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BREAKING NEWS: Mortgage Pre-Approval During The COVID-19 Pandemic Crisis Obstacles And Changes On Mortgage Pre-Approval During The COVID-19 Pandemic Crisis: If you have been following Gustan Cho Associates, you know the mortgage industry is rapidly changing due to the COVID-19 coronavirus outbreak With over 40 million Americans out of work, it has become tougher than…
This Article Is About Documents Required By Lenders To Close Mortgage On Time Most people dread the thought of providing documents required by lenders. The mortgage process does not have to be stressful. The number one reason for delays in the home loan process is due to borrowers not providing documents required by lenders timely…
This ARTICLE Is About VA Loans Alabama Mortgage Guidelines With No Lender Overlays Alabama is on the map. The state borders one of the hottest states in the nation, Florida. Alabama is one of the top states residents from high-taxed states are migrating to. A large percentage of New Yorkers fleeing the state to lower-taxed…
This Article Is About Debt Versus Credit Scores During Mortgage Qualification There is a negative impact on debt versus credit scores. If you have credit cards with high credit balances, that will negatively impact your credit scores. The good news is that paying down credit card balances will boost credit scores. Here is the scoop…
Condos are becoming very popular for millennials, young busy professionals, and the elderly. However, lending standards are tougher on condos versus single-family homes.
This Article Is About How To Prevent Mortgage Default With Loss Of Employment Mortgage lenders will work with homeowners who have lost their jobs. Lenders do not want to foreclose on a property if they can avoid it. They will do everything possible to help the homeowner do a workout. Most mortgage companies have workout…
We make your dream of home ownership come true. whether you need a mortgage to buy your dream home, pull some cash from your property using a cash-out refinance, or lower your monthly payment, we are here to help. FHA Loans FHA loans are mortgages insured by the Federal Housing Administration. Best for first-time home…
This article covers options for homeowners on alternative to foreclosure when homeowners cannot afford mortgage payments: There are instances when homeowners go through extenuating circumstances and cannot afford mortgage payments. In this article, we will cover the following points: Reason for disruption of income due to economic environment and loss of income Protecting your home…
Even if you have a fixed-rate mortgage, your monthly mortgage payment can change over time. That’s because most lenders include property taxes and homeowners insurance in the monthly payment, and those elements can change over time. Property values increase and tax rates can too.
This article covers Credit Scores Versus Credit History Mortgage Guidelines The Importance Of Mortgage Guidelines On Credit Scores Versus Credit History One of the first questions mortgage loan borrowers ask mortgage lenders is what is the minimum credit scores to qualify for a home loan. There are minimum credit score requirements to qualify for particular…
This guide covers refinancing with low(bad) credit scores and bad credit. Homeowners considering refinancing with low credit scores on their home loans must know that credit scores determine mortgage rates. The higher the credit scores, the lower the mortgage rates. Refinancing with low credit scores can be done. However homeowners thinking about refinancing with low…
Should I Repair My Credit Prior To Consulting With A Loan Officer To Qualify For A Home Loan? The answer is absolutely not. Credit repair can do more damage during the mortgage process than help. You cannot have credit disputes during the mortgage process on non-medical collections, charged-off accounts, and late payments. Retracting credit disputes can backfire and drop consumer credit scores.
This Article Is About The Questions You Should Ask Your Mortgage Lender On Loan Process Choosing the right mortgage lender is key. Buying a home is a person’s single largest investment in their lifetime The average home loan amount is $327,000 in the United States California has one of the highest home prices in the…
This Article Is About FHA Mortgage After Bankruptcy Mortgage Guidelines Borrowers can qualify for FHA Mortgage After Bankruptcy. There are two types of bankruptcies and HUD, the parent of the Federal Housing Administration, has different requirements with regards to each type of bankruptcy and the waiting period Just waiting out the waiting period after bankruptcy…
This Article Is About The Mortgage Meltdown And Qualifying For Home Loan Today With Bad Credit Overall lack of concern, awareness, and education caused the government, banks, investors, and rating agencies from misusing and misunderstanding the financial system and ultimately causing it to collapse. Prior to the 2008 Real Estate And Mortgage Collapse, it was…
This Breaking News Article Is About 10-Year Treasury Yield Surges To A 12-Month High Rising Rates The 10-Year Treasury Yield Surges to a 12-month high on Tuesday, February 18th signaling potential economic bad news for what lays ahead. The 10-Year Treasury Yieldskyrocketed signaling inflation, higher mortgage rates, and a slowdown of the booming housing market….
The Gustan Cho Associates are experts in down payment assistance (DPA) programs. We are proud to offer Colorado Housing and Finance Authority ( CHFA) down payment assistance programs. In this blog we will detail the advantages and disadvantages of using down payment assistance as well as how to apply for a mortgage with a Gustan Cho Associates when receiving Colorado down payment assistance.
This ARTICLE Is About COVID-19 Mortgage Guidelines Changes On Home Loans COVID-19 Mortgage Guidelines Changes have created stress for borrowers with less than perfect credit. Many analysts and economists predicted a housing meltdown in 2020 due to the coronavirus pandemic. However, despite the unemployment rate of 10% and more than 50 million Americans filing for…
This Article Is About Non-QM Mortgages Versus Government And Government Mortgages If you are in the market for a mortgage loan, you may have realized it is hard to qualify if you have had any derogatory items in the past. Many of our clients do not fit your everyday Fannie Mae, Freddie Mac, or FHA…
This Article Is About Homeowners Who Bailed On Mortgage During Mortgage Collapse Residential home sales have been steadily increased and so have real estate prices. Investor demand has been increasing more so this year than in the past several years and so has consumer confidence in the housing market. Many previous homeowners who have walked…
This Article Is About Mortgage Guidelines On Down Payment With the exception of VA and USDA loans, most mortgage loan programs require a down payment. Not everyone can qualify for a VA loan. Only active and/or retired members who have served in the United States Armed Services with a certificate of eligibility (COE) are eligible…
This Article On Mistakes When Refinancing Mortgage To Be Avoided By Homeowners Avoiding These 5 Mistakes When Refinancing Home Loan The mortgage refinance process normally takes 30 to 45 days and for it to run smoothly in general with most lenders However, the average turnaround time at Gustan Cho Associates loans close in 21 days…
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