Unique Mortgage Loan Programs
Frustrated that the Big Bank are turning down your client’s loans? Do you want to work with a licensed Mortgage Lender that can help your client get the help them need? I get daily inquiries from realtors throughout the country about the specialty products. Here is the personal service I can offer: 1. I’m available 7 days a week, including holidays, and you can always get a hold of me on my cell at 262-716-8151 or email at GustanCho@Outlook.com . 2. Clients can apply online, 24/7 by going to www.gustancho.com and clicking the APPLY NOW icon on top right category section. Pre-approvals are issued 7 days per week. 3. Once mortgage client applies online, I run credit check and can submit credit profile to our Fannie Mae’s Automated Underwriting System for an automated Fannie Mae approval. 4. All calls promptly returned. Available evenings, weekends, and holidays. 5. 100% mortgage approvals after submitting formal mortgage application. I will not submit a mortgage application until I have went over the mortgage case scenario with wholesale lender. 6. If you got turned down by another lender, please contact me. I have closed on many loans that other lenders could not do. Over half of my business are mortgage applications that other mortgage lenders could not do due to internal overlays. 7. Have access to over 30 wholesale and correspondent mortgage lenders, many of them that do not have overlays and can close on mortgage loans with open collections, recent late payments, judgments, tax liens, overdrafts, and recent late payments. Will qualify your home buyer and once fully qualified, you can rest assured that your client’s mortgage loan will close.
FHA Mortgage Loan Programs
1. 530 FICO to 580 FICO scores require 10% down payment. 2. 3.5% down payment on FHA loans over 580 FICO credit scores with no lender overlays. 3. Debt to income ratios up to 56.9%. Non occupied co-borrowers are allowed on FHA loans. 4. Up to 6% seller’s concession allowed. 5. Open collections, late payments, bank overdrafts, judgments, tax liens, and other prior bad credit allowed. Collections do not have to be repaid. 6. Bankruptcy, Foreclosure, Deed in Lieu of Foreclosure, Short Sales are allowed, however, need to adhere to Fannie Mae lending guidelines concerning mandatory waiting period requirements. One year waiting period after bankruptcy and/or foreclosure, Back to Work Extenuating Circumstances Program, mortgage loans are now available to qualified mortgage loan borrowers. 7. Manual underwrites available. 8. 24 hour mortgage loan underwrites and mortgage approvals. 9. Closings in 14 days if it is a rush file. Most closings are in 30 days or less. 11. No waiting period for borrowers with short sale as long as they were current on their loan until the day of the sale.
One Year Waiting Period Via HUD’s New FHA Back To Work Extenuating Circumstances Due To An Economic Event Mortgage Loan
Great news for those folks who had a prior bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale. HUD’s new FHA Back to Work extenuating circumstances due to an economic event now shortens the waiting period to one year. There are certain guidelines that borrowers need to qualify to participate in this program. The borrower needs to have had been unemployed or underemployed for at least six months prior to filing bankurptcy or having a foreclosure proceeding initiated which has resulted in a 20% reduction in household income. The borrower needs to have re-established his or her credit since the economic event and have no late payments. The borrower needs to have re-established themselves by having a secure job and show promise that he or she will be employed for the next three years. The borrower needs to take a one hour HUD approved housing counseling course and get a signed completion certificate. The borrower should have rental verification. Borrowers with no rental verifications, a detail letter of explanation need to be provided. Cases where the borrower lives with family is acceptable. All FHA Back to Work extenuating circumstances due to an economic event mortgage loan applications are all manual underwrites. Not too many mortgage lenders are offering this program but I am aggressively processing and underwriting FHA Back to Work extenuating circumstances mortgage loan applications and am getting the first batch of approvals. Please contact me at 262-716-8151 or at www.gustancho.com if you feel you qualfiy for HUD’s FHA Back to Work extenuating circumstances due to an economic event mortgage loan programs.
Gustan Cho NMLS ID # 873293