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ByPeter Arcuri
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This article will cover HUD DACA mortgage guidelines on FHA loans for DREAMERS. Gustan Cho Associates have some good news surrounding FHA mortgage lending. The Federal Housing Administration (FHA) has recently added “dreamers” to the list of acceptable borrowers for all FHA mortgage products. This is a big step. This news means roughly 640,000 people…
ByAlex Carlucci
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This blog will discuss the mortgage guidelines on late payments in the past 12 months. Borrowers can qualify for home loans with bad credit, prior bankruptcy, foreclosures, and outstanding collections. However, mortgage guidelines on late payments normally require timely payments in the past 12 months. FHA and non-QM loans are the best mortgage options for…
ByGustan Cho
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This article covers 12 Month Bank Statement Mortgage For Self-Employed Borrowers Until recently, most self-employed home buyers had a difficult time qualifying for a mortgage. Many self-employed home buyers often have the means to afford a higher-end home. Self-employed wage-earners have the luxury to write off many business expenses under the IRS Tax Code. Writing…
ByAlex Carlucci
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In this blog, we will discuss and cover appraisal issues during the home buying and mortgage process. The word “appraisal” can be an ugly word when things don’t go right. All lenders require a home appraisal on borrowers purchasing and/or refinancing a home. The home appraisal is the report lenders rely on as the collateral…
ByGustan Cho
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This guide covers how qualified mortgages affect borrowers and lenders on residential loans. To avoid another 2008 financial crisis, Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act created qualified mortgages. Qualified mortgages are also referred to as QM. QM is a mortgage that needs to meet certain guidelines in order to protect…
ByGustan Cho
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In this blog, we will discuss and cover the mortgage guidelines for getting qualified and approved for an FHA loan after Chapter 13 Bankruptcy in North Dakota. Gustan Cho Associates is a mortgage broker licensed in 48 states and is licensed in North Dakota. Bankruptcy is a fairly common legal option when one’s liabilities exceed…
ByGustan Cho
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This guide covers portfolio loan programs. We will cover what a portfolio loan is. We will compare the benefit of portfolio loan programs versus agencies mortgage loans. Conventional and FHA loans have their own mortgage guidelines. Portfolio loan programs are mortgages where lenders keep on their books and do not sell them to the secondary…
ByGustan Cho
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The bankruptcy manual underwriting guidelines on FHA and VA loans are covered in this guide, which focuses on the exclusive mortgage programs that permit manual underwriting. Manual underwriting occurs when a borrower fails to receive an approve/eligible status via the automated underwriting system and necessitates human underwriter assessment. Dale Elenteny is a loan officer at…
ByGustan Cho
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This guide covers Freddie Mac mortgage guidelines on conventional loans. We will also go over the recent Freddie Mac updates on conventional loans. We have all heard of Freddie Mac, but many Americans do not understand the purpose of Freddie Mac. Freddie Mac is The Federal Home Loan Mortgage Corporation (FHLMC). Freddie Mac is a…
ByGustan Cho
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This blog will cover and discuss how to calculate income for mortgage with multiple jobs. Homebuyers can qualify for a mortgage with multiple jobs and employment gaps. However, there are rules and restrictions regarding qualifying for a mortgage with multiple jobs. There are also regulations on gaps in employment. If you have an extended gap…
ByMike Gracz
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It’s important to note that Mortgage Lender Complaints and Bad Reviews submitted by borrowers do exist, but readers should understand the context. Consumers must recognize that prominent national lenders, such as Chase Bank, Quicken Loans, and Guaranteed Rate, are major players in the mortgage industry and employ hundreds, if not thousands, of loan officers. Although…
ByDale Elenteny
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This guide covers documents required for mortgage processing and underwriting. All documents required for mortgage processing and underwriting needs to be completed in order to close a home loan on time. This includes blank pages. There are things mortgage borrowers need to know when applying for a mortgage. The initial phase of the mortgage process…
ByGustan Cho
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In this blog, we will cover and discuss manual underwriting versus automated underwriting guidelines. The Automated Underwriting System is a sophisticated computer system and is often referred to as AUS. There are two different types of AUS. Fannie Mae’s automated underwriting system is called Desktop Underwriter and is commonly referred to as DU. Freddie Mac’s…
ByGustan Cho
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This guide covers rebuilding credit during Chapter 13 Bankruptcy repayment plan. Rebuilding credit during Chapter 13 Bankruptcy is highly recommended for those who want to purchase or refinance their current home. Consumers do not have to wait until Chapter 13 Bankruptcy has been discharged to re-establish their credit. To qualify for a mortgage with an…
ByGustan Cho
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We will discuss and cover owner-occupant multi-family mortgage guidelines on two to four units. Any property between one to four units is considered residential properties homes. First-time homebuyers with goals of investing in real estate can start by buying a two-to-four-unit multi-family home as their first home. Homebuyers can purchase an owner-occupant two-to-four unit multi-family…
ByMike Gracz
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In this article, we will discuss and cover Refinance Mortgage When House Is Still Listed For Sale By Owners. In the realm of real estate, circumstances often change unexpectedly. Whether prompted by a job transfer, financial limitations, or simply wanting to move to a different area. Homeowners sometimes need to sell their property while also…
ByRonda Butts
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This guide covers the benefit of buying a house in California versus other states. California reached record home prices Despite the historic high rate and soaring inflation in June 2023. California has the nation’s highest home prices. California is also one of the highest-taxed in the nation. The California real estate market is one of…
ByGustan Cho
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This article will discuss the FHA Waiting Period After Bankruptcy and Foreclosure. The FHA mandates waiting periods after bankruptcy, foreclosure, and short sales for loan qualification. HUD guidelines specify these waiting periods. FHA loans target individuals with low to moderate incomes, aiding first-time homebuyers with limited credit or financial history. Dale Elenteny, a senior loan…
ByGustan Cho
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This guide covers what a credit supplement in a mortgage is and how it works. There are three major credit reporting agencies; Transunion, Experian, and Equifax. Each credit reporting agency is independent of each other and each credit reporting agency has its own formula in calculating a consumer’s credit score. C redit reporting agencies update…
ByGustan Cho
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In this article, we will cover and discuss buying a house after selling home with late payments. One of the frequently asked questions is buying a house after selling home with late payments possible. There are instances when a homeowner is behind on their mortgage payments and decide to sell their home. After they sell…
ByGustan Cho
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This guide covers funds in bank statements that mortgage lenders cannot use. All funds in bank statements that are newer than 60 days need to be sourced. All lenders require two months of bank statements from borrowers. In order for lenders to be able to use funds in bank statements, the funds needs to be…
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