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In this blog, we will cover the Fannie Mae Chapter 13 dismissal guidelines on conventional loans. One of the most frequently asked questions at Gustan Cho Associates is what is the eligibility requirements to qualify for a conventional loan after Chapter 13 Bankruptcy dismissal. Homebuyers can qualify for FHA and VA loans with no waiting…
You must first be eligible. Only servicemembers, honorably-discharged veterans and sometimes their families are eligible. VA underwriting guidelines are flexible, with no minimum credit score an no minimum down payment.
Borrowers should not stress during the mortgage process. . There is no reason why there should be stress during the mortgage process.
In this blog post, we’ll delve into the most recent methods to update credit report fast using rapid rescore to boost credit scores and meet mortgage qualifications or secure optimal rates. Lenders usually establish a minimum requirement for different loan programs, making credit scores very important when it comes to qualifying for a mortgage. Moreover,…
In this article, we’ll look at the options available for mortgage refinancing through Gustan Cho Associates – a licensed mortgage Loan Officer operating in 48 states with connections to over 210 wholesale lenders. Thanks to our extensive lending network, Gustan Cho Associates offers many programs, contrary to the popular belief that refinancing options can be…
This article delves into the lending prerequisites and regulations concerning mortgage with new job. It addresses the misconception that one must have a two-year job history to qualify for a mortgage loan. Contrary to this belief, it’s not a strict requirement. Many prospective homebuyers might have been turned away by lenders who insist on this…
This article delves into Mortgage For College Graduates Lending Guidelines, shedding light on established norms and recent changes that may impact the qualification criteria for aspiring homebuyers in this demographic. For those recent graduates armed with job offer letters from full-time employers, securing a mortgage is generally feasible, provided they possess well-established credit and fulfill…
This guide explains Fannie Mae second home guidelines, especially vacation properties. As of 2025, a minimum down payment of 10% is required by Fannie Mae and Freddie Mac. Government loans cannot be used to purchase second homes or investment properties. Dale Elenteny of Gustan Cho Associates noted that the introduction of non-QM second home financing…
Mortgage lenders must adhere to the Ability to Repay (ATR) rule when underwriting. That means they must make sure that borrowers can afford the loan before they approve it.
There are strict rules regarding the part-time income to full-time income mortgage guidelines. For part-time income to be used, borrowers need two years of consistent part-time income. Besides the two-year seasoning requirement, lenders want to be convinced that the likelihood of the part-time income continuing for the next three years is extremely likely. Qualifying for…
In this blog, we will cover and discuss the mortgage guidelines after bankruptcy on home purchases and refinance transactions. There is a mandatory waiting period after bankruptcy to qualify for government and conventional loans. Gustan Cho Associates offers non-QM loans. Mortgage Guidelines After Bankruptcy on non-QM loans do not require any waiting period after bankruptcy…
Most guidelines require lenders to average the most recent two years of income to qualify applicants. Some programs allow borrowers with newer businesses if they have experience
This guide covers VA guidelines on seller concessions to cover closing costs. VA loans is hands down the best mortgage loan program available today for owner occupant home buyers. Unfortunately, not everyone can qualify for a VA loan. Only veterans with a Certificate of Eligibility (COE) can qualify for a VA loan. One of the…
When saving money buying a house, remember one key thing, low rates with FICO credit scores. This article will cover how to get low rates with high FICO for mortgages. It is possible for a homebuyer to qualify for a home loan with bad credit. Borrowers who do not meet the minimum credit scores to…
In this blog, we will cover and discuss the difference when qualifying for a mortgage after bankruptcy dismissal versus bankruptcy discharge mortgage guidelines. There are waiting period differences when qualifying for FHA loans after bankruptcy dismissal versus bankruptcy discharge. Bankruptcy, whether a dismissal or a discharge, can have significant implications for your mortgage and financial…
This guide covers how solid is your pre-approval for a home purchase mortgage. A mortgage pre-approval letter means that a loan applicant has submitted an initial mortgage loan application, called 1003, and the loan originator has run credit and fully qualified borrowers: The pre-approval letter is issued after the loan originator has reviewed the following:…
This guide covers how does FHA define family member. In this blog post, we’ll explore FHA’s criteria for defining a family member in the context of non-occupant co-borrowers. HUD, which oversees FHA, enforces guidelines that outline the definition of a family member. This definition becomes significant when considering the inclusion of non-occupant co-borrowers. According to…
This guide covers manual underwriting versus automated approval. There are two types of Automated Underwriting Systems (AUS): Fannie Mae’s Automated Underwriting System is referred to as Desktop Underwriting (DU) and Freddie Mac’s AUS is known as Loan Prospector (LP). All government and conventional loans need to go through either DU and/or LP Automated Underwriting System…
In this blog, we will cover and discuss getting a fully underwritten TBD mortgage approval as pre-approvals. Fully Underwritten TBD Mortgage Approval on home loans is geared towards borrowers who may or may not meet agency mortgage guidelines. In most cases, loan officers will issue pre-approval letters if they are sure borrowers will definitely get…
In this blog, we will cover and discuss the agency mortgage guidelines from the U.S. Department of Veterans Affairs for qualifying for VA loans during Chapter 7 versus 13 Bankruptcy. For those who fell victim to our country’s economic collapse and lost their jobs, chances are that they are overwhelmed with debts. There are major…
This guide covers verified funds for home closing before clear-to-close. Failure to provide verified funds for home closing before clear-to-close is one of the most common obstacles during the mortgage process. It is one of the many reasons a clear-to-close is delayed at the eleventh hour. Mortgage underwriters have specific rules on whether they will…
This guide covers qualifying for a mortgage after college education versus work experience mortgage guidelines. We will further cover why real work experience beats book markets. College education versus work experience. As I take this time to break away from my housing and mortgage experiences, let me jump into another topic I feel strongly about….
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