Mortgage Guidelines on Home Loans
| | | | | |

Mortgage Guidelines on Home Loans

ByDale Elenteny Posted on

This guide covers changes in mortgage guidelines on home loans and year-end recap. 2023 was a tough year for the mortgage industry and Gustan Cho Associates. It was a year filled with ups and downs in the housing and mortgage markets. In this guide, we will detail changes in the housing, mortgage, and financial markets….

Investment Home Purchase
| | |

Financing Options For an Investment Home Purchase

ByGustan Cho Posted on

This guide covers investmetn home pruchase mortgage guidelines. Investment home mortgage loans can be conventional or non-qm loans. Investment home purchase mortgage loans. If you are planning on getting investment home purchase mortgage loan, then Fannie Mae or Freddie Mac agency guidelines apply. If you are planning on getting non-QM investment home mortgage loans, then…

HUD CAIVRS Guidelines
| |

HUD CAIVRS Guidelines on FHA Loans

ByAnngelli Abenes Posted on

This article will explore the HUD CAIVRS Guidelines for FHA loans when obtaining a mortgage. Government-backed mortgage loans are an excellent option, particularly for those who have struggled to qualify for conventional financing. However, there’s a caveat: you can only qualify for these loans if your CAIVRS report is clear. If you need clarification on…

Bank Statement Loans For Self-Employed Borrowers Mortgage
| |

Bank Statement Loans For Self-Employed Borrowers

ByDale Elenteny Posted on

In this blog, we will discuss and cover bank statement loans for self-employed borrowers. Non-QM Loans and Bank Statement Loans are back. Gustan Cho Associates is a national mortgage company licensed in multiple states known for its no lender overlays on government and conventional loans as well as the dozens of non-QM loan programs we…

Clear-to-Close on FHA Loans
| | |

What Does a Clear-to-Close on FHA Loans Mean?

ByAnngelli Abenes Posted on

This guide covers what a clear-to-close on FHA loans means. What does a clear-to-close on FHA loans mean for borrowers? A clear-to-close is the final step of the mortgage process before the home closes. The mortgage underwriter is the person who signs off on the clear-to-close. The clear-to-close is commonly referred to as the CTC….

Home Purchase Versus Renting
| | |

Home Purchase Versus Renting Home

ByGustan Cho Posted on

This guide covers home purchase versus renting for homebuyers. There are many added benefits to a home purchase versus renting home. Many first time home buyers are gun shy in considering in buying their home. Here are some of the common questions first time home buyers have on home purchase versus renting: The three questions…

Buying Versus Renting in California
| | |

Pros and Cons of Buying Versus Renting in California

ByAnngelli Abenes Posted on

This article analyzes the advantages and disadvantages of buying versus renting in California. The state has some of the highest real estate values nationwide and a similarly high cost of living. Expenses across the board—including taxes, real estate costs, and rent—tend to be higher in California than in other states. On the positive side, workers in…

Buying House With New Job and Employment Gaps
| |

Buying House With New Job and Employment Gaps

ByAnngelli Abenes Posted on

In guide covers buying house with new job and gaps in employment. Many homebuyers are concerned about qualifying for a mortgage and buying house with new Job and gaps in employment in the past two years. Many are under the impression that you need to be on the same job for the past two years…

Qualifying Credit Score For Mortgage
| | | |

Qualifying Credit Score For Mortgage Used By Lenders

ByAnngelli Abenes Posted on

In this blog, we’ll explain the qualifying credit score that lenders use for mortgages. Mortgage underwriters determine this score by selecting the middle credit score from a tri-merge credit report. When a mortgage applicant applies, the loan officer pulls a report to evaluate creditworthiness. Not all creditors rely on tri-merge credit reports. It is common…

Reasons For Foreclosures By Homeowners On Mortgage Loans
| |

The Main Reasons For Foreclosures

ByGustan Cho Posted on

This guide covers the reasons for foreclosures. The ability to repay is the most important factor lenders consider when approving a home loan to homebuyers. Even if the homebuyer puts a substantial amount down for the down payment, lenders want to make sure the borrower can comfortably pay their mortgage payments on time. Lenders are…

Sacramento California Home Purchase With Bad Credit And Low Scores
| | | |

Sacramento California Home Purchase With Bad Credit

ByAlex Carlucci Posted on

This guide covers Sacramento California home purchase with bad credit and credit scores down to 500 FICO. Sacramento is the capital of California and is located in the northern-most point of California’s Central Valley.  Being the sixth-largest city in California, and home to the Sacramento Kings and the Sacramento River Cats, Sacramento is a very…

Qualifying For Mortgage With Collection Accounts
| |

Qualifying For Mortgage With Collection Accounts Guidelines

ByAnngelli Abenes Posted on

In this blog, we will cover and discuss qualifying for mortgage with collection accounts guidelines. Homebuyers can qualify for a mortgage with collection accounts. HUD, the parent of FHA, has the most lenient agency mortgage guidelines than any other loan program. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA…

Manual Underwriting With Extenuating Circumstances
| | | |

Manual Underwriting With Extenuating Circumstances

ByAlex Carlucci Posted on

In this article, we will be discussing and covering manual underwriting with extenuating circumstances and going over some common case scenarios. We will go over some of the recent manual underwriting with extenuating circumstances success stories at Gustan Cho Associates. Many of our clients contact us with general questions surrounding manually underwritten mortgage loans. The…

Unexpected Home Buyers Expenses
| |

Unexpected Home Buyers Expenses Payment Shock

ByAlex Carlucci Posted on

This guide covers unexpected home buyers expenses payment shock for borrowers. The American Dream is still owning your own home. More millennials are getting qualified for a mortgage and are shopping for their first home. Rent prices are soaring nationwide. In some areas, a mortgage payment is less than the market rents. VA and USDA…

Rapid Rescore During Mortgage Process
|

Rapid Rescore During Mortgage Process And How It Works

ByGustan Cho Posted on

In this blog post, we will discuss the concept and procedure of rapid rescore during mortgage process. Consumer credit profiles are reported to the three major credit reporting agencies. Each agency maintains a database of consumers’ data and payment histories and uses unique algorithms to calculate consumer credit scores. What Are The Lows and Highs of…

Manual Downgrade From AUS Approval
| | |

Manual Downgrade From AUS Approval on FHA Loans

ByAnngelli Abenes Posted on

In this blog, we will discuss and cover the manual downgrade from AUS approval on FHA loans. Manual Downgrade From AUS Approval is sometimes required by lenders who think the FHA loan is too marginal. For example, if a borrower with a credit score of 580 and higher debt-to-income ratios gets an approve/eligible per automated…

How Underwriters View Unsourced Funds In Mortgage Process
| |

How Underwriters View Unsourced Funds In Mortgage Process

ByAnngelli Abenes Posted on

This guide covers how underwriters view unsourced funds while analyzing and reviewing a borrower. Unsourced funds have no paper trail, so mortgage underwriters cannot source the funds needed for the mortgage asset qualification process. Borrowers need to source the funds to use the funds towards the home buyer’s down payment or closing costs on a…

Underwriters Issue Denials
| | |

Why Underwriters Issue Denials

ByGustan Cho Posted on

This guide covers why underwriters issue denials on mortgage loans. The mortgage process should not be a stressful process and there is no reason why a mortgage loan should not close after a pre-approval has been issued. All mortgages should close on time and Gustan Cho Associates has a 21-day close policy on most loans….

Comparison of Mortgage Rates
| | | |

Comparison of Mortgage Rates on Purchase and Refinance

ByAlex Carlucci Posted on

This guide covers comparison of mortgage rates on purchase and refinance loans. Mortgage rates have been steadily going up to all time highs for home buyers shopping for a home loan or homeowners thinking of refinancing their current home loans. Mortgage rates have been steadily increasing and are at the highest rates since the 1980’s….