This Article Is About A Pre-Approval Versus Loan Commitment During Mortgage Process Many first-time home buyers often ask What Is The Difference Between Pre-Approval Versus Loan Commitment. Homebuyer starting house shopping would need a pre-approval letter from a reputable lender. The pre-approval stage of the mortgage process is the most important step. The number one…
This Article Is About Chris LaRocco Endeavor America Wholesale Lender I like to introduce my fellow mortgage brokers to Chris LaRocco, National Account Manager for Endeavor America. Chris LaRocco is a veteran wholesale account manager and is currently the National Account Wholesale Mortgage Manager for Endeavor America Whenever I have a file that is extremely…
About Us at Gustan Cho Associates Gustan Cho Associates is a national five-star mortgage broker licensed in multiple states with no lender overlays on government and conventional loans. The team at Gustan Cho Associates has experienced exponential growth since 2012 due to its no lender overlay business model on government and conventional loans. We have…
What Factors Affect Mortgage Rates? Complete Guide To Home Loan Pricing In this blog, we will cover what factors affect mortgage rates on home loans. Each borrower’s individual risk factors determine mortgage rates. We will be discussing what factors affect mortgage rates pricing on home loans. Credit scores and other layered risk factors determine the…
What is a Conforming Versus Non-Conforming Mortgage? A Complete Homebuyer Guide This guide covers conforming versus non-conforming mortgage loans. Homebuyers and homeowners have a variety of mortgage loan programs to choose. There are conforming versus non-conforming mortgage loan programs. Conforming Loans needs to conform to government and/or conventional mortgage guidelines. John Strange, a senior mortgage…
Becoming an authorized credit card user can be one way to rebuild credit before applying for a mortgage. This strategy may help borrowers with low credit scores, limited credit history, or past credit problems improve their credit profile when the account is handled correctly. An authorized credit card user is added to another person’s credit…
In this blog, we will cover the mortgage guidelines with a prior home loan in bankruptcy. There are instances when people file bankruptcy but include their current home loan in bankruptcy. A frequently asked question is when does the waiting period start if you have a prior home loan in bankruptcy? Is it the discharged…
Debt-To-Income Ratio Mortgage Calculator Powered by Alex Carlucci of Gustan Cho Associates The debt-to-income ratio mortgage calculator powered by Alex Carlucci of Gustan Cho Associates has been designed for users to compute their own DTI in seconds. Gustan Cho Associates created the debt-to-income ratio mortgage calculator after noticing there is no other debt-to-income ratio mortgage…
Can I qualify for two FHA loans due to expanding family size? Yes, you may qualify for two FHA loans due to an expanding family size if your number of legal dependents has increased and your current home no longer meets your family’s needs. Simply wanting a larger home does not qualify. Your existing residence…
Irregular income may be eligible for a mortgage if a reliable monthly income history can be demonstrated. Income that is declining will be subject to a more detailed examination of the current trend in earnings and the rules of the loan program selected. Older higher earnings cannot simply be averaged to produce a higher qualifying…
A prior loan modification does not automatically prevent FHA approval. FHA guidelines on mortgage after loan modification depend on the requested transaction and the borrower’s payment history. Purchase, no-cash-out, cash-out, and streamline transactions have different requirements. The lender must determine which payment history and seasoning rules apply, verify performance under the applicable agreements, and identify…
Quick answer: What is mortgage payment shock? Mortgage payment shock means your new monthly housing payment is higher than what you currently pay for rent or your mortgage. Even if the increase is big, it does not always mean you will be denied a loan. Each loan program has its own rules. For example, FHA…
This guide is a shortcut guide to the HUD 4000.1 FHA Handbook, Revised for FHA Loans. The HUD 4000.1 FHA Handbook, Revised for FHA Loans, is a comprehensive 900-page guide to mortgage guidelines and requirements for FHA loans. All HUD agency guidelines on FHA loans are in the HUD 4000.1 FHA handbook. HUD provides guidelines…
Buying another home after foreclosure starts with knowing which waiting period applies to your situation. Before choosing a property or signing a purchase contract, have a lender review your foreclosure records, any related bankruptcy, and your current finances. This guide explains Fannie Mae guidelines on mortgages after foreclosure. For loans evaluated under the other conventional…
Welcome to your ultimate guide on FHA Home Loans! This resource is here to answer all your burning questions about qualifying for and getting approved for these fantastic loans. It’s important to note that different lenders may have unique requirements for FHA loans, but don’t worry—FHA loans are praised nationwide for their flexible criteria and…
Mortgage guidelines after high school vary by loan program. You may qualify soon after graduation without two years on the job if the lender can verify your qualifying income and you meet the loan’s credit, debt, and funds-to-close requirements. School records may help document your recent history, but each program has different rules for how…
This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is: Can I qualify and get approved for multiple FHA loans at the same time? FHA loans are for owner-occupant primary homes. A homeowner can live in one property. Some homeowners…
Buying a Home in Oakbrook Terrace, Illinois Buying a home or refinancing a mortgage in Oakbrook Terrace, Illinois, involves more than finding an advertised mortgage rate. The right loan program depends on your income, credit history, debts, assets, property type, occupancy, down payment, and underwriting guidelines that apply to your individual mortgage file. Gustan Cho…
When are two appraisals required? Two full appraisals are not standard for most mortgages. A second appraisal may be required for certain FHA property flips, some higher-priced mortgage loans, qualifying FHA 203(k) transactions, or when a lender or investor has a documented valuation requirement. A lender generally cannot order another appraisal simply because the first…
Your mortgage lender checks your credit when you apply for a home loan. Your credit score determines your mortgage rate and also if you qualify for a loan.
How To Get Refer To Approve-Eligible Per AUS To Qualify For Mortgage: There are ways of trying to get a refer/eligible findings to an approve/eligible per automated underwriting system.
Data Show More Homebuyers Buying Homes In The Suburbs And Fleeing City Life. More city dwellers are fleeing the city and buying homes in the suburbs due to the high crime rate in the city due to the Black Lives Matter Movement and incompetent politicians.
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