Mortgage Guidelines 101: A Complete Guide for Borrowers and Loan Officers Welcome to Mortgage Guidelines 101, the ultimate guide for borrowers and new loan officers! At Gustan Cho Associates, we understand that the mortgage process can feel overwhelming. Whether you’re a first-time homebuyer or a new loan officer eager to master the basics, this blog…
This guide covers the ill-fated HUD’s FHA Back to Work Mortgage. The FHA Back to Work Mortgage no longer exists. The FHA Back to Work mortgage was a total disaster since the day it was launched. However, Gustan Cho Associates has other similar mortgage loan programs similar to the FHA Back to Work mortgage, such…
How Underwriters View Credit History and Recent Late Payments When buying a home, your credit history and recent late payments play a big role in whether you’re approved for a mortgage. Mortgage lenders carefully review your credit history to understand how you’ve managed debt over time. Late payments, especially within the past 12 months, can…
Home Loan After Second Mortgage Charge Off: Your Complete Guide to Getting Approved Qualifying for a home loan after a second mortgage charge off might feel like an uphill battle, but it’s possible! At Gustan Cho Associates, we specialize in helping borrowers overcome unique challenges, like charge-offs, to achieve their homeownership dreams. In this guide,…
Understanding Hard Pull Credit Inquiries: Your Guide to Smarter Credit Decisions When you’re considering buying a home, every step you take towards securing your mortgage matters—especially when understanding hard pull credit inquiries. This detailed guide will help you understand hard pull credit inquiries, their impact on your credit score, and how to manage them while…
This guide covers tire maintenance and safety for car owners. Your vehicles tires are the only part of your vehicle that has direct contact with the road. Tires affect how your vehicle handles, rides, brakes and thus performs. For optimum performance and maximum longevity of your tires, proper tire pressure, balance, alignment and tread depth…
This guide covers the benefits and negatives of homeschooling versus public education. Lately I’ve been feeling kind of nostalgic about air travel as it used to be before the 90’s. I remember that flying was a grand event. My grandmother used to wear her best suits, her finest jewelry and even hats. Dressed up as…
This guide covers taking test for job to get started to a career as a mortgage loan officer. I am currently dealing with the issue of worrying too much about an upcoming test. If you read my previous article about passing the NMLS exam on the first try, I know I said you need to…
Qualifying for a Home Loan with Recent Late Payments in 2024 Are you struggling with recent late payments but still dreaming of owning a home? Don’t worry—you’re not alone. At Gustan Cho Associates, we specialize in helping borrowers navigate tricky credit situations, including getting a home loan with recent late payments. While late payments can…
In this article, we will discuss and cover manual underwriting during Chapter 13 mortgage process. Homebuyers can qualify for an FHA loan or VA loan while in an active Chapter 13 Bankruptcy repayment plan via manual underwriting. Manual underwriting is only allowed on FHA and VA loans. No other loan program permits manual underwriting. There…
Unlock Your Dream Home in Kansas: A Guide to Bad Credit Mortgage Loans in 2024 If you’re eyeing a new home in Kansas but worry about your credit history, you’re in the right place. Despite what you might think, a few credit mishaps don’t shut the door on your dream home. In Kansas, the housing…
Refinancing your mortgage is a smart way to lower your housing costs and save money over time. For FHA homeowners, the option to refinance with a Mortgage Insurance Premium (MIP) reduction can amplify these benefits. Here’s what you need to know about this opportunity and how to take advantage of it. What Is FHA Mortgage…
How Unreimbursed Business Expenses Affect Your Ability to Get a Mortgage in 2024 If you plan to buy a home or refinance your mortgage, understanding the impact of unreimbursed business expenses on your mortgage application is essential. While these expenses can save you money on taxes, they can also lower your qualifying income, making it…
Home Loan With Bad Credit Ohio: Your 2024 Guide to Buying a Home Owning a home is a dream for many Ohioans, but having bad credit can make it feel out of reach. The good news? Even with a low credit score, finding a home loan with bad credit in Ohio is still possible. Have…
Employment Offer Letter Mortgage Programs and Guidelines for 2024 Are you a recent graduate or someone starting a new job and wondering how to qualify for a mortgage? You may have heard lenders often require a two-year work history, but did you know there are options for those with little to no job experience? If…
Home Loan With Bad Credit in Iowa: Your Complete Guide for 2024 Don’t lose hope if you have bad credit and dream of buying a home in Iowa. While having bad credit can make the mortgage process challenging, options are still available to help you achieve homeownership. In this updated guide for 2024, we will…
Qualifying for a Home Loan After Deed in Lieu of Foreclosure Life happens. Financial struggles can force homeowners to make tough decisions, and sometimes, a deed in lieu of foreclosure feels like the best way out. But here’s the good news: your dream of homeownership doesn’t have to end there. At Gustan Cho Associates, we…
In this blog, we will discuss and cover qualifying and getting approved for a Chicago home loan with bad credit. There is hope for those who were victims of the Great Recession of 2008. Many have gone through bankruptcy, foreclosure, deed instead of foreclosure, short sale, lost their homes, jobs, or just had their credit…
How fast can you close a mortgage? Americans love instant gratification! Gustan Cho Associates has a fast-track, 15-day mortgage process.
This guide covers lending guidelines and mortgage loan programs for non-permanent residents. Certain guidelines exist for non-permanent residents interested in qualifying for a mortgage loan in the United States. Non-permanent residents with work permits or visas can qualify for Conventional and FHA residential mortgage loans if they are legally on work permits in the United…
USDA One Credit Score Mortgage: What You Need to Know to Qualify in 2024 If you’ve been told you can’t qualify for a USDA loan because you only have one credit score, you’re not alone. Many potential homebuyers are turned away by lenders requiring three credit scores, but that’s not the full story. At Gustan…
How Underwriters Calculate Debt-to-Income Ratio (DTI) – 2024 Guide When it comes to buying a home, there are a few numbers that can make or break your mortgage application. One of the biggest? Your debt-to-income ratio (DTI). Understanding how underwriters calculate DTI can help you better prepare for mortgage approval, increase your chances of getting…
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