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This article is about a borrower’s testimonial on My Experience with The Gustan Cho Team at Gustan Cho Associates. We will discuss and cover a borrower’s experience with Gustan Cho NMLS 873293 of Gustan Cho Associates Mortgage Group. Many buyers start the mortgage process of mortgage approval by going to their local bank. This is great,…
This Article Is About Asset And Reserves Requirements And Guidelines For Mortgages Homebuyers applying for a mortgage are going to be asked for asset and reserves on their mortgage application. Lenders will want to know where the down payment and closing costs are coming from. Lenders also require the applicant’s bank account information as well…
This Breaking News Is About LLPA During Coronavirus Pandemic Mortgage Crisis. Understanding LLPA During Coronavirus Pandemic Mortgage Crisis. The coronavirus pandemic has created disruption and chaos in the secondary mortgage bond markets. Loan Level Pricing Adjustments are commonly referred to as LLPA. LLPA’s are pricing adjustments on mortgages. Lenders determine mortgage rates based on risk…
BREAKING NEWS: The Coronavirus Mortgage Meltdown And How MBS Process Works. The Coronavirus Mortgage Meltdown is impacting the real estate and mortgage industry. The Coronavirus Mortgage Meltdown caused the mortgage markets in chaos. The Coronavirus Mortgage Meltdown created confusion not just among borrowers but also loan officers and other mortgage and real estate professionals. The…
This Article Is About Jumbo Mortgage Eligibility Requirements On High Priced Homes Jumbo mortgage eligibility requirements and guidelines are more strict than government and/or conventional loans. Any mortgage loan balance that is higher than the conforming loan limit of $548,250 is considered a jumbo mortgage. Jumbo loans are also referred to as non-conforming loans because…
This Article Is About How Mortgage Forbearance Affected The Housing Market: How Mortgage Forbearance Affected The Housing Market In The United States: It is no secret that the housing market has been greatly affected from the global COVID-19 coronavirus outbreak. The United States Congress enacted the C.A.R.E.S. ACT which set forbearance protection for individuals and…
This BLOG On Houston Housing Market For Veterans Of Our United States Military The Great City of Houston, Texas is controlled by Oil and Gas, Agriculture, and The Maritime the Texas economy is one that will stand the test of time and flourish. Texas also has one of the highest populations of active, retired, and…
This Article Is About Qualifying At Banks Versus Mortgage Companies For Mortgage When a home buyer thinks of getting pre-qualified for a mortgage loan for a home purchase, the first thought is going to the local bank to qualify for a mortgage. However, the local bank might not be the best choice depending on their…
What Are The Waiting Period Requirements On Conventional Versus FHA Loans On Chapter 13 Bankruptcy? There is no waiting period requirements after Chapter 13 Bankruptcy discharged date on FHA loans but Conventional loans require a two-year waiting period.
This ARTICLE Is About Credit Card Balances Impacts Credit Scores High credit card balances impacts credit scores to qualify for FHA Loans. There are minimum credit score requirements to qualify for FHA Loans and other mortgage programs. For example, HUD requires a minimum 580 Credit Score to qualify for a 3.5% down payment home purchase…
This Article Is About Myths And Truths About Conventional Loans Versus FHA Mortgages What do you believe is the most pervasive myth about conventional mortgage financing? When people think of conventional loans, they think they need a 20% down payment and great credit. This is not true. Conventional loans are not backed by any government…
This Article Is About Debt Versus Credit Scores During Mortgage Qualification There is a negative impact on debt versus credit scores. If you have credit cards with high credit balances, that will negatively impact your credit scores. The good news is that paying down credit card balances will boost credit scores. Here is the scoop…
This article covers DIY Tips For Homeowners On Home Improvements Good Morning world and happy Friday to all of you. I don’t know about you but I woke up this morning with an exceptionally high energy count knowing that today is going to be a great day. I’m currently at my daughter’s school doing some…
This Article Is About How To Prevent Mortgage Default With Loss Of Employment Mortgage lenders will work with homeowners who have lost their jobs. Lenders do not want to foreclose on a property if they can avoid it. They will do everything possible to help the homeowner do a workout. Most mortgage companies have workout…
Most undisclosed debts will be discovered by lenders during a third-party national search of public records.
Most lenders have a debt to income ratio cap on government and conventional loans. Lenders need to meet the minimum debt to income ratio caps. However, lenders can have their own DTI caps which is lower than the agency guidelines as part of their DTI lender overlays
We make your dream of home ownership come true. whether you need a mortgage to buy your dream home, pull some cash from your property using a cash-out refinance, or lower your monthly payment, we are here to help. FHA Loans FHA loans are mortgages insured by the Federal Housing Administration. Best for first-time home…
This Article Is About Mortgage Rates Are Still At Historic Lows On Purchase And Refinance: The Dow Jones Industrials have dropped as low as 18,000 during volatile trading from February 2020’s high of 29,000 due to the coronavirus pandemic. The pandemic caused over 43 million Americans out of work. Now the Dow Jones is over…
This Article Covers The Benefits of Buying Newer Homes Versus Older Homes: Buying a newer home, especially a new construction home, offers many benefits. In this article, we will discuss and cover the following topics: Common FAQ on the benefits of buying newer versus older homes. Potential problems with buying older homes for first-time homebuyers….
This article covers options for homeowners on alternative to foreclosure when homeowners cannot afford mortgage payments: There are instances when homeowners go through extenuating circumstances and cannot afford mortgage payments. In this article, we will cover the following points: Reason for disruption of income due to economic environment and loss of income Protecting your home…
Borrowers should avoid these things during the mortgage process so their home loan closes on time. Certain things that may be innocent and unintentional could delay the clear to close. Delays in the clear to close by the mortgage underwriter will delay the closing of the home loan.
This article covers Other Income To Qualify To Meet Debt To Income Ratio Caps Income is probably the most important factor when it comes to get a residential mortgage approval. Many self-employed borrowers often run into problems in qualifying for mortgages due to the many write-offs they claim on their income tax returns. Gustan Cho…
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