An FHA loan in Montana may be a suitable choice for people who have only limited savings or who have less-than-excellent credit. In order to obtain such a loan, a down payment of 3.5% is required if the credit score is 580 or above, whereas those with a score between 500 and 579 can qualify…
FHA loan guidelines Alabama can make buying a home possible for borrowers who may not fit conventional loan requirements. With a 580 credit score, the minimum down payment is generally 3.5%. Scores between 500 and 579 usually require a 10% down payment. The lender will also look at income, monthly debts, recent credit history, and…
FHA Guidelines on Charge-Offs and Collections do not automatically require borrowers to pay outstanding accounts before closing. Charge-offs generally do not require payoff. However, when applicable non-medical collections total $2,000 or more, the lender may use a documented payment arrangement, verify payoff, or count 5% of the balance toward the borrower’s debt-to-income ratio. Medical collections…
Indiana Mortgage Loans in 2026: Programs, Requirements, and Homebuyer Options Indiana mortgage loans include FHA, VA, USDA, conventional, jumbo, and non-QM options. The type of loan you qualify for depends on your credit, income, monthly debts, the property type, and how you plan to use it. Indiana buyers can get state-sponsored down payment help. Even…
This Guide Is About How Loan Officers Qualify Borrowers and Issue Pre-Approvals. Understanding how loan officers qualify borrowers is crucial in the mortgage process. The pre-approval process is the most critical stage, setting the foundation for the mortgage journey. Often, last-minute loan denials occur because the loan officer initially needed to adequately qualify the borrowers. The mortgage industry is…
In this article, we will discuss and explain the guidelines for VA loans with credit scores under 620. VA loans are considered the best mortgage loan program available for home buyers. However, VA Home Loans are exclusively available to Veterans of the United States Armed Forces who possess a valid Certificate of Eligibility (COE). Importantly,…
This guide focuses on the Fannie Mae-Freddie Mac Condo guidelines on conventional loans. These guidelines enable eligible borrowers to secure conventional condominium loans with a down payment as low as 3%. One of the primary draws of condominiums is their low-maintenance nature compared to single-family homes. Tanhia Romero, NMLS 489760, is a loan originator at…
This guide covers the credit scores required for FHA and VA loans. Many borrowers are confused about the credit scores required for FHA and VA loans. Lenders tell borrowers conflicting credit score requirements for FHA and VA loans when trying to qualify for a mortgage. The VA has no minimum credit score requirement; most lenders…
In community property states, debt-to-income (DTI) calculations differ when a married individual applies for a mortgage without their spouse. The inclusion of a spouse’s debts depends on the specific loan program and applicable state law. Typically, a spouse’s income cannot be combined with the applicant’s income for qualification purposes. Many homebuyers are unaware of this…
Mortgage borrowers eligible for VA loans can use the VA DTI mortgage calculator, powered by Gustan Cho Associates, to calculate their debt-to-income ratio. The Veterans Administration, or VA, does not have a specific debt-to-income ratio cap on VA loans. Borrowers can get an approve/eligible per automated underwriting system (AUS) with over 65% DTI and lower…
Buying a condominium vs. a single-family home comes down to your budget, lifestyle, maintenance preferences, and financing options. A condo may offer a lower purchase price and fewer exterior maintenance responsibilities, but buyers must consider HOA dues, special assessments, community rules, and condominium project approval. A single-family home may provide more privacy and control over…
If you’ve been turned down for a mortgage, it doesn’t mean homeownership is out of reach. One powerful option many buyers overlook is owner financing on home purchase. Instead of borrowing from a bank, you make payments directly to the seller. Owner financing can help buyers with credit issues, self-employed income, or limited documentation become…
Rumors are flying about a possible housing bubble in the US. Are they based in fact, or is this wishful thinking on the part of frustrated would-be buyers?
FHA and conventional loans work best for different borrower profiles. FHA loans are often better for borrowers with lower credit scores, limited savings, or a history of credit issues, according to Fannie Mae and HUD guidelines. FHA financing allows a down payment as low as 3.5%, but mortgage insurance is required. A conventional loan may…
Choosing the Right Mortgage Company: A Loan Officer Career Guide This guide covers choosing the right mortgage company for loan officers. Choosing the right mortgage company for loan officers is one of the most important decisions a mortgage loan originator needs to make. John Strange, a senior loan officer at Gustan Cho Associates, explains choosing…
Thinking about moving up in the mortgage business—whether you’re a newly licensed loan officer, a producing LO ready to lead a team, or an experienced branch manager who wants more control and support? This guide is for you. In the next few minutes, you’ll learn exactly how mortgage branch opportunity careers work at Gustan Cho…
This guide explores the process of training a new mortgage loan officer, particularly those without prior experience. Gustan Cho Associates offers a streamlined training program tailored for individuals aiming to embark on a career as a mortgage loan officer. Training newcomers in this field poses significant challenges for both mentors and rookies. You can learn…
Can Realtors Be Loan Officers? Everything You Need to Know in 2026 Many real estate agents ask the same question over and over: Can realtors be loan officers? The short answer is yes, but the rules, guidelines, and lender policies can be confusing. Some mortgage companies allow it, while others require agents to put their…
How does a VA cash-out refinance work? A VA cash-out refinance replaces your current mortgage with a new VA-backed loan and may let you receive part of your home equity in cash. VA cash-out refinance mortgage loans can refinance an existing VA, FHA, USDA, or conventional mortgage. You generally need VA eligibility, sufficient entitlement, primary-residence…
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 Advisor (LPA). All government and conventional loans need to go through either DU and/or LPA Automated Underwriting…
Is it possible to secure a mortgage with collection accounts? The short answer is yes. In this guide, find out how you can qualify and get approved for a mortgage with outstanding collection accounts. If you’re wondering whether getting a mortgage with collection accounts on your credit report is possible, you’re not alone. Many homebuyers…
This guide covers a clear and well-organized overview of Vermont mortgage loans, blending expert terminology with easy-to-follow sections to create a comprehensive and accessible resource. Vermont mortgage loans encompass FHA, VA, USDA, Conventional, Non-QM, and Jumbo options. This guide explains which loans are most accessible, where to find affordable homes, how to obtain down payment…
CALL NOW 