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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…
ByAlex Carlucci
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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,…
ByGustan Cho
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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…
ByGustan Cho
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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….
ByGustan Cho
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByAlex Carlucci
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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…
ByGustan Cho
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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.
ByGustan Cho
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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…
ByMike Gracz
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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…
ByRonda Butts
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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…
ByMike Gracz
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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…
ByGustan Cho
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In this blog, we will cover and discuss how to refinance into FHA 203k loan from an existing home mortgage. Homeowners who are in need of either basic rehab or need to do a full-blown renovation project on their homes can refinance into FHA 203k loan. This holds true even if they do not have…
ByGustan Cho
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In this blog, we will cover and discuss what is DU automated approval on the automated underwriting system. A sound mortgage loan approval? My Loan Officer told me I had a DU Automated Approval, what is that? There are two types of automated underwriting system approvals. Fannie Mae Desktop Underwriter also referred to as DU…
ByGustan Cho
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In this blog, we will cover and discuss FHA guidelines on late payments after bankruptcy. Borrowers are often confused with FHA guidelines on late payments after bankruptcy due to being turned down for an FHA Loan if they have late payments after bankruptcy. Recent late payments in the past 12 months are not good. You can…
ByGustan Cho
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In this article, we will cover how do mortgage lenders view charge-offs. One of the frequently asked questions at Gustan Cho Associates is can I qualify for a home loan and how do mortgage lenders view charge-offs? We will not tell you what you want to hear but rather the FACTS. The simple blunt correct…
ByGustan Cho
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This guide covers EPM Empowered down payment assistance mortgage programs. There are several types of down payment assistance mortgage programs for homebuyers. We have some very exciting news at Gustan Cho Associates. The team at Gustan Cho Associates offers two different types of down payment assistance mortgage program: Forgivable and non-forgivable DPAs. We offer the…
ByPeter Arcuri
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Can Realtors Be Loan Officers at the Same Time? The answer is yes. GCA Mortgage Group is recruiting professional real estate agents with at least a one-year of loan origination experience.
ByGustan Cho
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This blog will discuss qualifying for an FHA loan with judgment mortgage guidelines and requirements. A Judgment is probably the worst derogatory credit item on your credit report. A judgment is worse than a bankruptcy. This is because, with bankruptcy, consumers are wiping the slate clean. Creditors can no longer come after consumers. However, with…
ByGustan Cho
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HUD, the parent of FHA, does not require you to pay off the outstanding unpaid collection account balances in order to qualify for FHA Home Loans. However, FHA will count a percentage of any outstanding non-medical collection account balances.
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