Home Loan Bad Credit Mississippi With No Lender Overlays

This article is about Home Loan Bad Credit Mississippi With No Lender Overlays:

In this article, we will discuss the following topics:

  • The skyrocketing housing cost of the Mississippi housing market
  • Agency versus lender overlays on government and conventional loans
  • The reason why over 75% of our borrowers are denied at other lenders

Gustan Cho Associates is a lender with no lender overlays on government and conventional loans.

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Gustan Cho Associates Have A National Reputation of Not Having Lender Overlays

Not Having Lender Overlays

We are experts in originating and funding home loan bad credit in Mississippi.

Over 75% of our borrowers are folks who could not qualify at other lenders due to their lender overlays. GCA Mortgage Group has zero overlays on FHA, VA, USDA, Conventional Loans. We are also experts in originating and funding alternative loan programs such as non-QM, banks. statement loans, and asset-depletion loan programs.

Gustan Cho Associates are also experts in Jumbo Home Loan Bad Credit Mississippi. We offer non-traditional non-QM jumbo mortgages with credit scores down to 500 FICO in. Mississippi and 16 other states.

Gustan Cho Associates Mortgage Group is one of the very few national lenders offering 95% LTV Jumbo Mortgages with no private mortgage insurance.

Mississippi Housing Market

Mississippi Housing Market is very solid. More home buyers are relocating to Mississippi than any other state.

This is due to affordable housing, great climate, growing economy, and low cost of living. Unlike other states like New York, California, Massachusetts, and Connecticut, Mississippi’s population has been growing in the past 5 years.

Many New Yorkers are leaving New York to other states with lower taxes. New York lost over 1.4 million residents in the past 10 years.

During the same time period, California lost over 1.1 million residents.

What Experts Say About Mississippi Housing Market

According to Massimo Ressa, Chief Executive Officer of Gustan Cho Associates:

The home building industry has been steady in Mississippi. It is not like the Texas or Dallas market, but our building has been steady. The $200,000 homes, Mississippi home builders can’t build enough of them if you can even build them for $200,000. Smaller homes are in demand. The larger the home is, the more days the house is going to sit on the market. The upside of this is because our pricing on houses is average, not really high like California or other areas. If there is ever a downturn in the market, Mississippi won’t feel the effect as much. We do have a shortage with our starter homes. But, again, you can’t build a $200,000 home in other areas. In California, it might be twice that much for the same home. It is very expensive to live in California. New York is another place the cost of housing is high. Mississippi homeowners are fortunate to live in a state where the housing is more affordable. Homebuyers are looking for amenities and not necessarily square footage. Also, buyers are looking for homes in areas close to community conveniences. Realtors encourage home buyers to search the public websites BuyInMississippi.com and Realtor.com where the active listing information is current and accurate.

CEO Massimo Ressa did not waste any time getting licensed in Mississippi due to its huge potential. Mr. Ressa is the Chief Executive Officer and Gustan Cho Associates (the national consumer direct division of Loan Cabin). Loan Cabin is the fastest growing national lender with no overlays in the U.S.

Lender Overlays Versus Agency Guidelines

Lender Overlays and Agency Guidelines

All lenders need to follow agency guidelines mandated by FHA, VA, USDA, Fannie Mae, Freddie Mac. However, lenders are allowed to have lender overlays. Mortgage lender overlays are additional lending guidelines implemented by individual lenders. This is why every lender has different FHA, VA, USDA, Conventional Loan requirements.

For example, to qualify for a 3.5% down payment FHA Loans, HUD (the parent of FHA) requires 580 FICO. However, banks often require a 640 credit score even though HUD’s minimum requirement is 580. These higher credit score requirements are called lender overlays.

The great news is that Gustan Cho Associates has no overlays on FHA, VA, USDA, Conventional Loans. Due to being a direct lender with no overlays, Gustan Cho Associates at Loan Cabin Inc. is the fastest growing lender in the Great State of Mississippi. Contact us at 262-716-8151 or text us for a faster response to qualify. Or email us at [email protected] Gustan Cho Associates is available 7 days a week.

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