21 Day FAST Track TBD Home Purchase Loan Program

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This BLOG On 21 Day FAST Track TBD Home Purchase Loan Program Was UPDATED And PUBLISHED On June 2nd, 2020

Loan Cabin Inc.| Gustan Cho Associates Fast Track TBD Loan Program has a 21-day fast track mortgage program when most loans close in 21 days.

  • Realtors love this program where borrowers do not need a subject property
  • Our mortgage processor will process the mortgage file and submit the mortgage loan to the underwriting department to our underwriting division
  • A mortgage underwriter will be assigned to the mortgage file
  • The underwriter will do a full underwrite the only thing that will be mission is the subject property and tile and appraisal for the property
  • Once the property is submitted, the title and appraisal will be reviewed and a clear to close will be approved and a clear to close will be issued

Most closings on the Fast Track TBD Loan Program will get a loan commitment will get a clear to close in less than than a week.

Same As A Cash To Close

Most borrowers, home sellers, and real estate brokers do not realize is that the fast track TBD Loan Program at Loan Cabin Inc.| Gustan Cho Associates is similar as a clear to close.

  • There is no pre-approval here
  • It is a full-blown mortgage approval
  • The only condition that is missing will be the property, the title to the property, and the home appraisal to the subject property
  • Unless the home cannot pass a home appraisal or needs an FHA 203k Rehab Loan, the processor can order a rush appraisal once the borrower gets a home under contract and close the loan in 10 days or less with a TBD Loan Program underwrite

Loan Cabin Inc.| Gustan Cho Associates are experts in originating and funding the 21 Day Fast Track TBD Loan Program

No Overlays At Loan Cabin Inc.

Over 75% of our borrowers are folks who could not qualify at other lenders or got a last-minute loan denial due to their lender overlays.

Overlays are additional mortgage guidelines that are above and beyond the guidelines of FHA, VA, USDA, Fannie Mae, and Freddie Mac.

Here are examples of overlays:

  • HUD does not require collection accounts to be paid off to qualify for FHA Loans.
  • However, lenders may require that borrowers pay off outstanding collection accounts in order to qualify for FHA Loans
  • This is called lender overlays on collection accounts
  • FHA does not require credit tradelines to qualify for FHA Loans
  • However, lenders may require three credit tradelines that have been seasoned for three years
  • This is called lender overlays on credit tradelines
  • FHA minimum credit score requirements is 580
  • Most lenders will require higher credit scores like 620 to 640
  • This is called lender overlays on credit scores
  • FHA allows up to 56.9% debt to income for borrowers with at least a 620 credit score
  • Most lenders will limit DTI Caps between 45% to 50% DTI

This is called overlays on debt to income ratios.

Benefits With TBD Home Purchase Loan Program

One of the greatest benefits with the 21-day fast track TBD Home Purchase Loan Program at GCA Mortgage Group is that a home buyer will have gone through the processing and underwriting process of the mortgage process and the only item missing is the property.

  • The difference between a pre-approval and a TBD Home Purchase Loan Program underwrite is that with the TBD Home Purchase Loan Program, the borrower has gone through the whole mortgage process by a mortgage underwriter
  • The pre-approval is the conditional loan approval signed off by the mortgage underwriter
  • This is why most realtor’s and sellers love the home buyer who has been through the TBD Home Purchase Loan Program
  • With a TBD Home Purchase Loan Program approval, most home buyers can close their home loans in just over a week or two

All the lender needs to approve and underwrite the property,

How To Get Approved With TBD Home Purchase Loan Program

Gustan Cho Associates is a five-star national lender with no overlays on government and conventional loans. We just go off AUS FINDINGS and have ZERO MORTGAGE LENDER OVERLAYS. Mortgage Borrowers who want a full credit mortgage loan approval signed off by a mortgage underwriter can contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. All mortgage loan pre-approvals at GCA Mortgage Group are all TBD Home Purchase Loan Program credit approvals. Mortgage Borrowers can also email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.

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