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…

Overlays In Underwriting
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Overlays in Underwriting By Mortgage Lenders

This blog is about overlays in underwriting on government and conventional loans. The mortgage industry went through a major overhaul after the subprime crisis.  Mortgage companies have two different types of guidelines. Lenders must meet the minimum agency guidelines of HUD, VA, USDA, Fannie Mae, and Freddie Mae. Lenders not meeting the minimum agency guidelines…

Late Payments After Chapter 13 Bankruptcy Mortgage Guidelines
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Late Payments After Chapter 13 Bankruptcy Guidelines

This guide covers late payments after Chapter 13 bankruptcy mortgage guidelines. Mortgage lenders do not want to see any late payments after Chapter 13 bankruptcy from mortgage loan applicants. Homebuyers can qualify for an FHA loan after Chapter 13 bankruptcy. There is no waiting period to qualify for VA or FHA loans after the Chapter…

FICO Credit Scores Requirements To Qualify For Mortgage Loans
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FICO Credit Scores Requirements To Qualify For a Mortgage

This guide covers about FICO credit scores to qualify for a mortgage loan. Every  mortgage loan applicant who has applied for credit and has had credit, whether good or bad, has a credit score. The FICO score is a mathematical scoring formula that consists of several variable factors to determine a person’s credit risk level….

How Bankruptcy Affects Mortgage Approval
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How Bankruptcy Affects Mortgage Approval

This guide covers how bankruptcy affects mortgage approval and the waiting period after discharge date. Bankruptcy is a great tool for people to utilize if they are drowning in debt and want a fresh financial start in life. Two of the most common types of consumer bankruptcy is Chapter 7 and Chapter 13 bankruptcy. Mortgage…

Saving Money on Mortgage
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Saving Money on Mortgage Interest and Closing Costs

This  guide covers saving money on mortgage on home purchase and refinance loans. A home purchase is a very happy and exciting time for homebuyers. Saving money on mortgage is the last concern buyers may have on their minds. However, mortgage borrowers do want to avoid home buyer mistakes and avoid future regrets. There are several…

Subprime Mortgages
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Subprime Mortgages and Alternative Financing

This guide covers subprime mortgages and alternative financing for homebuyers and homeowners. Subprime mortgages are mortgage loans available to homebuyers who do not qualify for government and conventional loans. There can be many reasons why buyers do not qualify for traditional loans. It does not necessarily mean just due to bad credit. Some high-end buyers…

Jumbo Mortgage With 10% Down Payment And No PMI
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Jumbo Mortgage With 10% Down Payment and No PMI

In this blog, we will cover and discuss the Jumbo mortgage with 10% down payment and no PMI. A jumbo mortgage is a residential mortgage loan that exceeds the conforming mortgage loan limits. The conforming mortgage loan limit for 2024 is capped at $766,550 in most parts of the United States with the exception of…

Denied By a Bank For Your Mortgage And Options For Borrowers
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Home Loan Approval After Denied By a Bank For Your Mortgage

This guide covers getting  a home loan approved after denied by a bank for your mortgage. There should be no reason why mortgage borrowers to be denied after getting pre-approved. The only reason why a pre-approved borrower gets denied for a mortgage loan after pre-approval is because they were not properly qualified in the first…