Debt Settlement Versus Bankruptcy Mortgage Guidelines
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Debt Settlement Versus Bankruptcy Mortgage Guidelines

ByGustan Cho Posted on

Debt Settlement Versus Bankruptcy: A Guide for Mortgage Borrowers in 2024 If you’re juggling debt and trying to figure out your next step, the decision between debt settlement versus bankruptcy can feel overwhelming. Both options can help you take control of your financial future, but they also have long-term effects on your credit, financial stability,…

Home Purchase With Bad Credit
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Home Purchase With Bad Credit With Lender With No Overlays

ByGustan Cho Posted on

Homebuyers do not need great credit and high credit scores to qualify for a mortgage. You can have outstanding collections and charged-off accounts and qualify for a mortgage as long

How to Prepare Credit for Mortgage
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How To Prepare Credit For Mortgage and Get Approved

ByGustan Cho Posted on

How Do I Know If I Qualify For A Mortgage? All loan programs have different lending guidelines. However, you normally need timely payments in the past twelve months and need qualified income and have the ability to repay your new mortgage.

Updated FHA Loan Requirements
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Updated FHA Loan Requirements on HUD Guidelines

ByGustan Cho Posted on

Updated FHA Loan Requirements for 2024: What You Need to Know Are you considering an FHA loan to buy a home? FHA loans are popular because they’re one of the easiest types of mortgages to qualify for, especially if you’re a first-time buyer or have had credit issues. In this guide, we’ll review everything you…

GREAT CONTENT AUTHORITY FORUMS
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Great Content Authority FORUMS: GCA FORUMS

ByLauren Wright Posted on

This guide covers Great Content Authority FORUMS and Sub-FORUMS, commonly referred to GCA FORUMS. Great Content Authority FORUMS (GCA FORUMS) was established as an all-in-one online community where consumers, viewers, and members can get answers to frequently asked questions (FAQs) based on the community’s mortgage and real estate foundation. When people sell and purchase a…

Home Prices Are Increasing
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Home Prices Are Increasing Despite Higher Mortgage Rates

ByChad Bush Posted on

This guide guide covers how home prices are increasing despite higher mortgage rates. All indicators point to a housing bubble. The real estate boom we have experienced since 2019 is like no other housing explosing since the housing market peaked in 2005-06. HUD and the FHFA have increased loan limits for eight years in a…

Pre-Qualifying Borrowers
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Pre-Qualifying Borrowers With Bad Credit For Mortgage Loans

ByGustan Cho Posted on

In this blog, we will be covering pre-qualifying borrowers with bad credit for mortgage loans. This article on pre-qualifying borrowers with bad credit for mortgage loans is a resource mortgage guide for borrowers and loan officers. New loan officers need to understand that the pre-approval process is the most important stage of the mortgage process….

HUD And Fannie Mae Guidelines On Credit Disputes
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HUD And Fannie Mae Guidelines On Credit Disputes

ByAnngelli Abenes Posted on

This blog will discuss the HUD and Fannie Mae Guidelines on credit disputes during the mortgage process. We will outline the key points from the most recent updates to the HUD and Fannie Mae guidelines on credit disputes. Credit disputes occur when a consumer finds errors on their credit report that shouldn’t be there. The…

Choosing The Right Mortgage Company
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Choosing The Right Mortgage Company For Loan Officers

ByAnngelli Abenes Posted on

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…

First Time Home Buying Process
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First Time Home Buying Process Starts With Pre-Approval

ByGustan Cho Posted on

This article discusses the first time home buying process, emphasizing that it starts with pre-approval. The initial step for those currently renting or living with family and are first time home buyers is to consult with a mortgage lender. The most critical stage of the first time home buying process starts with getting pre-approved. Over…

Qualifying Borrowers For Mortgage
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Qualifying Borrowers For Mortgage on Purchase and Refinance

ByAnngelli Abenes Posted on

This guide covers the process of qualifying borrowers for mortgage on home purchases and refinances. From the application stage to closing, the mortgage process has numerous steps. One of the most crucial steps is qualifying borrowers for mortgage during the initial call. Even though many borrowers may have previously gone through the mortgage process, it…

Home Purchase Versus Renting
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Home Purchase Versus Renting Home

ByGustan Cho Posted on

This guide covers home purchase versus renting for homebuyers. There are many added benefits to a home purchase versus renting home. Many first time home buyers are gun shy in considering in buying their home. Here are some of the common questions first time home buyers have on home purchase versus renting: The three questions…

Qualifying Credit Score For Mortgage
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Qualifying Credit Score For Mortgage Used By Lenders

ByAnngelli Abenes Posted on

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…

Sacramento California Home Purchase With Bad Credit And Low Scores
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Sacramento California Home Purchase With Bad Credit

ByAlex Carlucci Posted on

This guide covers Sacramento California home purchase with bad credit and credit scores down to 500 FICO. Sacramento is the capital of California and is located in the northern-most point of California’s Central Valley.  Being the sixth-largest city in California, and home to the Sacramento Kings and the Sacramento River Cats, Sacramento is a very…

Manual Underwriting With Extenuating Circumstances
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Manual Underwriting With Extenuating Circumstances

ByAlex Carlucci Posted on

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…

How Underwriters View Unsourced Funds In Mortgage Process
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How Underwriters View Unsourced Funds In Mortgage Process

ByAnngelli Abenes Posted on

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…

Can I Buy a House in South Dakota With Poor Credit
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Can I Buy a House in South Dakota With Poor Credit

ByGustan Cho Posted on

In this blog, we’ll address the common inquiry: Can I buy a house in South Dakota with poor credit and low credit scores? Purchasing a home with less-than-ideal credit in South Dakota might feel daunting, with the buying process seeming nearly insurmountable. However, it’s worth noting that there are mortgage options tailored for individuals with…

QM Qualified Mortgages
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How Qualified Mortgages Affect Borrowers and Lenders

ByGustan Cho Posted on

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…

Documents Required For Mortgage
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Documents Required For Mortgage Processing and Underwriting

ByDale Elenteny Posted on

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…

Credit Supplement
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What is a Credit Supplement For a Mortgage

ByGustan Cho Posted on

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…