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California FHA loans are a preferred mortgage solution for various borrowers, including first-time homebuyers, individuals with poor credit, and those dealing with collections or charged-off accounts. They are also well-suited for recent college graduates needing more credit scores or credit history and borrowers with high debt-to-income ratios. Limited programs allow borrowers with a credit score…
Rumors are flying about a possible housing bubble in the US. Are they based in fact, or is this wishful thinking on the part of frustrated would-be buyers?
In this article, we will cover and discuss delayed financing guidelines on refinance transactions. Delayed Financing Guidelines apply for homebuyers who purchased home cash and are needing to do a cash-out refinance. Sellers often prefer cash home buyers. The housing market has been hot for the past few years. Bidding wars are often common. Cash…
This blog will discuss FHA mortgage guidelines on credit disputes during the mortgage process. In general, you cannot have credit disputes during the mortgage process. There are a few credit disputes exempt from removal. Gustan Cho Associates is an expert in working with borrowers who have credit disputes. The following sections will discuss the FHA…
This guide covers how to avoid delays in mortgage loan closings. When homebuyers enter a real estate purchase contract, the buyers and sellers agree on a tentative closing date. Normally, the closing date is set between 30 and 45 days from the purchase contract date. Many real estate agents will agree that delays in home…
There is no sign of any housing market crash, especially in Florida. Home prices are booming with no signs of any correction.
In this blog, we’ll address the common inquiry: Can I buy a house in South Dakota with poor credit and low credit scores? Purchasing a home with less-than-ideal credit in South Dakota might feel daunting, with the buying process seeming nearly insurmountable. However, it’s worth noting that there are mortgage options tailored for individuals with…
This article will tackle the Community Property States Mortgage Guidelines On DTI. Understanding marital property rights can be intricate, especially considering the varying legal frameworks across different states. Different states, including Texas, New Mexico, Louisiana, Wisconsin, California, Washington, Nevada, Idaho, and Arizona, may have varying ownership rules for assets acquired during a marriage. Unlike common…
Transitioning from monthly to bi-weekly mortgage loan payments can be a strategic move for homeowners looking to expedite their mortgage payoff. Borrowers who choose bi-weekly payments make payments equal to half of their monthly payments every two weeks. This results in 26 half-payments or 13 full payments over a year. Making this additional payment can…
More and more people are choosing self-employment or contract work as their source of income. This trend means that mortgage guidelines for these borrowers are increasingly important to understand. This article overviews specific 1099 And Self Employed Borrowers Mortgage Guidelines. We’ll cover everything from how to verify income to the documentation needed and what to…
What Are The 3% Down Payment Conventional Loan Requirements And Guidelines? Fannie Mae and Freddie Mac allow a 3% down payment on conventional loans for first-time homebuyers. A first-time homebuyer is a buyer who had no ownership of a home in the past three years.
This guide covers mortgage case scenarios of borrowers with bad credit and lower credit scores. If you have been following the blogs in Gustan Cho Associates for a while, you will understand that many of our clients have been turned down by their current lender. If you are reading our articles for the first time…
California FHA 203k Loans are a great home purchase acquisition and renovation loan program with a 3,5% down payment of the after-repair value for homebuyers of fixer-uppers. Homebuyers of fixer-uppers can gut/rehab and/or renovate the home they are buying. California has one of the highest housing prices in the nation. Many Californians are not able…
This blog will discuss and cover bank statement deposit only mortgage for self-employed borrowers with no income tax returns required. Since the real estate crash 2008, the United States Federal Government stepped in to create mortgage guidelines and standards. One added rule required income calculations used for borrowers, including self-employed borrowers. This is part of…
This blog will cover how mortgage underwriters look at credit report vs credit scores. Minimum credit scores are required to qualify for government and conventional loans. Here are the credit score requirements: HUD requires a minimum credit score of 580 for a 3.5% down payment on home purchases. HUD allows borrowers under 580 credit scores…
This article will cover HUD DACA mortgage guidelines on FHA loans for DREAMERS. Gustan Cho Associates have some good news surrounding FHA mortgage lending. The Federal Housing Administration (FHA) has recently added “dreamers” to the list of acceptable borrowers for all FHA mortgage products. This is a big step. This news means roughly 640,000 people…
In this blog, we will discuss and cover appraisal issues during the home buying and mortgage process. The word “appraisal” can be an ugly word when things don’t go right. All lenders require a home appraisal on borrowers purchasing and/or refinancing a home. The home appraisal is the report lenders rely on as the collateral…
In this blog, we will discuss and cover the mortgage guidelines for getting qualified and approved for an FHA loan after Chapter 13 Bankruptcy in North Dakota. Gustan Cho Associates is a mortgage broker licensed in 48 states and is licensed in North Dakota. Bankruptcy is a fairly common legal option when one’s liabilities exceed…
Congrats on your new home purchase! We’ll guide you through the exciting process of Furnishing Your New Home Purchase Prior To Closing On Home Loan. From budgeting to creative tips, we’ll help you make your new home feel like home. Let’s discuss how to make the transition as smooth as possible. Furnishing Your New Home…
This article explores the various mortgage options available to homebuyers seeking approval for a home loan with bad credit Texas. Despite lower credit scores, mortgage applicants can still qualify for and be approved for a home loan. However, the crucial factor in obtaining approval for a mortgage with bad credit and lower credit scores is…
In this blog, we will cover and discuss manual underwriting versus automated underwriting guidelines. The Automated Underwriting System is a sophisticated computer system and is often referred to as AUS. There are two different types of AUS. Fannie Mae’s automated underwriting system is called Desktop Underwriter and is commonly referred to as DU. Freddie Mac’s…
This guide covers rebuilding credit during Chapter 13 Bankruptcy repayment plan. Rebuilding credit during Chapter 13 Bankruptcy is highly recommended for those who want to purchase or refinance their current home. Consumers do not have to wait until Chapter 13 Bankruptcy has been discharged to re-establish their credit. To qualify for a mortgage with an…
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