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This guide covers credit score guidelines versus overlays by mortgage lenders. There are two types of credit score requirements to get approved for a mortgage. There is the agency credit score guidelines by HUD, VA, USDA, Fannie Mae and Freddie Mac. The second credit score guidelines is from the individual mortgage lender. Many borrowers are…
When does an automated underwriting system approved file get downgraded to a VA manual underwrite downgrade on VA loans happen? If you are following Gustan Cho Associates, you know we are experts in VA mortgage guidelines. We do our best to help as many of our Nation’s veterans as possible. The team at Gustan Cho…
Lenders can offer 100% with no mortgage insurance at competitive low mortgage rates on VA loans due to the government guarantee against loss or foreclosure on VA loans. VA loans have no maximum debt-to-income ratio cap on VA loans.
This guide covers how qualified mortgages affect borrowers and lenders on residential loans. To avoid another 2008 financial crisis, Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act created qualified mortgages. Qualified mortgages are also referred to as QM. QM is a mortgage that needs to meet certain guidelines in order to protect…
In this blog post, we’ll discuss qualifying for FHA loans with top North Carolina FHA lenders for bad credit. It’s important to note that not all North Carolina FHA lenders have identical loan criteria. First-time homebuyers with lower credit scores or lacking credit history may be rejected by one lender but approved by another lender…
The practice of home builders steering lenders refers to the common industry practice of recommending or ” steering” homebuyers toward using a specific lender for their mortgage needs. This practice is often seen in real estate transactions where builders have established relationships with preferred lenders. The introduction of preferred lenders by builders raises questions about…
It’s important to note that Mortgage Lender Complaints and Bad Reviews submitted by borrowers do exist, but readers should understand the context. Consumers must recognize that prominent national lenders, such as Chase Bank, Quicken Loans, and Guaranteed Rate, are major players in the mortgage industry and employ hundreds, if not thousands, of loan officers. Although…
This Article Is About How To Become A Private Money Lender For Real Estate Investors To find a good opportunity to lend. What constitutes a good opportunity to lend? There are a couple of things you as a private money lender can do to be sure you’re getting the best possible opportunity to lend on….
This guide covers funds in bank statements that mortgage lenders cannot use. All funds in bank statements that are newer than 60 days need to be sourced. All lenders require two months of bank statements from borrowers. In order for lenders to be able to use funds in bank statements, the funds needs to be…
In this blog, we will cover and discuss what is DU automated approval on the automated underwriting system. A sound mortgage loan approval? My Loan Officer told me I had a DU Automated Approval, what is that? There are two types of automated underwriting system approvals. Fannie Mae Desktop Underwriter also referred to as DU…
In this article, we will cover how do mortgage lenders view charge-offs. One of the frequently asked questions at Gustan Cho Associates is can I qualify for a home loan and how do mortgage lenders view charge-offs? We will not tell you what you want to hear but rather the FACTS. The simple blunt correct…
In this blog, we will discuss and cover VA manufactured home guidelines on VA loans. Gustan Cho Associates has invested substantial time tailoring loan programs to cater to our nation’s veterans, including those seeking VA loans for manufactured homes. Many of our borrowers opt for VA loans, and we have earned a national five-star reputation…
This article will cover and discuss when mortgage lenders require two appraisals. In general, only one appraisal is required—however, there are cases where lenders require two appraisals. Two appraisals are required because the lender does not feel comfortable with the security of the property. Lenders are not real estate investors. They have no interest in…
This blog is about overlays in underwriting on government and conventional loans. The mortgage industry went through a major overhaul after the subprime crisis. Mortgage companies have two different types of guidelines. Lenders must meet the minimum agency guidelines of HUD, VA, USDA, Fannie Mae, and Freddie Mae. Lenders not meeting the minimum agency guidelines…
This guide covers how bankruptcy affects mortgage approval and the waiting period after discharge date. Bankruptcy is a great tool for people to utilize if they are drowning in debt and want a fresh financial start in life. Two of the most common types of consumer bankruptcy is Chapter 7 and Chapter 13 bankruptcy. Mortgage…
This guide covers getting a home loan approved after denied by a bank for your mortgage. There should be no reason why mortgage borrowers to be denied after getting pre-approved. The only reason why a pre-approved borrower gets denied for a mortgage loan after pre-approval is because they were not properly qualified in the first…
In this article, we will cover and discuss finding the best mortgage lenders for bad credit in Arkansas to qualify for a home loan as first-time homebuyers with bad credit. Arkansas is one of the most sought-after migration spots in the country due to affordable housing prices. Tens of thousands of people and businesses from…
This guide covers Indiana police hiring fired Chicago cops. This breaking news was updated on March 23rd, 2024. Breaking News: Indiana Police Hiring Fired Chicago Cops Due To Vaccine Mandate by first-time Rookie Chicago Mayor Lori Lightfoot. First-time rookie Democrat Chicago Mayor Lori Lightfoot made national news by her executive order that all city employees…
In this article, we will cover and discuss applying for mortgage with another lender when denied by the original lender. The team at Gustan Cho Associates gets countless calls from borrowers asking for advice on applying for mortgage with another lender when denied by their first lender. Applying for mortgage with another lender when denied…
In this blog, we will cover and discuss qualifying with non-QM mortgage lenders in Connecticut for borrowers who cannot qualify for qualified mortgages. Gustan Cho Associates (Gustan Cho Associates) are mortgage brokers licensed in 48 states with a large clientele base in Connecticut. The coronavirus outbreak of 2020 took a toll on millions of Americans,…
This guide covers how to keep loan pre-approval valid for home purchase. One of the many questions home buyers often have is how to keep a loan pre-approval valid. The loan pre-approval stage is the most important process in the mortgage application and approval process. The loan pre-approval needs to be rock solid. A sloppy…
This guide covers VA derogatory credit mortgage guidelines on VA loans. VA derogatory credit mortgage guidelines on VA loans are very lenient. VA mortgages have the most lenient lending guidelines than any other loan program. The Department of Veterans Affairs (the VA) is the government agency that governs VA loans to eligible members of the…
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