FHA manual underwriting is required when the Automated Underwriting System returns a “Refer” finding or when FHA rules require the loan to be downgraded from automated to manual review. Under the FHA manual underwriting mortgage guidelines, an underwriter evaluates the borrower’s credit history, income, debts, housing-payment history, cash reserves, and eligible compensating factors. Manual underwriting…
The asset-depletion mortgage loan program benefits higher net worth individuals who do not have a regular steady income. Non-QM loans are becoming increasingly popular and benefit borrowers who need alternative nontraditional mortgage loan programs.
This article covers a 12-month bank statement mortgage for self-employed borrowers. Until recently, most self-employed home buyers had difficulty qualifying for a mortgage. Many self-employed homebuyers often have the means to afford a higher-end home. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates, says about 12-month bank statement mortgage loans for self-employed…
DSCR mortgage loans, debt-service coverage ratio mortgages, are a no-income verification mortgage loan program. No income verification and documentation are required on DSCR mortgage loans, which benefit self-employed borrowers or real estate investors who do not have a consistent flow of qualified income. DSCR mortgage loans are underwritten based on the subject property, not the…
If you are considering refinancing an FHA loan, it helps to know that FHA does not offer a single refinance program. There are several FHA refinance options, each designed for a different goal. Some homeowners want to lower their interest rate or monthly payment. Others want to tap into home equity. Some want to change…
Why Choose Us: The Mortgage Team That Gets You Approved and Closed—Fast! Are you tired of hearing “no” from mortgage lenders? You are not alone. At Gustan Cho Associates, we help homebuyers and real estate investors nationwide who other lenders have not approved. If you’re asking yourself why you chose us for your mortgage, this…
Changes to 2-to-4 Unit Fannie Mae Multi-Family Mortgage Guidelines This manual addresses the modifications in down payment and self-sufficiency for multi-family properties designated as owner-occupant primary residences by the Fannie Mae Multi-Family Mortgage Guidelines. Fannie Mae Multi-Family Mortgage Guidelines for 2-to-4-unit residences reduce the down payment obligations for owner-occupant borrowers, decreasing it from 15% to…
In this guide, we will be comparing the skyrocketing mortgage rates versus housing prices. We will cover the forecast of mortgage rates versus housing prices. If you’re buying a home in Chicago, you have a lot to think about when it comes to mortgage rates and home prices. A lower mortgage rate can help you…
This blog will discuss getting approved for FHA loans in Las Vegas with bad credit and credit scores down to 500 FICO. This blog will cover FHA loans with bad credit in Las Vegas. FHA loans are very popular mortgage loan programs for borrowers with bad credit, first-time homebuyers with no credit, and borrowers with…
In this blog, we will discuss and cover HUD waiting period guidelines after Chapter 13 on FHA loans. Why is it many lenders say there is a one or two-year waiting period after Chapter 13 discharge date? This is what many home buyers who are in a Chapter 13 Bankruptcy Repayment Plan want to know….
This guide covers refinance mortgage home loan with bad credit. Homeowners considering refinancing with low credit scores on their home loans must know that credit scores determine mortgage rates. The higher the credit scores, the lower the mortgage rates. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates says the following about refinance…
Refinancing Non-QM Loans: How to Lower Your Rate and Save More If you took out a Non-QM loan to buy your home, you’re not alone. Many borrowers turn to Non-QM (Non-Qualified Mortgage) loans when they don’t meet the strict requirements of traditional mortgages. Whether you were self-employed, had a recent bankruptcy, had low credit scores,…
Self-employed and W-2 borrowers can qualify for many of the same mortgage programs. The main difference is how lenders verify and calculate income. W-2 employees usually document earnings with pay stubs, W-2 forms, and employer verification. Self-employed borrowers may need tax returns, business records, bank statements, and a year-to-date profit-and-loss statement. Getting a mortgage for…
Mortgage rules do not always stay the same. If you were approved by one lender last year, that does not always mean the same lender will approve you today. Credit score requirements, debt-to-income limits, down payment rules, income documentation, and loan program availability can change when lenders become more cautious. Understanding why mortgage guidelines change…
When buying a condo, it’s important to consider that not all condos offer the same financing options. Some condos are classified as non-warrantable, making it more challenging to get a mortgage. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates says the following: Non-warrantable condos can be harder to finance, but loan options…
Chicago Real Estate Investing Guide: How To Buy, Finance, and Build Wealth This guide covers investing in Chicago real estate. Many homebuyers love the City of Chicago, where they would not consider living other than Chicago or the nearby suburbs. Others will only invest in commercial real estate in Chicago and nearby suburbs. In this…
Filing for bankruptcy doesn’t completely eliminate the possibility of purchasing a home in the future. When considering an FHA versus conventional mortgage after bankruptcy, FHA loans provide a quicker path to homeownership for some borrowers, while a conventional loan is more suitable after a longer period of credit recovery. The best choice depends on several…
Fannie Mae DTI Guidelines on Conventional Loans: Borrowers can calculate their debt-to-income ratio using the Conventional Loan DTI Mortgage Calculator powered by Gustan Cho Associates. Conventional loans are the most popular loan program for first-time homebuyers due to the low 3% down payment program. Select a StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto…
Bad credit doesn’t automatically disqualify you from a home loan in Indiana. Options for bad credit home loans in Indiana, such as FHA, VA, USDA, and certain conventional loans, may still be accessible based on your credit history, income, debts, down payment, property type, and underwriting results. A denial from one lender does not always…
This blog aims to explore the difference between correspondent lending and mortgage brokers. A common inquiry we receive regularly pertains to the lender type offering the most favorable rates. The response is straightforward: correspondent lenders aren’t mandated to reveal the yield spread premium in the closing disclosure, and there’s no upper limit on this premium…
Understanding FHA 203k Rehab Loans After Bankruptcy Securing a home loan after experiencing bankruptcy can be challenging. Still, the FHA 203k Rehab Loan provides a viable path for home buyers looking to purchase and renovate a property. This type of loan is particularly beneficial for those who have faced financial hardships but are ready to…
In this guide, we will discuss and cover past due versus collection and charge off accounts when qualifying and getting pre-approved for a mortgage loan. FHA loans are the most popular mortgage loan programs today for first-time home buyers. Learn how considering past due accounts, collection accounts, and charge-off accounts can affect your FHA, VA,…
CALL NOW 