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ByGustan Cho
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In this article, we will cover and discuss Self-Employed Relocation Mortgage Guidelines. Three primary categories of residential mortgages cater to different types of property ownership: Owner-Occupant Mortgages: For people who plan to live in the property they’re buying as their primary residence, mortgages are available specifically designed for them. These loans typically provide more favorable…
ByGustan Cho
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This guide covers EPM Empowered down payment assistance mortgage programs. There are several types of down payment assistance mortgage programs for homebuyers. We have some very exciting news at Gustan Cho Associates. The team at Gustan Cho Associates offers two different types of down payment assistance mortgage program: Forgivable and non-forgivable DPAs. We offer the…
ByGustan Cho
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This guide covers the frequently asked question how do I qualify for a mortgage loan and get approved. Mortgage lenders do not just lend a home loan to anyone. Lenders need to make sure borrowers qualify not just in making their making their new mortgage payments but borrowers need to qualify and meet minimum mortgage…
BySarah Wu
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In recent years, the United States Virgin Islands have seen an unprecedented boom in tourism. Money started trickling into the island through investments and tourism. This means that even the hospitality industry has directly
ByMargarett Jurilla
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This blog is about overlays in underwriting on government and conventional loans. The mortgage industry went through a major overhaul after the subprime crisis. Mortgage companies have two different types of guidelines. Lenders must meet the minimum agency guidelines of HUD, VA, USDA, Fannie Mae, and Freddie Mae. Lenders not meeting the minimum agency guidelines…
ByGustan Cho
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This guide covers about FICO credit scores to qualify for a mortgage loan. Every mortgage loan applicant who has applied for credit and has had credit, whether good or bad, has a credit score. The FICO score is a mathematical scoring formula that consists of several variable factors to determine a person’s credit risk level….
ByDale Elenteny
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In this article, we will cover and discuss finding the best mortgage lenders for bad credit in Arkansas to qualify for a home loan as first-time homebuyers with bad credit. Arkansas is one of the most sought-after migration spots in the country due to affordable housing prices. Tens of thousands of people and businesses from…
ByGustan Cho
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In this article, we will cover and discuss applying for mortgage with another lender when denied by the original lender. The team at Gustan Cho Associates gets countless calls from borrowers asking for advice on applying for mortgage with another lender when denied by their first lender. Applying for mortgage with another lender when denied…
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…
ByGustan Cho
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This guide covers how to keep loan pre-approval valid for home purchase. One of the many questions home buyers often have is how to keep a loan pre-approval valid. The loan pre-approval stage is the most important process in the mortgage application and approval process. The loan pre-approval needs to be rock solid. A sloppy…
ByGustan Cho
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This guide addresses the issue of credit tradelines not reporting to credit bureaus. When faced with this situation, finding solutions can be frustrating and challenging. I experienced this and will share my experience dealing with credit tradelines that must be reported to credit bureaus. There were no answers available, and the automated systems of the…
ByGustan Cho
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In this blog, we will cover and discuss the automated underwriting system approval, which is also referred to as AUS findings. The automated underwriting system approval is what is needed for a mortgage borrower to go forward with the mortgage process. The automated underwriting system will render three types of findings: approve/eligible per AUS: A/E per…
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 FHA versus conforming loan limits on home purchase and refinance transactions. FHA versus conforming loan limits on home purchase can often become confusing because the maximum loan limit is always higher on conventional loans versus FHA loans: New FHA and conforming loan limits become effective in the begining of every year. FHA…
ByAlex Carlucci
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Closing costs on the Loan Estimate versus Closing Disclosure will most likely be different. The itemized closing costs on the Loan Estimate (LE) is normally over-disclosed since most costs and fees were estimated on the very high end. If closing costs are higher than 10% of the disclosed amount, the loan officer/lender is liable for…
ByJohn Strange
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In this blog, we will cover and discuss how to shop for a mortgage in today’s housing market. Just over a year ago, mortgage rates were at under 3.0% on a 30-year fixed-rate mortgage. Today, mortgage rates have spiked to over 6.0% and signs indicate rates are going higher. Inflation numbers are nearing 9.0% which…
ByGustan Cho
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In this blog, we will discuss and cover the warehouse line of credit used by mortgage bankers and correspondent lenders. Understanding How Warehouse Line Of Credit Works In The Mortgage Process is important in understanding the overall mortgage loan process. Both mortgage bankers and mortgage brokers are licensed professionals. Licensing Requirements of Mortgage Brokers Versus…
ByJohn Strange
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This guide covers home mortgage case scenarios for homebuyers. Many borrowers have trouble qualifying for conventional and FHA mortgage financing. But that does not mean they are out of Hope. Gustan Cho Associates offers a full line of NON-QM loans! NON-QM loans help hundreds of potential home buyers purchase the home of their dreams. Non-QM…
ByGustan Cho
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In this blog, we will cover and discuss how do mortgage underwriters qualify borrowers. Credit scores and income is what determines whether a borrower meets the minimum requirements for a lender to review a mortgage application how do mortgage underwriters qualify borrowers is by reviewing all documents provided by the borrower? In this article, we…
ByGustan Cho
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This ARTICLE On 15 Year Versus 30 Year Fixed Rate Mortgages On Loan Programs. All residential mortgage loan programs have amortized terms. The most common mortgage programs are the 30-year fixed-rate mortgages. 30-year fixed-rate mortgages are the most popular due to lower monthly mortgage payments due to its longer amortized schedule of 30 years. The…
ByJohn Strange
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This blog post will explore and elaborate on the Texas Cash-Out Refinance Guidelines in home mortgages. Gustan Cho Associates, a team of mortgage brokers, holds licenses in 48 states, specifically including Texas. Operating as licensed mortgage lenders in those same 48 states, Gustan Cho Associates has earned a national reputation for successfully facilitating mortgage loans…
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