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ByGustan Cho
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This guide covers preparing for a VA loan with a lender with no overlays. Preparing for a VA loan with a lender with no overlays during the coronavirus pandemic: The Veterans Administration is the government agency governing VA loans. VA home mortgages are the best mortgage program in the nation. However, not everyone can qualify…
ByGustan Cho
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Can an individual with a credit score of 500 be eligible for a VA loan? Absolutely. The Veterans Administration (VA) oversees and establishes guidelines for VA loans, and there’s no mandated minimum credit score requirement. If the borrower can receive approve/eligible through the automated underwriting system (AUS), they can secure a VA loan, even with…
ByGustan Cho
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This guide covers avoiding home loan denial during the mortgage process. We will go deeply in giving our viewers tips and steps to take in avoiding home loan denial mainly relies on the loan officer. There is no reason why mortgage applicants should get a mortgage denial if they were properly qualified. A borrower should…
ByGustan Cho
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This guide covers VA credit agency guidelines versus lender overlays on VA loans. Understanding VA Credit Score Agency Guidelines is very important for borrowers with less than perfect credit and eligible for VA loans. VA loans are the best home loan program in the Nation. Due to the loan guarantee to lenders, mortgage companies can…
ByGustan Cho
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This blog will cover FHA debt-to-income ratio requirements for FHA loans. Just because borrowers meet all the HUD Agency Mortgage Guidelines on FHA loans does not mean that all lenders will approve borrowers meeting just the minimum agency mortgage guidelines. Lenders will require all borrowers to meet the minimum HUD agency mortgage guidelines on FHA…
ByGustan Cho
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This guide covers overlays on debt-to-income ratio on FHA loans. Homebuyers who got issued pre-approval from a mortgage loan originator but think that the loan amount is not enough may have options. Debt-to-income ratio is the determinant on how much borrowers can qualify for. Overlays on debt-to-income ratio can limit maximum loan amounts borrowers can…
ByGustan Cho
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This guide covers lender overlays on credit tradelines by mortgage underwriters. Do all mortgage companies have lender overlays on credit tradelines? Many mortgage lenders have lender overlays on credit tradelines. What are credit tradelines? Credit tradelines are defined as a credit account such as credit card accounts, auto loans, installment loans, student loans, revolving credit account…
ByAlex Carlucci
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This article covers getting a VA loan denial due to overlays and qualifying with a different lender. In this article, we will cover the VA agency guidelines, what are VA lender overlays, VA agency guidelines versus overlays, and why Gustan Cho Associates can approve VA loans when other lenders can’t. VA loans are hands down…
ByGustan Cho
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This article Is about qualifying for VA loans Illinois bad credit with no overlays and high debt-to-income ratio. VA loans are owner-occupant residential mortgage loans originated by private lenders but guaranteed by the U.S. Department of Veteran Affairs (VA). The Department of Veteran Affairs does not originate nor fund VA loans. VA insures private lenders…
ByAlex Carlucci
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In this blog, we will cover and discuss mortgage loan programs with no overlays and closing in 30 days. The majority of mortgage lenders have their own overlays. There are not too many lenders who have mortgage loan programs with no overlays. Stay in close contact with your lender and respond promptly to additional information…
ByAlex Carlucci
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This guide covers how lender overlays prevent mortgages for homebuyers. The Federal Reserve Board announced that almost a third of commercial and residential mortgage lenders loosen lending overlays in the 3rd Quarter. They expect lenders loosen lending overlays even more on the 4th Quarter. Lenders loosen lending overlays have sparked a sharp increase in mortgage…
ByGustan Cho
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This guide covers the DTI overlays lenders require on government and conventional loans. DTI overlays are imposed on home mortgage programs by lenders. All mortgage companies must adhere to agency mortgage guidelines on government and conventional loans. There are three government-backed loan programs: FHA, VA, and USDA. Government loans have their minimum agency lending requirements…
ByGustan Cho
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This guide covers mortgage approval with bad credit and late payments. Many consumers have had a period in their lives. Borrowers must meet minimum credit score and debt-to-income ratio requirements to qualify for particular mortgage programs. However, just because borrowers meet credit score and DTI requirements does not mean that they automatically qualify for mortgages….
ByGustan Cho
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This guide covers common mortgage overlays on government and conventional loans. There are two types of mortgage guidelines. All borrowers must meet Agency Guidelines by FHA, VA, USDA, Fannie Mae, and Freddie Mac—lender overlays by mortgage companies. Mortgage lenders can impose their lending requirements above and beyond the minimum agency guidelines called lender overlays. Most lenders…
ByGustan Cho
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This guide covers the frequently asked question: do all lenders have the same guidelines on VA loans? One of the most common questions the team at Gustan Cho Associates gets daily is: Do all lenders have The same guidelines on VA loans? The simple answer to this question is no. Not all lenders have the…
ByAlex Carlucci
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This blog covers the best Arizona mortgage lenders for bad credit with low FICO credit scores. It is an important question for anyone who is a first-time homebuyer or refinancing a home in Arizona to understand if they can afford an Arizona mortgage loan. Not all mortgage lenders in Arizona have the same guidelines for…
ByGustan Cho
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This guide covers the frequently asked question of whether can you get denied for a mortgage with good credit. Income, credit, credit scores, assets, and liabilities are all majorly in the mortgage approval process. Two of the most important factors at the initial mortgage qualifying state are debt-to-income ratios and credit scores. Income plays the…
ByPeter Arcuri
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Not all Florida VA lenders have the same lending requirements on VA loans. Not all Florida VA lenders do manual underwrites. Gustan Cho Associates are Florida VA lenders with no lender overlays on VA loans. VA loans are the best loan program in the nation. At competitive rates, lenders offer VA loans with no down…
ByPeter Arcuri
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This guide covers VA credit score mortgage guidelines on VA home loans. VA mortgages are the best home loan program in the Nation. The U.S. government created and implemented VA loans with approval by the U.S. Congress to reward our veterans. Only military veterans with a Certificate of Eligibility (COE) are eligible for VA loans. There…
ByGustan Cho
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This guide covers lender overlays on collection accounts and charge-off accounts. Homebuyers who have been turned down for a mortgage loan by a bank, credit union, or mortgage banker because due to having older collection accounts with balances may qualify for a mortgage but not with that particular lender. Just because one lender has turned…
ByGustan Cho
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All mortgage companies need to have their borrower meet the minimum agency mortgage guidelines of HUD, VA, USDA, Fannie Mae, Freddie Mac. However, lenders can have higher lending requirements called lender overlays.
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