Fannie Mae Chapter 13 Guidelines
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Fannie Mae Chapter 13 Guidelines On Conventional Loans

ByGustan Cho Posted on

After experiencing financial difficulties, it can be overwhelming to navigate the intricacies of mortgage lending. The process can be complex and confusing, but it can be made easier with the right guidance and support. For those who have gone through Chapter 13 bankruptcy, it’s essential to comprehend how to reintegrate into the housing market. Fannie…

DTI Manual Underwriting Guidelines
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DTI Manual Underwriting Guidelines on FHA and VA Loans

ByAlex Carlucci Posted on

The DTI Manual Underwriting Guidelines for FHA and VA loans are quite alike. Among home mortgage programs, only FHA and VA loans permit manual underwriting. There is common confusion regarding the distinctions between manual underwriting and files approved by an automated underwriting system (AUS). While manual and AUS-approved underwriting fundamentally serve the same purpose, manual…

FHA Loan With Recent Late Payments
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FHA Loan With Recent Late Payments in the Past 12 Months

ByGustan Cho Posted on

One of the most common inquiries we receive daily pertains to the eligibility for an FHA loan with recent late payments. It’s important to note that you can qualify for an FHA loan even if you have outstanding collections and charged-off accounts. Settling these accounts is not mandatory for approval; instead, securing an automated approval…

When Is Rental Verification Required
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When Is Rental Verification Required By Mortgage Lenders

ByGustan Cho Posted on

One of the frequently asked mortgage questions we get from home buyers is when is rental verification required by mortgage underwriters. Rental verification is an extremely strong credit tradeline that will add strength to the mortgage loan borrower’s credit profile. There are times when the Automated Underwriting System (AUS) will require borrowers to provide verification…

FHA Loan After Chapter 13 Bankruptcy in North Dakota
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FHA Loan After Chapter 13 Bankruptcy in North Dakota

ByGustan Cho Posted on

In this blog, we will discuss and cover the mortgage guidelines for getting qualified and approved for an FHA loan after Chapter 13 Bankruptcy in North Dakota. Gustan Cho Associates is a mortgage broker licensed in 48 states and is licensed in North Dakota. Bankruptcy is a fairly common legal option when one’s liabilities exceed…

Bankruptcy Manual Underwriting Guidelines
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Bankruptcy Manual Underwriting Guidelines on FHA and VA Loans

ByGustan Cho Posted on

The bankruptcy manual underwriting guidelines on FHA and VA loans are covered in this guide, which focuses on the exclusive mortgage programs that permit manual underwriting. Manual underwriting occurs when a borrower fails to receive an approve/eligible status via the automated underwriting system and necessitates human underwriter assessment. Dale Elenteny is a loan officer at…

Home Loan With Bad Credit Texas
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How To Get Approved For Home Loan With Bad Credit Texas

ByMike Gracz Posted on

This article explores the various mortgage options available to homebuyers seeking approval for a home loan with bad credit Texas. Despite lower credit scores, mortgage applicants can still qualify for and be approved for a home loan. However, the crucial factor in obtaining approval for a mortgage with bad credit and lower credit scores is…

VA DTI Manual Underwriting Guidelines On VA Loans
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VA DTI Manual Underwriting Guidelines on VA Loans

ByGustan Cho Posted on

This blog will discuss the VA DTI manual underwriting guidelines on VA loans. VA loans are one of the best loan programs in the United States. Lenders offer 100% financing with no down payment required at lower mortgage rates than conventional loans due to the government guarantee. There is no maximum loan limit on VA…

Late Payments After Chapter 13 Bankruptcy Mortgage Guidelines
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Late Payments After Chapter 13 Bankruptcy Guidelines

ByGustan Cho Posted on

This guide covers late payments after Chapter 13 bankruptcy mortgage guidelines. Mortgage lenders do not want to see any late payments after Chapter 13 bankruptcy from mortgage loan applicants. Homebuyers can qualify for an FHA loan after Chapter 13 bankruptcy. There is no waiting period to qualify for VA or FHA loans after the Chapter…

Qualifying For FHA Loan During Chapter 13 Bankruptcy
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Qualifying For FHA Loan During Chapter 13 Bankruptcy

ByGustan Cho Posted on

In this article, we’ll explore the process of Qualifying For FHA Loan During Chapter 13 Bankruptcy. Homebuyers can secure an FHA loan even during their Chapter 13 Bankruptcy repayment plan before the discharge of the bankruptcy. After completing one year into the repayment period, individuals may become eligible for an FHA loan, whether seeking to…

FHA Total Scorecard
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Revised FHA Total Scorecard Underwriting Guidelines

ByGustan Cho Posted on

This blog will cover the FHA Total Scorecard and how it works. The United States Department of Housing and Urban Development (HUD) FHA TOTAL Scorecard enables mortgage underwriters to analyze and evaluate mortgage borrowers’ overall credit/income worthiness and instant automated eligibility or denial by FHA. Borrowers who want to qualify for FHA loans need to…

Automated Underwriting System Findings On Home Mortgages
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Automated Underwriting System Findings On Home Mortgages

ByGustan Cho Posted on

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…

FHA Guidelines During vs After Chapter 13 Bankruptcy
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FHA Guidelines During vs After Chapter 13 Bankruptcy

ByGustan Cho Posted on

This guide cover the FHA guidelines during vs after Chapter 13 Bankruptcy on FHA loans. VA and FHA guidelines during vs after Chapter 13 Bankruptcy is similar. You are eligible to qualify for a VA or FHA loan during Chapter 13 Bankruptcy one year after filing the Chapter 13 Bankruptcy. The major difference between VA…

automated approval
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Automated Approval By The Automated Underwriting System

ByGustan Cho Posted on

In this blog, we will cover and discuss the automated approval by the automated underwriting system. It is key to get an approve/eligible per the automated underwriting system for the mortgage process to go forward. In the event the borrower cannot get an approve/eligible and gets a refer/eligible per AUS findings, the file can be…

Refinancing During Chapter 13 Bankruptcy
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Refinancing During Chapter 13 Bankruptcy Repayment

ByGustan Cho Posted on

This article will discuss and cover refinancing during Chapter Bankruptcy repayment plans on FHA and VA loans. FHA and VA loans are the only two mortgage loan programs that allow borrowers refinancing during Chapter 13 Bankruptcy repayment plan. Chapter 13 Bankruptcy can be active and must not be discharged. VA and FHA refinancing during Chapter…

HUD Bankruptcy Guidelines
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HUD Bankruptcy Guidelines After Chapter 7 And Chapter 13

ByGustan Cho Posted on

This article will discuss HUD bankruptcy guidelines following Chapter 7 and Chapter 13 bankruptcy, particularly about FHA loans. HUD Bankruptcy Guidelines affirm that individuals can become eligible for FHA loans after Chapter 7 and Chapter 13 Bankruptcy filings. Many prospective homebuyers, particularly those entering the market for the first time, may erroneously believe that obtaining…

Sell and Buy House at Same Time During Chapter 13 Bankruptcy
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How to Buy and Sell a House While in Chapter 13 Bankruptcy

ByGustan Cho Posted on

In this blog, we will cover and discuss how to buy and sella house while in Chapter 13 Bankruptcy. Borrowers can buy and sell a house while in Chapter 13 bankruptcy without the Chapter 13 Bankruptcy being discharged. Borrowers would need trustee approval which is normally never a problem. Chapter 13 Bankruptcy repayment is generally…

FHA Credit Guidelines
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FHA Credit Guidelines | Guide For FHA Loan Approval

ByDale Elenteny Posted on

In this article, we will discuss and cover the FHA credit guidelines on how to get qualified for an FHA loan..  This will include how to get an approve/eligible per automated underwriting system and what credit guidelines are required on manual underwriting. we will cover the newest updates on recent late payments in the last…

Manual Underwriting During Chapter 13 Mortgage Process
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Manual Underwriting During Chapter 13 Mortgage Process

ByGustan Cho Posted on

In this article, we will discuss and cover manual underwriting during Chapter 13 mortgage process. Homebuyers can qualify for an FHA loan or VA loan while in an active Chapter 13 Bankruptcy repayment plan via manual underwriting. Manual underwriting is only allowed on FHA and VA loans. No other loan program permits manual underwriting.  There…

Paying Rent Timely Will Help Get Mortgage Approved
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Paying Rent Timely Will Help Get a Mortgage Approved

ByGustan Cho Posted on

This guide covers how paying rent timely will help get a mortgage approved. Homebuyers who have little to no credit tradelines and get a refer/eligible now have a chance to get an approve/eligible per an automated underwriting system will timely rent payments. Per Fannie Mae, Freddie Mac, HUD, USDA, and VA, verified rent is now…