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This blog will discuss the HUD and Fannie Mae Guidelines on credit disputes during the mortgage process. We will outline the key points from the most recent updates to the HUD and Fannie Mae guidelines on credit disputes. Credit disputes occur when a consumer finds errors on their credit report that shouldn’t be there. The…
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 the right mortgage company for loan officers to start their…
BREAKING NEWS: Refinancing During Coronavirus Pandemic Mortgage Crisis Hurdles with Refinancing During Coronavirus Pandemic Mortgage Crisis: With all the global news surrounding the COVID-19 coronavirus outbreak, there is a strong surge of refinance mortgage transactions. In this blog, we will give a quick update on the coronavirus affecting mortgages and how to complete a refinance…
This ARTICLE Is About Buying House During Chapter 13 Repayment Plan Mortgage Guidelines Buying House During Chapter 13 Repayment Plan is allowed only with FHA and VA loans. Borrowers can qualify for FHA and VA loans without the Chapter 13 Bankruptcy is discharged. FHA and VA are the only two mortgage loan programs that allow…
In this article, we will cover and discuss the steps to selling a house with a realtor fast for top dollar. We interviewed John Hartnett, a veteran licensed Illinois real estate agent who is an expert in representing both home sellers and buyers in the Chicagoland area. Do you want your home to look like…
It is no secret that mortgage interest rates are at historic lows. The COVID-19 pandemic has affected every global market, including the United States mortgage market. While historic lows are currently experienced in interest rates, all signs indicate an imminent increase. If you have been following the news, you know that the Federal Reserve announced…
This guide compares FHA versus conforming mortgages, the two most popular mortgage loan programs for homebuyers in the United States. Which program should homebuyers choose? Both have pros and cons. Sometimes, borrowers may qualify for FHA loans instead of conforming mortgages. Conversely, some borrowers who qualify for conventional loans may not qualify for FHA loans….
Florida, the most southern state in the United States, has a strong economy fueled by manufacturing, building, global finance, healthcare services, medical research, education, and aerospace and defense. However, Florida’s main source of income is tourism. Travelers love to explore local attractions and the white sandy beaches, often opting for car rentals, including“Miami car rentals…
Tennessee Home Prices Continue to Rise in 2024 Tennessee boasts a healthy state government with a surplus, which is excellent news for the state’s financial health. Many residents from financially struggling states like Illinois are moving to Tennessee. The state attracts numerous residents from high-tax states such as Illinois, Wisconsin, California, New York, New Jersey,…
In this article, we will discuss and explain the guidelines for VA loans with under 620 credit scores. 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 covers how to qualify for a mortgage by buying a home in another state. Buying a home in another state is becoming more and more popular. Many employers now offer remote positions where workers do not have to report to a local brick-and-mortar branch office. Many industries are now either closing many of…
This guide covers conventioal loan after short sale vs foreclosure guidelines. Since 2008, millions of Americans have witnessed their equity in their homes evaporate. The real estate and credit meltdown of 2008 has devastated many hard-working families. The Great Recession of 2008 was more of a depression than the Great Recession. Record bankruptcies, foreclosures, and…
This article discusses the first time home buying process, emphasizing that it starts with pre-approval. The initial step for those currently renting or living with family and are first time home buyers is to consult with a mortgage lender. The most critical stage of the first time home buying process starts with getting pre-approved. Over…
This guide covers the volatility of mortgage rates during the Covid-19 pandemic. Mortgage Rates During The COVID-19 Pandemic is two-fold. Mortgage rates are at historic lows for prime borrowers. Prime borrowers are mortgage borrowers with at least 740 credit scores, low debt-to-income ratios, 25% down payment, and no loan-level pricing adjustments. However, any borrower with…
This guide covers the process of qualifying borrowers for mortgage on home purchases and refinances. From the application stage to closing, the mortgage process has numerous steps. One of the most crucial steps is qualifying borrowers for mortgage during the initial call. Even though many borrowers may have previously gone through the mortgage process, it…
In this blog, we will cover and discuss the various mortgage options home buyers with bad credit have in qualifying and getting approved on a mortgage loan. We get countless daily calls from home buyers with bad credit asking for advice on the types of mortgage options they have in getting approved for a mortgage….
In this blog, we will be discussing the factors that are considered layered risks in manual underwriting. FHA and VA loans are the two primary loan programs that permit manual underwriting. When a VA or FHA loan receives a refer/eligible finding on the automated underwriting system (AUS), the application can still proceed with manual underwriting….
If you have lower credit scores and multiple prior derogatory credit tradelines, FHA loans are your best bet to get an approve/eligible per automated underwriting system (AUS).
In this article, we will cover and discuss non-QM and bank statement mortgage with no income verification. Non-QM and bank statement mortgage loans do not require income verification. Therefore, income tax returns are not required on non-QM and bank statement mortgage loans. Gustan Cho Associates offer a wide variety of mortgage products. Over the past…
In this blog, we will cover and answer the FAQ of can I buy house in Maine with 580 FICO with no active credit accounts. The short answer is yes. The best loan program for lower credit with no active credit tradelines is FHA loans. You can buy a house in Maine with 580 FICO…
This guide covers realtors marketing package for home buyers, real estate agents and referral partners. Home buyers rely on their real estate agents for advice, and one of the most important roles of a realtor is to give their home buyers a referral to a loan officer. Giving the wrong loan officer referral partner as…
Most people don’t know that the VA does not limit the amount that you can borrow. The VA guarantee limits the amount that most lenders will allow with zero down, but with a down payment there are no VA loan limits.
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