FHA Loan With Under 600 Credit Score
| | |

Can I Get an FHA Loan With Under 600 Credit Score

In this blog post, we’ll explore obtaining an FHA loan with a credit score under 600. Gustan Cho Associates specializes in processing and finalizing FHA Loans With Under 600 Credit Scores in Florida. Many lenders set higher credit score thresholds due to additional criteria known as overlays. However, it’s important to note that only some…

FHA Loans in Las Vegas
| |

FHA Loans In Las Vegas With Bad Credit

This blog will discuss getting approved for FHA loans in Las Vegas with bad credit and credit scores down to 500 FICO. This blog will cover FHA loans with bad credit in Las Vegas. FHA loans are very popular mortgage loan programs for borrowers with bad credit, first-time homebuyers with no credit, and borrowers with…

580 Score VA Financing With No Lender Overlays
| | |

580 Score VA Financing With No Lender Overlays

This guide covers 580 score VA financing for eligible veteran homebuyers and homeowners. The team at Gustan Cho Associates are experts in originating and funding 580 score VA financing with no lender overlays. VA loans are the best mortgage loan program today. However, the only privileged borrowers able to qualify for VA Loans are Veterans…

VA Manual Underwrite Downgrade
| |

AUS-Approval To VA Manual Underwrite Downgrade

When does an automated underwriting system approved file get downgraded to a VA manual underwrite downgrade on VA loans happen? If you are following Gustan Cho Associates, you know we are experts in VA mortgage guidelines. We do our best to help as many of our Nation’s veterans as possible. The team at Gustan Cho…

FHA Manual Underwriting Mortgage Guidelines
| | | |

FHA Manual Underwriting Mortgage Guidelines

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…

ARM
| | |

What is The Difference Between ARM Versus Fixed-Rate Mortgages

In this blog, we will cover ARM versus fixed-rate mortgages.  ARM stands for an adjustable-rate mortgage. Adjustable-Rate Mortgage is when the mortgage interest rate of the loan is not fixed for the 30-year term; The mortgage interest rate is fixed for the initial rate period, which is normally three years, five years, seven years, or…

What Factors Affect Mortgage Rates
| |

What Factors Affect Mortgage Rates Pricing on Home Loans

Lenders base each borrower’s credit scores as well as other risk factors when determining mortgage rates. The higher the risk of a borrower, the higher the rate. It is best for each borrower to maximize their credit scores and other layered risks to get the best mortgage rates.

Excluding Debts From Co-Signed Loans To Qualify For Mortgage
| |

Excluding Debts From Co-Signed Loans To Qualify For Mortgage

This guide covers excluding debts from co-signed loans to qualify for mortgage loans. Mortgage borrowers who are co-signers on debts often have a hard time qualifying for mortgage loans because the monthly payments of the main borrower are included in the calculations of their debt-to-income ratios. John Strange, a senior loan officer at Gustan Cho…

DTI Manual Underwriting Guidelines
| | | | | |

DTI Manual Underwriting Guidelines on FHA and VA Loans

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…

Difference Between a Job Versus a Career
|

Difference Between a Job Versus a Career As a Loan Officer

What is the difference between a job versus a career? Is my job a career? What is the difference between a job versus a career as a loan officer? Individuals just entering the workforce or have been in it for just a couple of years are probably asking themselves the same exact questions. Another thing…

FHA Mortgage Guidelines on Credit Disputes
| | | |

FHA Mortgage Guidelines on Credit Disputes

This blog will discuss FHA mortgage guidelines on credit disputes during the mortgage process. In general, you cannot have credit disputes during the mortgage process. There are a few credit disputes exempt from removal. Gustan Cho Associates is an expert in working with borrowers who have credit disputes. The following sections will discuss the FHA…

Delays in Mortgage Loan Closings
| |

How to Avoid Delays in Mortgage Loan Closings

This guide covers how to avoid delays in mortgage loan closings. When homebuyers enter a real estate purchase contract, the buyers and sellers agree on a tentative closing date. Normally, the closing date is set between 30 and 45 days from the purchase contract date. Many real estate agents will agree that delays in home…

Can I Buy a House in South Dakota With Poor Credit
| | | | |

Can I Buy a House in South Dakota With Poor Credit

In this blog, we’ll address the common inquiry: Can I buy a house in South Dakota with poor credit and low credit scores? Purchasing a home with less-than-ideal credit in South Dakota might feel daunting, with the buying process seeming nearly insurmountable. However, it’s worth noting that there are mortgage options tailored for individuals with…

DSCR Mortgage Loans
|

DSCR Mortgage Loans: Debt-Service Cover Ratio

DSCR mortgage loans, debt-service coverage ratio mortgages, is a type of no-income verification mortgage loan program. There is no income verification and documentation required on DSCR mortgage loans. DSCR mortgage loans benefit self-employed borrowers or real estate investors who do not have a consistent flow of qualified income. DSCR mortgage loans are underwritten just based…

FHA Loan With Recent Late Payments
| | | |

FHA Loan With Recent Late Payments in the Past 12 Months

One of the most common inquiries we receive daily pertains to the eligibility for an FHA loan with recent late payments. It’s important to note that you can qualify for an FHA loan even if you have outstanding collections and charged-off accounts. Settling these accounts is not mandatory for approval; instead, securing an automated approval…

Appraisal Transfer Policy
| |

Appraisal Transfer Policy From One Lender To Another

This blog will discuss the appraisal transfer policy from one lender to another when a borrower changes mortgage lenders. As you know, we do not have any LENDER OVERLAYS at Gustan Cho Associates. Meaning we can help more borrowers than most lenders. FHA and VA home appraisals are generally transferrable from one lender to another….