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….
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. Whether you are a first-time buyer, a veteran, or searching for unique financing, you will find…
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…
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…
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 says the following:…
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…
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…
When planning to buy a house using an FHA loan, it’s common to focus a lot on how much cash you need upfront for the down payment, which is 3.5% of the house’s price. But there’s another important thing you need to think about—closing costs. Learn what closing costs on FHA loans include, who can…
Unlocking Home Loans in Wyoming with Poor Credit: A Comprehensive Guide Are you based in Wyoming and struggling to secure a home loan due to less-than-perfect credit? The journey to homeownership can seem daunting, especially with credit scores that don’t quite hit the mark. However, there’s good news! This guide will explore how you can…
Non-Traditional Credit Mortgage: How to Qualify For A Home Loan Without A Credit Score* This guide delves into the significance of non-traditional credit in mortgage qualification process, particularly focusing on scenarios where borrowers lack conventional credit scores. A prevalent situation arises with recent college graduates with no credit history. This absence of credit scores is…
Jumbo Loans With Low Down Payment And Bad Credit: What Borrowers Need To Know In this guide, we will discuss and cover jumbo loans with low down payment and bad credit on home purchases. Jumbo loans with low down payment and bad credit are starting to make a comeback across the United States. Since these…
Homebuyers with pending income tax returns or significant unreimbursed business expenses may be eligible for W2-only income mortgages. Gustan Cho Associates doesn’t mandate income tax returns from borrowers unless the Automated Underwriting System specifically demands a two-year tax return for qualification. We offer W2-Only Income Mortgages on the following loan programs: FHA loans VA loans…
Will Mortgage Rates Rise in 2026? What Homebuyers and Homeowners Need to Know Will mortgage rates rise or will there be a correction in 2026? With interest rates and home prices at the top of mind for both homebuyers and real estate investors, many are asking the big question. Will mortgage rates rise in 2026?…
New York Mortgage Loans: FHA, VA, USDA, Conventional, Non-QM, and Jumbo Options New York mortgage loans for first-time buyers offer accessible approval and low down payment assistance. This guide outlines the most affordable cities and rates, and examines how NYC Mayor Zohran Mamdani’s policies may influence homeownership. Compare New York mortgage loans for 2026, including…
New Mexico Mortgage Calculator: 2026 Guide to Accurate Monthly Payments Are you thinking about buying a home in New Mexico? One of the first steps is figuring out how much house you can afford. That means knowing your monthly mortgage payment—not just principal and interest, but everything that comes with owning a home. The New…
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