It’s important to note that Mortgage Lender Complaints and Bad Reviews submitted by borrowers do exist, but readers should understand the context. Consumers must recognize that prominent national lenders, such as Chase Bank, Quicken Loans, and Guaranteed Rate, are major players in the mortgage industry and employ hundreds, if not thousands, of loan officers. Although…
This guide covers funds in bank statements that mortgage lenders cannot use. All funds in bank statements that are newer than 60 days need to be sourced. All lenders require two months of bank statements from borrowers. In order for lenders to be able to use funds in bank statements, the funds needs to be…
In this blog, we will discuss and cover VA manufactured home guidelines on VA loans. Gustan Cho Associates has invested substantial time tailoring loan programs to cater to our nation’s veterans, including those seeking VA loans for manufactured homes. Many of our borrowers opt for VA loans, and we have earned a national five-star reputation…
In this article, we will cover and discuss finding the best mortgage lenders for bad credit in Arkansas to qualify for a home loan as first-time homebuyers with bad credit. Arkansas is one of the most sought-after migration spots in the country due to affordable housing prices. Tens of thousands of people and businesses from…
In this blog, we will cover and discuss qualifying with non-QM mortgage lenders in Connecticut for borrowers who cannot qualify for qualified mortgages. Gustan Cho Associates (Gustan Cho Associates) are mortgage brokers licensed in 48 states with a large clientele base in Connecticut. The coronavirus outbreak of 2020 took a toll on millions of Americans,…
This guide covers VA derogatory credit mortgage guidelines on VA loans. VA derogatory credit mortgage guidelines on VA loans are very lenient. VA mortgages have the most lenient lending guidelines than any other loan program. The Department of Veterans Affairs (the VA) is the government agency that governs VA loans to eligible members of the…
In this article, we will discuss and cover the FHA credit guidelines on how to get qualified for an FHA loan.. This will include how to get an approve/eligible per automated underwriting system and what credit guidelines are required on manual underwriting. we will cover the newest updates on recent late payments in the last…
This guide covers the best Jumbo Florida mortgage lenders. for prime and non-QM loans. The Florida housing market is hot and from the look of thing. There is more demand for housing than inventory. FHA and Conventional mortgages have maximum loan limits on government and conventional loans in Florida. Homebuyers in the market for higher-end…
This guide covers continuation of income guidelines of mortgage lenders. The ability to repay is one of the most important factors mortgage underwriters take into consideration when underwriting a mortgage borrower. Lenders require a past two-year employment work history. All agency guidelines require the mortgage underwriter document their due diligence in addressing they believe the…
This guide covers changing lenders during underwriting process before closing. The mortgage approval process does not have to be stressful if the borrower is properly qualified and the loan officer has set proper expectations for the mortgage process. Alex Carlucci, a senior loan officer at Gustan Cho Associates, explains the number one reason for a…
This article will discuss the guidelines for VA property tax exemption related to VA home loans. The VA has created VA Home Loans for eligible active and retired members of the US Armed Services. Military personnel must have a valid Certificate of Eligibility (COE) to qualify for a VA loan. As a token of appreciation…
This guide covers HUD guidelines versus lender overlays on FHA loans. There have been notable changes for HUD guidelines versus lender overlays on FHA loans, which may affect homebuyers. HUD guidelines on student loans excluded student loans on deferment from debt-to-income ratio calculations. This article will discuss HUD guidelines versus overlays on FHA loans. One…
You must first be eligible. Only servicemembers, honorably-discharged veterans and sometimes their families are eligible. VA underwriting guidelines are flexible, with no minimum credit score an no minimum down payment.
Borrowers should not stress during the mortgage process. . There is no reason why there should be stress during the mortgage process.
Mississippi has one of the hottest housing markets in the nation. The housing market in the state has been booming for many years.
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 loans are the only program that does not consider deferred student loans lasting over 12 months when determining eligibility. Unlike other loan programs, VA loans do not impose a mandatory minimum…
This guide covers lender overlays on credit tradelines by mortgage underwriters. Do all mortgage companies have lender overlays on credit tradelines? Many mortgage lenders have lender overlays on credit tradelines. What are credit tradelines? Credit tradelines are defined as a credit account such as credit card accounts, auto loans, installment loans, student loans, revolving credit account…
This article covers getting a VA loan denial due to overlays and qualifying with a different lender. In this article, we will cover the VA agency guidelines, what are VA lender overlays, VA agency guidelines versus overlays, and why Gustan Cho Associates can approve VA loans when other lenders can’t. VA loans are hands down…
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…
This article Is about qualifying for VA loans Illinois bad credit with no overlays and high debt-to-income ratio. VA loans are owner-occupant residential mortgage loans originated by private lenders but guaranteed by the U.S. Department of Veteran Affairs (VA). The Department of Veteran Affairs does not originate nor fund VA loans. VA insures private lenders…
In this blog, we will cover why lenders need credit reports and credit scores to get borrowers a mortgage loan approval. We will also discuss how mortgage underwriters analyze borrowers’ credit reports during the mortgage process. A consumer’s credit score is probably the most important factor that comes into play when applying for credit. When…
It is an important question for anyone who is a first-time homebuyer or refinancing a home in Arizona to understand whether they can afford a mortgage loan in Arizona. Not all mortgage lenders in Arizona have the same guidelines for government and conventional loans. Has a lender in Arizona denied you a mortgage due to…
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