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ByGustan Cho
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Common VA Overlays: What You Need to Know for 2024 When it comes to VA loans, borrowers often need more information, particularly about qualifying for a loan. Many are told they don’t meet the requirements, even though they qualify under VA guidelines. What’s the catch? It’s something called lender overlays—additional rules that individual lenders impose…
ByDale Elenteny
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Mortgage Guidelines Versus Overlays: What You Need to Know in 2024 When you’re ready to buy or refinance a home, it can be frustrating to find out that despite meeting all the mortgage requirements, your lender still denies you. You might wonder, “Why don’t I qualify if I meet all the guidelines?” The answer often…
ByAnngelli Abenes
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If you are thinking about buying a home or refinancing your current mortgage, you may have heard about FHA loans. FHA loans are very popular mortgage options, especially for first-time homebuyers. But there’s one thing that can trip you up during the process: FHA lender overlays. In this guide, we’ll break down what FHA lender…
BySapna Sharma
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The lending requirements on FHA loans are not the same for all Maryland FHA Lenders. There are two different categories of guidelines that govern FHA loans. These are the HUD agency mortgage guidelines and lender overlays, which are the individual lender requirements that go beyond those of the HUD agency. Many people think lenders who…
ByMike Gracz
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This Article is about No Overlay Lender Offering VA Loans Texas. Texas is one of the fastest-growing states in the U.S. Gustan Cho Associates Mortgage Group has more VA Loans Texas borrowers than any other state in the United States. More and more people are migrating to the Great State of Texas. Among the newcomers…
ByGustan Cho
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This Article Is About Understanding VA Mortgage Rates And Loan Level Pricing Adjustments VA loans are the best home mortgage program in the United States. The government has created and launched VA loans decades ago to reward qualified members of our U.S. Military to reward them for their service to our country. Only select qualified…
ByGustan Cho
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This Article Is About VA Loans Ohio With Bad Credit And No Lender Overlays Ohio is one of the hottest states for homebuyers. This holds especially true for active and retired members of the United States Military. Ohio ranks as one of the highest population states of veterans. All areas of Ohio, especially the Columbus…
ByMike Gracz
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In this article, we will cover and discuss qualifying for a VA loan with low credit scores with Colorado VA lenders with no overlays for bad credit. The Department of Veterans Affairs administers the VA loans Colorado credit and debt to income ratio requirements and guidelines. In this article, we will cover Colorado VA lenders…
ByGustan Cho
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Gustan Cho Associates is a mortgage company licensed in multiple states, specializing in FHA mortgage loans with no overlays. More than 75% of our clients couldn’t qualify or got turned down by other lenders. While most lenders add extra requirements, or overlays, to FHA, VA, USDA, and conventional loans, we don’t. At Gustan Cho Associates,…
ByGustan Cho
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This Article Is About VA Loan Denial And Getting Qualified With Lender With No Overlays There should be no reason why anyone should get a VA Loan Denial. Unfortunately, there are many borrowers who either get a last-minute mortgage loan denial or major stress during the mortgage process. There is one reason and one reason ONLY…
ByAnngelli Abenes
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This guide covers choosing the right mortgage company for loan officers. Choosing the right mortgage company for loan officers is one of the most important decisions a mortgage loan originator needs to make. John Strange, a senior loan officer at Gustan Cho Associates, explains choosing the right mortgage company for loan officers to start their…
ByGustan Cho
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Understanding Credit Score Guidelines Versus Lender Overlays during the coronavirus pandemic is important. A detailed analysis of the covid 19 situation highlights that none of the key stakeholders involved namely HUD, VA, USDA, Fannie Mae and Freddie Mac altered or hiked minimum credit score prerequisites. The coronavirus pandemic that began in early 2020 affected the…
ByAlex Carlucci
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This Article Is About How Loan Officers Qualify Borrowers And Issue Pre-Approvals. Understanding how loan officers qualify borrowers is crucial in the mortgage process. The pre-approval process is the most critical stage, setting the foundation for the mortgage journey. Often, last-minute loan denials occur because the loan officer initially needed to adequately qualify the borrowers. The mortgage industry is…
ByGustan Cho
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This guide covers credit score guidelines versus overlays by mortgage lenders. There are two types of credit score requirements to get approved for a mortgage. There is the agency credit score guidelines by HUD, VA, USDA, Fannie Mae and Freddie Mac. The second credit score guidelines is from the individual mortgage lender. Many borrowers are…
ByGustan Cho
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In this blog post, we’ll discuss qualifying for FHA loans with top North Carolina FHA lenders for bad credit. It’s important to note that not all North Carolina FHA lenders have identical loan criteria. First-time homebuyers with lower credit scores or lacking credit history may be rejected by one lender but approved by another lender…
ByMargarett Jurilla
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This blog is about overlays in underwriting on government and conventional loans. The mortgage industry went through a major overhaul after the subprime crisis. Mortgage companies have two different types of guidelines. Lenders must meet the minimum agency guidelines of HUD, VA, USDA, Fannie Mae, and Freddie Mae. Lenders not meeting the minimum agency guidelines…
ByGustan Cho
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This guide covers getting a home loan approved after denied by a bank for your mortgage. There should be no reason why mortgage borrowers to be denied after getting pre-approved. The only reason why a pre-approved borrower gets denied for a mortgage loan after pre-approval is because they were not properly qualified in the first…
ByGustan Cho
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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…
ByAlex Carlucci
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HUD, the parent of FHA, allows borrowers down to a 500 credit score to qualify for an FHA loan. However, for borrowers with under a 580 credit score, a 10% down payment is required.
ByGustan Cho
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Gustan Cho Associates has no lender overlays on VA loans. VA loans do not have a minimum credit score requirement nor a maximum debt to income ratio cap as long as the borrower can get an approve/eligible per automated underwriting system.
ByGustan Cho
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This guide covers HUD guidelines versus lender overlays on FHA loans. There have been notable changes for HUD guidelines versus lender overlays on FHA loans, which may affect homebuyers. HUD guidelines on student loans excluded student loans on deferment from debt-to-income ratio calculations. This article will discuss HUD guidelines versus overlays on FHA loans. One…
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