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The bankruptcy manual underwriting guidelines on FHA and VA loans are covered in this guide, which focuses on the exclusive mortgage programs that permit manual underwriting. Manual underwriting occurs when a borrower fails to receive an approve/eligible status via the automated underwriting system and necessitates human underwriter assessment. Dale Elenteny is a loan officer at…
Congrats on your new home purchase! We’ll guide you through the exciting process of Furnishing Your New Home Purchase Prior To Closing On Home Loan. From budgeting to creative tips, we’ll help you make your new home feel like home. Let’s discuss how to make the transition as smooth as possible. Furnishing Your New Home…
This article explores the various mortgage options available to homebuyers seeking approval for a home loan with bad credit Texas. Despite lower credit scores, mortgage applicants can still qualify for and be approved for a home loan. However, the crucial factor in obtaining approval for a mortgage with bad credit and lower credit scores is…
This Article Is About How To Become A Private Money Lender For Real Estate Investors To find a good opportunity to lend. What constitutes a good opportunity to lend? There are a couple of things you as a private money lender can do to be sure you’re getting the best possible opportunity to lend on….
This article explores the differences between Fannie Mae And Freddie Mac Versus HUD Guidelines. Acknowledging the complexity of the mortgage business, even for professionals, reflects on the comprehensive overhaul following the 2008 Real Estate and Financial Collapse. This period saw the emergence of new government-sponsored agencies, accompanied by the implementation of Dodd-Frank legislation, the launch…
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…
This blog will cover how to build wealth by owning versus renting a home. We will show you how quickly you can become wealthy by owning a home versus renting. If you’ve been an adult long enough to live through several recessions, then you might question the very headline of this content. The Great Recession,…
In this blog, we will cover and discuss the acceptable sources of verifiable funds for closing. With the majority of qualified (QM) mortgage products being overseen by the federal government, there are very strict rules and regulations on what type of funds are acceptable for use when buying or refinancing a home. Funds that are…
Qualifying for a conventional loan after foreclosure presents more challenges than government loans. However, homebuyers can qualify for a conventional loan after experiencing foreclosure and bankruptcy. There are specific waiting period requirements that must be met. To qualify for a conventional loan post-foreclosure, borrowers must have a minimum credit score 620. Additionally, debt-to-income ratios can…
Homebuyers can buy a house and qualify for a mortgage with derogatory credit. Borrowers do not need perfect credit to qualify for a home mortgage. You can have derogatory credit tradelines and qualify for FHA, VA, USDA, Conventional, Jumbo, and non-QM loans. Gustan Cho Associates are experts in helping homebuyers with credit scores down to…
In this blog, we will cover and discuss what is DU automated approval on the automated underwriting system. A sound mortgage loan approval? My Loan Officer told me I had a DU Automated Approval, what is that? There are two types of automated underwriting system approvals. Fannie Mae Desktop Underwriter also referred to as DU…
In this blog, we will discuss and cover VA manufactured home guidelines on VA loans. Gustan Cho Associates has invested substantial time tailoring loan programs to cater to our nation’s veterans, including those seeking VA loans for manufactured homes. Many of our borrowers opt for VA loans, and we have earned a national five-star reputation…
In this blog, we will discuss and cover high-cost guidelines on government and conventional loans. Some states have high-cost rules. What is high-cost? High-cost is that the total fees and costs in obtaining a residential mortgage loan cannot exceed 5% of the mortgage loan amount. Fees that are calculated in high cost include upfront mortgage…
In recent years, the United States Virgin Islands have seen an unprecedented boom in tourism. Money started trickling into the island through investments and tourism. This means that even the hospitality industry has directly
In this blog, we will cover and discuss using FHA loans to purchase home and eligibility requirements. Using FHA loans to purchase home is very popular among first time home buyers and buyers with less than perfect credit. Using FHA Loans to purchase home only requires a 3.5% down payment. HUD, the parent of FHA,…
In this article, we will discuss and cover refinancing land contract homes to government or conventional loans. There are factors to address when refinancing land contract homes to government and conventional loans. In today’s crazy mortgage market, more and more Americans are purchasing homes with a land contract. This is an alternative to traditional mortgage…
This guide covers common credit score questions from first-time homebuyers. What does a “good credit or good FICO” really mean One of the most important achievements in life (amongst many others) is to build a good credit history and thus achieve a respectable FICO score right? We all work very hard in life, day in…
In this blog, we will cover and discuss the statute of limitations on collection accounts and charge-offs. We will go into detail on how older collection accounts affect qualifying for a mortgage. The Great Recession of 2008 has affected the financial lives of many Americans in this country as well as globally. Hard-working Americans not…
In this blog, we will cover and discuss the automated approval by the automated underwriting system. It is key to get an approve/eligible per the automated underwriting system for the mortgage process to go forward. In the event the borrower cannot get an approve/eligible and gets a refer/eligible per AUS findings, the file can be…
This article will discuss HUD bankruptcy guidelines following Chapter 7 and Chapter 13 bankruptcy, particularly about FHA loans. HUD Bankruptcy Guidelines affirm that individuals can become eligible for FHA loans after Chapter 7 and Chapter 13 Bankruptcy filings. Many prospective homebuyers, particularly those entering the market for the first time, may erroneously believe that obtaining…
This guide covers property tax proration VA guidelines on VA home loans. There are certain states where property taxes are paid in arrears. States, where property taxes are paid in arrears, require that sellers credit buyers with the prior year’s taxes at closing. These is called property tax proration credits. Every loan program has property…
This article focuses on the Fannie Mae-Freddie Mac Condo guidelines on conventional loans. These guidelines enable eligible borrowers to secure conventional condominium loans with a down payment as low as 3%. Condominiums have seen a surge in popularity in recent years, attracting various demographics, including seniors, millennials, and single, non-married individuals. One of the primary…
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