Rebuilding Credit During Chapter 13 Bankruptcy
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Rebuilding Credit During Chapter 13 Bankruptcy For a Mortgage

ByGustan Cho Posted on

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…

Owner-Occupant Multi-Family Mortgage Guidelines On 2 To 4 Units
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Owner-Occupant Multi-Family Mortgage Guidelines

ByGustan Cho Posted on

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…

Refinance Mortgage When House Is Still Listed For Sale
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Refinance Mortgage When House Is Still Listed For Sale By Owners

ByMike Gracz Posted on

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…

Buying a House in California
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What Is The Benefit of Buying a House in California Versus Other States

ByRonda Butts Posted on

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…

FHA Waiting Period After Bankruptcy and Foreclosure
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FHA Waiting Period After Bankruptcy and Foreclosure

ByGustan Cho Posted on

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…

Credit Supplement
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What is a Credit Supplement For a Mortgage

ByGustan Cho Posted on

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…

Buying House After Selling Home With Late Payments
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Buying House After Selling Home With Late Payments

ByGustan Cho Posted on

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…

Funds In Bank Statements
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Funds In Bank Statements That Cannot Be Used By Lenders

ByGustan Cho Posted on

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…

Upfront Costs for Mortgage Loans
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Upfront Costs For Mortgage Loans Prior To Closing

ByDustin Dumestre Posted on

This guide covers upfront costs for mortgage loans prior to closing. What would you do as a borrower if a lender asked for upfront costs for mortgage loans? The mortgage process is time-consuming and involves a lot of work for both the lender and the loan applicant. The borrower must complete a 4-page mortgage loan…

Build Wealth
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Is Homeownership The Best Way To Build Wealth?

ByAlex Carlucci Posted on

This blog will cover how to build wealth by owning versus renting a home. We will show you how quickly you can become wealthy by owning a home versus renting. If you’ve been an adult long enough to live through several recessions, then you might question the very headline of this content. The Great Recession,…

Refinancing NON-QM Loans to Traditional Mortgages
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Refinancing NON-QM Loans To Traditional Mortgages

ByGustan Cho Posted on

In this blog, we will discuss and cover refinancing non-QM loans to government and conventional mortgages. Refinancing NON-QM loans to government or conventional loans is possible after the initial home mortgage closing. This only holds true if the deal makes sense. Homebuyers who initially closed on their home loan with a non-QM loan at a…

Lawsuit During Mortgage Process
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Lawsuit During Mortgage Process

ByGustan Cho Posted on

This article covers the lawsuit question on a mortgage application and what to do if you’re in a lawsuit during mortgage process. There are no issues if you are a lawsuit plaintiff during the mortgage process. However, borrowers can have issues getting a loan approval if they are defendants in a lawsuit during mortgage process….

Declining And Irregular Income
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How Mortgage Underwriters View Declining And Irregular Income?

ByGustan Cho Posted on

In this blog, we will cover and discuss how mortgage underwriters view the declining and irregular income of borrowers. There are certain ways lenders view declining and irregular income. There are many case scenarios where declining and irregular income can disqualify borrowers from obtaining a mortgage. There are case scenarios where a worker works 40…

Property Taxes In Mortgage Qualification
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How Property Taxes in Mortgage Qualification Affects DTI

ByGustan Cho Posted on

This guide covers property taxes in mortgage qualification and how it affects debt-to-income ratios. For homebuyers, especially first-time home buyers, property taxes in mortgage qualification are one of the most important aspects to consider when buying a home. John Strange, a senior loan officer at Gustan Cho Associates, explains how property taxes in mortgage qualification…

Past Due Versus Collection And Charge Off Accounts
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Past Due Versus Collection And Charge Off Accounts Mortgage Guidelines

ByGustan Cho Posted on

In this blog, we will discuss and cover Past Due Versus Collection And Charge Off Accounts when qualifying and getting pre-approved for a mortgage loan. FHA loans are the most popular mortgage loan programs today for first-time home buyers. What is the Difference Between Charge-Off and Collections? Charge-off and collections are distinct stages in the…

Yield Spread Premium
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Yield Spread Premium Charged By Mortgage Brokers

ByAlex Carlucci Posted on

Mortgage brokers are paid a commission, referred to as Yield Spread Premium Explained, from wholesale mortgage lenders or end lenders, for their services of originating a mortgage loan. Mortgage brokers are licensed mortgage loan originators who have relationships with multiple wholesale mortgage lenders. Mortgage Brokers are licensed professionals who have access to multiple wholesale lending…

Mortgage With Short Employment History
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How to Get a Mortgage With Short Employment History

ByGustan Cho Posted on

A two-year employment history does not necessarily mean two consecutive years at the same job. You can have gaps in employment and/or multiple jobs in the most recent two years and still qualify for mortgage approval. In some cases, you can qualify for a mortgage with 12 months employment history.

Self-Employed Relocation Mortgage
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Self-Employed Relocation Mortgage Guidelines And Challenges

ByGustan Cho Posted on

In this article, we will cover and discuss Self-Employed Relocation Mortgage Guidelines. Three primary categories of residential mortgages cater to different types of property ownership: Owner-Occupant Mortgages: For people who plan to live in the property they’re buying as their primary residence, mortgages are available specifically designed for them. These loans typically provide more favorable…

Acceptable Sources of Verifiable Funds for Closing
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Acceptable Sources of Verifiable Funds for Closing

ByMike Gracz Posted on

In this blog, we will cover and discuss the acceptable sources of verifiable funds for closing. With the majority of qualified (QM) mortgage products being overseen by the federal government, there are very strict rules and regulations on what type of funds are acceptable for use when buying or refinancing a home. Funds that are…

Qualifying For Conventional Loan After Foreclosure
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Qualifying For Conventional Loan After Foreclosure

ByRonda Butts Posted on

Qualifying for a conventional loan after foreclosure presents more challenges than government loans. However, homebuyers can qualify for a conventional loan after experiencing foreclosure and bankruptcy. There are specific waiting period requirements that must be met. To qualify for a conventional loan post-foreclosure, borrowers must have a minimum credit score 620. Additionally, debt-to-income ratios can…

NON-QM Loans After Bankruptcy
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NON-QM Loans After Bankruptcy With Bad Credit and Low FICO

ByMike Gracz Posted on

Non-QM loans after bankruptcy and foreclosure allow homebuyers to purchase a home with no waiting period after bankruptcy and/or a housing event. There are mandatory waiting period requirements after bankruptcy, foreclosure, short-sale, and deed in lieu of foreclosure with government and conventional loans. Until the launch of non-QM loans, home buyers were required to meet…