Jumbo Loans are also called non-conforming loans. This is because they do not conform to Fannie Mae and Freddie Mac Mortgage Lending Guidelines. Fannie Mae and Freddie Mac cap all conventional loans to a maximum of $548,250 loan size. Any home loan greater than the $548,250 loan limit is considered a Jumbo Loan. Most jumbo lenders require a 75% loan to value for new purchases and refinance jumbo loans. Gustan Cho Associates offers non-QM jumbo loans with lower credit scores. We also offer non-QM jumbo loans with a 10% down payment.
HUD, the parent of FHA, does not require you to pay off the outstanding unpaid collection account balances in order to qualify for FHA Home Loans. However, FHA will count a percentage of any outstanding non-medical collection account balances.
Mortgage borrowers with less than a 97% loan to value and higher credit scores can qualify for a conforming loan without paying annual mortgage insurance. Instead, the lender can cover the mortgage insurance for the borrower. In exchange, the borrower pays a slightly higher mortgage rate.
The housing market is booming. More and more renters are rushing to get pre-approved for a mortgage. Historic low mortgage rates are motivating renters in owning versus renting.
This Article Is About HUD Late Payment Mortgage Guidelines During Chapter 13 Bankruptcy Plans HUD and VA are the only two mortgage loan programs that allow borrowers in an active Chapter 13 Bankruptcy repayment plan to qualify for an FHA and/or VA loan. However, the key is to have been timely on all their payments […]
Most undisclosed debts will be discovered by lenders during a third-party national search of public records.
USDA home loans do NOT have minimum credit scores. Many mortgage lenders do, but the official USDA guidelines do not. Here’s what you need to know about credit scores and USDA mortgages.
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.
The asset-depletion mortgage loan program benefits higher net worth individuals who do not have a regular steady income. Non-QM loans are becoming increasingly popular and benefit borrowers who need alternative nontraditional mortgage loan programs.
This Article Covers Mortgage After Timeshare Foreclosure With No Waiting Period. A timeshare foreclosure is not a real estate foreclosure. Timeshare loans are classified as installment loans and NOT real estate loans. Therefore, there are no waiting period requirements after a timeshare foreclosure. Here are the points we will be covering in this blog: Timeshares […]