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ByMargarett Jurilla
Posted on
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…
ByGustan Cho
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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…
ByGustan Cho
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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….
ByGustan Cho
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByDale Elenteny
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In this article, we will cover and discuss finding the best mortgage lenders for bad credit in Arkansas to qualify for a home loan as first-time homebuyers with bad credit. Arkansas is one of the most sought-after migration spots in the country due to affordable housing prices. Tens of thousands of people and businesses from…
ByAlex Carlucci
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This guide covers condominium questionnaire on warrantable, non-warrantable, and condo hotel condominium units. Warrantable, non-Warrantable and condotel financing are a specialty niche mortgage product and are only offered by a few portfolio lenders. There is a two-step underwriting process buying a condominium versus a single-family home. The first step in buying a condo is to…
ByAlex Carlucci
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In this blog, we will cover and discuss IHDA mortgage guidelines on Illinois home purchases. The Illinois Housing Development Authority (IHDA), commonly referred to as IHDA, is a down payment assistance mortgage program for homebuyers in Illinois. IHDA mortgage guidelines make homeownership possible for homebuyers in Illinois with covering the down payment and closing costs for…
ByGustan Cho
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FHA Spot Loans enables condo buyers to purchase a condo unit in a non-HUD-Approved Condo Complex with an FHA loan.
ByGustan Cho
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Gustan Cho Associates Has Special Tricks On Ways Of Boosting Credit Before Applying For Mortgage. Do not hire any credit repair companies if you are planning on applying for a mortgage. Credit repair does more harm than good during the mortgage process. You cannot have credit disputes during the mortgage process.
ByGustan Cho
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In this article, we will cover and discuss applying for mortgage with another lender when denied by the original lender. The team at Gustan Cho Associates gets countless calls from borrowers asking for advice on applying for mortgage with another lender when denied by their first lender. Applying for mortgage with another lender when denied…
ByGustan Cho
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This guide covers DTI calculations in community property states mortgage guidelines. DTI calculations in community property states are calculated differently than non-community property states. The spouse, even though they are not on the mortgage note, is taken into consideration. Community property states require that the debts of the spouse are also the responsibilities of both…
ByDale Elenteny
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The asset-depletion mortgage loan program benefits higher net worth individuals who do not have a regular steady income. Non-QM loans are becoming increasingly popular and benefit borrowers who need alternative nontraditional mortgage loan programs.
ByGustan Cho
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This guide coverss temporary unemployment mortgage guidelines on home purchases. The coronavirus pandemic that hit the United States sent millions of Americans to the unemployment line. The U.S. economy was booming with no signs of any correction prior to the coronavirus pandemic. However, millions of American companies temporarily laid off millions of workers due to…
ByAlex Carlucci
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In this blog, we will cover and discuss qualifying with non-QM mortgage lenders in Connecticut for borrowers who cannot qualify for qualified mortgages. Gustan Cho Associates (Gustan Cho Associates) are mortgage brokers licensed in 48 states with a large clientele base in Connecticut. The coronavirus outbreak of 2020 took a toll on millions of Americans,…
ByGustan Cho
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In this blog, we will cover and discuss using FHA loans to purchase home and eligibility requirements. Using FHA loans to purchase home is very popular among first time home buyers and buyers with less than perfect credit. Using FHA Loans to purchase home only requires a 3.5% down payment. HUD, the parent of FHA,…
ByGustan Cho
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This guide covers bad credit mortgage guidelines on home purchase and refinance. Mortgage borrowers can qualify for home loans with bad credit per bad credit mortgage guidelines. FHA loans are the most popular mortgage loans for borrowers with bad credit and low credit scors. FHA loans can have fixed-rate or adjustable-rate mortgage (ARM) options, with…
ByGustan Cho
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This guide covers how to keep loan pre-approval valid for home purchase. One of the many questions home buyers often have is how to keep a loan pre-approval valid. The loan pre-approval stage is the most important process in the mortgage application and approval process. The loan pre-approval needs to be rock solid. A sloppy…
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