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Transitioning from monthly to bi-weekly mortgage loan payments can be a strategic move for homeowners looking to expedite their mortgage payoff. Borrowers who choose bi-weekly payments make payments equal to half of their monthly payments every two weeks. This results in 26 half-payments or 13 full payments over a year. Making this additional payment can…
This blog will discuss and cover bank statement deposit only mortgage for self-employed borrowers with no income tax returns required. Since the real estate crash 2008, the United States Federal Government stepped in to create mortgage guidelines and standards. One added rule required income calculations used for borrowers, including self-employed borrowers. This is part of…
This article will cover HUD DACA mortgage guidelines on FHA loans for DREAMERS. Gustan Cho Associates have some good news surrounding FHA mortgage lending. The Federal Housing Administration (FHA) has recently added “dreamers” to the list of acceptable borrowers for all FHA mortgage products. This is a big step. This news means roughly 640,000 people…
In this blog, we will discuss and cover appraisal issues during the home buying and mortgage process. The word “appraisal” can be an ugly word when things don’t go right. All lenders require a home appraisal on borrowers purchasing and/or refinancing a home. The home appraisal is the report lenders rely on as the collateral…
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…
The practice of home builders steering lenders refers to the common industry practice of recommending or ” steering” homebuyers toward using a specific lender for their mortgage needs. This practice is often seen in real estate transactions where builders have established relationships with preferred lenders. The introduction of preferred lenders by builders raises questions about…
It’s important to note that Mortgage Lender Complaints and Bad Reviews submitted by borrowers do exist, but readers should understand the context. Consumers must recognize that prominent national lenders, such as Chase Bank, Quicken Loans, and Guaranteed Rate, are major players in the mortgage industry and employ hundreds, if not thousands, of loan officers. Although…
In this mortgage guide, we will cover and discuss federal employee mortgage loan programs offered at Gustan Cho Associates Gustan Cho Associates, empowered by NEXA Mortgage, Inc. is licensed in 48 states including Washington DC, Puerto Rico, and the U.S. Virgin Islands. The team at Gustan Cho Associates are experts not just on government and…
This guide covers property taxes in mortgage qualification and how it affects debt-to-income ratios. For homebuyers, especially first-time home buyers, property taxes in mortgage qualification are one of the most important aspects to consider when buying a home. John Strange, a senior loan officer at Gustan Cho Associates, explains how property taxes in mortgage qualification…
In this blog, we will cover and discuss how to refinance into FHA 203k loan from an existing home mortgage. Homeowners who are in need of either basic rehab or need to do a full-blown renovation project on their homes can refinance into FHA 203k loan. This holds true even if they do not have…
This guide covers the impact of credit score changes during mortgage process and how it impacts borrowers. Credit Score Changes during mortgage process happen. There are minimum credit score requirements on mortgage loan programs. The impact of credit inquiries and new accounts is generally small and temporary. Your credit score can be subject to changes…
In this blog, we will cover and discuss how homebuyers can qualify for a mortgage with new lenders after having a mortgage denied for late payments in Missouri after being pre-approved by a loan officer. Late payments in the past 12 months are very serious. Many borrowers will get a mortgage denied for late payments…
This guide covers the frequently asked question how do I qualify for a mortgage loan and get approved. Mortgage lenders do not just lend a home loan to anyone. Lenders need to make sure borrowers qualify not just in making their making their new mortgage payments but borrowers need to qualify and meet minimum mortgage…
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…
This guide covers how bankruptcy affects mortgage approval and the waiting period after discharge date. Bankruptcy is a great tool for people to utilize if they are drowning in debt and want a fresh financial start in life. Two of the most common types of consumer bankruptcy is Chapter 7 and Chapter 13 bankruptcy. Mortgage…
This guide covers saving money on mortgage on home purchase and refinance loans. A home purchase is a very happy and exciting time for homebuyers. Saving money on mortgage is the last concern buyers may have on their minds. However, mortgage borrowers do want to avoid home buyer mistakes and avoid future regrets. There are several…
In this blog, we will cover and discuss the Jumbo mortgage with 10% down payment and no PMI. A jumbo mortgage is a residential mortgage loan that exceeds the conforming mortgage loan limits. The conforming mortgage loan limit for 2024 is capped at $766,550 in most parts of the United States with the exception of…
This guide covers getting a home loan approved after denied by a bank for your mortgage. There should be no reason why mortgage borrowers to be denied after getting pre-approved. The only reason why a pre-approved borrower gets denied for a mortgage loan after pre-approval is because they were not properly qualified in the first…
In this article, we will cover and discuss finding the best mortgage lenders for bad credit in Arkansas to qualify for a home loan as first-time homebuyers with bad credit. Arkansas is one of the most sought-after migration spots in the country due to affordable housing prices. Tens of thousands of people and businesses from…
Gustan Cho Associates Has Special Tricks On Ways Of Boosting Credit Before Applying For Mortgage. Do not hire any credit repair companies if you are planning on applying for a mortgage. Credit repair does more harm than good during the mortgage process. You cannot have credit disputes during the mortgage process.
In this article, we will cover and discuss applying for mortgage with another lender when denied by the original lender. The team at Gustan Cho Associates gets countless calls from borrowers asking for advice on applying for mortgage with another lender when denied by their first lender. Applying for mortgage with another lender when denied…
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.
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