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Conventional Loans with Derogatory Credit: How to Qualify and Get Approved If you have had past credit problems, such as bankruptcy, foreclosure, or short sale, you might be wondering: Can I still qualify for a conventional mortgage? The answer is totally yes, and this guide will show you exactly how to do it. At Gustan…
Manual Underwriting With Extenuating Circumstances: 2025 Guide to Mortgage Approval Buying a home can feel impossible when you’ve had tough times, like losing your job, facing a medical emergency, or going through a bankruptcy. If a lender told you “no,” don’t give up. You may still qualify for a mortgage through manual underwriting with extenuating…
This guide covers Freddie Mac student loan guidelines on conventional loans. Conventional loans are called conforming loans because they need to conform to Fannie Mae and/or Freddie Mac agency mortgage guidelines. Conforming loans are not government loans. Conventional loans are private loans originated and funded by private mortgage lenders and banks. Many borrowers ask if…
In this blog, we will cover and discuss FHA guidelines on late payments after bankruptcy. Borrowers are often confused with FHA guidelines on late payments after bankruptcy due to being turned down for an FHA Loan if they have late payments after bankruptcy. Recent late payments in the past 12 months are not good. John…
This guide covers how credit scores impact DTI on FHA and Conventional loans. A person’s credit score will determine whether or not the person can qualify for a certain mortgage loan program. For example, the minimum credit score needed to qualify for a conventional loan is 620. The minimum credit score to qualify for a…
North Carolina Mortgage Calculator: 2025 Guide to Budgeting Your Monthly Payment Buying a home in North Carolina? Don’t guess your payment—know it down to the dollar. Our North Carolina mortgage calculator gives you a full monthly estimate, including taxes, insurance, PMI, HOA fees, and even your debt-to-income ratio. Whether buying your first home or upgrading,…
This guide cover the differences between recourse and non-recourse loans. The difference between recourse and non-recourse loans are that borrowers are personally liable for recourse loans. With non-recourse loans, borrowers are not personally liable. All primary owner-occupant properties are recourse mortgages. Non-Recourse loans are for investment and commercial loans only. In the following paragraphs, we…
Placer County California is well known for its phenomenal schools, great neighborhoods, low crime rates, lush scenery, and plenty of recreational activities. Besides the schools, Placer County California has beautiful geography, with abundant rolling hills, mountain views, breathtaking architecture, and well-maintained parks. Whether you love arts & culture, museums, outdoor recreation, fairs and festivals, or…
This guide covers effective ways to finance your dream condo for condominium buyers. Acquiring a house or a condominium unit within the sprawling and bustling metropolitan area can be a young professional’s dream come true. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates says the following about effective ways to finance your…
Understanding what your mortgage payment consists of is very important for homeowners. Most people do not pay in cash for their first home and get a mortgage loan. So it’s important to understand mortgage payment before buying a home. This article tells you what goes into a mortgage payment, how your mortgage payment reduces your…
This guide covers credit and DTI guidelines on conventional loans vs FHA loans. Credit and DTI guidelines on conventional loans have tighter mortgage lending requirements compared to FHA loan mortgage programs. The debt-to-income ratio (DTI) measures how much your monthly income goes toward debt. It is an important number lenders look at when deciding if…
This BLOG covers FHA insured mortgage loans vs other loan programs. FHA insured mortgage loans are government residential home loans that are originated and funded by private mortgage lenders. However, FHA insured mortgage loans are insured by the Federal Housing Administration against borrower default and foreclosure. HUD, the parent of FHA, insures private lenders who…
This guide covers borrowers cost out of pocket in the mortgage process. There are two types of costs involved when buying a home: The down payment on the home purchase The closing costs on the home purchase transaction Buying a home is one of the biggest moves you’ll ever make, and knowing your out-of-pocket mortgage…
Loss of Employment During Mortgage Process: What You Need to Know Losing your job while trying to buy a home can feel like your world is crashing down. If you ask, “Can I still get a mortgage after losing my job?” — you’re not alone. Every year, thousands of borrowers across the country face this…
Waiting Period After Loan Modification: What You Need to Know Before You Apply for a Mortgage If you’ve gone through a loan modification, you’re not alone. Many homeowners have faced tough times and had to work with their lenders to lower their monthly mortgage payments. But once you’re back on your feet, a big question…
In this guide, we will cover what to do if borrowers get mortgage denial from bank. First and foremost, find out the reason why you got denied. Is it because of having lower credit scores? Was it because of prior bad credit? Was it due to high debt-to-income ratios? Is it due to outstanding collections…
Buying a House in Iowa: Everything You Need to Know in 2025 If you are considering buying a house in Iowa, you are not alone. Many people are realizing the benefits of owning a home in the Hawkeye State. This guide will help you, whether you are a first-time buyer, moving from another state, or…
Can you buy a house with bad credit? One of the most frequently asked questions we get is can you buy a house with bad credit. Homebuyers can qualify for a mortgage with bad credit. Many lenders will require borrowers to pay off outstanding collections and charge off accounts to qualify for FHA, VA, and…
This blog covers how the artic blast cause homeowners havoc like it did back in January 2019. Chicago and nearby towns, municipalities, and cities experienced the Great Chicago Artic Blast in the city history. We have updated the original blog published on January 2019 titled Artic Blast Cause Homeowners Havoc. John Strange, a senior mortgage…
This guide covers mortgage rate forecast and outlook seem promising with the election of a new President. Mortgage rate forecast is expected to move lower in 2025 into 2026. Mortgage rate forecast and outlook seem like rates will move lower but not quickly due to inflation and the Trump tariffs. John Strange, a senior mortgage…
Are There Any Mortgage Lenders That Offer 95% CLTV Jumbo Mortgages For High-End Home Purchases? Gustan Cho Associates are experts in helping buyers of high-end homes qualify for 95% CLTV Jumbo Mortgages for high-end properties.
In this guide, we will cover front-end debt-to-income ratios mortgage guidelines. There are two different types of debt-to- income ratios: Front-End Debt-to-Income Ratios Back-End Debt-to-Income Ratios A homeowner’s monthly mortgage payment consists of the following and is called P.I.T.I. Principal Interest Property Taxes Homeowners Insurance The above is called P.I.T.I. However, many borrowers have other…
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