Home Loan Bad Credit Tennessee With No Lender Overlays

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Home Loan Bad Credit Tennessee With No Lender Overlays

This ARTICLE On Home Loan Bad Credit Tennessee With No Lender Overlays Was PUBLISHED On September 19th, 2019

what are Home Loan Bad Credit Tennessee With No Lender Overlays

Tennessee is one of the most popular states home buyers are relocating to.

In this article, we will cover qualifying for a Home Loan Bad Credit Tennessee With No Lender Overlays.

Setting Up Residence In Tennessee

what is this Setting Up Residence In Tennessee

There are many states like New York where taxes keep rising.

  • New York has lost tens of thousands of residents due to high property taxes
  • Besides high property taxes, New York has high sales taxes and other taxes
  • Many New Yorkers can no longer afford to live in the state due to the high cost of living
  • Many New Yorkers are fleeing to lower-taxed states like Tennessee, Alabama, North Carolina, Georgia, Florida, Texas, Kentucky, Mississippi, Michigan, Ohio, and other states
  • Tennessee leads in the number of new taxpayers relocating
  • Home prices are creeping up throughout the whole state of Tennessee due to its low cost of living, reasonable home prices, and low property taxes

Median home prices in Tennessee is $294,500 which is substantially below the FHA Loan Limit of $314,827.

Qualifying For Mortgage With Less Than Perfect Credit

How Qualifying For Mortgage With Less Than Perfect Credit

Over 75% of our borrowers at Gustan Cho Associates are folks who either could not qualify for a mortgage at other lenders due to lender overlays.

  • Overlays are additional mortgage guidelines imposed by individual lenders
  • All borrowers need to meet the minimum agency mortgage guidelines
  • However, lenders can have higher lending requirements than those of FHA, VA, USDA, Fannie Mae, Freddie Mac
  • Gustan Cho Associates Mortgage Group is one of the very few national lenders with no lender overlays on government and conventional loans
  • As long as the borrower can get an approve/eligible per AUS and can meet the conditions, we will not just close the loan but will close it on time
  • A large percentage of our borrowers are folks who are leaving their current state and moving to a lower-taxed state like Tennessee

Our team of experienced loan originators can help you qualify for a mortgage if you are relocating to another state. We accept employment offer letters. Remote workers have no problem in qualifying for a mortgage in another state.

General Mortgage Guidelines

What are General Mortgage Guidelines

Borrowers do not have to pay outstanding collections and/or charged-off accounts to qualify for mortgage loans on owner-occupant properties. Here are the general agency mortgage guidelines to qualify for primary residence home loans:

  • FHA requires 3.5% down payment with a minimum of 580 FICO
  • Borrowers can qualify for FHA Loans with under 580 and down to 500 FICO with 10% down payment
  • VA does not require a minimum credit score requirement
  • VA and USDA does not require any down payment on home purchases
  • There is a two-year waiting period to qualify for VA and FHA Loans after Chapter 7 Bankruptcy
  • There is a three-year waiting period to qualify for USDA Loans after Chapter 7 Bankruptcy
  • There is a two-year waiting period to qualify for VA Loans after foreclosure, deed in lieu of foreclosure, short-sale
  • There is a three-year waiting period to qualify for FHA and USDA Loans after foreclosure, deed in lieu of foreclosure, short-sale
  • Borrowers can qualify for FHA and VA Loans during Chapter 13 Bankruptcy repayment plan with Trustee Approval
  • There is no waiting period requirement after Chapter 13 Bankruptcy discharged date to qualify for VA and FHA Loans
  • There is a four-year waiting period to qualify for Conventional Loans after Chapter 7 Bankruptcy, deed in lieu of foreclosure, short-sale
  • The waiting period is seven years to qualify for conventional loans after a foreclosure
  • There is a four-year waiting period after Chapter 13 dismissal date on conventional loans
  • There is a two-year waiting period after Chapter 13 discharged date on conventional loans

Gustan Cho Associates offers Non-QM Loans. There is no waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short-sale on Non-QM Mortgages.

Qualifying For Home Loan Bad Credit Tennessee With A Direct Lender With No Lender Overlays

How Qualifying For Home Loan Bad Credit Tennessee With A Direct Lender With No Lender Overlays

For more information about this article or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. We have no overlays on government and conventional loans and are experts in Non-QM Mortgages.

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