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This blog will discuss the intricacies of buying home with illegal apartment in the basement and attic. Most of these non-conforming dwelling units have been constructed without proper building permits. Despite having these additional units, properties still need to be classified as two-unit residential buildings, not three-unit. The same applies to attics, where many homeowners…
This guide covers HUD FHA 203k loans manual underwriting guidelines on renovation loans. HUD FHA 203k loans manual underwriting guidelines allow manual underwriting on FHA loans. Most lenders do not allow manual underwriting on FHA 203k loans . Lenders can have higher lending requirements above and beyond the minimum agency mortgage guidelines of HUD. Lenders…
This guide covers clearing mortgage conditions of conditional loan approval. After borrower’s mortgage application has been processed and underwritten, the mortgage underwriter will issue a conditional mortgage approval. Clearing Mortgage Conditions is required for the underwriter to issue a clear to close. A conditional mortgage approval is a letter of intent that the lender will…
This guide covers how prenuptial agreements affect mortgage loans. You may have heard of prenuptial agreements if you plan to marry soon. A prenuptial agreement, or premarital agreement, is a legal contract that specifies how a couple will divide their assets and liabilities in case of divorce or death. Dale Elenteny of Gustan Cho Associates…
In this article, we will cover and discuss homes for heroes mortgage for medical professionals. A few articles have been written by Gustan Cho associates about homes for heroes mortgage for medical professionals. One of the main topics is who is eligible to utilize this program. Anybody who is a “healthcare professional”, but what does…
Understanding Sellers Concessions and Tax Prorations in Illinois Home Purchases Illinois home buyers benefit from a unique financial advantage that sets them apart from buyers in many other states. Illinois is characterized by its system, where property taxes are paid in arrears. This means that sellers must credit buyers with the property taxes for the…
In this article, we’ll talk about reaffirming home loan after bankruptcy, a frequently inquired topic. Milwaukee-based Attorney James Miller of Miller and Miller LLC Attorney at Law is often consulted. It’s a common misconception among homeowners that filing for bankruptcy necessitates immediate eviction from their property. To clarify, here’s what James Miller outlines: Any non-exempt…
This guide covers investmetn home pruchase mortgage guidelines. Investment home mortgage loans can be conventional or non-qm loans. Investment home purchase mortgage loans. If you are planning on getting investment home purchase mortgage loan, then Fannie Mae or Freddie Mac agency guidelines apply. If you are planning on getting non-QM investment home mortgage loans, then…
This article will explore the HUD CAIVRS Guidelines for FHA loans when obtaining a mortgage. Government-backed mortgage loans are an excellent option, particularly for those who have struggled to qualify for conventional financing. However, there’s a caveat: you can only qualify for these loans if your CAIVRS report is clear. If you need clarification on…
In this article, we’ll discuss about Should I Use Fannie Mae or Freddie Mac for Automated Underwriting Systems (AUS). There are two distinct types of AUS available. Many loan officers may not realize that if a borrower fails to receive automated approval from Fannie Mae’s system, they could still obtain an “approve/eligible” status through Freddie…
This guide covers home purchase versus renting for homebuyers. There are many added benefits to a home purchase versus renting home. Many first time home buyers are gun shy in considering in buying their home. Here are some of the common questions first time home buyers have on home purchase versus renting: The three questions…
When applying for a mortgage loan, homebuyers must present verified assets for home loan to the lender. Verified assets include the following: Checking accounts Savings accounts IRAs 401(k) accounts Keogh plans Investment accounts All assets must be properly sourced and verified to count towards a home loan. Cash is not recognized as verified funds in…
In this article, we will discuss and cover mortgage conditions by underwriters on conditional loan approvals. Once the mortgage loan has been processed, it will get submitted to the mortgage company’s underwriting department. It is then assigned to a mortgage underwriter. A mortgage underwriter will carefully look at borrowers’ loan applications. All loan documents submitted…
If you have a mortgage included in a bankruptcy, the waiting period guidelines are more favorable on conventional versus FHA loans
This guide covers home inspection before proceeding with the mortgage process. A home inspection is an inspection of a home purchased by home buyers where they hire an independent home inspector to go over the subject property with a fine toothcomb. Lenders do not require home inspections. It is voluntary for the buyers to have…
In this blog, we will discuss and cover qualifying for a VA loan with prior mortgage included in bankruptcy. VA home loans are the best mortgage loan program in the United States. Only active servicemen and women, retired veterans, reservists, spouses of deceased veterans, and National Guard members of our military with a valid Certificate…
This guide covers qualifying for a home mortgage with bad credit. One of the frequently asked questions by our clients at Gustan Cho Associates is, what is bad credit in mortgage terms? What does it mean to have bad credit? Bad credit, in general, can have a lot of meanings. Bad credit mortgage loans are…
This article discusses the changes in FHA guidelines that are particularly relevant to first-time home buyers. The Federal Housing Administration (FHA), which operates under the oversight of the United States Department of Housing and Urban Development (HUD), sets the guidelines for FHA mortgage lending. The FHA itself does not serve as a lender but instead…
HUD reserve requirements mandate maintaining reserves in specific scenarios, and it’s prudent for homeowners to voluntarily set aside funds for emergencies. Unlike renters who can seek help from their landlord for repairs, homeowners are responsible for maintenance costs. Major system failures like HVAC, electrical, or plumbing can be expensive, often requiring hundreds to thousands of…
This article explores the Factors Affect Pre-Approval And Stress During Mortgage Process. Once individuals decide to purchase a home, the subsequent step is qualifying for a home loan. Prospective buyers must assess the required down payment and closing costs and determine their eligibility for a loan. Homebuyers must undergo the qualification process and obtain a…
This guide covers mortgage loan options with bad credit after bankruptcy on home purchase and refinance loans. One of the frequently asked questions from our viewers is can I qualify and get approved for a mortgage with bad credit after bankruptcy? The answer is yes. Depends on the mortgage loan program and the down payment….
This guide covers the right of rescission mortgage guidelines on refinances. As we have seen interest rates drop over the past month and a half, we have seen a rise in refinance mortgage transactions. Thousands of Americans are taking advantage of the temporary rate decrease the FEDERAL RESERVE has put in place. It is no…
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