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ByGustan Cho
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How Underwriters Calculate Debt-to-Income Ratio (DTI) – 2024 Guide When it comes to buying a home, there are a few numbers that can make or break your mortgage application. One of the biggest? Your debt-to-income ratio (DTI). Understanding how underwriters calculate DTI can help you better prepare for mortgage approval, increase your chances of getting…
ByGustan Cho
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Washington NON-QM Lenders are offering multiple non-prime loans throughout the state. Homebuyers in Washington state no longer are tied with government and conventional loans. Washington Non-QM lenders can offer a selection of various non-QM and non-prime mortgage loan options for owner-occupant, second homes, and investment properties. No-Doc mortgage loans are becoming increasingly popular for homebuyers…
ByGustan Cho
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Jumbo Mortgages are home mortgage loans that are higher than the conforming loan limit. The conforming loan limit for 2024 is $766,550. Conforming mortgage loans are mortgage loans that conform to Fannie Mae and Freddie Mac Guidelines. Fannie Mae and Freddie Mac have caps on conforming loan limits. Every year, the Federal Housing Finance Agency…
ByAlex Carlucci
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In this blog, we will discuss and cover non-QM and bank statement portfolio loans for owner-occupant, second homes, and investment properties. NON-QM And Bank Statement Portfolio Loans are mortgage loans that do not conform to Fannie Mae or Freddie Mac lending guidelines. NON-QM And Bank Statement Portfolio Loans are mortgage loans that are held by…
ByGustan Cho
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This guide covers qualifying for a home mortgage with bad credit. One of the frequently asked questions by our clients at Gustan Cho Associates is, what is bad credit in mortgage terms? What does it mean to have bad credit? Bad credit, in general, can have a lot of meanings. Bad credit mortgage loans are…
ByGustan Cho
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In this blog, we will cover and discuss using non-QM versus jumbo mortgages to purchase high-end homes. Using non-QM versus jumbo mortgages to buy high-end homes is becoming increasingly popular. Traditional jumbo loans have strict lending guidelines due to the risk layer lenders need to take. Most traditional jumbo lenders may require a 740 credit…
ByGustan Cho
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This guide covers subprime mortgages and alternative financing for homebuyers and homeowners. Subprime mortgages are mortgage loans available to homebuyers who do not qualify for government and conventional loans. There can be many reasons why buyers do not qualify for traditional loans. It does not necessarily mean just due to bad credit. Some high-end buyers…
ByDale Elenteny
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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.
ByGustan Cho
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This article will cover 1099-income versus W-2 income mortgage lending guidelines. Regarding traditional government and conventional loans, more scrutiny is placed on 1099-wage earners than on W-2 income earners. 1099-wage earners often benefit from being able to write off substantial unreimbursed business expenses. Substantially unreimbursed business expenses will benefit 1099 wage earners by paying fewer…
ByGustan Cho
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This guide outlines the advantages of Non-QM loans and Non-Traditional Mortgages. Gustan Cho Associates serves as your reliable ally for Non-QM and Non-Traditional Mortgages. Non-QM and Non-Traditional Mortgages, also known as alternative financing mortgages, are distinct home loan options. These alternative financing loans diverge from the standard lending criteria of traditional government or conventional loans….
ByAlex Carlucci
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In this article, we will cover and discuss new mortgage programs for homebuyers and real estate investors. We have over 160 wholesale lending partners and hundreds of new mortgage programs for homebuyers and real estate investors. Gustan Cho Associates had an amazing start to the New Year with new mortgage programs like no-doc loans, stated-income…
ByGustan Cho
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In this article, we will cover qualifying for the Profit and Loss Statement Only Mortgage Loans with no-income verification and limited documents. Profit and loss mortgage loans, also referred as P and L statement only mortgage loans, only requires a profit and loss statement prepared by a Certified Public Accountant. No federal income tax returns,…
ByGustan Cho
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Most guidelines require lenders to average the most recent two years of income to qualify applicants. Some programs allow borrowers with newer businesses if they have experience
ByAlex Carlucci
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This guide covers subprime loans and non-QM mortgages. Borrowers who have bad credit or not enough income due to self-employment or other reasons may not qualify for a conventional loan or a low down payment loan offered by FHA, USDA, or VA. Borrowers who cannot qualify for traditional conforming mortgages may consider subprime loans and…
ByAlex Carlucci
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In this blog, we will cover what no-ratio mortgage loans are. We will discuss how no-ratio mortgage loans work and what types of borrowers benefit from no-ratio mortgage loans. No-ratio mortgage loans are a type of non-QM loan where the lender does not factor in the borrower’s income. No-ratio mortgage loans mean the debt-to-income ratio…
ByGustan Cho
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Thanks to alternative lending mortgage options, homebuyers who could not qualify for government and conventional loans can now qualify for specialty non-conforming mortgage loans. The 2008 Real Estate & Lending Collapse 2008 eliminated the subprime mortgage markets. Over 30% of our borrowers at Gustan Cho Associates are folks who need alternative lending mortgage options such…
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