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In this blog, we will cover and discuss buying and moving to another owner-occupied home without selling their first home. There are strict rules and mortgage regulations with owner-occupant home financing. Gustan Cho Associates get countless calls from potential homebuyers about Moving To Another Owner-Occupied Home Without Selling their first home. There are several variables…
This guide covers FHA Guidelines on Manufactured Home Loans. FHA Guidelines on manufactured home loans are released. HUD, the parent of FHA loans, sets all the agency guidelines on Manufactured Homes and FHA loans. More and more homebuyers are interested in buying manufactured homes. Technology has come a long way. Dale Elenteny, a senior loan…
This article explores the VA Guidelines on Deferred Student Loans and their influence on the debt-to-income ratio in the context of VA loans. VA YouTubeloans are the only program not considering deferred student loans lasting over 12 months when determining eligibility. Unlike other loan programs, VA loans do not impose a mandatory minimum credit score…
This blog post will explore Fannie Mae rental income guidelines and lending requirements. We will focus on elucidating the latest updates in Fannie Mae’s rental income guidelines that have recently come into effect. Gustan Cho Associates is available to provide insights into the newly established rental income guidelines applicable to both investment properties and primary…
This article delves into how underwriters analyze bank statements of borrowers. When individuals seek a mortgage loan, underwriters deem 60 days’ worth of bank statements as a crucial requirement for the application. The underwriting process mandates the submission of two months’ worth of bank statements. How underwriters analyze bank statements is a crucial aspect of…
This guide will cover the Texas housing market forecast for 2023 going into 2024. The Texas housing market is booming despite mortgage rates surging past 7% in a volatile economy. If you’re considering moving to Texas, you’re not alone. The Lone Star State is one of the fastest-growing states in the country, and its cities…
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.
This blog post will explore the Fannie Mae-Freddie Mac charge-off guidelines applicable to conventional loans. Gustan Cho Associates has recently received numerous inquiries regarding conventional mortgages and charged-off accounts. These queries have come from prospective borrowers and loan officers, emphasizing the importance of educating our readers on this topic. The Fannie Mae-Freddie Mac Charge-Off Guidelines…
In this blog, we will be covering the QC Review Prior Clear To Close During Mortgage Process by some mortgage lenders. The mortgage application and approval process starts when borrowers submit all of their financial and credit information to the mortgage lender. The mortgage process starts once the borrower is pre-approved and submits an executed…
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…
This blog will cover and discuss the FHA case number on new FHA mortgage applications. We will also discuss transfers from one lender to a new lender. FHA loans are the most popular loan program in the U.S. Borrowers with lower prior bad credit scores can benefit from FHA loans compared to conventional loans. Not…
In this article, we will cover and discuss the comparison between jumbo loan vs conventional loan programs and the differences in rates, terms, and LLPAs. Gustan Cho Associates has wholesale lending partners on traditional and conventional loan products. High-balance FHA jumbo loans need to meet HUD agency guidelines. VA high-balance jumbo loans need to…
Is Timeshare Foreclosure Considered Mortgage Foreclosure? It’s important to understand that timeshare foreclosure is different from mortgage foreclosure. Agencies like HUD, VA, USDA, Fannie Mae, and Freddie Mac do not classify them similarly. This causes confusion for many people, including homebuyers, sellers, realtors, loan officers, and underwriters. At Gustan Cho Associates, we often get questions…
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…
This GUIDE covers debt-to-income ratio limit to qualify for a mortgage loan. Home loans and debt-to-income ratio limit. Every mortgage loan program has a debt-to-income ratio limit (DTI). FHA loans have a more lenient debt-income ratio requirements than any other mortgage loan program. Debt-to-income ratios is calculated by taking the sum of all minimum monthly…
Homeowners With FHA Loans Should Consider A Conventional Refinance Loan While Mortgage Rates Are At Historic Lows And Avoid Paying FHA MIP. Mortgage rates are at historic lows and many home values have skyrocketed in the past several years. Many homeowners with FHA loans can benefit by refinancing to a conventional mortgage and avoid paying LPMI.
In this blog, we will discuss and cover qualifying for home loan with job offer letter. One of the frequently asked questions at Gustan Cho Associates is can I qualify for home loan with job offer letter? There are certain rules and regulations in qualifying for a home loan with job offer letter. Every mortgage…
In this article, we will cover and discuss new mortgage programs for homebuyers and real estate investors. We have over 160 wholesale lending partners and hundreds of new mortgage programs for homebuyers and real estate investors. Gustan Cho Associates had an amazing start to the New Year with new mortgage programs like no-doc loans, stated-income…
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 Fannie Mae and HUD Guidelines on conventional versus FHA loans. Fannie Mae and HUD guidelines on conventional versus FHA loans are similar but has differences. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA versus conventional loans. FHA loans is the easiest loan program to get an…
Can I Use Overtime Income As Qualified Income To Qualify For A Mortgage? You can use overtime and part-time income as qualified income as long as those other income has been seasoned for at least two years.
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…
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