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ByGustan Cho
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In this article, we will cover and discuss VA foreclosure guidelines in qualifying for VA loans. VA Foreclosure Guidelines require a two-year waiting period after a housing event to qualify for VA Loans.VA Foreclosure Guidelines are less strict than other loan programs. A housing event is a foreclosure, deed in lieu of foreclosure, or short-sale….
ByGustan Cho
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This Article Is About VA Loan Denial And Getting Qualified With Lender With No Overlays There should be no reason why anyone should get a VA Loan Denial. Unfortunately, there are many borrowers who either get a last-minute mortgage loan denial or major stress during the mortgage process. There is one reason and one reason ONLY…
ByGustan Cho
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This guide covers conventioal loan after short sale vs foreclosure guidelines. Since 2008, millions of Americans have witnessed their equity in their homes evaporate. The real estate and credit meltdown of 2008 has devastated many hard-working families. The Great Recession of 2008 was more of a depression than the Great Recession. Record bankruptcies, foreclosures, and…
ByGustan Cho
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In this blog, we will cover the frequently asked question of what are the steps to buying a house in Washington DC for first-time homebuyers. Washington DC is becoming a very sought-after place for homebuyers in recent years. Washington D.C, the nation’s capital, home to the White House, Capitol Building, and several other key government…
ByAnngelli Abenes
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If you have lower credit scores and multiple prior derogatory credit tradelines, FHA loans are your best bet to get an approve/eligible per automated underwriting system (AUS).
ByAnngelli Abenes
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This Article Is About Condotel Mortgage Rates And Condotel Loan Guidelines. A condotel, or a condo-hotel, is a condominium unit located within a hotel or a hotel-like condominium project. Major hotel brands such as Marriott Hotels, Hyatt Hotels, and Trump Hotels often include condotels in their hotel complexes. Condotels are owned by individuals, investors, or…
ByAnngelli Abenes
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This guide covers everything you need to know before buying a mountain house. Discover how to find your dream home in America’s best mountain towns. Are you tired of the hectic city life and yearning for a peaceful retreat surrounded by nature? Look no further than America’s best mountain towns! According to Dale Elenteny of…
ByAnngelli Abenes
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This article will explore how student and car loans affect DTI (Debt-to-Income) mortgage ratios. Auto loans are typically the second-largest monthly payment for consumers after their mortgage. Student and auto loans are the two most significant monthly debts that impact DTI ratios when borrowers qualify for a mortgage. Auto loan payments can sometimes be equivalent…
ByAnngelli Abenes
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In this article, we will cover and discuss the role of mortgage processor during the mortgage process. The mortgage processor plays one of the most important roles during the mortgage process. It is because of the mortgage processor that a home mortgage has no stress and closes on time. The mortgage processor is the person…
ByAnngelli Abenes
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This article is about Why Mortgage Process Is Biggest Home Buying Stress The process of buying a home can be both thrilling and nerve-wracking. Home buying stress is particularly pronounced during the mortgage process, which often stands out as the biggest source of anxiety. This stress is typically more intense for first-time home buyers than…
ByAnngelli Abenes
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Understanding Sellers Concessions and Tax Prorations in Illinois Home Purchases Illinois home buyers benefit from a unique financial advantage that sets them apart from buyers in many other states. Illinois is characterized by its system, where property taxes are paid in arrears. This means that sellers must credit buyers with the property taxes for the…
ByAnngelli Abenes
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In this article, we’ll discuss about Should I Use Fannie Mae or Freddie Mac for Automated Underwriting Systems (AUS). There are two distinct types of AUS available. Many loan officers may not realize that if a borrower fails to receive automated approval from Fannie Mae’s system, they could still obtain an “approve/eligible” status through Freddie…
ByAnngelli Abenes
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In this article, we will delve into the process of buying a home with bad credit in Nevada, specifically for individuals with credit scores below 600. The team at Gustan Cho Associates specializes in guiding homebuyers through purchasing a home with bad credit in Nevada. Over 75% of our clients come to us after being…
ByAnngelli Abenes
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When applying for a mortgage loan, homebuyers must present verified assets for home loan to the lender. Verified assets include the following: Checking accounts Savings accounts IRAs 401(k) accounts Keogh plans Investment accounts All assets must be properly sourced and verified to count towards a home loan. Cash is not recognized as verified funds in…
ByAnngelli Abenes
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Home loans are still available to borrowers with collections, charged-off accounts, or late payments. Lenders are generally willing to approve applicants with a history of bad credit, bankruptcy, foreclosure, a deed instead of foreclosure, a short sale, or a period of financial hardship. However, lenders expect borrowers to have rebuilt their credit following any previous issues. You…
ByGustan Cho
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This Article Is About Non-Occupied Co-Borrower Can Be Added To Borrower With High DTI A large percentage of mortgage borrowers consult with Gustan Cho Associates Mortgage Group due to having higher debt-to-income ratios. Most mortgage lenders have lender overlays on debt to income ratios. Lender Overlays are mortgage guid+++elines that are above and beyond federal…
ByAnngelli Abenes
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This article discusses the changes in FHA guidelines that are particularly relevant to first-time home buyers. The Federal Housing Administration (FHA), which operates under the oversight of the United States Department of Housing and Urban Development (HUD), sets the guidelines for FHA mortgage lending. The FHA itself does not serve as a lender but instead…
ByAnngelli Abenes
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Gustan Cho Associates has no lender overlays on debt to income ratio on government and conventional loans. We just go off the agency caps on debt to income ratio no government and conventional loans.
ByGustan Cho
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VA home loans are ideal for primary residences, offering 100% financing with no down payment required for those who qualify, including active and retired U.S. Armed Forces members and eligible surviving spouses. The key to accessing these benefits is obtaining a Certificate of Eligibility (COE), which confirms eligibility for the VA’s loan program. The VA…
ByMike Gracz
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This Article Is About NON-QM Cash-Out Debt Consolidation Refinance With 90% LTV. The housing market is hot despite rising mortgage rates. Nationwide, home prices have been steadily increasing year after year since 2010. Most of Florida, Texas, Georgia, California, Colorado, New Jersey, Indiana, Pennsylvania, Kentucky, Mississippi, Michigan, Illinois have seen home values increase double digits….
ByAlex Carlucci
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In this blog, we will cover the Freddie Mac HomeOne Mortgage Loan Program. Fannie Mae and Freddie Mac are the two government-sponsored enterprises (GSE). Freddie Mac and Fannie Mac sets the guidelines and lending requirements for conventional loans. The role of Fannie Mae and Freddie Mac is to provide market stability and liquidity by purchasing…
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