A mortgage denial with good credit usually means another part of the loan file did not meet underwriting guidelines. A 740 or 760 credit score may look strong, but the lender still has to verify income, monthly debts, assets, employment history, and the property being financed. A borrower can have clean credit and still be…
Many homeowners went into mortgage forbearance during COVID or another financial hardship because they needed time to catch up. Now the question is simple: can you refinance after a mortgage forbearance, or will the past hardship still hold you back? The answer depends on where your loan stands today. Lenders will look at whether your…
Many first-time home buyers with student loan debt worry that their student loan debt will prevent them from being approved for a mortgage. Fortunately, having student loan debt does not automatically disqualify you from purchasing a home. What is crucial is how the lender considers your monthly student loan payment when determining your debt-to-income ratio….
VA home loans are ideal for primary residences, offering 100% financing with no down payment required for those who qualify, including active and retired U.S. Armed Forces members and eligible surviving spouses. The key to accessing these benefits is obtaining a Certificate of Eligibility (COE), which confirms eligibility for the VA’s loan program. The VA…
Many borrowers think a conventional loan denial means they do not qualify for a mortgage. That is not always true. Sometimes the problem is not Freddie Mac’s guidelines. The denial may come from lender overlays, high debt-to-income ratios, student loan payments, property type, weak documentation, or how the file was read by Freddie Mac’s Loan…
Getting a mortgage denial after pre-approval can feel like the rug was pulled out from under you. You may already have a signed purchase contract, a closing date, inspection money spent, and an appraisal ordered. Then the lender calls and says the loan cannot move forward. This happens because a mortgage pre-approval is not the…
Maine Mortgage Loans: FHA, VA, USDA, Conventional, Jumbo, and Non-QM Options The experience of buying a home in Maine varies by area. In busy Portland, prices are higher, while buyers in rural areas often qualify for USDA loans. Veterans can get VA loans with no down payment, and first-time buyers can use FHA loans or…
A credit score does not have to be perfect to get approved for a home loan, but it can change the path to approval. Your score can affect the loan programs available to you, the down payment required, the interest rate offered, the mortgage insurance, the discount points, and the level of underwriting review. Many…
Getting a loan to buy or renovate a house can be hard right now. High property prices and big upfront payments make it tough for many applicants. Strict rules about credit history and debt-to-income ratios add to the challenge. However, new mortgage programs are appearing to help people who struggle with traditional loans. These programs…
Many Colorado homebuyers are surprised when the payment shown on a basic online mortgage calculator does not match the one the lender uses. The reason is simple: principal and interest are only part of the monthly cost. A real Colorado mortgage payment may also include property taxes, homeowners’ insurance, HOA dues, private mortgage insurance, FHA…
This blog will cover Fannie Mae Collection Guidelines on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants that regulate agency guidelines on conventional loans. The two mortgage giants are the largest buyers of mortgages on the secondary market. Fannie Mae typically requires a minimum credit score for conventional loans. Credit scores…
Understanding HUD Credit Score Guidelines So you want to buy your home, but you are worried about your credit score. Maybe you are thinking about refinancing your home. You are not sure if your credit history is good enough. The Department of Housing and Urban Development, or HUD, has rules for FHA loans that are…
Buying a foreclosure can be a smart move if you want to own a property for less than its market rate. The key to maximizing this opportunity is pairing it up with the advantages of an FHA 203k renovation loan. This comprehensive guide is designed to help you get familiar with the ins and outs…
In this guide we will cover qualifying and getting approved for VA Loans with debt-to-income ratio. Are you a veteran worried that your high debt-to-income ratio is holding you back from getting a VA loan? Here’s the good news: VA loans offer some of the flexible options even if your debt-to-income ratio is high. In…
In this guide, we will discuss how to refinance an existing home mortgage into an FHA 203k loan. Homeowners who need either basic rehab or a full-blown renovation project can refinance into an FHA 203k loan. This holds true even if they do not have a current FHA loan. Refinancing into an FHA 203k loan…
Private Money Loans With Credit: Can Real Estate Investors Still Get Approved? Real estate investors with bad credit can still get private money loans. This happens if the property is valuable, has equity, and there’s a clear plan to repay the loan. Private money lenders focus more on the property deal than the borrower’s credit…
This guide talks about how mistakes on credit reports can mess up the mortgage loan process and slow down mortgage loan approvals. If you want to buy a house the first thing your mortgage lender will look at is your credit report. Your credit report is like a report card for how you handle money….
Gustan Cho Associates get a lot of calls from borrowers to ask is timeshare foreclosure considered mortgage foreclosure. The answer is NO. A timeshare foreclosure is NOT considered a mortgage foreclosure. Timeshares are not considered as real estate. Timeshare loans are considered an installment loan and NOT a mortgage loan. It’s really crucial to get…
This guide is about the FHA Total Scorecard and how it works. The United States Department of Housing and Urban Development (HUD) also known as HUD uses the FHA TOTAL Scorecard. This tool helps mortgage underwriters evaluate borrowers credit and income to decide if they can get an FHA loan. To qualify for an FHA…
This article will cover underwriting credit guidelines during the mortgage process. Mortgage borrowers should not stress during the mortgage process. There is no reason for any pre-approvals to get a last-minute mortgage denial. The main reason for a last-minute mortgage loan denial or stress during the mortgage process is the borrower’s inability to qualify properly…
This blog will cover Fannie Mae and Freddie Mac guidelines on qualifying for a conventional loan with non-occupant co-borrower. Non-Occupant Co-Borrowers can be added to Conventional and FHA loans. The United States Department of Veteran Affairs does not allow non-occupant co-borrowers on VA home loans. Only married spouses of veteran borrowers can be added as…
This guide covers the steps to buying your home during a booming housing market. Buying your home can be quite challenging. Many people get discouraged from purchasing a home when there are many other buyers. Gustan Cho Associates are experts in helping first-time homebuyers qualify for a mortgage. Advise them in buying their first home….
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