This ARTICLE On Mortgage Blogs By Gustan Cho Associates Mortgage Group Was UPDATED And PUBLISHED On August 21st, 2019
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
- Borrowers who think they will have a hard time qualifying for a home loan often can get their questions answered at Gustan Cho Associates
- The mortgage business is so complex
- So many mortgage guidelines and new rules that are always coming up
- It is not just difficult to keep up for 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
- I often get asked many case scenarios by our loan officers
- It is almost impossible to know every case scenario
- Many times I have to look up the lending guidelines of the particular mortgage loan programs
In this article, we will discuss Mortgage Blogs By Gustan Cho Associates Mortgage Group and how we help borrowers and real estate professionals with the latest mortgage news.
Agency Mortgage Guidelines Versus Lender Overlays
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 guidelines are vague, we 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 we have in question
- Often times they will contact HUD (For FHA Loan Case Scenarios) or Fannie Mae (For Conventional Loan Case Scenarios)
We have tens of thousands of viewers of my daily mortgage blogs we publish. We want to explain the way we come up with our ideas and topics for our mortgage blogs and how we write them and the accuracy of them.
Mortgage-Related Topics
The way I get the topics to write about is by my viewers.
- Any loan officer can originate and fund any borrower that has an 800 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 have 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 the jobs that they had for decades, lost all of the hard-earned equity they had earned in their homes
- 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.
Stable Employment And Income
Millions of folks who were unemployed never recovered and gave up even to this day looking for work.
- Many workers had to settle for multiple part-time jobs
- They no longer had benefits
- They took on menial jobs just to make ends meet
- Others had to settle for jobs that they were overqualified for
- Many gave up on hopes in having a career
- Instead, they 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
- Complete sectors of the mortgage industry got completely eliminated
The sub-prime mortgage lending sectors eliminated millions of jobs. Mortgage giants like Countrywide Home Loans and Washington Mutual went out of business overnight.
Mortgage Blogs By Gustan Cho On Case Scenarios
Mortgage Blogs By Gustan Cho: Most of the blog topics that I write about are from the actual mortgage case scenarios that our team at Gustan Cho Associates do.
- I specialize in originating and funding mortgage loans with no lender overlays
- Our team at Gustan Cho Associates can do FHA, VA, USDA, Non-QM, 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
- We 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
- I have run into blogs that contain misleading information
- 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
- They 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 And How To Check For Age Of Blog Date
Mortgage Blogs By Gustan Cho: Check the 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 Associates, 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 a 20% down payment
- I have written several mortgage blogs about this but this Fannie Mae guideline is no longer in effect
It is now four years to qualify for conventional loans after a deed in lieu of foreclosure and/or a short-sale.
Mortgage Agency Guidelines
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
- If you read mortgage blogs by Gustan Cho Associates and the article is aged, please contact us anytime at 800-900-8569 or text us for a faster response
- Or email us at gcho@gustancho.com
We are available 7 days a week, evenings, weekends, and holidays to take your phone calls and answer any of your questions.
Content Accuracy From The Mortgage Blogs By Gustan Cho Associates
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
- They claimed that all lenders give the same rates on FHA Loans 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 Borrowers with lower credit scores
- For example, if your credit scores are 680 credit scores or higher, your mortgage interest rate may be 4.0%
- However, if your credit scores are below 600 FICO, chances are the 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. Viewers need to make sure of the accuracy of the mortgage blogs that they are reading and always check second opinions.
I know that you’re excited to improve your writing technique, so I thought I’d jot down some tips now that I’ve worked with your article “Credit Rebuilding After Bankruptcy to Qualify for a Mortgage.”
For me, nailing the premise is critical. Once the premise is worked out, the rest of the article usually flows very easily. The first paragraph should confirm for the reader that the article is what they’re expecting to read and at the same time set up the premise. Ideally, that would all happen in three sentences.The rest of the content simply fulfills the premise in a logical order.
The unedited article began by introducing the facts about bankruptcy, but it also contained the nugget that I used for the premise…
Bankruptcy is a federal law that benefits consumers with outstanding debts they can no longer pay due to financial changes.
Bankruptcy will eliminate outstanding collections, charged-off accounts, judgments, and other derogatory credit tradelines
Many consumers avoid filing bankruptcy
This is because they will be doomed and never be able to purchase a home and/or get credit
This is the exact opposite
Here’s where I took it:
Consumers often avoid filing for bankruptcy protection fearing they would never be able to purchase a home or get credit afterward. However, the exact opposite is the case: After discharging debt through bankruptcy, it is possible to qualify for a mortgage. In fact, a prior bankruptcy may not even affect mortgage rates for borrowers.
There are a number of ways to qualify for a mortgage after bankruptcy, but rebuilding credit is always the first step. With discipline and patience, consumers can re-establish credit and even reach a FICO credit score of over 700 after bankruptcy.
Although the facts about bankruptcy are a logical underpinning, I used them elsewhere in the text to weave concepts together. Plus, I felt they pushed the discussion backward from where the reader would be in their journey. I’m assuming in this case that the reader knows something about bankruptcy and is concerned about the overall result of bankruptcy. That’s why the nugget jumped out at me – Consumers often avoid filing for bankruptcy protection.
Once I established the premise, it was a matter of determining a logical order for the rest of the article. Keeping in mind that the purpose is to convince readers that there is a path from bankruptcy to seeking a mortgage, I laid out the H2s in this fashion:
When can I start rebuilding….
How to rebuild…
Fastest and easiest way to rebuild…
When can I get traditional credit…
Qualifying for a mortgage…
I look at my edits as moving the ball forward, but I still have a number of questions. So I look forward to your feedback as to how this fits within your parameters of voice and style, etc.
Hope you both have a great day today!
Best,
Alex Carlucci
Gustan Cho Associates