Borrowers who have credit scores under 620 FICO need a lower debt to income ratio to get an approve/eligible per automated underwriting system.
Mortgage Guidelines on Late Payments: How to Qualify for a Home Loan Despite Credit Challenges Life happens. Unexpected events like job loss, medical emergencies, or financial setbacks can lead to late payments on bills, including mortgages. If you’ve had late payments in the past 12 months, you may think qualifying for a mortgage or refinancing…
VA AUS Approval With Low Credit Scores and High DTI: How VA Loans Can Still Work In this article, we will discuss VA AUS approval versus manual underwriting on VA loans. VA loans are the best loan program for owner-occupant home buyers. The Department of Veterans Affairs, The VA, is the government agency that insures…
Wyoming Mortgage Loans: An Overview for Prospective Homebuyers Discover your path to homeownership in Wyoming with this guide, which highlights various loan options for first-time buyers, including USDA, VA, FHA, and conventional programs. Explore WCDA down payment assistance and learn how to land the best rates. Whether you’re searching in Cheyenne, Casper, Laramie, or beyond,…
This article will cover what escrow hold back is in the mortgage loan process. We will discuss escrow hold back mortgage guidelines for repairs. Nothing is worse than approaching your closing date and having issues arise. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains escrow hold backs for home repairs as follows:…
This guide covers buying a home in West Virginia and the type of West Virginia mortgage loans available to borrowers. If you are house hunting in West Virginia, you will find flexible mortgage options designed to help, especially if you are a first-time buyer. Picking the right loan can make qualifying easier, cut upfront expenses,…
This Guide covers Is VA Mortgage After Prior VA Loan Foreclosure For many veterans, a VA loan is a valuable tool that facilitates homeownership by offering favorable terms and no requirement for a down payment. However, financial setbacks can lead to foreclosure even on a VA loan. Fortunately, experiencing a foreclosure does not permanently bar…
How Secured Credit Cards Can Be Used To Boost Credit Scores For Mortgage Approval The best and easiest way to rebuild and re-establish credit to qualify for a mortgage is using secured credit cards to raise credit scores and have timely payments on all of your debt payments for the past 12 months. Learn how…
Cash-out refinance mortgage rates are usually higher than standard refinance rates because you are borrowing against your home equity and increasing the lender’s risk. The exact rate you get depends on several factors, including your credit score, loan-to-value ratio, occupancy type, property type, and current market conditions. A cash-out refinance can be a handy option…
South Dakota Mortgage Loans: A Homebuyers Guide To FHA, VA, USDA, Conventional, Jumbo, & Non-QM Loans A lot of first-time buyers in South Dakota miss out on the many loan options they could use. Whether you want to live in Sioux Falls, Rapid City, or the countryside, you have more choices than you might think….
2026 Guide to Waiting Periods on Conventional Loans After Deed-in-Lieu of Foreclosure The conventional loan waiting period after deed-in-lieu of foreclosure and short sale of four years is shorter than the 7-year waiting period after a standard foreclosure. Government loans are home loans that are guaranteed by a government agency. Government-insured mortgage loans are for…
Pennsylvania Mortgage Loans: Guide to FHA, VA, USDA, Conventional, Jumbo, and Non-QM Home Financing Learn about Pennsylvania mortgage loan choices for first-time and repeat buyers. Compare FHA, VA, USDA, conventional, jumbo, and Non-QM programs. See how PHFA can help with your down payment and find ways to get a good rate. This guide reviews Pennsylvania…
Non-Conforming Loans: Definition, Process, Benefits, and Who They Cater To In this article, we will cover non-conforming loans and the types of non-QM mortgages for borrowers who do not qualify for traditional mortgage loans. The difference between non-conforming loans versus conforming loans is conforming loans conform to Fannie Mae or Freddie Mac Mortgage Guidelines. Any…
FHA Waiting Period After Bankruptcy and Foreclosure: 2026 Guide to FHA Loan Qualifications This guide covers the FHA Waiting Period After Bankruptcy and Foreclosure. The FHA mandates waiting periods after bankruptcy, foreclosure, and short sales for loan qualification. HUD guidelines specify these waiting periods. FHA loans target individuals with low to moderate incomes, aiding first-time…
In this article, I provide a step-by-step guide for first-time buyers and answer common questions concerning a home purchase in the Chicago area.
Illinois Financial Crisis: What Homebuyers & Homeowners Need to Know as Budget Deficit Worsens The Illinois financial crisis has been building for decades. It is not just a headline or a political slogan. It is a long-term structural problem characterized by runaway pension costs, chronic budget deficits, high taxes, and a decline in population and…
In this blog, we will cover and discuss refinancing with judgment mortgage lending guidelines. Mortgage rates are still low and many homeowners have not refinanced their higher interest mortgage home loans yet. A full rate and term and/or cash-out refinance mortgage process is the same as applying for a home purchase mortgage loan. Learn refinancing…
HUD, the parent of FHA, has increased FHA loan limits in Chicago for six consecutive years due to rising home prices. HUD has again increased FHA loan limits. Here are the updated FHA loan limits for 2026. FHA loan limits in Chicago and surrounding areas have been increased to $541,257 in non-high-cost areas for single-family…
This guide covers EPM Empowered down payment assistance mortgage programs. There are several types of down payment assistance mortgage programs for homebuyers. We have some very exciting news at Gustan Cho Associates. The team at Gustan Cho Associates offers two different types of down payment assistance mortgage program: Forgivable and non-forgivable DPAs. We offer the…
When planning to buy a house using an FHA loan, it’s common to focus a lot on how much cash you need upfront for the down payment, which is 3.5% of the house’s price. But there’s another important thing you need to think about—closing costs. Learn what closing costs on FHA loans include, who can…
Unlocking Home Loans in Wyoming with Poor Credit: A Comprehensive Guide Are you based in Wyoming and struggling to secure a home loan due to less-than-perfect credit? The journey to homeownership can seem daunting, especially with credit scores that don’t quite hit the mark. However, there’s good news! This guide will explore how you can…
Non-Traditional Credit Mortgage: How to Qualify For A Home Loan Without A Credit Score* This guide delves into the significance of non-traditional credit in mortgage qualification process, particularly focusing on scenarios where borrowers lack conventional credit scores. A prevalent situation arises with recent college graduates with no credit history. This absence of credit scores is…
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