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How Secured Credit Cards Can Be Used To Boost Credit Scores For Mortgage Approval The best and easiest way to rebuild and re-establish credit to qualify for a mortgage is using secured credit cards to raise credit scores and have timely payments on all of your debt payments for the past 12 months. Learn how…
Cash-out refinance mortgage rates are usually higher than standard refinance rates because you are borrowing against your home equity and increasing the lender’s risk. The exact rate you get depends on several factors, including your credit score, loan-to-value ratio, occupancy type, property type, and current market conditions. A cash-out refinance can be a handy option…
In this blog, we will cover the role of mortgage underwriter during the mortgage process. The role of mortgage underwriter is to underwrite the borrower’s file and make sure they qualify for a home mortgage. The mortgage underwriter is hands down the most important person during the mortgage process. The mortgage underwriter determines whether or…
This guide covers buying a home in Washington and the various types of Washington mortgage loans. Getting a mortgage in Washington means looking at FHA, VA, USDA, Conventional, non-QM, and jumbo loans, plus help with your down payment, so you can find the best rates and buy your home. Washington mortgage loans can feel overwhelming,…
South Dakota Mortgage Loans: A Homebuyers Guide To FHA, VA, USDA, Conventional, Jumbo, & Non-QM Loans A lot of first-time buyers in South Dakota miss out on the many loan options they could use. Whether you want to live in Sioux Falls, Rapid City, or the countryside, you have more choices than you might think….
South Carolina Mortgage Loans: FHA, VA, USDA, Conventional, Non-QM, And Jumbo Home Loans This 2026 guide compares South Carolina mortgage options like FHA, VA, USDA, Conventional, Non-QM, and Jumbo loans. It also covers first-time homebuyer programs, down payment help, affordable areas, and tips for getting the best rates. Homebuyers in South Carolina can choose from…
Rhode Island Mortgage Loans- FHA, VA, USDA, Conventional, Non-QM, and Jumbo Home Loans in Rhode Island Buying a home in Rhode Island opens the door to exciting possibilities. By understanding your mortgage choices, you can confidently navigate the path to homeownership. This guide spotlights popular loans, assistance programs, and insider tips for securing great rates….
2026 Guide to Waiting Periods on Conventional Loans After Deed-in-Lieu of Foreclosure The conventional loan waiting period after deed-in-lieu of foreclosure and short sale of four years is shorter than the 7-year waiting period after a standard foreclosure. Government loans are home loans that are guaranteed by a government agency. Government-insured mortgage loans are for…
Pennsylvania Mortgage Loans: 2026 Guide to FHA, VA, USDA, Conventional, Jumbo, and Non-QM Home Financing Learn about Pennsylvania mortgage loan choices for first-time and repeat buyers. Compare FHA, VA, USDA, conventional, jumbo, and Non-QM programs. See how PHFA can help with your down payment and find ways to get a good rate. This guide reviews…
This guide covers the various types of Oregon mortgage loans. The process of purchasing a home in Oregon can be complex due to the variety of loan options available. Identifying the most suitable mortgage can simplify the experience. This guide details the primary mortgage types, assistance programs, and strategies for securing an affordable home loan…
This guide covers recent changes in mortgage compliance and regulations. So, mortgage interest rates are increasing and have been the highest since 2008. Mortgage lending guidelines and mortgage compliance have tightened up to the point where prime borrowers are the norm. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates says the following…
Non-Conforming Loans: Definition, Process, Benefits, and Who They Cater To In this article, we will cover non-conforming loans and the types of non-QM mortgages for borrowers who do not qualify for traditional mortgage loans. The difference between non-conforming loans versus conforming loans is conforming loans conform to Fannie Mae or Freddie Mac Mortgage Guidelines. Any…
FHA Waiting Period After Bankruptcy and Foreclosure: 2026 Guide to FHA Loan Qualifications This guide covers the FHA Waiting Period After Bankruptcy and Foreclosure. The FHA mandates waiting periods after bankruptcy, foreclosure, and short sales for loan qualification. HUD guidelines specify these waiting periods. FHA loans target individuals with low to moderate incomes, aiding first-time…
Debt Collection Laws in Community Property States: Spousal Liability, Creditor Rights, and Financial Protection Guide In this guide, we will cover the debt collection laws in community property states and qualifying for a home mortgage. Debt Collection Laws In Community Property States do not make each person liable for each other’s debt. For example, if…
In this article, I provide a step-by-step guide for first-time buyers and answer common questions concerning a home purchase in the Chicago area.
Illinois Financial Crisis: What Homebuyers & Homeowners Need to Know as Budget Deficit Worsens The Illinois financial crisis has been building for decades. It is not just a headline or a political slogan. It is a long-term structural problem characterized by runaway pension costs, chronic budget deficits, high taxes, and a decline in population and…
In this blog, we will cover and discuss refinancing with judgment mortgage lending guidelines. Mortgage rates are still low and many homeowners have not refinanced their higher interest mortgage home loans yet. A full rate and term and/or cash-out refinance mortgage process is the same as applying for a home purchase mortgage loan. Learn refinancing…
In this blog, we will cover and discuss the down payment guidelines on home purchase mortgage loans. The down payment guidelines and requirements depend on the particular loan program. Government loans have lower down payment requirements due to the lower level of risk lenders take due to the government guarantee. Understand the difference of Non-QM…
Homebuyers should ask for seller concessions from the home seller to pay closing costs. There are two types of costs for a home purchase. The down payment and closing costs. Most homebuyers do not have to come up with closing costs. Alex Carlucci, a senior mortgage loan officer at Gustan Cho Associates and an associate…
HUD, the parent of FHA, has increased FHA loan limits in Chicago for six consecutive years due to rising home prices. HUD has again increased FHA loan limits. Here are the updated FHA loan limits for 2026. FHA loan limits in Chicago and surrounding areas have been increased to $541,257 in non-high-cost areas for single-family…
Refinance mortgage guidelines can vary depending on the type of loan you have, your credit profile, your home equity, and your reason for refinancing. Some homeowners refinance to lower their interest rate or monthly payment. Others refinance to shorten their loan term, switch loan programs, or tap into home equity with a cash-out refinance. Understanding…
This guide covers EPM Empowered down payment assistance mortgage programs. There are several types of down payment assistance mortgage programs for homebuyers. We have some very exciting news at Gustan Cho Associates. The team at Gustan Cho Associates offers two different types of down payment assistance mortgage program: Forgivable and non-forgivable DPAs. We offer the…
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