We will be covering qualifying and getting approved for VA mortgage loans in Arizona. Arizona is one of the most migrated states in the nation. Tens of thousands of families are moving to the state due to the great economy, low taxes, affordable housing, and low cost of living. Thousands of Californians are moving to…
In this guide we will cover and discuss the automated underwriting system approval, which is also referred to as AUS findings. The automated underwriting system approval is what is needed for a mortgage borrower to go forward with the mortgage process. The Automated Underwriting System Will Render Three Types of Findings: Approve/Eligible per AUS: A/E…
In this guide, we will discuss and cover bank statement loans for self-employed borrowers. Non-QM Loans and Bank Statement Loans are back. Gustan Cho Associates is a national mortgage company licensed in multiple states known for its no lender overlays on government and conventional loans as well as the dozens of non-QM loan programs we…
In this blog, we will cover the Fannie Mae Chapter 13 dismissal guidelines on conventional loans. One of the most frequently asked questions at Gustan Cho Associates is what the eligibility requirements is to qualify for a conventional loan after Chapter 13 Bankruptcy dismissal. If you are considering bankruptcy or have recently filed, learn the…
Many homebuyers worry that a low credit score will automatically stop them from qualifying for a home loan. The lowest credit score allowed for mortgage approvals can vary by loan program, and some options may be available even when your credit is less than perfect. Meeting a minimum score does not guarantee approval. Mortgage lenders…
According to VA and HUD Chapter 13 cash-out refinance guidelines, homeowners may be eligible for a cash-out refinance on an FHA or VA loan, allowing them to pay off their Chapter 13 Bankruptcy ahead of schedule. VA and FHA loans are the only mortgage loan programs that permit borrowers to purchase or refinance a home…
This article explores the various mortgage options available to homebuyers seeking approval for a home loan with bad credit Texas. Despite lower credit scores, mortgage applicants can still qualify for and be approved for a home loan. However, the crucial factor in obtaining approval for a mortgage with bad credit and lower credit scores is…
Mortgage rates during the COVID-19 pandemic changed quickly and did not affect every borrower the same way. National averages eventually fell to record lows, but the first months of the pandemic brought uncertainty to lenders, investors, and homeowners. Some borrowers with strong credit, equity, and stable income were able to refinance at very low rates….
Mortgage Loan Underwriting Process: Simple, Step-by-Step Guide The mortgage loan underwriting process is the lender’s review of your income, credit, assets, job, and property to decide if your loan meets rules and can close. Expect document checks, conditions to clear, and a final “clear to close.” Key Takeaways The mortgage loan underwriting process follows seven…
This article will cover traditional and non-QM mortgage programs for homebuyers and homeowners. The historically low mortgage rates fueling a booming housing market seemed like yesterday. There are more homebuyers than an inventory of homes despite rates nearing 7%. Due to the competition, many homebuyers were buying homes at higher than the list price. John…
FHA Chapter 13 Bankruptcy Guidelines allow homebuyers and homeowners to qualify for FHA loans for home purchases and refinance during and after Chapter 13 Bankruptcy. Dustin Dumestre, a senior loan officer explains how borrowers can get a mortgage while in a Chapter 13 Bankruptcy repayment plan based on the FHA Chapter 13 Bankruptcy Guidelines: FHA…
Home Purchase Loans: Traditional and Non-QM Options Home purchase loans are the financing options that make it possible to buy a home—whether you’re a first-time buyer, upgrading to a bigger place, or purchasing after a credit event. The right loan affects everything: how much house you can afford, how much cash you need upfront, your…
This guide covers 15-year versus 30-year fixed rate mortgages on loan programs. All residential mortgage loan programs have amortized terms. The most common mortgage programs are the 30-year fixed-rate mortgages. You can compare 15-year and 30-year FHA loans, see how monthly payments and mortgage insurance rules differ, check loan limits, and learn how to choose…
In this blog, we will cover and discuss what is DU automated approval on the automated underwriting system. A sound mortgage loan approval? My Loan Officer told me I had a DU Automated Approval, what is that? There are two types of automated underwriting system approvals. Fannie Mae Desktop Underwriter also referred to as DU…
1099-Income versus W-2 Income: How It Affects Your Mortgage Approval When applying for a mortgage, the type of income you earn—1099-income versus W-2 income—can make a big difference in the approval process. W-2 employees typically have an easier time getting approved for a mortgage than 1099 wage earners because lenders view W-2 income as more…
Closing costs on the loan estimate versus closing disclosure will most likely be different. The itemized closing costs on the Loan Estimate (LE) is normally over-disclosed since most costs and fees were estimated on the very high end. If closing costs are higher than 10% of the disclosed amount, the loan officer/lender is liable for…
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 qualifying for a home mortgage with bad credit. One of the frequently asked questions by our clients at Gustan Cho Associates is, what is bad credit in mortgage terms? What does it mean to have bad credit? Bad credit, in general, can have a lot of meanings. Bad credit mortgage loans are…
Mortgage Markets and Interest Rates: Complete Guide for Homebuyers and Homeowners This guide covers the mortgage markets and interest rates. The mortgage markets and interest rates have seen volatile trends in recent weeks. The first and foremost is rising interest rates when analyzing mortgage markets and interest Rates. John Strange, a senior loan officer at…
In this article, we will delve into the process of buying a home with bad credit in Nevada, specifically for individuals with credit scores below 600. The team at Gustan Cho Associates specializes in guiding homebuyers through purchasing a home with bad credit in Nevada. Over 60% of our clients come to us after being…
Why is my FHA rate different from the rate I saw online? That is one of the most common questions borrowers ask when they start shopping for a home loan. FHA mortgage rates can look simple at first, but the rate you are quoted depends on your credit score, loan amount, property type, debt-to-income ratio,…
The initial loan approval from the mortgage loan approval lists a set of conditions from the mortgage loan underwriter. Once the loan conditions are satisfied, the mortgage underwriter will issue will issue a clear to close.
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