abenes
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FHA Guidelines on Student Loans: Your Path to Homeownership in 2024 Student loans are a significant part of life for many Americans, especially millennials, who are now the largest group of first-time homebuyers. The challenge? Balancing student loan debt with the dream of owning a home. This guide will break down the FHA guidelines on…
ByAnngelli Abenes
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First-time homebuyers, especially, may be easily overwhelmed by the complexities of purchasing a home. One of the most critical aspects of obtaining a mortgage is grasping the Debt-to-Income (DTI) ratio, for which FHA loans are particularly crucial. For approval or eligibility per AUS (Automated Underwriting System), these FHA DTI Guidelines are important. In this guide,…
ByGustan Cho
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This guide covers paying down credit cards during mortgage process due to high debt-to-income ratios. Debt-to-income ratios are one of the most important factors in the mortgage approval process. Paying down credit cards during mortgage process should be done if possible. High DTI borrowers should pay off all higher credit card balances before starting the…
ByGustan Cho
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In this blog, we will discuss and cover bad credit mortgage lenders in Rhode Island for borrowers with bad credit and credit scores down to 500 FICO. Not all lenders in Rhode Island are the same. They may have the same loan programs but different guidelines. Many Rhode Island homebuyers with bad credit apply for…
ByAnngelli Abenes
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There are certain debts that can be exempt from debt to income ratio calculations on conventional loans.
ByAnngelli Abenes
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This article will explore how student and car loans affect DTI (Debt-to-Income) mortgage ratios. Auto loans are typically the second-largest monthly payment for consumers after their mortgage. Student and auto loans are the two most significant monthly debts that impact DTI ratios when borrowers qualify for a mortgage. Auto loan payments can sometimes be equivalent…
ByGustan Cho
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This Article Is About Non-Occupied Co-Borrower Can Be Added To Borrower With High DTI A large percentage of mortgage borrowers consult with Gustan Cho Associates Mortgage Group due to having higher debt-to-income ratios. Most mortgage lenders have lender overlays on debt to income ratios. Lender Overlays are mortgage guid+++elines that are above and beyond federal…
BySapna Sharma
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All mortgage loan programs require a maximum front debt-income ratio and back debt to income ratio. However, conventional loans do not require a front debt to income ratio. VA loans do not have a debt to income ratio requirements. Lenders can have lender over lender overlays on debt to income ratios.
ByAnngelli Abenes
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Gustan Cho Associates has no lender overlays on debt to income ratio on government and conventional loans. We just go off the agency caps on debt to income ratio no government and conventional loans.
ByGustan Cho
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This guide covers excluding debts from co-signed loans to qualify for mortgage loans. Mortgage borrowers who are co-signers on debts often have a hard time qualifying for mortgage loans because the monthly payments of the main borrower are included in the calculations of their debt-to-income ratios. John Strange, a senior loan officer at Gustan Cho…
ByAlex Carlucci
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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…
ByGustan Cho
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This guide covers DTI calculations in community property states mortgage guidelines. DTI calculations in community property states are calculated differently than non-community property states. The spouse, even though they are not on the mortgage note, is taken into consideration. Community property states require that the debts of the spouse are also the responsibilities of both…
ByAlex Carlucci
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This guide cover the struggle of car loans during the mortgage process. Looking to buy a new car? Like most of us, you’ll need financing, so, which is more beneficial, getting a loan from your local bank or your dealer? Eighty percent of loans are arranged by the dealers and for good reason. The obvious…
ByGustan Cho
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This guide covers remote wage-earner mortgage guidelines on home loans. Remote Wage-Earner Mortgage Guidelines On Home Loans allow borrowers who work at home to qualify for mortgages. It is possible for wage-earners to be employed as remote location employees. This holds true even though the nearest brick and mortgage office is hundreds of miles away…
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