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This guide covers how to keep loan pre-approval valid for home purchase. One of the many questions home buyers often have is how to keep a loan pre-approval valid. The loan pre-approval stage is the most important process in the mortgage application and approval process. The loan pre-approval needs to be rock solid. A sloppy…
In this blog, we will discuss and cover shopping for mortgage with poor credit and low credit scores. Shopping for a mortgage is somewhat different than shopping for other goods and services. Home Buyers are limited when Shopping For Mortgage With Poor Credit and lower credit scores. Buyers with higher credit scores have advantages over…
This guide cover the FHA guidelines during vs after Chapter 13 Bankruptcy on FHA loans. VA and FHA guidelines during vs after Chapter 13 Bankruptcy is similar. You are eligible to qualify for a VA or FHA loan during Chapter 13 Bankruptcy one year after filing the Chapter 13 Bankruptcy. The major difference between VA…
In this blog, we will cover and discuss high-balance conforming loans for high-cost homebuyers. There are certain areas throughout the United States where it is considered high-cost areas. In high-cost areas, loan limits are higher than the traditional loan limits. The Federal Housing Finance Agency (FHFA) has increased the conventional loan limit to $806,500 for…
In this blog, we will cover and discuss the statute of limitations on collection accounts and charge-offs. We will go into detail on how older collection accounts affect qualifying for a mortgage. The Great Recession of 2008 has affected the financial lives of many Americans in this country as well as globally. Hard-working Americans not…
This guide covers FHA versus conforming loan limits on home purchase and refinance transactions. FHA versus conforming loan limits on home purchase can often become confusing because the maximum loan limit is always higher on conventional loans versus FHA loans: New FHA and conforming loan limits become effective in the begining of every year. FHA…
This guide covers the different types of residential lending for homebuyers with bad credit out in todays marketplace for owner-occupant home, second homes, and investment properties. Most folks will need to know with types of residential lending when shopping for a homeThere are many types of residential lending when it comes to home mortgages, Home…
Homeowners should explore how much money they can save with today’s historic low mortgage rates to refinance their home loans.
In this article, we will cover and discuss the frequently asked question can I qualify for FHA loan with tax lien. The answer to can I qualify for FHA loan with tax lien is yes under certain circumstances. You can qualify for FHA loan with tax lien only if you have a written payment agreement…
In this article, we will cover and discuss qualifying for a mortgage with recent derogatory credit with our non-QM loan programs. Homebuyers can qualify for a mortgage with recent derogatory credit at Gustan Cho Associates with our non-QM loan program. What is recent significant derogatory credit? Here are examples of issues when it comes to…
This guide covers how to buy a house with bad credit. Many folks assume you cannot get a mortgage loan with bad credit. Many non-believers frequently ask can you please help us how to buy a house with bad credit. The anwer to the frequently asked question how to buy a house with bad credit…
This guide explains the requirements for obtaining two FHA loans at the same time. This is important information for those who want to finance two primary residences. Joey Virga, the President and CEO of Virga Realty, a distinguished real estate company headquartered in Panama City, Florida, shares insights into his clients’ journey to obtain approval…
This guide covers the loan officer document checklist. This article on the Loan Officer Document Checklist is a series of training worksheets that will be prepared and saved on the Mortgage Learning Center archives for both new and experienced loan officers who came on board at Gustan Cho Associates. All loan officers must ensure all files…
This blog will cover Fannie Mae and Freddie Mac guidelines on qualifying for a conventional loan with non-occupant co-borrower. Non-Occupant Co-Borrowers can be added to Conventional and FHA loans. The United States Department of Veteran Affairs does not allow non-occupant co-borrowers on VA home loans. Only married spouses of veteran borrowers can be added as…
This article will discuss the guidelines for VA property tax exemption related to VA home loans. The VA has created VA Home Loans for eligible active and retired members of the US Armed Services. Military personnel must have a valid Certificate of Eligibility (COE) to qualify for a VA loan. As a token of appreciation…
This guide covers using rapid rescore in the mortgage process. What is a rapid rescore? It’s a service accessible only through your mortgage lender that allows you to update your credit report almost instantly. Correct credit report errors. Update balances after paying them off or down. Update new or increased lines of credit. Your mortgage…
In this blog post, we’ll delve into Mortgage Qualifying With Part-Time Income and Other Income and explore lending guidelines regarding various income sources. One significant challenge for numerous mortgage applicants is navigating a high debt-to-income ratio during the qualification process. Many lenders enforce overlays on debt-to-income ratios, which are lending criteria more stringent than those…
Many agency guidelines list extenuating circumstances as reasons for getting qualified for a mortgage when otherwise they would not qualify. However, borrowers need to understand
This manual provides information on Job Relocation Mortgage Guidelines for individuals purchasing homes in a different state. According to these guidelines, individuals are eligible for a mortgage even if they have a new out-of-state job. This remains applicable in cases of job transfers and when securing a new position with a different employer. Job relocation…
This blog post will explore the implications of Buying House Near Apartment Community or Commercial Areas. Buying a house near an apartment community can significantly impact homebuyers. There have been numerous cases where individuals buy homes near large apartment complexes and experience dissatisfaction after the relocation. Unlike buying a car or other high-ticket items, purchasing…
This article delves into the Mortgage Payment Shock Underwriting Guidelines and its underwriters’ assessment. Maintaining a payment that suits both you and your family is crucial when securing a mortgage. What you perceive as a comfortable payment may differ from the evaluation based on your debt-to-income ratios. The real estate crash of 2008 served as…
If you’re married and you buy a home in a community property state, you’ll face different rules for qualifying. Most of these rules come into play if you finance your home with a government-backed home loan like the FHA, VA or USDA programs.
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