This guide covers how credit scores affect conventional loans. Two of the most popular mortgage loan programs today are FHA and Conventional loans. Conventional loans are not government loans like FHA, VA, USDA. Conventional loans are called conforming loans because they need to conform to Fannie Mae or Freddie Mac Guidelines. Credit scores play a…
In this article, we will discuss and cover how FHA credit score determines mortgage rate pricing on FHA loans. FHA loans are the most popular loan program in the United States. FHA Credit Score Guidelines are very lenient to qualify for FHA Mortgages. Borrowers with credit scores down to 500 FICO can qualify. John Strange,…
Many veterans believe that VA loans are difficult to obtain, take a long time to close, or require flawless credit. However, these are just VA loan myths. In reality, VA loans offer benefits such as no down payment, no monthly private mortgage insurance, flexible credit standards, and competitive interest rates, especially when working with knowledgeable…
A 120-day mortgage late payment on your mortgage does not automatically mean foreclosure. It shows you are seriously behind, but being late is different from having a completed foreclosure, a short sale, a deed-in-lieu of foreclosure, or a mortgage charge-off. This difference is important because waiting periods for new mortgages depend on what actually happened…
Fannie Mae Waiting Period After Deed-in-Lieu and Short Sale Guidelines A deed-in-lieu of foreclosure is one of the toughest financial decisions a homeowner can face. You may have turned over your home to the lender to avoid a full foreclosure. While it helped you close that chapter, the question remains: “When can I qualify for…
Many homebuyers have substantial value on their 401k. They can use up to 60% of the value of their 401k for their down payment and/or closing costs on their home purchase. The amount used from their 401k is not used for their debt to income ratio calculations.
Mortgage Conditions From Underwriters During Conditional Approval In this article, we will discuss and cover the mortgage conditions by underwriters on conditional loan approvals. Once the mortgage loan has been processed, it will be submitted to the mortgage company’s underwriting department. Learn what mortgage conditions are, why underwriters require them, and how borrowers can clear…
Everything You Need To Know About The Loan Estimate In this guide, we will discuss and extensively cover everything you need to know about the loan estimate. The Loan Estimate, also known by mortgage industry professionals borrowers as the GFE, was created by the United States Department of Housing and Urban Development in 2010. Learn…
Trying to cheat the system and not getting building permits when renovating your home can backfire on you when it comes to selling your home.
How Does Down Payment Assistance Work For Homebuyers With FHA, VA, USDA, And Conventional Loans In this guide, we will cover what down payment assistance is and how it works. We will discuss how down payment assistance works and how homebuyers can get $10,000 or more for home purchases. There are many different types of…
Debt settlement versus bankruptcy is a serious decision, especially if you want to buy or refinance a home in the future. Both options can help deal with overwhelming debt, but they affect your credit, mortgage approval, and recovery timeline in different ways. Debt settlement can cut down what you owe, but it also means you…
The Ultimate Guide to Buying Oceanfront Homes in Puerto Rico (2026 Update) Picture starting your day with waves breaking against the shore right outside your window, a gentle warm breeze from the ocean enveloping you, and glistening blue waters just a few steps away from your entrance. That’s what oceanfront homes in Puerto Rico offer….
Government Shutdown And Effects To Mortgage Programs: FHA, VA, USDA, Conventional Loans, Closings, And Borrower Delays Have you ever wondered what a government shutdown is and what its effects are on mortgage programs? A government shutdown occurs when non-essential federal government offices close because of a lack of approval on the federal budget for the…
In general, borrowers buy down mortgage rates to get a lower rate on their home loans. However, there are instances where borrowers need to buy down rates due to loan level pricing adjustments due to lower credit scores
Veterans may be eligible for a VA loan even if they have outstanding collections or charge-offs, as VA guidelines on charge-offs and collections do not always require them to be settled before closing. However, the final approval depends on the complete loan file. Lenders will assess your credit, income, monthly debts, residual income, and findings…
A land contract home purchase is a way to buy a home directly from the seller without using a traditional mortgage lender at the time of purchase. Instead of getting approved for a mortgage right away, the buyer makes payments to the seller under the terms of the land contract. This type of agreement is…
How Credit Repair Works During The Mortgage Process To Get Approved This guide covers how credit repair works during the mortgage process. A substantial percentage of my borrowers are folks who had previous credit issues, prior bankruptcies, foreclosures, a deed in lieu, or short sales and have overcome the financial issues and are now ready…
This article will cover how to become a successful mortgage loan officer at Gustan Cho Associates. Starting a new career as a loan officer and How to become a successful mortgage loan officer. This mortgage blog article on how to become s successful mortgage loan officer is geared toward those individuals thinking about starting a…
In this article, we will cover and discuss how credit disputes affect mortgage process and cause loan denial. The pre-approval stage of the mortgage process is the most important part of the overall mortgage loan process. Credit disputes are not allowed on FHA loans during the mortgage process unless the credit disputes are exempt, says…
Can you get a VA loan pre-approval before finding a home if your file needs manual underwriting? Yes, in some cases, eligible veterans, active-duty service members, and surviving spouses can get a VA TBD manual underwriting pre-approval before they have a property address. A VA TBD manual underwriting pre-approval allows the lender and underwriter to…
What Are The Typical Mistakes Prior To Clear To Close To Avoid By Mortgage Borrowers? You should not maximize your credit cards, purchase new furniture, buy a car, bounce any checks, or apply for new credit during the mortgage process prior to the clear to close.
Home Purchase Versus Renting Home: Should You Buy or Keep Renting? This guide covers home purchase versus renting for homebuyers. There are many added benefits to a home purchase versus renting home. Many first time home buyers are gun shy in considering in buying their home. Find out when buying a home might be better…
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