Qualifying For Mortgage With Collection Accounts
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Qualifying For Mortgage With Collection Accounts Guidelines

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
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Manual Underwriting With Extenuating Circumstances

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
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Unexpected Home Buyers Expenses Payment Shock

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
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Rapid Rescore During Mortgage Process And How It Works

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
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Manual Downgrade From AUS Approval on FHA Loans

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
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How Underwriters View Unsourced Funds In Mortgage Process

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
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Why Underwriters Issue Denials

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
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Comparison of Mortgage Rates on Purchase and Refinance

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….

Investment Property Using a Conventional Loan
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Buying an Investment Property Using a Conventional Loan

This guide covers buying an investment property using a conventional loan. Buying an investment property using a conventional loan with have tighter restrictions, lower debt-to-income ratio, mortgage loan-level pricing adjustments, and higher rates from Fannie Mae and Freddie Mac. Mortgage giants Fannie Mae with regards to buying an investment property using a conventional loan. Fannie…

Home Inspection
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Home Inspection Before Starting The Mortgage Process

This guide covers home inspection before proceeding with the mortgage process. A home inspection is an inspection of a home purchased by home buyers where they hire an independent home inspector to go over the subject property with a fine toothcomb. Lenders do not require home inspections. It is voluntary for the buyers to have…

VA AUS Approval
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VA AUS Approval With Low Credit Scores and High DTI

In this article, we will discuss VA AUS approval versus manual underwriting on VA loans. VA loans are the best loan program for owner-occupant home buyers. The Department of Veterans Affairs, The VA, is the government agency that insures VA Loans to private lenders who originate and fund VA loans. The Veterans Administration does not…

HUD Waiting Period Guidelines After Chapter 13
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HUD Waiting Period Guidelines After Chapter 13 on FHA Loans

In this blog, we will discuss and cover HUD waiting period guidelines after Chapter 13 on FHA loans. Why is it many lenders say there is a one or two-year waiting period after Chapter 13 discharge date? This is what many home buyers who are in a Chapter 13 Bankruptcy Repayment Plan want to know….

Using FHA Loans For Self-Employed Borrowers
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Using FHA Loans For Self-Employed Borrowers to Buy a Home

In this blog, we will discuss and cover using FHA loans for self-employed borrowers on a home purchase. Using FHA Loans For Self-Employed Borrowers on a home purchase is very popular because of the high debt to income ratio caps.  FHA loans allow up to a maximum of a 46.9% front end and 56.9% back…

Working With A Loan Officer
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Working With A Loan Officer During The Mortgage Loan Process

In this blog, we’ll explore the process of working with a loan officer during your mortgage application. Choosing a loan officer and lender carefully is crucial, as the mortgage process can be intimidating. Partnering with a loan officer you can communicate effectively with is essential, making this more than just a necessity—it’s imperative. The mortgage…

Identity Theft Process
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Identity Theft During The Mortgage Process

This guide covers identity theft process during mortgage application process. Identity theft process is one of the fastest growing crimes in America and every consumer should always make sure that their personal credit information is not accessible to anyone. Anyone can be a victim of identity theft process. All the thief needs is the following:…

VA Mortgage Loans
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VA Mortgage Loans In Arizona Eligibility Requirements

We will be covering qualifying and getting approved for VA mortgage loans in Arizona. Arizona is one of the most migrated states in the nation. Tens of thousands of families are moving to the state due to the great economy, low taxes, affordable housing, and low cost of living. Thousands of Californians are moving to…

VA Loan With Prior Mortgage Included In Bankruptcy
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VA Loan With Prior Mortgage Included in Bankruptcy

In this blog, we will discuss and cover qualifying for a VA loan with prior mortgage included in bankruptcy. VA home loans are the best mortgage loan program in the United States. Only active servicemen and women, retired veterans, reservists, spouses of deceased veterans, and National Guard members of our military with a valid Certificate…

Home Loan With No Credit
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How to Get a Home Loan With No Credit

Many people have no credit score. This can make getting a mortgage to buy a home harder. However, it’s not impossible. You can re-establish credit after bankruptcy or other serious credit problems. And if you have no credit score at all, lenders can approve you with a non-traditional credit report.

Credit Scores and Mortgage Rates
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Credit Scores and Mortgage Rates versus Pricing Adjustments

This guide covers credit scores and mortgage rates versus pricing adjustments. Credit scores and mortgage rates go side by side. The most important factor in any mortgage loan application process is one’s credit score. Although income, credit, credit history, debts, assets, and liabilities are all important in the mortgage loan application process, the single most…