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This guide covers the frequently asked question do I have to pay collections for FHA loan approval. We will discuss the topic of do I have to pay collections for FHA loan approval. A large percentage of our borrowers are folks who were turned down by other mortgage companies because they had outstanding collection accounts…
This guide cover the struggle of car loans during the mortgage process. Looking to buy a new car? Like most of us, you’ll need financing, so, which is more beneficial, getting a loan from your local bank or your dealer? Eighty percent of loans are arranged by the dealers and for good reason. The obvious…
Homebuyers can qualify for VA loans bad credit Tennessee with under 620 credit scores. The United States Department of Veterans Administration is the government federal agency that administers the VA loan program. The Veterans Administration does not originate, process, underwriter, fund, or services VA loans. The role of the VA is to insure and guarantee…
In this blog, we will cover and discuss the automated approval by the automated underwriting system. It is key to get an approve/eligible per the automated underwriting system for the mortgage process to go forward. In the event the borrower cannot get an approve/eligible and gets a refer/eligible per AUS findings, the file can be…
Closing costs on the Loan Estimate versus Closing Disclosure will most likely be different. The itemized closing costs on the Loan Estimate (LE) is normally over-disclosed since most costs and fees were estimated on the very high end. If closing costs are higher than 10% of the disclosed amount, the loan officer/lender is liable for…
In this blog, we will cover and discuss how to shop for a mortgage in today’s housing market. Just over a year ago, mortgage rates were at under 3.0% on a 30-year fixed-rate mortgage. Today, mortgage rates have spiked to over 6.0% and signs indicate rates are going higher. Inflation numbers are nearing 9.0% which…
This guide covers home mortgage case scenarios for homebuyers. Many borrowers have trouble qualifying for conventional and FHA mortgage financing. But that does not mean they are out of Hope. Gustan Cho Associates offers a full line of NON-QM loans! NON-QM loans help hundreds of potential home buyers purchase the home of their dreams. Non-QM…
Dozens of non-QM loan programs have been launched for 2021. The dozens of alternative mortgage loan programs is fueling the booming housing market and drying up inventory of home. Thus, it is skyrocketing home prices even more.
In this blog, we will cover and discuss how do mortgage underwriters qualify borrowers. Credit scores and income is what determines whether a borrower meets the minimum requirements for a lender to review a mortgage application how do mortgage underwriters qualify borrowers is by reviewing all documents provided by the borrower? In this article, we…
This guide covers qualifying for a home loan with a late mortgage payment in the past 12 months. Qualifying for a home loan with a late mortgage payment in the past twelve months can become a hurdle but not impossible. Read on folks. You can have prior bad credit, outstanding collections and charged-offs, repossessions, or…
FHA Work History Guidelines: Can You Qualify with Gaps in Employment? If you’ve been dreaming of owning a home but worry about your work history, you’re not alone. Many borrowers are in the same boat, wondering if gaps in employment or multiple jobs could hurt their chances of getting approved for a mortgage. The good…
In this blog, we will cover and discuss how to buy and sella house while in Chapter 13 Bankruptcy. Borrowers can buy and sell a house while in Chapter 13 bankruptcy without the Chapter 13 Bankruptcy being discharged. Borrowers would need trustee approval which is normally never a problem. Chapter 13 Bankruptcy repayment is generally…
HUD oversees the Federal Housing Administration (FHA) and helps homebuyers in buying a home in Tennessee with bad credit and low FICO. The most recommended loan programs for those interested in buying a home in Tennessee with poor credit and diminished credit scores are government and conventional loans. This preference arises from FHA, VA, USDA,…
In this article, we will discuss and cover the FHA credit guidelines on how to get qualified for an FHA loan.. This will include how to get an approve/eligible per automated underwriting system and what credit guidelines are required on manual underwriting. we will cover the newest updates on recent late payments in the last…
This blog will cover preparing for home loan before applying for a mortgage for a smooth mortgage approval without stress. Preparing for home loan before entering a home purchase contract will minimize stress during the mortgage process for home buyers. The main reason for stress during the mortgage process and a last-minute mortgage denial is…
This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is can I qualify and get approved for multiple FHA loans at the same time. FHA loans are for owner-occupant primary homes. A homeowner can live in one property. There are…
This blog post will explore and elaborate on the Texas Cash-Out Refinance Guidelines in home mortgages. Gustan Cho Associates, a team of mortgage brokers, holds licenses in 48 states, specifically including Texas. Operating as licensed mortgage lenders in those same 48 states, Gustan Cho Associates has earned a national reputation for successfully facilitating mortgage loans…
This blog post will explore Buying House While In Chapter 13 Bankruptcy. Chapter 13 Bankruptcy involves a structured five-year repayment plan before receiving a discharge. The good news is that potential homebuyers must only delay their plans to qualify for a mortgage once the bankruptcy is fully discharged. Instead, the bankruptcy trustee needs to approve…
HUD, the parent of FHA, allows borrowers down to a 500 credit score to qualify for an FHA loan. However, for borrowers with under a 580 credit score, a 10% down payment is required.
This blog post will explore the revised mortgage guidelines on Using Property Tax Prorations For Down Payment on a House. The updated agency mortgage guidelines now permit homebuyers to utilize property tax prorations sellers provide for their home purchase down payment. Recently revised guidelines from HUD, VA, USDA, Fannie Mae, and Freddie Mac state that…
This blog will cover Fannie Mae Collection Guidelines on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants that regulate agency guidelines on conventional loans. The two mortgage giants are the largest buyers of mortgages on the secondary market. Fannie Mae typically requires a minimum credit score for conventional loans. Credit scores…
In this article, we will discuss and cover homebuyers qualifying for bad credit mortgage loans Alabama. Qualifying for bad credit mortgage loans Alabama is possible with a lender with no lender overlays. HUD, the parent of FHA, has the most lenient mortgage guidelines than any other mortgage program. VA loans is the best mortgage loan…
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