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In this blog, we will cover and discuss the refinance waiting period mortgage lending guidelines on home mortgages. For homeowners who just closed their homes and who are thinking of refinancing their home loans, there are refinance waiting period requirements on mortgage loans. A home buyer cannot just close on their home loan one day…
This article is about Why Mortgage Process Is Biggest Home Buying Stress The process of buying a home can be both thrilling and nerve-wracking. Home buying stress is particularly pronounced during the mortgage process, which often stands out as the biggest source of anxiety. This stress is typically more intense for first-time home buyers than…
This guide covers buying a home from a family member with no down payment or closing costs with a gift of equity. Buying a home from a family member is becoming more and more common. Homebuyers can get a discounted price on a home by buying a home from a family member. This is a…
In this blog, we will discuss and cover bank statement loans for self-employed borrowers. Non-QM Loans and Bank Statement Loans are back. Gustan Cho Associates is a national mortgage company licensed in multiple states known for its no lender overlays on government and conventional loans as well as the dozens of non-QM loan programs we…
In this article, we will delve into the process of buying a home with bad credit in Nevada, specifically for individuals with credit scores below 600. The team at Gustan Cho Associates specializes in guiding homebuyers through purchasing a home with bad credit in Nevada. Over 75% of our clients come to us after being…
In guide covers buying house with new job and gaps in employment. Many homebuyers are concerned about qualifying for a mortgage and buying house with new Job and gaps in employment in the past two years. Many are under the impression that you need to be on the same job for the past two years…
This blog will cover closing on your new home in 21 days from application to CTC. Closing on your new home on time is expected for both the home buyer and the sellers. There are many lives affected by a home closing. Buyers and sellers have families. They both need to make plans such as…
Home loans are still available to borrowers with collections, charged-off accounts, or late payments. Lenders are generally willing to approve applicants with a history of bad credit, bankruptcy, foreclosure, a deed instead of foreclosure, a short sale, or a period of financial hardship. However, lenders expect borrowers to have rebuilt their credit following any previous issues. You…
In this blog, we will cover and discuss qualifying for mortgage with collection accounts guidelines. Homebuyers can qualify for a mortgage with collection accounts. HUD, the parent of FHA, has the most lenient agency mortgage guidelines than any other loan program. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA…
In this blog post, we will discuss the concept and procedure of rapid rescore during mortgage process. Consumer credit profiles are reported to the three major credit reporting agencies. Each agency maintains a database of consumers’ data and payment histories and uses unique algorithms to calculate consumer credit scores. What Are The Lows and Highs…
This guide covers how underwriters view unsourced funds while analyzing and reviewing a borrower. Unsourced funds have no paper trail, so mortgage underwriters cannot source the funds needed for the mortgage asset qualification process. Borrowers need to source the funds to use the funds towards the home buyer’s down payment or closing costs on a…
This guide covers what is earnest money on home purchase. Earnest money is a deposit a homebuyer submits with the real estate purchase offer. This deposit gives the home seller the assurance that the home buyer is serious about the purchase of the home. In this guide covers how the deposit of a home purchase…
In this blog, we will discuss and cover HUD waiting period guidelines after Chapter 13 on FHA loans. Why is it many lenders say there is a one or two-year waiting period after Chapter 13 discharge date? This is what many home buyers who are in a Chapter 13 Bankruptcy Repayment Plan want to know….
In this blog, we will discuss and cover using FHA loans for self-employed borrowers on a home purchase. Using FHA Loans For Self-Employed Borrowers on a home purchase is very popular because of the high debt to income ratio caps. FHA loans allow up to a maximum of a 46.9% front end and 56.9% back…
In this blog, we’ll explore the process of working with a loan officer during your mortgage application. Choosing a loan officer and lender carefully is crucial, as the mortgage process can be intimidating. Partnering with a loan officer you can communicate effectively with is essential, making this more than just a necessity—it’s imperative. The mortgage…
We will be covering qualifying and getting approved for VA mortgage loans in Arizona. Arizona is one of the most migrated states in the nation. Tens of thousands of families are moving to the state due to the great economy, low taxes, affordable housing, and low cost of living. Thousands of Californians are moving to…
Many people have no credit score. This can make getting a mortgage to buy a home harder. However, it’s not impossible. You can re-establish credit after bankruptcy or other serious credit problems. And if you have no credit score at all, lenders can approve you with a non-traditional credit report.
This guide covers credit scores and mortgage rates versus pricing adjustments. Credit scores and mortgage rates go side by side. The most important factor in any mortgage loan application process is one’s credit score. Although income, credit, credit history, debts, assets, and liabilities are all important in the mortgage loan application process, the single most…
Traversing the landscape of mortgage loans can be an intricate voyage, presenting many options tailored to meet diverse financial requirements. Two common choices for homebuyers seeking financing are FHA (Federal Housing Administration) loans and Conforming High-Balance Mortgage Loans. Throughout this blog, we will dig deep into the features, advantages, and factors to consider for each…
This blog aims to explore the difference between correspondent lending and mortgage brokers. A common inquiry we receive regularly pertains to the lender type offering the most favorable rates. The response is straightforward: correspondent lenders aren’t mandated to reveal the yield spread premium in the closing disclosure, and there’s no upper limit on this premium…
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…
In this blog, we will cover the Freddie Mac HomeOne Mortgage Loan Program. Fannie Mae and Freddie Mac are the two government-sponsored enterprises (GSE). Freddie Mac and Fannie Mac sets the guidelines and lending requirements for conventional loans. The role of Fannie Mae and Freddie Mac is to provide market stability and liquidity by purchasing…
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