Home Mortgage

In this article, we will cover and discuss education around the mortgage industry and lending guidelines. Good Evening to each and every one of you! Man oh man has this week been truly a fantastic one. I was able to catch up with some friends and family members as I mentioned in my previous blog,…

Gustan Cho Associates are always expanding the mortgage programs we offer to our clients such as our new all-in-one mortgage loan program.  We are happy to announce the rollout of a brand-new mortgage loan that is unlike any product we have offered in the past. In this blog, we will detail our newest program available…

One of the most frequently asked by first-time homebuyers is what are the credit requirements needed to get approved for a mortgage. Every mortgage loan program has its own minimum credit requirements. We will cover the general credit requirements on FHA, VA, Conventional, Jumbo, and Non-QM loans. In general, mortgage companies rely heavily on credit…

Many lenders in California have lender overlays on FHA loans due to the state having many high-cost areas.

This Article Is About The Reserves Requirement On Home Loan By Mortgage Lenders Reserves are recommended for all homeowners but are not required on files that gotten an approve/eligible per automated underwriting system findings on single-family homes. All FHA and VA manual underwrites require one month’s reserves. Multi-family family homes require reserves. Reserves cannot be…

This Article Is About How Mortgage Forbearance Affected The Housing Market: How Mortgage Forbearance Affected The Housing Market In The United States: It is no secret that the housing market has been greatly affected from the global COVID-19 coronavirus outbreak. The United States Congress enacted the C.A.R.E.S. ACT which set forbearance protection for individuals and…

This ARTICLE Is About Credit Card Balances Impacts Credit Scores High credit card balances impact credit scores to qualify for FHA Loans. There are minimum credit score requirements to qualify for FHA Loans and other mortgage programs. For example, HUD requires a minimum 580 Credit Score to qualify for a 3.5% down payment home purchase…

This article covers Owner Financing On Home Purchase For Buyers And Sellers Owner financing is a great option for homebuyers who cannot qualify for a mortgage from a lender and need time to either re-establishing their credit or to document their income. Owner financing offers benefits for both home buyers and sellers. For home buyers…

This Article Is About What Do Mortgage Lenders Want To See In A Borrower The number one concern lenders have and want to see in a borrower is the ability to repay their new mortgage. This is why lenders are very careful when qualifying, processing, underwriting, and approving a mortgage loan for a borrower. The…

This Article On Mortgage Companies Chicago: Hybrid ARM We all know and realize that mortgage lingo isn’t something every homeowner or home buyer is well versed in- that is nothing new. Fear Not!!! Home Buyers who are trying to get qualified for a home loan or potential home buyers who are just curious about the…