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ByGustan Cho
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Many homebuyers have substantial value on their 401k. They can use up to 60% of the value of their 401k for their down payment and/or closing costs on their home purchase. The amount used from their 401k is not used for their debt to income ratio calculations.
ByGustan Cho
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This blog aims to explore the difference between correspondent lending and mortgage brokers. A common inquiry we receive regularly pertains to the lender type offering the most favorable rates. The response is straightforward: correspondent lenders aren’t mandated to reveal the yield spread premium in the closing disclosure, and there’s no upper limit on this premium…
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.
ByGustan Cho
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The Federal Housing Administration (FHA), a segment of the United States Department of Housing and Urban Development, was established in 1934. Its primary mission is to foster homeownership among Americans, particularly those with moderate incomes, less-than-perfect credit, and minimal down payments. The FHA plays a vital role not as a lender but as a government-sponsored…
BySapna Sharma
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In this blog, we will cover ARM versus fixed-rate mortgages. ARM stands for an adjustable-rate mortgage. Adjustable-Rate Mortgage is when the mortgage interest rate of the loan is not fixed for the 30-year term; The mortgage interest rate is fixed for the initial rate period, which is normally three years, five years, seven years, or…
ByGustan Cho
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California FHA loans are a preferred mortgage solution for various borrowers, including first-time homebuyers, individuals with poor credit, and those dealing with collections or charged-off accounts. They are also well-suited for recent college graduates needing more credit scores or credit history and borrowers with high debt-to-income ratios. Limited programs allow borrowers with a credit score…
ByAlex Carlucci
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Lenders can offer 100% with no mortgage insurance at competitive low mortgage rates on VA loans due to the government guarantee against loss or foreclosure on VA loans. VA loans have no maximum debt-to-income ratio cap on VA loans.
ByAlaina Phillips
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There is no sign of any housing market crash, especially in Florida. Home prices are booming with no signs of any correction.
ByMike Gracz
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This article will tackle the Community Property States Mortgage Guidelines On DTI. Understanding marital property rights can be intricate, especially considering the varying legal frameworks across different states. Different states, including Texas, New Mexico, Louisiana, Wisconsin, California, Washington, Nevada, Idaho, and Arizona, may have varying ownership rules for assets acquired during a marriage. Unlike common…
ByGustan Cho
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This article will discuss buying home near railroad tracks and its negative impact on appreciation and resale value. No doubt buying home near railroad tracks has a lower market price compared to a comparable home. During a booming housing market, when there is a shortage of homes, some homebuyers may only have the choice of…
ByAlex Carlucci
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Transitioning from monthly to bi-weekly mortgage loan payments can be a strategic move for homeowners looking to expedite their mortgage payoff. Borrowers who choose bi-weekly payments make payments equal to half of their monthly payments every two weeks. This results in 26 half-payments or 13 full payments over a year. Making this additional payment can…
ByGustan Cho
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This blog will cover how mortgage underwriters look at credit report vs credit scores. Minimum credit scores are required to qualify for government and conventional loans. Here are the credit score requirements: HUD requires a minimum credit score of 580 for a 3.5% down payment on home purchases. HUD allows borrowers under 580 credit scores…
ByPeter Arcuri
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This article will cover HUD DACA mortgage guidelines on FHA loans for DREAMERS. Gustan Cho Associates have some good news surrounding FHA mortgage lending. The Federal Housing Administration (FHA) has recently added “dreamers” to the list of acceptable borrowers for all FHA mortgage products. This is a big step. This news means roughly 640,000 people…
ByGustan Cho
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This guide covers how qualified mortgages affect borrowers and lenders on residential loans. To avoid another 2008 financial crisis, Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act created qualified mortgages. Qualified mortgages are also referred to as QM. QM is a mortgage that needs to meet certain guidelines in order to protect…
ByMike Gracz
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Congrats on your new home purchase! We’ll guide you through the exciting process of Furnishing Your New Home Purchase Prior To Closing On Home Loan. From budgeting to creative tips, we’ll help you make your new home feel like home. Let’s discuss how to make the transition as smooth as possible. Furnishing Your New Home…
ByGustan Cho
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This blog will cover and discuss how to calculate income for mortgage with multiple jobs. Homebuyers can qualify for a mortgage with multiple jobs and employment gaps. However, there are rules and restrictions regarding qualifying for a mortgage with multiple jobs. There are also regulations on gaps in employment. If you have an extended gap…
ByGustan Cho
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In this mortgage guide, we will cover and discuss federal employee mortgage loan programs offered at Gustan Cho Associates Gustan Cho Associates, empowered by NEXA Mortgage, Inc. is licensed in 48 states including Washington DC, Puerto Rico, and the U.S. Virgin Islands. The team at Gustan Cho Associates are experts not just on government and…
ByGustan Cho
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What Are The Updated Child Support Mortgage Guidelines On Home Purchase And Refinance For 2021? You cannot have delinquent child support payments and qualify for a mortgage.
ByGustan Cho
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This article explores the differences between Fannie Mae And Freddie Mac Versus HUD Guidelines. Acknowledging the complexity of the mortgage business, even for professionals, reflects on the comprehensive overhaul following the 2008 Real Estate and Financial Collapse. This period saw the emergence of new government-sponsored agencies, accompanied by the implementation of Dodd-Frank legislation, the launch…
ByAlex Carlucci
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This blog will cover how to build wealth by owning versus renting a home. We will show you how quickly you can become wealthy by owning a home versus renting. If you’ve been an adult long enough to live through several recessions, then you might question the very headline of this content. The Great Recession,…
ByAlex Carlucci
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Mortgage brokers are paid a commission, referred to as Yield Spread Premium Explained, from wholesale mortgage lenders or end lenders, for their services of originating a mortgage loan. Mortgage brokers are licensed mortgage loan originators who have relationships with multiple wholesale mortgage lenders. Mortgage Brokers are licensed professionals who have access to multiple wholesale lending…
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