This guide covers Fannie Mae guidelines mortgage after short sale and deed-in-lieu of foreclosure. Fannie Mae guidelines mortgage after short sale and after deed-in-lieu of foreclosure requires a four year waiting period after the date of the short sale. A short sale is an alternative to foreclosure. Short Sales is often offered to homeowners who…
This guide covers the pros and cons of a home equity conversion mortgage. There are the pros and cons of home equity conversion mortgage. A government-insured Home Equity Conversion Mortgage (HECM) offered the Federal Housing Administration (FHA) is one type of mortgage loan program commonly referred to as a reverse mortgage. Dale Elenteny, a senior…
HomeReady Versus Home Possible in 2025: Which Loan Is Best for You? If you’re looking for a mortgage and don’t have a big down payment, you might have come across HomeReady and Home Possible. These are two popular options for low down payment conventional loans supported by Fannie Mae and Freddie Mac. At Gustan Cho…
Chicago Mortgage Loans for Self-Employed Individuals: 2025 Guide to Getting Approved Being self-employed in the Chicago area can be super rewarding, but trying to qualify for a mortgage when you’re running your own business can seem really challenging. Traditional lenders often want years of tax returns, piles of paperwork, and proof of “stable” W-2 income…
Reasons to Buy a Home in Tennessee: 2025 Guide for Smart Homebuyers Thinking about moving? You might be surprised by how many people are now buying homes in Tennessee. The Volunteer State is one of the most popular places to live in 2025, for good reason. At Gustan Cho Associates, we work with families, investors,…
Conventional Loans with Derogatory Credit: How to Qualify and Get Approved If you have had past credit problems, such as bankruptcy, foreclosure, or short sale, you might be wondering: Can I still qualify for a conventional mortgage? The answer is totally yes, and this guide will show you exactly how to do it. At Gustan…
Manual Underwriting With Extenuating Circumstances: 2025 Guide to Mortgage Approval Buying a home can feel impossible when you’ve had tough times, like losing your job, facing a medical emergency, or going through a bankruptcy. If a lender told you “no,” don’t give up. You may still qualify for a mortgage through manual underwriting with extenuating…
How to Avoid Customer Complaints as a Loan Officer: Proven Tips That Work The mortgage business is full of moving parts, pressure, and paperwork. When something goes wrong, the borrower finds it hard. That’s why knowing how to avoid customer complaints as a loan officer isn’t just important—it’s essential. At Gustan Cho Associates, we specialize…
This guide covers Freddie Mac student loan guidelines on conventional loans. Conventional loans are called conforming loans because they need to conform to Fannie Mae and/or Freddie Mac agency mortgage guidelines. Conforming loans are not government loans. Conventional loans are private loans originated and funded by private mortgage lenders and banks. Many borrowers ask if…
This guide covers the benefits of FHA loans for first time homebuyers. There are many benefits of FHA loans for first time homebuyers. There are also the benefits of FHA loans for homebuyers with prior bad credit, bankruptcy, foreclosure, deed-in- lieu of foreclosure, and short sale. FHA loans make home ownership possible with only a…
This guide covers Fannie Mae non-citizens mortgage guidelines on conventional loans. Recently Fannie Mae added clarity to Fannie Mae non-citizens mortgage guidelines. Per Fannie Mae non-citizens mortgage guidelines on conventional loans, borrowers do not have to be U.S. citizens to qualify for home loans. Fannie Mae non-citizens mortgage guidelines, homebuyers can qualify for a home…
In this blog, we will cover and discuss FHA guidelines on late payments after bankruptcy. Borrowers are often confused with FHA guidelines on late payments after bankruptcy due to being turned down for an FHA Loan if they have late payments after bankruptcy. Recent late payments in the past 12 months are not good. John…
2026 Conforming Loan Limit Guide: What Borrowers Need to Know At Gustan Cho Associates, we want to help you understand how the conforming loan limit impacts your home loan. Whether you’re buying, refinancing, or shopping in a high-cost area, this guide explains the updated current conforming loan limits for 2026 and how they can help…
Buying a home in North Carolina? Don’t guess your payment—know it down to the dollar. Our North Carolina mortgage calculator gives you a full monthly estimate, including taxes, insurance, PMI, HOA fees, and even your debt-to-income ratio. Whether buying your first home or upgrading, use this innovative tool to budget like a pro in 2025….
This guide covers effective ways to finance your dream condo for condominium buyers. Acquiring a house or a condominium unit within the sprawling and bustling metropolitan area can be a young professional’s dream come true. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates says the following about effective ways to finance your…
FHA-insured mortgage loans are home loans made by private mortgage lenders and insured by the Federal Housing Administration. FHA does not lend money directly to homebuyers. Instead, FHA protects approved lenders if a borrower defaults, which allows lenders to offer more flexible credit, down payment, and debt-to-income guidelines than many conventional loan programs. For many…
Waiting Period After Loan Modification: What You Need to Know Before You Apply for a Mortgage If you’ve gone through a loan modification, you’re not alone. Many homeowners have faced tough times and had to work with their lenders to lower their monthly mortgage payments. But once you’re back on your feet, a big question…
Buying a House With Tenants: Everything You Need to Know Buying a house with tenants already living there can be a smart or risky move. Whether you plan to move in or invest, it’s important to understand what you’re getting into. In today’s tight housing market, buying a house with tenants is more common than…
Buying a House in Iowa: Everything You Need to Know in 2025 If you are considering buying a house in Iowa, you are not alone. Many people are realizing the benefits of owning a home in the Hawkeye State. This guide will help you, whether you are a first-time buyer, moving from another state, or…
Refinancing Non-QM to Conforming Loans in 2025: A Smart Move for Lower Rates If you have a non-QM loan and you’re wondering if refinancing into a conforming loan is possible, the answer is yes. In fact, many homeowners use non-QM mortgages as a stepping stone and plan on refinancing non-QM to conforming loans once they…
Can You Close Your Investment Property Under A Limited Liability Corporation? Many wholesale real estate investors will not allow borrowers of investment properties to close
This blog covers how the artic blast cause homeowners havoc like it did back in January 2019. Chicago and nearby towns, municipalities, and cities experienced the Great Chicago Artic Blast in the city history. We have updated the original blog published on January 2019 titled Artic Blast Cause Homeowners Havoc. John Strange, a senior mortgage…
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