Why is my FHA rate different from the rate I saw online? That is one of the most common questions borrowers ask when they start shopping for a home loan. FHA mortgage rates can look simple at first, but the rate you are quoted depends on your credit score, loan amount, property type, debt-to-income ratio,…
A mortgage denial with good credit usually means another part of the loan file did not meet underwriting guidelines. A 740 or 760 credit score may look strong, but the lender still has to verify income, monthly debts, assets, employment history, and the property being financed. A borrower can have clean credit and still be…
Many homeowners went into mortgage forbearance during COVID or another financial hardship because they needed time to catch up. Now the question is simple: can you refinance after a mortgage forbearance, or will the past hardship still hold you back? The answer depends on where your loan stands today. Lenders will look at whether your…
Student loan credit reporting errors can stop a mortgage file before it gets to final approval. A late payment, incorrect forbearance status, or a student loan balance that does not match the current statement can lower credit scores, raise underwriting questions, or require the lender to request additional proof before closing. This became a bigger…
Many first-time home buyers with student loan debt worry that their student loan debt will prevent them from being approved for a mortgage. Fortunately, having student loan debt does not automatically disqualify you from purchasing a home. What is crucial is how the lender considers your monthly student loan payment when determining your debt-to-income ratio….
Many borrowers think a conventional loan denial means they do not qualify for a mortgage. That is not always true. Sometimes the problem is not Freddie Mac’s guidelines. The denial may come from lender overlays, high debt-to-income ratios, student loan payments, property type, weak documentation, or how the file was read by Freddie Mac’s Loan…
A credit score does not have to be perfect to get approved for a home loan, but it can change the path to approval. Your score can affect the loan programs available to you, the down payment required, the interest rate offered, the mortgage insurance, the discount points, and the level of underwriting review. Many…
Getting a loan to buy or renovate a house can be hard right now. High property prices and big upfront payments make it tough for many applicants. Strict rules about credit history and debt-to-income ratios add to the challenge. However, new mortgage programs are appearing to help people who struggle with traditional loans. These programs…
Many Colorado homebuyers are surprised when the payment shown on a basic online mortgage calculator does not match the one the lender uses. The reason is simple: principal and interest are only part of the monthly cost. A real Colorado mortgage payment may also include property taxes, homeowners’ insurance, HOA dues, private mortgage insurance, FHA…
A condo can look perfect on the outside. However, the mortgage can still run into problems if the condo project does not meet lender guidelines. Many buyers get pre-approved based on their credit, income, down payment, and debt-to-income ratio, only to find out later that the condo building itself must also be approved. That is…
This blog will cover Fannie Mae Collection Guidelines on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants that regulate agency guidelines on conventional loans. The two mortgage giants are the largest buyers of mortgages on the secondary market. Fannie Mae typically requires a minimum credit score for conventional loans. Credit scores…
Understanding HUD Credit Score Guidelines So you want to buy your home, but you are worried about your credit score. Maybe you are thinking about refinancing your home. You are not sure if your credit history is good enough. The Department of Housing and Urban Development, or HUD, has rules for FHA loans that are…
FHA Back to Work Versus Non-QM Mortgages: Pros, Cons, and Current Options After Bankruptcy, Foreclosure, or Short Sale The Federal Housing Administration Back to Work program is a mortgage loan program that helps people who have had problems. This program started on August 15 2013. Many people who have had a bankruptcy, foreclosure, or short…
In this guide, we will discuss how to refinance an existing home mortgage into an FHA 203k loan. Homeowners who need either basic rehab or a full-blown renovation project can refinance into an FHA 203k loan. This holds true even if they do not have a current FHA loan. Refinancing into an FHA 203k loan…
This guide talks about how mistakes on credit reports can mess up the mortgage loan process and slow down mortgage loan approvals. If you want to buy a house the first thing your mortgage lender will look at is your credit report. Your credit report is like a report card for how you handle money….
Gustan Cho Associates get a lot of calls from borrowers to ask is timeshare foreclosure considered mortgage foreclosure. The answer is NO. A timeshare foreclosure is NOT considered a mortgage foreclosure. Timeshares are not considered as real estate. Timeshare loans are considered an installment loan and NOT a mortgage loan. It’s really crucial to get…
This guide is about the FHA Total Scorecard and how it works. The United States Department of Housing and Urban Development (HUD) also known as HUD uses the FHA TOTAL Scorecard. This tool helps mortgage underwriters evaluate borrowers credit and income to decide if they can get an FHA loan. To qualify for an FHA…
This article will cover underwriting credit guidelines during the mortgage process. Mortgage borrowers should not stress during the mortgage process. There is no reason for any pre-approvals to get a last-minute mortgage denial. The main reason for a last-minute mortgage loan denial or stress during the mortgage process is the borrower’s inability to qualify properly…
This blog will cover Fannie Mae and Freddie Mac guidelines on qualifying for a conventional loan with non-occupant co-borrower. Non-Occupant Co-Borrowers can be added to Conventional and FHA loans. The United States Department of Veteran Affairs does not allow non-occupant co-borrowers on VA home loans. Only married spouses of veteran borrowers can be added as…
This guide covers the steps to buying your home during a booming housing market. Buying your home can be quite challenging. Many people get discouraged from purchasing a home when there are many other buyers. Gustan Cho Associates are experts in helping first-time homebuyers qualify for a mortgage. Advise them in buying their first home….
In this article, we will cover and discuss homes for heroes’ mortgage for medical professionals. A few articles have been written by Gustan Cho associates about homes for heroes’ mortgage for medical professionals. One of the main topics is who is eligible to utilize this program. Anybody who is a “healthcare professional”, but what does…
Buying a home in South Carolina is easier when you know which mortgage program fits your situation. Some buyers need a low down payment FHA loan. Veterans and eligible service members may qualify for a VA loan with no down payment. Buyers in eligible rural or suburban areas may be able to use a USDA…
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