Search Results for: lender overlays

Conditional Loan Approval | Home Mortgages | Mortgage Processing And Underwriting | Qualifying & Getting Pre-approved | Videos

Qualifying Borrowers For Mortgage on Purchase and Refinance
ByJohn Strange, NMLS: 230932 May 31, 2024October 13, 2026

This guide covers the process of qualifying borrowers for mortgage on home purchases and refinances. From the application stage to closing, the mortgage process has numerous steps. One of the most crucial steps is qualifying borrowers for mortgage during the initial call. Even though many borrowers may have previously gone through the mortgage process, it…

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Manual Underwriting | Automated Underwriting System | Videos

What Factors Are Considered Layered Risk In Manual Underwriting
ByAlex Carlucci, NMLS: 229891 May 30, 2024October 13, 2026

In this blog, we will be discussing the factors that are considered layered risks in manual underwriting. FHA and VA loans are the two primary loan programs that permit manual underwriting. When a VA or FHA loan receives a refer/eligible finding on the automated underwriting system (AUS), the application can still proceed with manual underwriting….

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Bad Credit Mortgages | Charge Off Accounts | Credit Disputes | FHA Loans | video

HUD Derogatory Credit Guidelines On FHA Home Loans
ByGustan Cho, NMLS 873293 May 30, 2024October 13, 2026

If you have lower credit scores and multiple prior derogatory credit tradelines, FHA loans are your best bet to get an approve/eligible per automated underwriting system (AUS).

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NON-QM Loans | Bank Statement Loans | Videos

Non-QM and Bank Statement Mortgage With NO Tax Returns
ByGustan Cho, NMLS 873293 May 29, 2024October 13, 2026

In this article, we will cover and discuss non-QM and bank statement mortgage with no income verification. Non-QM and bank statement mortgage loans do not require income verification. Therefore, income tax returns are not required on non-QM and bank statement mortgage loans. Gustan Cho Associates offer a wide variety of mortgage products. Over the past…

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Videos | Bad Credit Mortgages | FHA Loans

Can I Buy House in Maine With 580 FICO with No Credit
ByDale Elenteny, NMLS: 904444 May 28, 2024October 13, 2026

In this blog, we will cover and answer the FAQ of can I buy house in Maine with 580 FICO with no active credit accounts. The short answer is yes. The best loan program for lower credit with no active credit tradelines is FHA loans. You can buy a house in Maine with 580 FICO…

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Home Mortgages | Career Opportunities/Loan Officer Training | First Time Home Buyers | Mortgage Processing And Underwriting | Real Estate Topic | Videos

Realtors Marketing Package For Home Buyers
ByGustan Cho, NMLS 873293 May 28, 2024October 13, 2026

This guide covers realtors marketing package for home buyers, real estate agents and referral partners. Home buyers rely on their real estate agents for advice, and one of the most important roles of a realtor is to give their home buyers a referral to a loan officer. Giving the wrong loan officer referral partner as…

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VA Loans | High-Balance Mortgage Loans | Videos

High-Balance VA Loans (Jumbo VA Loans)
ByGustan Cho, NMLS 873293 May 27, 2024October 13, 2026

Most people don’t know that the VA does not limit the amount that you can borrow. The VA guarantee limits the amount that most lenders will allow with zero down, but with a down payment there are no VA loan limits.

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Real Estate Topic | Videos

Making Austin Texas Home
ByDale Elenteny, NMLS: 904444 May 27, 2024October 13, 2026

Austin, Texas has one of the highest in-migration rates in the nation. The Austin housing market is booming. There is a major shortage of housing in Austin, Texas due to the mass migration to this Texas city.

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Bad Credit Mortgages | Charge Off Accounts | Collection Accounts | FHA Loans | First Time Home Buyers | VA Loans | Videos

Steps To Buying Your First Home In Wyoming Without Stress
ByAlex Carlucci, NMLS: 229891 May 22, 2024October 13, 2026

In this blog, we will cover and discuss the steps to buying your first home in Wyoming. Buying your first home in Wyoming should not be stressful. It should be an exciting point in your life where you are making your single largest investment and starting a new chapter in your life as a homeowner….

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Income And Employment | Conventional Loans | Gaps In Employment | Videos

Freddie Mac Part-Time Income Mortgage Guidelines
ByDale Elenteny, NMLS: 904444 May 20, 2024October 12, 2026

This guide explores the updated Freddie Mac part-time income mortgage guidelines for 2024. The new year has introduced significant changes in the mortgage industry. Freddie Mac has recently made a major announcement regarding its income calculation rules. This blog will outline the new guidelines, their effective date, and how they differ from previous rules. Additionally,…

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Mortgage Refinance | Videos

Refinance Waiting Period Mortgage Guidelines
ByMike Gracz, NMLS: 1160212 May 20, 2024October 12, 2026

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…

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Bad Credit Mortgages | Home Mortgages | video

Home Buying Stress During Mortgage Underwriting Process
ByDale Elenteny, NMLS: 904444 May 20, 2024October 12, 2026

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…

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Home Mortgages | Gift of Equity | Videos

Buying a Home From a Family Member With a Gift of Equity
ByGustan Cho, NMLS 873293 May 15, 2024October 12, 2026

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…

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Bad Credit Mortgages

Earnest Money on Home Purchase Transaction
ByGustan Cho, NMLS 873293 April 30, 2024October 9, 2026

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…

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FHA Loans | Manual Underwriting | Mortgage Processing And Underwriting | Videos

How to Get a Home Loan With No Credit
ByAlex Carlucci, NMLS: 229891 April 29, 2024October 9, 2026

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.

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Credit Scores | Mortgage Rates | Videos

Credit Scores and Mortgage Rates versus Pricing Adjustments
ByGustan Cho, NMLS 873293 April 29, 2024October 9, 2026

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…

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Conventional Loans | Freddie Mac HomeOne | video | Videos

Freddie Mac HomeOne Mortgage Loan Program
ByAlex Carlucci, NMLS: 229891 April 24, 2024October 9, 2026

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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Bad Credit Mortgages | FHA Loans | First Time Home Buyers | Real Estate Topic | Videos

FHA Loans Bad Credit Georgia For Credit Scores Down to 500
ByDale Elenteny, NMLS: 904444 April 19, 2024October 9, 2026

FHA loans bad credit Georgia mortgage requirements and guidelines make FHA home mortgages the most popular loan program for first-time homebuyers, borrowers with credit scores down to 500 FICO, and homebuyers with high-debt to income ratios. HUD, the parent of FHA, is the federal government agency in charge of the administration of FHA loans. Alex…

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VA Loans | Manual Underwriting | Videos

AUS-Approval To VA Manual Underwrite Downgrade
ByMike Gracz, NMLS: 1160212 April 18, 2024October 8, 2026

When does an automated underwriting system approved file get downgraded to a VA manual underwrite downgrade on VA loans happen? If you are following Gustan Cho Associates, you know we are experts in VA mortgage guidelines. We do our best to help as many of our Nation’s veterans as possible. The team at Gustan Cho…

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Home Mortgages | FHA Loans | First Time Home Buyers | VA Loans | video

California FHA Loans Versus Other Mortgage Options For Homebuyers
ByGustan Cho, NMLS 873293 April 16, 2024October 8, 2026

California FHA loans are a preferred mortgage solution for various borrowers, including first-time homebuyers, individuals with poor credit, and those dealing with collections or charged-off accounts. They are also well-suited for recent college graduates needing more credit scores or credit history and borrowers with high debt-to-income ratios. Limited programs allow borrowers with a credit score…

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Mortgage Processing And Underwriting | Clear To Close | Videos

How to Avoid Delays in Mortgage Loan Closings
ByAlex Carlucci, NMLS: 229891 April 15, 2024October 8, 2026

This guide covers how to avoid delays in mortgage loan closings. When homebuyers enter a real estate purchase contract, the buyers and sellers agree on a tentative closing date. Normally, the closing date is set between 30 and 45 days from the purchase contract date. Many real estate agents will agree that delays in home…

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Home Purchase | Home Mortgages | Real Estate Topic | Rental Income | Videos

Florida Housing Market For Homebuyers and Renters
ByGustan Cho, NMLS 873293 April 14, 2024October 8, 2026

There is no sign of any housing market crash, especially in Florida. Home prices are booming with no signs of any correction.

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