Many Veterans are often told they must wait until their Chapter 13 bankruptcy is discharged before applying for a VA loan. That is not always the case. According to VA guidelines, a borrower may still receive consideration even while in an active Chapter 13 repayment plan. A Chapter 13 bankruptcy does not need to be…
This guide covers VA loans with no credit scores in detail and examines the DTI (Debt-to-Income) requirements. VA loans stand out for their accommodating mortgage criteria compared to other loan programs. Despite their flexibility, it’s important to note that the Veterans Administration has taken a critical stance on recent late payments within the past year….
Mortgage guidelines after high school vary by loan program. You may qualify soon after graduation without two years on the job if the lender can verify your qualifying income and you meet the loan’s credit, debt, and funds-to-close requirements. School records may help document your recent history, but each program has different rules for how…
You may still qualify for a VA loan with poor credit because the Department of Veterans Affairs does not set a minimum credit score requirement. However, lenders still have to determine that you are a satisfactory credit risk. Approval depends on more than your FICO score. Lenders may review your recent housing history, income, debts,…
A VA credit dispute does not automatically disqualify a borrower from getting a VA loan. VA does not have a blanket rule requiring every disputed account to be removed before approval. The lender must review the account, the reason for the dispute, and the borrower’s overall credit history. Legitimate disputes involving inaccurate information may be…
We will discuss qualifying for FHA loans in Utah with a FICO score under 620, including those with outstanding collections and charged-off accounts. There is a huge market for borrowers in Utah who need to be approved for FHA loans with a FICO score under 620. One thing borrowers do not realize is that not…
This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is: Can I qualify and get approved for multiple FHA loans at the same time? FHA loans are for owner-occupant primary homes. A homeowner can live in one property. Some homeowners…
Buying a Home in Oakbrook Terrace, Illinois Buying a home or refinancing a mortgage in Oakbrook Terrace, Illinois, involves more than finding an advertised mortgage rate. The right loan program depends on your income, credit history, debts, assets, property type, occupancy, down payment, and underwriting guidelines that apply to your individual mortgage file. Gustan Cho…
When are two appraisals required? Two full appraisals are not standard for most mortgages. A second appraisal may be required for certain FHA property flips, some higher-priced mortgage loans, qualifying FHA 203(k) transactions, or when a lender or investor has a documented valuation requirement. A lender generally cannot order another appraisal simply because the first…
Payment shock can contribute to mortgage denial, but a large increase in housing expenses does not automatically disqualify a borrower. The underwriter or automated underwriting system evaluates the complete loan profile, including income, credit history, debt-to-income ratio, reserves, housing payment history, residual income, when applicable, and the proposed total monthly payment. Payment shock may receive…
Your mortgage lender checks your credit when you apply for a home loan. Your credit score determines your mortgage rate and also if you qualify for a loan.
How To Get Refer To Approve-Eligible Per AUS To Qualify For Mortgage: There are ways of trying to get a refer/eligible findings to an approve/eligible per automated underwriting system.
Data Show More Homebuyers Buying Homes In The Suburbs And Fleeing City Life. More city dwellers are fleeing the city and buying homes in the suburbs due to the high crime rate in the city due to the Black Lives Matter Movement and incompetent politicians.
Can you get a conventional loan with charge-offs? The Fannie Mae-Freddie Mac charge-off guidelines do not automatically require every non-mortgage charge-off to be paid before closing. Treatment depends on the agency, underwriting method, property occupancy, number of units, and type of debt. A mortgage-related charge-off may trigger a waiting period, while certain non-mortgage charge-offs may…
How does a credit card balance affect the debt-to-income ratio? How credit card balance affects debt-to-income ratio depends mainly on the required monthly payment, not the total amount owed. Mortgage lenders generally include the minimum payment shown on your credit report in your monthly debt obligations. A higher balance may increase that payment and raise…
Working With a Loan Officer: Mortgage Process From Pre-Approval to Closing Your journey with a loan officer begins even before you pick out your dream home and continues through to closing day. A loan officer dives into your finances—income, credit, assets, debts—and listens to your homebuying goals. They walk you through mortgage options, help you…
Unsourced Funds in Mortgage Underwriting: 2026 Large Deposit and Bank Statement Rules A large deposit in your bank account does not automatically mean your mortgage will be denied. However, money that cannot be tied to an acceptable source can create problems when you need it for the down payment, closing costs, debt payoff, or required…
Securing a mortgage is still within reach, even if your Chapter 13 bankruptcy is ongoing. You do not always have to wait for your bankruptcy to be discharged before exploring mortgage opportunities. FHA, VA, and some USDA mortgage programs can help qualified borrowers who are making regular Chapter 13 payments. But approval involves more than…
HUD Manual Underwriting DTI Guidelines for FHA Loans: 2026 Approval Guide Getting a Refer result from an automated underwriting system does not necessarily mean your FHA mortgage application is over. Some FHA loans can be approved through manual underwriting, in which an FHA Direct Endorsement underwriter reviews the borrower’s complete financial profile rather than relying…
Buying a Second Primary Home While Renting Your Current Home You can buy a new primary residence and keep your current house as a rental. You don’t have to sell your current home before qualifying for another owner-occupied mortgage. The key is to show the new property will be your main home and that you…
Credit Score Mortgage Guidelines for FHA, VA, USDA, and Conventional Loans This guide covers credit score mortgage guidelines for FHA, VA, USDA, and conventional loans. There is no universal minimum credit score required to buy a house. The required credit score for a mortgage depends on loan type, down payment, automated underwriting results, overall credit…
HUD, the parent of FHA, allows borrowers down to a 500 credit score to qualify for an FHA loan. However, for borrowers with under a 580 credit score, a 10% down payment is required.
CALL NOW 