Mortgage After Unemployment
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Mortgage After Unemployment With Job Gaps

This article will discuss and cover qualifying for a mortgage after unemployment. Homebuyers do not need a two-year employment history with the same company. Borrowers can to qualify for a mortgage after unemployment with job gaps in the past two years, says Dale Elenteny of Gustan Cho Associates: Home mortgage approval is possible for borrowers…

FHA Loans After Unemployment
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FHA Loans After Unemployment Mortgage Guidelines

This blog examines the eligibility requirements for FHA loans after unemployment or employment gaps. Prospective FHA loan applicants now have the opportunity to qualify, even if they have faced periods of unemployment or breaks in their employment history. Contrary to a widespread misconception that obtaining these loans necessitates an uninterrupted two-year work history with no…

How Underwriters Analyze Bank Statements
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How Underwriters Analyze Bank Statements of Borrowers

This article delves into how underwriters analyze bank statements of borrowers. When individuals seek a mortgage loan, underwriters deem 60 days’ worth of bank statements as a crucial requirement for the application. The underwriting process mandates the submission of two months’ worth of bank statements. How underwriters analyze bank statements is a crucial aspect of…

Part-Time Income To Full-Time Income Mortgage Guidelines
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Part-Time Income To Full-Time Income Mortgage Guidelines

There are strict rules regarding the part-time income to full-time income mortgage guidelines. For part-time income to be used, borrowers need two years of consistent part-time income. Besides the two-year seasoning requirement, lenders want to be convinced that the likelihood of the part-time income continuing for the next three years is extremely likely. Qualifying for…

Home Loan With Job Offer Letter
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Home Loan With Job Offer Letter For New Employment

In this blog, we will discuss and cover qualifying for home loan with job offer letter. One of the frequently asked questions at Gustan Cho Associates is can I qualify for home loan with job offer letter? There are certain rules and regulations in qualifying for a home loan with job offer letter. Every mortgage…

What are home buyer concerns when deciding to buy their first home
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What Are The Top Home Buyer Concerns Purchasing First Home

This guide covers home buyer concerns buying their first-home. A home purchase is most people’s single largest investment in their life. The housing market is hot with no signs of a housing correction despite high mortgage rates. Mortgage rates have been the highest in the past three years but started to decrease in the past…

How Can I Qualify For W2-Only Income Mortgages
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How Can I Qualify For W2-Only Income Mortgages

Homebuyers with pending income tax returns or significant unreimbursed business expenses may be eligible for W2-only income mortgages. Gustan Cho Associates doesn’t mandate income tax returns from borrowers unless the Automated Underwriting System specifically demands a two-year tax return for qualification. We offers W2-Only Income Mortgages on the following loan programs: FHA loans VA loans…

Importance of Job Stability
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Importance of Job Stability When Buying a House

This guide covers the importance of job stability when buying a house with a mortgage. Income is the most important factor when qualifying for a mortgage. You can have the highest credit scores in the world but without documented income, you will not qualify for a mortgage. You can have credit scores down to 500…

Chicago Mortgage Loans For Self-Employed Individuals
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Chicago Mortgage Loans For Self-Employed Individuals

Chicago mortgage loans for self-employed individuals. Many folks in the Chicago Area are business owners and self-employed. If you are one of the many self-employed borrowers who had difficulty qualifying for a mortgage loan over the years, you are in luck. The great news is Gustan Cho Associates now offers bank statement loans and Non-QM…

College Education Versus Work Experience
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College Education Versus Work Experience Mortgage Guidelines

This guide covers qualifying for a mortgage after college education versus work experience mortgage guidelines.  We will further cover why real work experience beats book markets. College education versus work experience.  As I take this time to break away from my housing and mortgage experiences, let me jump into another topic I feel strongly about….

Calculating Monthly Mortgage Payment On Home Purchase
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Calculating Monthly Mortgage Payment on Home Purchase

This guide covers calculating monthly mortgage payment on a home purchase. Many first-time homebuyers think they need a lot of money to purchase a home. When they see that homes average $200,000, they think they could never afford a home and do not consider it. The fact is that you do not need much money…

Mortgage For Self-Employed Versus W-2 Borrowers
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Mortgage For Self-Employed Versus W-2 Borrowers

This guide covers qualifying and getting approved for a mortgage for self-employed versus W-2 borrowers. Qualifying for a mortgage for self-employed versus W-2 borrowers has become much easier this year. This is due to the emergence of bank statement mortgage loans for self-employed borrowers. Non-QM loans are now back. In the following paragraphs, we will…

Online Payday Loans
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An Overview in the Best Online Payday Loans For Consumers

This guide covers an overview of the best online payday loans. The best online payday loans can instantly get your money when needed. Deciding on which online loan service is the best depends on your current situation. Payday loans, also known as cash advance loans, paycheck loans, or payday advances, are short-term, high-interest loans typically…

Buying House Out Of State
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Buying House In Different State Due To Job Transfer

This guide covers buying house in different state due to job transfer and nice weather—relocation for Employees that own a home and want to purchase a new home in a new location. Dale Elenteny, a senior mortgage loan advisor at Gustan Cho Associates, explains his thoughts about buying a house in different state due to…

Disability Income
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How To Qualify for a Mortgage With Disability Income

This guide covers qualifying for a mortgage with disability income. People with disability income are eligible for a mortgage loan if they can document the income and the disability income is likely to continue for the next three years. The recipient of the disability needs to be able to repay their new home loan after…

Inflation
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How Inflation Affect The Mortgage and Housing Markets

This guide covers how inflation affects the housing and mortgage markets. Whenever you turn on the news, you hear “inflation.” In this article, we will review the current inflation rate throughout the country and break it down by sector. We will also go one step further and discuss inflation’s effects on the mortgage market. The…

Income Guidelines To Qualify For Home Loan
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Income Guidelines To Qualify For Home Loan Programs

This guide covers qualifying income guidelines to qualify for home loan. There are federal income guidelines to qualify for home loan. Days of no income verification to qualify for a home loan have long been gone, and it does not seem like they will ever come back shortly. There are strict income guidelines to qualify…