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ByAnngelli Abenes
Posted on
Traversing the landscape of mortgage loans can be an intricate voyage, presenting many options tailored to meet diverse financial requirements. Two common choices for homebuyers seeking financing are FHA (Federal Housing Administration) loans and Conforming High-Balance Mortgage Loans. Throughout this blog, we will dig deep into the features, advantages, and factors to consider for each…
ByAlex Carlucci
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This guide covers what is PMI on conventional loans. What Is PMI? One of the most common questions I often get asked by my borrowers is what is PMI or private mortgage insurance. There are two types of mortgage insurance: Mortgage insurance premium and private mortgage insurance (PMI). Mortgage Insurance Premium is for FHA Loans….
ByGustan Cho
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Many homebuyers have substantial value on their 401k. They can use up to 60% of the value of their 401k for their down payment and/or closing costs on their home purchase. The amount used from their 401k is not used for their debt to income ratio calculations.
ByGustan Cho
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This guide covers housing demand strong despite highest mortgage rates and surging inflation numbers. Home sales throughout the United States remain strong due to a combination of factors. Rumors of higher mortgage rates in the second half of 2021 have not slowed down demand for homes. The reduction of the FHA annual mortgage insurance premium has…
ByGustan Cho
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This blog aims to explore the difference between correspondent lending and mortgage brokers. A common inquiry we receive regularly pertains to the lender type offering the most favorable rates. The response is straightforward: correspondent lenders aren’t mandated to reveal the yield spread premium in the closing disclosure, and there’s no upper limit on this premium…
BySapna Sharma
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All mortgage loan programs require a maximum front debt-income ratio and back debt to income ratio. However, conventional loans do not require a front debt to income ratio. VA loans do not have a debt to income ratio requirements. Lenders can have lender over lender overlays on debt to income ratios.
ByJohn Strange
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This guide covers down payment assistance with CHENOA DPA EDGE PROGRAM. Down payment assistance program can be forgiveable or non-forgiveable. Down payment assistance program can be a monetary grant, assistance, loan, or fund for first-time homebuyers. Part of the American Dream is being able to own a home. The American dream is a term we…
ByGustan Cho
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This guide covers qualifying for a home mortgage with bad credit. One of the frequently asked questions by our clients at Gustan Cho Associates is, what is bad credit in mortgage terms? What does it mean to have bad credit? Bad credit, in general, can have a lot of meanings. Bad credit mortgage loans are…
ByJohn Strange
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This guide covers the frequently asked question how do I qualify for private money loan to invest in real estate. We will thoroughly go over how to qualify for private money loan for investment real estate properties. The most important step is to know the general rules is most private and hard money lenders use…
ByDale Elenteny
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This guide covers business cash-flow analysis for self-employed wage earners. Positive business cash-flow analysis is critical to effectively managing every business. Particularly for small business, having less access to cash is problematic. Future forecasting can help you determine what your cash flow is going to look like down the road so you can plan for…
ByDale Elenteny
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This guide covers shopping for best mortgage rates in California on home purchase and refinance home loans. California is the nation’s most populous state. Many counties in the state of California is classified as high-cost areas. FHA, VA, and Conventional loan limits are substantially higher than other parts of the country on high-cost areas. California…
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…
ByAnngelli Abenes
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In this blog post, we’ll explore how to remove your ex-spouse from your mortgage following a divorce. Despite the overall decline in divorce rates over the past decade—with current rates at 44.2%, slightly below 50% according to the U.S. Census—divorce remains a common reality. For every 6.1 marriages, approximately 2.7 end in divorce. It’s typical…
ByGustan Cho
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This guide covers qualifying for the lowest FHA mortgage rates on FHA loans. Qualifying for the lowest FHA mortgage rates is every borrowers goal. There are ways to prepare for a mortgage a few months before actually applying for a home loan. Not everyone gets the same mortgage rates on FHA loans. Mortgage lenders will…
ByGustan Cho
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This article explores the Factors Affect Pre-Approval And Stress During Mortgage Process. Once individuals decide to purchase a home, the subsequent step is qualifying for a home loan. Prospective buyers must assess the required down payment and closing costs and determine their eligibility for a loan. Homebuyers must undergo the qualification process and obtain a…
ByAlex Carlucci
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This guide covers home purchase and refinance Jumbo loan mortgage loan options. There are traditional and non-qm jumbo loans for owner-occupant homes, second homes, and investment homes. Many self-employed homebuyers of higher-end homes can afford a high-balalnce jumbo mortgage loan, however, do not qualify due to the hefty write off on their income tax returns….
ByBrent Norkus
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Brent Norkus, an insurance agent for Goosehead Insurance covers property homeowners insurance in this extensive guide. Property homeowners insurance is mandatory on all homes that are mortgaged with lenders. Lenders require homeowners insurance in the event the property gets damaged due to fire or other hazards. The home is the lender’s collateral and needs to…
ByGustan Cho
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This guide covers mortgage loan options with bad credit after bankruptcy on home purchase and refinance loans. One of the frequently asked questions from our viewers is can I qualify and get approved for a mortgage with bad credit after bankruptcy? The answer is yes. Depends on the mortgage loan program and the down payment….
ByGustan Cho
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This guide covers the right of rescission mortgage guidelines on refinances. As we have seen interest rates drop over the past month and a half, we have seen a rise in refinance mortgage transactions. Thousands of Americans are taking advantage of the temporary rate decrease the FEDERAL RESERVE has put in place. It is no…
ByRonda Butts
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FHA loans bad credit Georgia mortgage requirements and guidelines make FHA home mortgages the most popular loan program for first-time homebuyers, borrowers with credit scores down to 500 FICO, and homebuyers with high-debt to income ratios. HUD, the parent of FHA, is the federal government agency in charge of the administration of FHA loans. Alex…
ByGustan Cho
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This guide covers credit score guidelines versus overlays by mortgage lenders. There are two types of credit score requirements to get approved for a mortgage. There is the agency credit score guidelines by HUD, VA, USDA, Fannie Mae and Freddie Mac. The second credit score guidelines is from the individual mortgage lender. Many borrowers are…
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