Refinance Into FHA 203k Loan
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Refinance Into FHA 203k Loan From an Existing Mortgage

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…

What is a DU Automated Approval
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What Is DU Automated Approval per AUS FINDINGS

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…

FHA Guidelines on Late Payments After Bankruptcy
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FHA Guidelines on Late Payments After Bankruptcy

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…

How Do Mortgage Lenders View Charge-Offs
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How Do Mortgage Lenders View Charge-Offs

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…

Down Payment Assistance Mortgage
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EPM Empowered Down Payment Assistance Mortgage Program

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…

FHA Loan With Judgment Mortgage Guidelines
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FHA Loan With Judgment Mortgage Guidelines

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…

How Do Underwriters View Collections
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How Underwriters View Collections on Mortgage Loans

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.

Clearing Conditions for Clear to Close
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Clearing Conditions For Clear To Close on Home Purchase

This guide covers clearing conditions for clear to close on home purchases. Once mortgage borrowers have signed the mortgage application and the mortgage processor has processed it, it gets submitted to underwriting. A mortgage underwriter gets assigned to the file.  After the underwriter thoroughly reviews the borrower’s applications and documents, the borrower will get conditional…

Credit Score Changes During Mortgage Process And Its Impacts
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Impact of Credit Score Changes During Mortgage Process

This guide covers the impact of credit score changes during mortgage process and how it impacts borrowers. Credit Score Changes during mortgage process happen. There are minimum credit score requirements on mortgage loan programs.  The impact of credit inquiries and new accounts is generally small and temporary. Your credit score can be subject to changes…

FHA Guidelines on Mortgage After Loan Modification
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FHA Guidelines on Mortgage After Loan Modification

In this blog, we will cover FHA guidelines on mortgage after loan modification. FHA Guidelines on Mortgage After Loan Modification for new home buyers require a one-year mandatory waiting period. HUD, the parent of FHA, is the giant federal agency that administers FHA guidelines on mortgage after loan modification. Per Alex, of Gustan Cho Associates,…

FHA Mortgage Guidelines on Collection Accounts
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FHA Mortgage Guidelines on Collection Accounts

In this blog, we will discuss and cover the FHA Mortgage Guidelines on Collection Accounts for qualifying for an FHA loan.  Per FHA mortgage guidelines on collection accounts, borrowers can qualify for an FHA loan with outstanding collection accounts without having to pay them to qualify for an FHA home loan. The Federal Housing Administration…

Mortgage Denied For Late Payments in Missouri
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Mortgage Denied For Late Payments in Missouri After Approved

In this blog, we will cover and discuss how homebuyers can qualify for a mortgage with new lenders after having a mortgage denied for late payments in Missouri after being pre-approved by a loan officer. Late payments in the past 12 months are very serious. Many borrowers will get a mortgage denied for late payments…

VA Manufactured Home Guidelines
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VA Manufactured Home Guidelines On VA Loans

In this blog, we will discuss and cover VA manufactured home guidelines on VA loans. Gustan Cho Associates has invested substantial time tailoring loan programs to cater to our nation’s veterans, including those seeking VA loans for manufactured homes. Many of our borrowers opt for VA loans, and we have earned a national five-star reputation…

How Do I Qualify For a Mortgage Loan
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How Do I Qualify For a Mortgage and Get Approved

This guide covers the frequently asked question how do I qualify for a mortgage loan and get approved. Mortgage lenders do not just lend a home loan to anyone. Lenders need to make sure borrowers qualify not just in making their making their new mortgage payments but borrowers need to qualify and meet minimum mortgage…

Fannie Mae Guidelines On Timeshare Foreclosure
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Fannie Mae Guidelines On Timeshare Foreclosure On Conventional Loans

This Article Is About Fannie Mae Guidelines On Timeshare Foreclosure On Conventional Loans. What are Fannie Mae guidelines regarding timeshare foreclosure on conventional loans? Timeshares experienced popularity before the 2008 financial crisis, but many owners faced financial difficulties and could not maintain their obligations. Attempts to sell timeshares often diminished values, leading some owners to…

Self-Employed Mortgage Borrowers
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Self-Employed Mortgage Borrowers With No Income Tax Returns

In this guide, we will cover self-employed mortgage borrowers with no income tax returns required on a home purchase. Many lenders consider self-employed individuals to pose a greater risk of defaulting on a mortgage. This is because their incomes often vary from month to month and from year to year. In general, mortgage lenders want…

High-Cosr
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High-Cost Guidelines On Government And Conventional Loans

In this blog, we will discuss and cover high-cost guidelines on government and conventional loans. Some states have high-cost rules. What is high-cost? High-cost is that the total fees and costs in obtaining a residential mortgage loan cannot exceed 5% of the mortgage loan amount. Fees that are calculated in high cost include upfront mortgage…

Two Appraisals
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When Two Appraisals Are Required By Mortgage Lenders

This article will cover and discuss when mortgage lenders require two appraisals. In general, only one appraisal is required—however, there are cases where lenders require two appraisals. Two appraisals are required because the lender does not feel comfortable with the security of the property. Lenders are not real estate investors. They have no interest in…

VA DTI Manual Underwriting Guidelines On VA Loans
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VA DTI Manual Underwriting Guidelines on VA Loans

This blog will discuss the VA DTI manual underwriting guidelines on VA loans. VA loans are one of the best loan programs in the United States. Lenders offer 100% financing with no down payment required at lower mortgage rates than conventional loans due to the government guarantee. There is no maximum loan limit on VA…

Using Non-QM Versus Jumbo Mortgages
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Using Non-QM Versus Jumbo Mortgages

In this blog, we will cover and discuss using non-QM versus jumbo mortgages to purchase high-end homes. Using non-QM versus jumbo mortgages to buy high-end homes is becoming increasingly popular. Traditional jumbo loans have strict lending guidelines due to the risk layer lenders need to take. Most traditional jumbo lenders may require a 740 credit…