FHA Chapter 13 Bankruptcy Guidelines
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FHA Chapter 13 Bankruptcy Guidelines

ByGustan Cho Posted on

FHA Chapter 13 Bankruptcy Guidelines allow homebuyers and homeowners to qualify for FHA loans for home purchases and refinance during and after Chapter 13 Bankruptcy. FHA and VA loans are the only two loan programs allowing borrowers to qualify for a mortgage during the Chapter 13 Bankruptcy repayment plan. Dustin Dumestre, a senior loan officer…

FHA Loan Chapter 13 Bankruptcy Discharge
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FHA Loan Chapter 13 Bankruptcy Discharge Mortgage Guidelines

ByAnngelli Abenes Posted on

Just finished dealing with a Chapter 13 bankruptcy and thinking about getting a new house or refinancing the one you’ve got? Great news—you’re on the right track! A lot of folks might tell you that dreaming of a new mortgage is a no-go after bankruptcy, but that’s not the case. Believe it or not, owning…

Types Of 203k Mortgage Loans
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Types of 203k Mortgage Loans Explained: Quick & Simple Guide

ByAnngelli Abenes Posted on

When you’re looking at buying a fixer-upper, you might come across the term 203k mortgage loans. If you want to buy a home that needs some TLC, the Federal Housing Administration offers great options. In this updated guide, we’ll break down the types of 203k mortgage loans. We will explain their benefits. And we will…

Mortgage With a Recent Eviction
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Mortgage With a Recent Eviction: The Expert Guide

ByAnngelli Abenes Posted on

Is it possible to get a mortgage with a recent eviction? It’s a common worry – can someone get a mortgage if they’ve just faced eviction? If you’re in this boat, you’re definitely not sailing alone. At Gustan Cho Associates, it’s a question that often lands in our inbox. The uplifting news here is that,…

FHA Manual Underwriting Mortgage Guidelines
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FHA Manual Underwriting Mortgage Guidelines

ByGustan Cho Posted on

This blog will discuss and cover FHA manual underwriting mortgage guidelines and requirements. We will explain the key points of the FHA manual underwriting mortgage lending guidelines and the importance of compensating factors. FHA and VA loans are the only two home mortgage programs that allow manual underwrite. FHA manual underwriting mortgage guidelines require timely…

DTI Manual Underwriting Guidelines
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DTI Manual Underwriting Guidelines on FHA and VA Loans

ByAlex Carlucci Posted on

The DTI Manual Underwriting Guidelines for FHA and VA loans are quite alike. Among home mortgage programs, only FHA and VA loans permit manual underwriting. There is common confusion regarding the distinctions between manual underwriting and files approved by an automated underwriting system (AUS). While manual and AUS-approved underwriting fundamentally serve the same purpose, manual…

When Is Rental Verification Required
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When Is Rental Verification Required By Mortgage Lenders

ByGustan Cho Posted on

One of the frequently asked mortgage questions we get from home buyers is when is rental verification required by mortgage underwriters. Rental verification is an extremely strong credit tradeline that will add strength to the mortgage loan borrower’s credit profile. There are times when the Automated Underwriting System (AUS) will require borrowers to provide verification…

FHA Total Scorecard
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Revised FHA Total Scorecard Underwriting Guidelines

ByGustan Cho Posted on

This blog will cover the FHA Total Scorecard and how it works. The United States Department of Housing and Urban Development (HUD) FHA TOTAL Scorecard enables mortgage underwriters to analyze and evaluate mortgage borrowers’ overall credit/income worthiness and instant automated eligibility or denial by FHA. Borrowers who want to qualify for FHA loans need to…

Paying Rent Timely Will Help Get Mortgage Approved
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Paying Rent Timely Will Help Get a Mortgage Approved

ByGustan Cho Posted on

This guide covers how paying rent timely will help get a mortgage approved. Homebuyers who have little to no credit tradelines and get a refer/eligible now have a chance to get an approve/eligible per an automated underwriting system will timely rent payments. Per Fannie Mae, Freddie Mac, HUD, USDA, and VA, verified rent is now…

Mortgage Payment Shock

Mortgage Payment Shock Underwriting Guidelines

ByMike Gracz Posted on

This article delves into the Mortgage Payment Shock Underwriting Guidelines and its underwriters’ assessment. Maintaining a payment that suits both you and your family is crucial when securing a mortgage. What you perceive as a comfortable payment may differ from the evaluation based on your debt-to-income ratios. The real estate crash of 2008 served as…

HUD Late Payment Mortgage Guidelines
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HUD Late Payment Mortgage Guidelines During Chapter 13

ByAlex Carlucci Posted on

This blog will discuss HUD late payment mortgage guidelines during the Chapter 13 Bankruptcy repayment plan. HUD and VA are the only two mortgage loan programs that allow borrowers in an active Chapter 13 Bankruptcy repayment plan to qualify for an FHA and VA loan. However, the key is to have been timely on all…

Mortgage Timeline on Manual Underwriting
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Mortgage Timeline on Manual Underwriting

ByDale Elenteny Posted on

This guide covers the mortgage timeline on manual underwriting for clear to close and closing. When the COVID-19 coronavirus outbreak hit the country in February 2020, the time it takes to close a mortgage loan changed. Alex Carlucci, a senior loan officer at Gustan Cho Associates, recalls when the COVID-19 political scare hit the United…