Oregon mortgage loans include FHA, VA, USDA, conventional, jumbo, renovation, and Non-QM programs. The right loan depends on your credit history, qualifying income, down payment, military eligibility, property type, and location. Eligible homebuyers may also qualify for state or local down payment assistance. Income limits, purchase-price limits, homebuyer education, property location, and funding availability may…
How Property Taxes Can Determine Buying Power When Buying a Home When people are looking to buy a home, they usually pay close attention to the sale price and their monthly mortgage payments. But there’s something else that can really mess with your budget: property taxes. More buyers are discovering that property taxes can determine…
An FHA 203k loan can finance the purchase or refinancing of a home, as well as the cost of eligible repairs, through a single mortgage. The lender holds the renovation funds in an escrow account after closing and releases them as approved work is completed. The program has two options. A Limited 203k can cover…
In this guide, we will cover the role of a mortgage underwriter during the home loan approval process. The role of a mortgage underwriter is to underwrite the borrower’s file and make sure they qualify for a home mortgage. Tanhia Romero, NMLS 489760, a senior mortgage loan originator at Gustan Cho Associates, says the following:…
Despite its long history, the term ‘yield spread premium’ still puzzles many mortgage professionals. In the past, wholesale mortgage lenders rewarded brokers with a yield spread premium for securing loans at interest rates above the base rate. The higher the rate, the bigger the broker’s payday. Federal regulations have changed broker and loan officer compensation….
In this guide, we will discuss and cover the borrower review of Gustan Cho Associates. Reviews and testimonials are one of the most important factors in evaluating a mortgage loan originator. We get hundreds of borrower review of Gustan Cho Associates. We are honored by the number of positive borrower review of Gustan Cho Associates….
Conditional mortgage approval means an underwriter has reviewed your loan file but still needs specific documents, explanations, or third-party items before granting final approval. Conditional mortgage approval delays often result from incomplete bank statements, unclear income, employment verification, large deposits, new credit, appraisal issues, title work, or homeowners’ insurance. To avoid delays, submit all requested…
Lenders can offer 100% with no mortgage insurance at competitive low mortgage rates on VA loans due to the government guarantee against loss or foreclosure on VA loans. VA loans have no maximum debt-to-income ratio cap on VA loans.
This guide covers the dream of owning your own home. The dream of owning your own home is a common aspiration for many people worldwide. It represents a significant milestone in one’s life and is often seen as a symbol of financial stability, security, and personal achievement. Here are some key aspects and reasons why…
Yes, you may qualify for a California mortgage with a high debt-to-income ratio. Approval depends on the loan program, credit history, stable income, cash reserves, down payment, and automated underwriting findings. FHA, VA, conventional, jumbo, and non-QM programs calculate DTI differently. Some lenders also impose overlays that are stricter than agency guidelines. Because California housing…
DTI Manual Underwriting Guidelines on FHA and VA Loans If a computer system says “no” to your mortgage because your debt-to-income ratio (DTI) is high, your income is hard to document, or your credit history is unique, you may still qualify through manual underwriting. DTI Manual underwriting guidelines are when a real underwriter reviews your…
In this guide, we will cover mortgage guidelines after bankruptcy. Mortgage guidelines after bankruptcy do not categorically prevent homeownership. Eligibility depends on the type of bankruptcy, discharge or dismissal date, recent payment history, prior foreclosure, and the chosen mortgage program. Getting a mortgage after bankruptcy depends on the type of bankruptcy, loan option, credit, and…
Ohio mortgage loans include conventional, FHA, VA, USDA, jumbo, and non-QM programs. Eligible borrowers can get conventional financing with only 3% down or FHA financing with 3.5% down and a credit score of 580. VA and USDA loans may offer no-down-payment financing for qualified borrowers. However, USDA income and property-location limits apply. The Ohio Housing…
Features of Student Loan Mortgage Programs and Income-Based Repayment Plans Income-Based Repayment plans can help make federal student loan payments more manageable. However, mortgage programs differ in how they assess these payments when determining loan eligibility. Fannie Mae may allow documented income-driven payments of $0. Freddie Mac, however, will not. FHA and USDA usually consider…
This guide will delve into the major changes in FHA guidelines, specifically the HUD 4000.1 Handbook, which may have implications for individuals applying for FHA loans. Major changes in FHA guidelines have been in place for two consecutive years, as stipulated in the updated HUD 4000.1 Handbook. Gustan Cho Associates’ version of the revised, shortened…
FHA Spot Loans enables condo buyers to purchase a condo unit in a non-HUD-Approved Condo Complex with an FHA loan.
Learning how to move out of your parents’ house starts with deciding whether you can comfortably support yourself. You may be ready if you have a stable income, a realistic housing budget, and enough money for upfront costs without draining your savings. Estimate your rent or mortgage payment, utilities, insurance, food, transportation, debt payments, and…
Buying a home shouldn’t feel confusing. If you’ve had credit bumps or don’t have a big down payment, using FHA loans to buy a home can open the door fast. In this quick guide, we explain who qualifies, how much you need down, what the mortgage insurance is, and the simple steps from pre-approval to…
Online Mortgage Application: Everything from Getting Preapproved to Closing In this guide, we will cover and discuss the online mortgage application leading to clear to close. The mortgage application process has changed over the years. There was a time when borrowers met mortgage loan officers face to face. Borrowers either met their loan officers at…
This guide covers things that determines your mortgage rates on home loans. Mortgage rates are the interest rates that you pay for your mortgage loan. Many factors determine what mortgage rates will be offered to you. John Strange, a senior loan officer at Gustan Cho Associates, explains how no two borrowers will get the same…
Mortgage programs differ in their down payment, credit, income, property, occupancy, and mortgage insurance requirements. The right loan depends on your complete financial profile—not simply which program offers the lowest advertised interest rate. FHA loans may help borrowers with lower credit scores or limited savings. VA loans can offer eligible service members and veterans zero-down…
How Do Underwriters Approve Mortgage Loans? Complete Underwriting Guide Mortgage underwriters confirm that the loan, borrower, and property fulfill the requirements of the selected loan program. Underwriters check the credit, income, employment, debts, assets, and appraisal, as well as the source of funds and title work, insurance, and the intended occupancy. With most loans, an…
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