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This article delves into the implications and potential challenges homeowners may face in the unfortunate event of a job loss after mortgage closing. The focus is on understanding the repercussions and navigating the associated difficulties when individuals grapple with job loss after the mortgage closing process. The residential mortgage lending sector has experienced a significant…
In this article, we will cover and discuss the comparison between jumbo loan vs conventional loan programs and the differences in rates, terms, and LLPAs. Gustan Cho Associates has wholesale lending partners on traditional and conventional loan products. High-balance FHA jumbo loans need to meet HUD agency guidelines. VA high-balance jumbo loans need to…
In this article, we will cover and discuss when you can get a mortgage approval after bankruptcy dismissal. There are strict waiting period requirements after Bankruptcy on government and conventional loans. Consumers in debt can get the help of the United States Bankruptcy Courts for protection from creditors. Many consumers who file bankruptcy think it…
This guide covers investor cash-flow mortgage for investment properties. Gustan Cho Associates now offers investor cash-flow loan programs on investment properties. One of the requirements on investor cash-flow mortgage programs is the real estate investor owns a primary residence. Renters who do not own a primary residence cannot qualify. The way investor cash-flow mortgage loans…
In this blog, we will cover and discuss the mortgage guidelines after bankruptcy on home purchases and refinance transactions. There is a mandatory waiting period after bankruptcy to qualify for government and conventional loans. Gustan Cho Associates offers non-QM loans. Mortgage Guidelines After Bankruptcy on non-QM loans do not require any waiting period after bankruptcy…
In this blog, we will discuss lender versus borrower paid mortgage transactions. Mortgage brokers can often opt to go with a borrower paid for by a mortgage borrower to save the borrower’s commissions. There is no such thing as free in the mortgage industry. The way mortgage rates charged is the higher the lender’s compensation,…
In this article, we will cover qualifying for the Profit and Loss Statement Only Mortgage Loans with no-income verification and limited documents. Profit and loss mortgage loans, also referred as P and L statement only mortgage loans, only requires a profit and loss statement prepared by a Certified Public Accountant. No federal income tax returns,…
Most guidelines require lenders to average the most recent two years of income to qualify applicants. Some programs allow borrowers with newer businesses if they have experience
This guide covers things to avoid when repairing your credit for a mortgage approval. There are things to avoid when repairing your credit for a mortgage approval. Mortgage applicants need to realize that low credit scores mean higher mortgage interest rate. Lenders view lower credit score borrowers as higher risk. With higher risk, comes higher…
This guide covers the five C’s of mortgage underwriting leading to clear-to-close. With mortgage loans, the risk analysis is critically important, so it is a good idea to review the file in detail before even submitting it. It is the responsibility of the mortgage underwriter to analyze the layered risk of the lender and the…
This guide covers how to fix bad credit to qualify for a mortgage. How to fix bad credit to qualify for a home mortgage for homebuyers and homeowners: Mortgage borrowers can have prior bad credit and qualify for a mortgage. This holds true as long as they have been timely for the past 12 months….
This guide covers the mortgage process of first-time home buyer loan programs. First-time home buyers have dominated the housing market for the last 10 years. All trends show this streak is likely to continue. Many first-time homebuyers are leery to enter the housing market due to misconceptions of the mortgage process. Many renters still think…
In this article, we will cover and discuss when am I committed to mortgage lender for a home loan. Mortgage loan officers do a lot of work in order to get a clear to close from the mortgage underwriter. A loan officer nor a lender can charge any fees, costs, or commissions up front until…
This guide covers about the third-party search by mortgage lenders during the underwriting process. Mortgage lenders will pull three credit reports on every mortgage loan applicants during the mortgage process. The first step in the mortgage process is for lenders to look at borrower’s credit scores. The credit scores are what decides whether the loan…
This guide covers how solid is your pre-approval for a home purchase mortgage. A mortgage pre-approval letter means that a loan applicant has submitted an initial mortgage loan application, called 1003, and the loan originator has run credit and fully qualified borrowers: The pre-approval letter is issued after the loan originator has reviewed the following:…
Lenders can cover borrowers’ mortgage refinance costs with a lender, credit in lieu of a higher mortgage rate to the borrower. All mortgage loans, whether they are purchase or refinance mortgages, have closing costs. Homeowners who are thinking of refinancing their current mortgage will have mortgage refinance costs associated with their refinance. Some states have…
This guide covers qualifying and getting approved for a home mortgage moving to new home. Moving to new home is a very exciting time for your family. As I take you on a daily journey of my life, and if you have been following along, you will know that I just moved into my current…
This guide covers subprime loans and non-QM mortgages. Borrowers who have bad credit or not enough income due to self-employment or other reasons may not qualify for a conventional loan or a low down payment loan offered by FHA, USDA, or VA. Borrowers who cannot qualify for traditional conforming mortgages may consider subprime loans and…
This guide covers mortgage for second primary residence lending guidelines. Many Americans have a current primary residence and are looking to purchase another home. There can countless reasons why homebuyers are buying and getting mortgage for second primary residence home. It can be due to needing more space due to a growing family. Many homeowners…
Unlock Your Dream Home with Doctor and Medical Professional Mortgage Loans Are you a medical professional dreaming of buying your first home but feeling overwhelmed by the weight of student loans? Gustan Cho Associates, powered by NEXA Mortgage, LLC, offers a tailored solution with our doctor and medical professional mortgage loans. These loan products are…
This guide covers how lender overlays prevent mortgages for homebuyers. The Federal Reserve Board announced that almost a third of commercial and residential mortgage lenders loosen lending overlays in the 3rd Quarter. They expect lenders loosen lending overlays even more on the 4th Quarter. Lenders loosen lending overlays have sparked a sharp increase in mortgage…
This guide covers the importance of debt-to-income ratio in mortgages. Borrowers need to keep in mind the importance of debt-to-income ratio in mortgages when qualifying. DTI is what determines whether or not a borrower qualifies for a mortgage. You can have the best credit and credit scores in the world but if your debt-to-income ratios…
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