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ByAnngelli Abenes
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This guide covers clearing mortgage conditions of conditional loan approval. After borrower’s mortgage application has been processed and underwritten, the mortgage underwriter will issue a conditional mortgage approval. Clearing Mortgage Conditions is required for the underwriter to issue a clear to close. A conditional mortgage approval is a letter of intent that the lender will…
ByAnngelli Abenes
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When And Why Do Mortgage Lenders Ask For Reserves? On VA and FHA manual underwriting, one month’s reserves are required. Multi-family units require reserves by homebuyers.
ByAnngelli Abenes
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This blog will cover closing on your new home in 21 days from application to CTC. Closing on your new home on time is expected for both the home buyer and the sellers. There are many lives affected by a home closing. Buyers and sellers have families. They both need to make plans such as…
ByAnngelli Abenes
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In this blog, we’ll explain the qualifying credit score that lenders use for mortgages. Mortgage underwriters determine this score by selecting the middle credit score from a tri-merge credit report. When a mortgage applicant applies, the loan officer pulls a report to evaluate creditworthiness. Not all creditors rely on tri-merge credit reports. It is common…
ByAlex Carlucci
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In this article, we will be discussing and covering manual underwriting with extenuating circumstances and going over some common case scenarios. We will go over some of the recent manual underwriting with extenuating circumstances success stories at Gustan Cho Associates. Many of our clients contact us with general questions surrounding manually underwritten mortgage loans. The…
ByGustan Cho
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Choosing the right lender with no lender overlays is the key on how to avoid mortgage denial
ByAnngelli Abenes
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This guide covers how underwriters view unsourced funds while analyzing and reviewing a borrower. Unsourced funds have no paper trail, so mortgage underwriters cannot source the funds needed for the mortgage asset qualification process. Borrowers need to source the funds to use the funds towards the home buyer’s down payment or closing costs on a…
ByGustan Cho
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This guide covers why underwriters issue denials on mortgage loans. The mortgage process should not be a stressful process and there is no reason why a mortgage loan should not close after a pre-approval has been issued. All mortgages should close on time and Gustan Cho Associates has a 21-day close policy on most loans….
ByAnngelli Abenes
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This guide covers home inspection before proceeding with the mortgage process. A home inspection is an inspection of a home purchased by home buyers where they hire an independent home inspector to go over the subject property with a fine toothcomb. Lenders do not require home inspections. It is voluntary for the buyers to have…
ByAlex Carlucci
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Many people have no credit score. This can make getting a mortgage to buy a home harder. However, it’s not impossible. You can re-establish credit after bankruptcy or other serious credit problems. And if you have no credit score at all, lenders can approve you with a non-traditional credit report.
ByGustan Cho
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This blog aims to explore the difference between correspondent lending and mortgage brokers. A common inquiry we receive regularly pertains to the lender type offering the most favorable rates. The response is straightforward: correspondent lenders aren’t mandated to reveal the yield spread premium in the closing disclosure, and there’s no upper limit on this premium…
ByGustan Cho
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This article explores the Factors Affect Pre-Approval And Stress During Mortgage Process. Once individuals decide to purchase a home, the subsequent step is qualifying for a home loan. Prospective buyers must assess the required down payment and closing costs and determine their eligibility for a loan. Homebuyers must undergo the qualification process and obtain a…
ByGustan Cho
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This guide covers 580 score VA financing for eligible veteran homebuyers and homeowners. The team at Gustan Cho Associates are experts in originating and funding 580 score VA financing with no lender overlays. VA loans are the best mortgage loan program today. However, the only privileged borrowers able to qualify for VA Loans are Veterans…
ByDale Elenteny
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In this article, we will cover and discuss delayed financing guidelines on refinance transactions. Delayed Financing Guidelines apply for homebuyers who purchased home cash and are needing to do a cash-out refinance. Sellers often prefer cash home buyers. The housing market has been hot for the past few years. Bidding wars are often common. Cash…
ByAlex Carlucci
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This guide covers how to avoid delays in mortgage loan closings. When homebuyers enter a real estate purchase contract, the buyers and sellers agree on a tentative closing date. Normally, the closing date is set between 30 and 45 days from the purchase contract date. Many real estate agents will agree that delays in home…
ByGustan Cho
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This guide covers how qualified mortgages affect borrowers and lenders on residential loans. To avoid another 2008 financial crisis, Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act created qualified mortgages. Qualified mortgages are also referred to as QM. QM is a mortgage that needs to meet certain guidelines in order to protect…
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…
ByDale Elenteny
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This guide covers documents required for mortgage processing and underwriting. All documents required for mortgage processing and underwriting needs to be completed in order to close a home loan on time. This includes blank pages. There are things mortgage borrowers need to know when applying for a mortgage. The initial phase of the mortgage process…
ByGustan Cho
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In this blog, we will cover and discuss manual underwriting versus automated underwriting guidelines. The Automated Underwriting System is a sophisticated computer system and is often referred to as AUS. There are two different types of AUS. Fannie Mae’s automated underwriting system is called Desktop Underwriter and is commonly referred to as DU. Freddie Mac’s…
ByGustan Cho
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This guide covers what a credit supplement in a mortgage is and how it works. There are three major credit reporting agencies; Transunion, Experian, and Equifax. Each credit reporting agency is independent of each other and each credit reporting agency has its own formula in calculating a consumer’s credit score. C redit reporting agencies update…
ByGustan Cho
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This guide covers funds in bank statements that mortgage lenders cannot use. All funds in bank statements that are newer than 60 days need to be sourced. All lenders require two months of bank statements from borrowers. In order for lenders to be able to use funds in bank statements, the funds needs to be…
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