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VA Refinance Guidelines encompass two distinct mortgage processes: the VA streamline refinance (IRRRL), and the VA cash-out refinance. Gustan Cho Associates specializes in assisting homeowners with rate and term VA streamline refinances and cash-out VA refinance mortgages. This article will cover the VA refinance guidelines for both VA streamlines and cash-out refinance loans, providing essential…
This guide covers choosing the right mortgage company for loan officers. Choosing the right mortgage company for loan officers is one of the most important decisions a mortgage loan originator needs to make. John Strange, a senior loan officer at Gustan Cho Associates, explains choosing the right mortgage company for loan officers to start their…
This guide compares FHA versus conforming mortgages, the two most popular mortgage loan programs for homebuyers in the United States. Which program should homebuyers choose? Both have pros and cons. Sometimes, borrowers may qualify for FHA loans instead of conforming mortgages. Conversely, some borrowers who qualify for conventional loans may not qualify for FHA loans….
This guide covers conventioal loan after short sale vs foreclosure guidelines. Since 2008, millions of Americans have witnessed their equity in their homes evaporate. The real estate and credit meltdown of 2008 has devastated many hard-working families. The Great Recession of 2008 was more of a depression than the Great Recession. Record bankruptcies, foreclosures, and…
Austin, Texas has one of the highest in-migration rates in the nation. The Austin housing market is booming. There is a major shortage of housing in Austin, Texas due to the mass migration to this Texas city.
NON-QM jumbo loans are alternative mortgage loan programs for owner-occupant primary homes, second homes, and investment properties. Most non-QM loans do not have maximum loan limits. Any non-QM or alternative lending products with a loan balance higher than the 2023 conforming loan limit of $726,200 is called or often referred to as non-QM jumbo loans….
This Article Is About Ways Of Avoiding Stress During Mortgage Process And Close On Time There is no reason why borrowers should experience stress during mortgage process. Avoiding stress during the mortgage process is possible. Borrowers place their trust and faith in their loan officers to ensure their pre-approval is solid. However, like in any…
In this blog, we will cover and discuss the refinance waiting period mortgage lending guidelines on home mortgages. For homeowners who just closed their homes and who are thinking of refinancing their home loans, there are refinance waiting period requirements on mortgage loans. A home buyer cannot just close on their home loan one day…
HUD Guidelines On FHA Property Standards is the home needs to be safe, secure, and habitable. No need to be alarmed if the home is old. As long as the home is secured, safe, and habitable, it will pass FHA Home Appraisal.
This Article On Fannie Mae HomePath Mortgage Was PUBLISHED On May 10, 2024. Fannie Mae is now offering the Fannie Mae HomePath Mortgage to qualified home buyers. A Fannie Mae HomePath property is a Fannie Mae owned home Therefore, no appraisal is required and is available for owner occupant homes, vacation homes, and investment homes…
This article analyzes the advantages and disadvantages of buying versus renting in California. The state has some of the highest real estate values nationwide and a similarly high cost of living. Expenses across the board—including taxes, real estate costs, and rent—tend to be higher in California than in other states. On the positive side, workers in…
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…
Fannie Mae DTI Guidelines on Conventional Loans: Borrowers can calculate their debt-to-income ratio using the Conventional Loan DTI Mortgage Calculator powered by Gustan Cho Associates. Conventional loans are the most popular loan program for first-time homebuyers due to the low 3% down payment program. Select a StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth…
Traversing the landscape of mortgage loans can be an intricate voyage, presenting many options tailored to meet diverse financial requirements. Two common choices for homebuyers seeking financing are FHA (Federal Housing Administration) loans and Conforming High-Balance Mortgage Loans. Throughout this blog, we will dig deep into the features, advantages, and factors to consider for each…
Many homebuyers have substantial value on their 401k. They can use up to 60% of the value of their 401k for their down payment and/or closing costs on their home purchase. The amount used from their 401k is not used for their debt to income ratio calculations.
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…
This guide covers shopping for best mortgage rates in California on home purchase and refinance home loans. California is the nation’s most populous state. Many counties in the state of California is classified as high-cost areas. FHA, VA, and Conventional loan limits are substantially higher than other parts of the country on high-cost areas. California…
Rumors are flying about a possible housing bubble in the US. Are they based in fact, or is this wishful thinking on the part of frustrated would-be buyers?
Lenders can offer 100% with no mortgage insurance at competitive low mortgage rates on VA loans due to the government guarantee against loss or foreclosure on VA loans. VA loans have no maximum debt-to-income ratio cap on VA loans.
There is no sign of any housing market crash, especially in Florida. Home prices are booming with no signs of any correction.
This blog will discuss how mortgage underwriters calculate property taxes on new construction homes. Property taxes on new construction homes can often affect the homebuyer’s debt-to-income ratio due to being estimated versus an exact number. The exact property taxes on new construction homes are not known until a few years after the development has been…
California FHA 203k Loans are a great home purchase acquisition and renovation loan program with a 3,5% down payment of the after-repair value for homebuyers of fixer-uppers. Homebuyers of fixer-uppers can gut/rehab and/or renovate the home they are buying. California has one of the highest housing prices in the nation. Many Californians are not able…
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