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ByGustan Cho
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This guide covers EPM Empowered down payment assistance mortgage programs. There are several types of down payment assistance mortgage programs for homebuyers. We have some very exciting news at Gustan Cho Associates. The team at Gustan Cho Associates offers two different types of down payment assistance mortgage program: Forgivable and non-forgivable DPAs. We offer the…
BySarah Wu
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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
ByAlex Carlucci
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This guide covers condominium questionnaire on warrantable, non-warrantable, and condo hotel condominium units. Warrantable, non-Warrantable and condotel financing are a specialty niche mortgage product and are only offered by a few portfolio lenders. There is a two-step underwriting process buying a condominium versus a single-family home. The first step in buying a condo is to…
ByGustan Cho
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FHA Spot Loans enables condo buyers to purchase a condo unit in a non-HUD-Approved Condo Complex with an FHA loan.
ByGustan Cho
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HUD, the parent of FHA, has increased FHA loan limits in Chicago for six consecutive years due to rising home prices. HUD has again increased FHA loan limits. Here are the updated FHA loan limits for 2024. FHA loan limits in Chicago and surrounding areas have been increased to $492,257 in non-high-cost areas for single-family…
ByGustan Cho
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This guide covers FHA versus conforming loan limits on home purchase and refinance transactions. FHA versus conforming loan limits on home purchase can often become confusing because the maximum loan limit is always higher on conventional loans versus FHA loans: New FHA and conforming loan limits become effective in the begining of every year. FHA…
ByGustan Cho
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This guide covers preparing for mortgage process in Illinois. Preparing For Mortgage Process In Illinois is different than other states. Illinois is not a community property state. This means that a spouse’s debt is not counted if the spouse is not on the mortgage loan nor is the spouse’s credit. Preparing For Mortgage Process In…
ByJohn Strange
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In this blog, we will cover and discuss how to shop for a mortgage in today’s housing market. Just over a year ago, mortgage rates were at under 3.0% on a 30-year fixed-rate mortgage. Today, mortgage rates have spiked to over 6.0% and signs indicate rates are going higher. Inflation numbers are nearing 9.0% which…
ByGustan Cho
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In this article, we will cover and discuss getting approved by the best mortgage lenders for bad credit in Hawaii in 2024 with low rates, wide variety of prime and non-QM loans, and lowest rates. Hawaii has one of the highest home prices in the United States. Home prices in Hawaii rank among the highest…
ByAnngelli Abenes
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Owner Occupancy Fraud: Everything You Need to Know to Avoid Serious Consequences in 2024 When applying for a mortgage, your lender will ask whether you plan to live in the home or use it as an investment property. If you’re tempted to say you’ll live there—even if you plan to rent it out—think twice. Misleading…
ByGustan Cho
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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…
ByGustan Cho
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This guide covers buyers solutions to multiple offers on home purchase. There was a time where there were tons of inventory of homes on the market. Homebuyers can ask for multiple showings on the same property. They saw weeks ago and the home was still available. As the days turned into weeks and weeks turned…
ByAnngelli Abenes
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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…
ByGustan Cho
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This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is can I qualify and get approved for multiple FHA loans at the same time. FHA loans are for owner-occupant primary homes. A homeowner can live in one property. There are…
ByGustan Cho
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This guide explains the requirements for obtaining two FHA loans at the same time. This is important information for those who want to finance two primary residences. Joey Virga, the President and CEO of Virga Realty, a distinguished real estate company headquartered in Panama City, Florida, shares insights into his clients’ journey to obtain approval…
ByGustan Cho
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This blog post will explore the revised mortgage guidelines on Using Property Tax Prorations For Down Payment on a House. The updated agency mortgage guidelines now permit homebuyers to utilize property tax prorations sellers provide for their home purchase down payment. Recently revised guidelines from HUD, VA, USDA, Fannie Mae, and Freddie Mac state that…
ByGustan Cho
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In this blog, we will cover and discuss qualifying and getting a mortgage approval for home purchase on acreage in rural areas. Gustan Cho Associates is licensed in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. We have dozens of options for mortgage approval for home purchase on acreage in rural…
ByGustan Cho
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This guide covers canceling a real estate purchase contract transaction. A real estate purchase contract is a legally binding agreement between a home buyer and a home seller. Before each party signs the real estate purchase contract, they should both review it carefully. Canceling a real estate purchase contract can be done if there are…
ByGustan Cho
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This guide covers qualifying for a home loan downsizing to a smaller home. It makes no sense in having a large home when the kids leave. Many homeowners who become empty nesters only use a portion of their home. However, homeowners with a large home spend a lot of money on utilities, insurance, maintenance, and…
ByGustan Cho
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This guide addresses common inquiries regarding the possibility of maintaining two FHA loans due to expanding family size. Typically, individuals are limited to one FHA loan per family. However, there are circumstances wherein you can retain your current home with an FHA loan while obtaining a second FHA loan for a new home purchase. HUD…
ByDale Elenteny
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This blog post will explore the implications of Buying House Near Apartment Community or Commercial Areas. Buying a house near an apartment community can significantly impact homebuyers. There have been numerous cases where individuals buy homes near large apartment complexes and experience dissatisfaction after the relocation. Unlike buying a car or other high-ticket items, purchasing…
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