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Buying 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 of…
Navigating a Seller’s Market When Buying a Home When you are interested in buying a home in a sellers market, you’re stepping into a highly competitive arena. Imagine a situation where there are a lot more people looking to buy houses than there are houses for sale. This scenario drives up the prices of homes…
First-time homebuyers, especially, may be easily overwhelmed by the complexities of purchasing a home. One of the most critical aspects of obtaining a mortgage is grasping the Debt-to-Income (DTI) ratio, for which FHA loans are particularly crucial. For approval or eligibility per AUS (Automated Underwriting System), these FHA DTI Guidelines are important. In this guide,…
In this article, we will cover and discuss getting approved for a new home loan after having a prior mortgage included in Chapter 7 Bankruptcy. There are instances where people will include a home loan when they file for bankruptcy. There are waiting period requirements after a bankruptcy and foreclosure. However, what is the waiting…
This Article Is About Freddie Mac No Credit Score Mortgage Guidelines Occasionally, borrowers may have to opt for conventional loans instead of FHA loans. For example, the Freddie Mac No Credit Score Mortgage among other conventional loans accepts Income-Based Repayment (IBR) plans for student loans. Nevertheless, IBR payments are not acceptable as per the FHA…
This guide covers the VA credit dispute guidelines on VA mortgage loans. VA loans are the best loan program in the U.S. The Department of Veterans Affairs created and launched VA Home Loans to reward our members of the United States Military in becoming homeowners. Active and retired members of the U.S. Armed Services with…
This guide covers no tax returns mortgages. We will discuss W2 income mortgages and no-doc mortgage loans for self-employed borrowers. Income is the most important factor in qualifying for a mortgage. Borrowers can have the most perfect in the world, but with no qualified income documentation or declared low income, borrowers may not qualify. Mortgage…
This guide covers the frequently asked question is a 120-day mortgage late payment considered foreclosure. One of the biggest fears for home buyers late on their mortgage payments in the past is the question Is 120 day mortgage late considered foreclosure? I get countless calls throughout the year from mortgage borrowers who were told they…
This guide covers buying house in community property states. Buying house in community property states can be tricky on certain loan programs. Thousands of Americans live in a community property state and may not understand how this can impact buying a home until they apply for a mortgage. In community property states, each spouse has…
In this article, we will cover and discuss home loans in South Carolina for homebuyers with bad credit and low credit scores. Not all South Carolina mortgage lenders have the same lending requirements on government and conventional loans. Most lenders in South Carolina will have higher lending requirements called lender overlays on FHA, VA, USDA,…
In this blog, we will cover and discuss qualifying for a mortgage with unpaid collections in Wisconsin in 2022. Many homebuyers are being told they cannot qualify for a mortgage with unpaid collections in Wisconsin. Old collections do not have to get paid to qualify for government or conventional loans in Wisconsin. Not all lenders…
In this article, we will cover and discuss the final walk-through prior to home closing. A Final Walk-Through Prior To Home Closing To Inspect Home option is given to all home buyers. It is not mandatory for a home buyer to do a final walk-through prior to home closing. However, it is highly recommended that…
In this blog, we will be covering pre-qualifying borrowers with bad credit for mortgage loans. This article on pre-qualifying borrowers with bad credit for mortgage loans is a resource mortgage guide for borrowers and loan officers. New loan officers need to understand that the pre-approval process is the most important stage of the mortgage process….
This guide covers the minimum credit score mortgage guidelines on home loans. Income, credit, credit history, and credit scores are all determinants to qualify for mortgage loans. Every loan program has minimum credit scores mortgage loan programs. The single most important factor in whether or not borrowers qualify for a certain type of loan program…
In this blog, we will cover and discuss qualifying for FHA loans Colorado with bad credit and credit scores down to 500 FICO. The Colorado housing market is booming. Home prices are skyrocketing with no sign of a correction. There are more homebuyers than an inventory of homes. It is no doubt a seller’s market…
As most readers of our blogs know, Gustan Cho Associates are experts in VA mortgage lending. Our highly skilled team is growing into more states, so we are able to help more of our nation’s veterans. With the current housing market on fire, many Americans are moving themselves and their families to different areas. Our…
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
We will be covering the updated VA cash-out refinance mortgage loans. Gustan Cho Associates, empowered by NEXA Mortgage, LLC are mortgage brokers licensed in 48 states, including Washington DC, Puerto Rico, and the U.S. Virgin Islands. Gustan Cho Associates has lending partnerships with over 190 wholesale mortgage lenders. We will update our viewers on updated…
This article is about VA TBD Manual Underwriting Mortgage Guidelines On Pre-Approvals VA TBD Manual Underwriting Mortgage Process. Gustan Cho Associates are excited to re-introduce our TBD underwriting process. We are now able to send applications that require a manual underwrite to our underwriting staff in advance. Receiving a pre-approval from an underwriter will help…
This Article Is About Pest Inspection On VA Loans Mortgage Guidelines By State Pest Inspection On VA Loans Mortgage Guidelines By State required by the Veterans Administration: Gustan Cho Associates are experts in VA mortgage financing. We offer all our VA loan programs without LENDER OVERLAYS. In this blog, we will detail a critical part…
This blog will discuss the VA guidelines after short sale waiting period requirements to qualify for a VA loan. VA guidelines after short sale to qualify for a VA loan require a mandatory waiting period of two years for borrowers to qualify for a VA loan. Lenders expect no late payments after the short sale…
In this article, we will discuss and cover the VA automated findings on the automated underwriting systems (AUS). VA loans has more lenient agency mortgage guidelines than any other loan program. All VA loans need to go through the Automated Underwriting System for VA Automated Findings. What is the Automate Underwriting System (AUS) The Automated…
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