Mortgage Blogs By Gustan Cho

Mortgage Blogs By Gustan Cho Explained

Mortgage Blogs are great informational sources for home buyers looking to see whether they qualify for a home loan and those mortgage borrowers who think they will have a hard time qualifying for a home loan. The mortgage business is so complex with so many mortgage lending guidelines and new guidelines that are always coming up where it is not just difficult to keep up for mortgage borrowers but also for mortgage professionals. Just because you are a licensed mortgage loan originator does not mean that you know everything. As a manager of a mortgage banking institution, I have many licensed mortgage loan originators who are under my direct supervision and management and often get asked many case scenarios by my loan officers. It is almost impossible to know every case scenario where many times I have to look up the mortgage lending guidelines of the particular mortgage loan programs. FHA, VA, USDA, Fannie Mae, and Freddie Mac all have their own mortgage lending guidelines and they are all different. Many times when the mortgage lending guidelines are vague, I often contact our underwriting department and speak with either an underwriting manager and/or the underwriting director for clarification.  There are many instances that the underwriting management team will not have an answer to the particular case scenario I have in question and often times they will contact HUD ( For FHA Loan Case Scenarios ) or Fannie Mae ( For Conventional Loan Case Scenarios ).  I have tens of thousands of viewers of my daily mortgage blogs I publish and want to explain the way I come up with my ideas and topics for my mortgage blogs and how I write them and the accuracy of them. The way I get the topics to write about is by my viewers. Any mortgage loan officer can originate and fund any mortgage borrower that has a 800 FICO plus credit score, 40% debt to income ratios, solid employment history, and perfect credit payment history. Unfortunately, that is not how our world is and many hard working Americans have gone through periods of hard financial times, especially after the Great Recession of 2008 . Never in United States history has so many people file for Bankruptcy or went through foreclosure in the history of the United States than during the 2008 Real Estate and Mortgage Meltdown. Millions of hard working Americans lost their businesses, lost their jobs that they had for decades, lost all of the hard earned equity they had earned in their homes, and many who went into retirement had been forced to get out of retirement and rejoin the workforce. People who counted on their retirement accounts or the equity in their homes saw all of their hard earned retirement funds and equity of their hopes evaporate before their eyes. Millions of folks who were unemployment never recovered and gave up even to this day looking for work. Many workers had to settle for multiple part time jobs with no benefits just to make ends meet while others had to settle for jobs that they were overly qualified for and gave up on hopes in having a career and instead were more concerned about putting food on the table for their families. The real estate, mortgage lending, and construction lending fields came to an abrupt halt after the 2008 Real Estate and Credit Meltdown. The whole mortgage lending industry went through a 180 degree overhaul where complete sectors of the mortgage industry got completely eliminated like the sub-prime mortgage lending sectors where millions of jobs were eliminated and mortgage giants like Countrywide Home Loans and Washington Mutual went out of business overnight.

Mortgage Blogs By Gustan Cho: Case Scenarios

Mortgage Blogs By Gustan Cho: Most of the blog topics that I write about are from the actual mortgage case scenarios that I do. I specialize in originating and funding mortgage loans with no lender overlays. I can do FHA Loans, VA Loans, USDA Loans, Conventional Loans, FHA 203k Loans, FHA Reverse Mortgages, Jumbo Mortgages, Non-Conforming Loans, Condotel and Non-Warrantable Financing, Commercial Loans, Hard Money Loans, and Specialty Financing so there can be thousands of case scenarios. Mortgage Blogs are mortgage related articles that are written by authors and published on websites. I have been a blogger for many years and have written thousands of blogs and really enjoy writing and publishing blogs. I have read many mortgage blogs by many other mortgage and real estate bloggers and have run into blogs that contain misleading information and some blogs are totally so far from the truth that viewers need to really not take each blog they read as 100% accurate information. Find out who wrote the blog. Believe it or not, there are many mortgage bloggers who write daily mortgage blogs but have no experience whatsoever in the mortgage industry and have never ever originated or closed a home loan before. I am not saying that whatever they are writing is incorrect but a blogger needs to get their facts straight before publishing it live on the world wide web.

Mortgage Blogs By Gustan Cho; Check For Age Of Blog Date

Mortgage Blogs By Gustan Cho: Check date of the content and when it was published. Mortgage regulations change all of the time and can change instantly. If you are reading mortgage blogs by Gustan Cho, please check the date of when the mortgage blog was published. Older blogs may not be accurate and the mortgage lending guidelines may have changed over the years. For example, Fannie Mae Guidelines to qualify for a conventional loan after a short sale or deed in lieu of foreclosure used to be two years after the short sale or deed in lieu of foreclosure as long as the home buyer used to have 20% down payment. I have written several mortgage blogs about this but this Fannie Mae Guidelines is no longer in effect. The new Fannie Mae Guidelines to qualify for a conventional loan after a short sale or deed in lieu of foreclosure is not four years after the date of the short sale or the recorded date of a deed in lieu of foreclosure with 5% down payment for a home buyer to qualify for a conventional loan. If you read mortgage blogs by Gustan Cho and the article is aged, please contact me anytime at 262-716-8151 or email me at gcho@gustancho.com. I am available 7 days a week, evenings, weekends, and holidays to take your phone calls and answer any of your questions.

Mortgage Blogs By Gustan Cho: Accuracy Of Information

As mentioned earlier, not all mortgage blogs contain accurate information. There is one popular mortgage website where I read an article on by the author that states that FHA Loans all have the same mortgage interest rates because FHA Loans are insured by the Federal Housing Administration, or FHA. However, this is not true. Even though all FHA Loans are insured by FHA, mortgage lenders do have pricing adjustments for FHA Borrowers with lower credit scores. For example, if your credit scores are 680 FICO credit scores or higher, your FHA mortgage interest rate may be 4.0%. However, if your credit scores are below 600 FICO, chances are that your FHA mortgage interest may be 4.75%. These FHA mortgage interest rates are just used for illustration purposes and do not reflect current FHA mortgage interest rates. So the blogger who is writing this blog is quoting the wrong information on his website so viewers need to make sure of the accuracy of the mortgage blogs that they are reading and always check second opinions.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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