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…
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…
This article will explore the Best Mortgage Options For Bad Credit in Oklahoma in 2024. Gustan Cho Associates can guide the optimal mortgage options for those with bad credit in Oklahoma. FHA and VA loans stand out as the most favorable among these options due to their low down payment requirements. It’s worth noting that…
This guide covers FHA MIP versus conventional PMI for mortgage borrowers. Mortgage Insurance is mandatory on all FHA loans and Conventional loans with less than 20% equity. There are pros and cons of FHA MIP versus Conventional PMI. In this article, we will discuss the pros and cons on FHA MIP versus conventional PMI for…
This guide covers understanding the basics of what a mortgage is. We will cover and discuss what a mortgage is. Unless you are thinking about buying a new home or are a homeowner thinking about refinancing, most Americans really do not care to know the basic understanding of mortgages. Many folks think understanding mortgages is…
Self-employed borrowers are now eligible to get an approve/eligible per automated underwriting system with one-year income tax returns.
Is Possible To Buying Home In Mississippi With Bad Credit With Lender With No Overlays? Yes, it is at Gustan Cho Associates. Gustan Cho Associates is a mortgage company licensed in Mississippi.
This guide covers the steps in mortgage process for closing home loan on time. Homebuyers looking to purchase a new home or homeowners looking to refinance their current home loans need to go through steps in mortgage process. The first steps in mortgage process are the qualification and pre-approval stages. The pre-approval stage is by…
This guide covers mortgage underwriter errors that cause borrowers to be denied a loan. Mortgage underwriter errors do happen. Underwriters are human and are not perfect. There are thousands of pages of mortgage agency guidelines, making it impossible to remember them all. Many loan officers often get frustrated when they know a particular agency’s mortgage…
This guide covers the difference between FHA and Conventional mortgage guidelines. Many homebuyers, especially first-time buyers shopping for homes often wonder the difference between FHA and Conventional mortgage guidelines. They often do not understand the main difference between FHA and Conventional mortgage guidelines and which loan program is best for them. There are big differences…
This guide covers using realtor commission for home purchase down payment. This article delves into using realtor commission for a home purchase down payment, emphasizing that such utilization is accepted as qualified funds. At Gustan Cho Associates, our extensive collaboration with real estate agents nationwide has provided us with valuable insights into the challenges faced…
Home prices are still at an all-time high, with mortgage rates north of seven percent. The current mortgage market is chaotic nationwide. Gustan Cho Associates is helping our clients navigate these muddy waters. Since these times are unprecedented, mortgage investors are getting creative with ways to help borrowers afford to buy a home. Our team…
Gustan Cho Associates are experts when analyzing consumer credit reports. Since we do not have lender overlays, we see all types of credit scores. Many loan officers can close a 780 credit score, 20% down payment, and W-2 income borrower in their sleep. The same is true with our team. However, we specialize in helping…
This article will discuss and cover qualifying for a mortgage after unemployment. Homebuyers do not need a two-year employment history with the same company. Borrowers can to qualify for a mortgage after unemployment with job gaps in the past two years, says Dale Elenteny of Gustan Cho Associates: Home mortgage approval is possible for borrowers…
This guide covers FHA Guidelines on Manufactured Home Loans. FHA Guidelines on manufactured home loans are released. HUD, the parent of FHA loans, sets all the agency guidelines on Manufactured Homes and FHA loans. More and more homebuyers are interested in buying manufactured homes. Technology has come a long way. Dale Elenteny, a senior loan…
This article explores the VA Guidelines on Deferred Student Loans and their influence on the debt-to-income ratio in the context of VA loans. VA loans are the only program that does not consider deferred student loans lasting over 12 months when determining eligibility. Unlike other loan programs, VA loans do not impose a mandatory minimum…
In this article, we will cover and discuss the comparison between jumbo loan vs conventional loan programs and the differences in rates, terms, and LLPAs. Gustan Cho Associates has wholesale lending partners on traditional and conventional loan products. High-balance FHA jumbo loans need to meet HUD agency guidelines. VA high-balance jumbo loans need to meet…
This GUIDE covers debt-to-income ratio limit to qualify for a mortgage loan. Home loans and debt-to-income ratio limit. Every mortgage loan program has a debt-to-income ratio limit (DTI). FHA loans have a more lenient debt-income ratio requirements than any other mortgage loan program. Debt-to-income ratios is calculated by taking the sum of all minimum monthly…
Homeowners With FHA Loans Should Consider A Conventional Refinance Loan While Mortgage Rates Are At Historic Lows And Avoid Paying FHA MIP. Mortgage rates are at historic lows and many home values have skyrocketed in the past several years. Many homeowners with FHA loans can benefit by refinancing to a conventional mortgage and avoid paying LPMI.
Can I Use Overtime Income As Qualified Income To Qualify For A Mortgage? You can use overtime and part-time income as qualified income as long as those other income has been seasoned for at least two years.
This guide covers the frequently asked question can I get denied for FHA loan with good credit on home purchase. You can qualify for an FHA loan with credit scores down to 500 but you will not get an FHA loan approval with a 700 credit score if you have late payments in the past…
In this blog, we will cover what no-ratio mortgage loans are. We will discuss how no-ratio mortgage loans work and which types of borrowers benefit from them. No-ratio mortgage loans are a type of non-QM loan where the lender does not factor in the borrower’s income. No-ratio mortgage loans mean the debt-to-income ratio does not…
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