Statute of Limitations on Collection Accounts
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Statute of Limitations on Collection Accounts and Bad Credit

ByGustan Cho Posted on

In this blog, we will cover and discuss the statute of limitations on collection accounts and charge-offs. We will go into detail on how older collection accounts affect qualifying for a mortgage. The Great Recession of 2008 has affected the financial lives of many Americans in this country as well as globally. Hard-working Americans not…

VA Loans Bad Credit Tennessee With No Lender Overlays
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VA Loans Bad Credit Tennessee With Low Scores

ByGustan Cho Posted on

Homebuyers can qualify for VA loans bad credit Tennessee with under 620 credit scores. The United States Department of Veterans Administration is the government federal agency that administers the VA loan program. The Veterans Administration does not originate, process, underwriter, fund, or services VA loans. The role of the VA is to insure and guarantee…

Refinancing With Judgment
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Refinancing With Judgment Mortgage Lending Guidelines

ByGustan Cho Posted on

In this blog, we will cover and discuss refinancing with judgment mortgage lending guidelines. Mortgage rates are still low and many homeowners have not refinanced their higher interest mortgage home loans yet. A full rate and term and/or cash-out refinance mortgage process is the same as applying for a home purchase mortgage loan. However, FHA…

HUD Facts Versus Fictions on FHA Loans
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FHA Facts Versus Fiction of Qualifying For FHA Loans

ByGustan Cho Posted on

This guide covers FHA facts versus fiction of qualifying for FHA loans. The U.S. Department of Housing Administration (HUD) is the parent federal agency of the Federal Housing Administration (FHA). FHA is not a lender. The role of the Federal Housing Administration is to insure FHA Loans originated and funded by private mortgage companies against…

Remote Wage-Earner Mortgage Guidelines
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Remote Wage-Earner Mortgage Guidelines on Home Loans

ByGustan Cho Posted on

This guide covers remote wage-earner mortgage guidelines on home loans. Remote Wage-Earner Mortgage Guidelines On Home Loans allow borrowers who work at home to qualify for mortgages. It is possible for wage-earners to be employed as remote location employees. This holds true even though the nearest brick and mortgage office is hundreds of miles away…

Types of Mortgage Loan Programs For Home Buyers
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Mortgage Loan Programs For Homebuyers

ByGustan Cho Posted on

This guide covers the mortgage loan programs for homebuyers. There are several types of mortgage loan programs. The mortgage process can be quite complex and confusing due to the many different types of mortgage loan programs and the countless regulations and the constant changes in mortgage regulations. Not all borrowers will qualify for a particular…

automated approval
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Automated Approval By The Automated Underwriting System

ByGustan Cho Posted on

In this blog, we will cover and discuss the automated approval by the automated underwriting system. It is key to get an approve/eligible per the automated underwriting system for the mortgage process to go forward. In the event the borrower cannot get an approve/eligible and gets a refer/eligible per AUS findings, the file can be…

Conventional Loan After Chapter 7 Bankruptcy
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Conventional Loan After Chapter 7 Bankruptcy Mortgage Guidelines

ByGustan Cho Posted on

There’s a common misconception that only those with excellent credit scores can secure a conventional loan, while FHA loans are reserved for borrowers with poorer credit. However, this belief needs to be revised. Both conventional and FHA loans operate under distinct lending guidelines. Credit history, including past issues like bankruptcy or foreclosure, doesn’t directly affect…

FHA Versus Conforming Loan Limits
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FHA Versus Conforming Loan Limits on Home Purchase

ByGustan Cho Posted on

This guide covers FHA versus conforming loan limits on home purchase and refinance transactions. FHA versus conforming loan limits on home purchase can often become confusing because the maximum loan limit is always higher on conventional loans versus FHA loans: New FHA and conforming loan limits become effective in the begining of every year. FHA…

Investment Property Loans
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Investment Property Loans | Non-QM, DSCR, No-Doc Mortgages

ByAlex Carlucci Posted on

What Are The Eligibility Mortgage Guidelines On Investment Property Loans? Real estate investors can take advantage of the new non-QM and alternative loan programs for investment properties. Dozens of non-QM loan programs have been launched recently for real estate investors.

Preparing For Mortgage Process In Illinois
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Preparing For Mortgage Process In Illinois

ByGustan Cho Posted on

This guide covers preparing for mortgage process in Illinois. Preparing For Mortgage Process In Illinois is different than other states. Illinois is not a community property state. This means that a spouse’s debt is not counted if the spouse is not on the mortgage loan nor is the spouse’s credit. Preparing For Mortgage Process In…

Loan Estimate Versus Closing Disclosure
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Loan Estimate Versus Closing Disclosure Closing Costs

ByAlex Carlucci Posted on

Closing costs on the Loan Estimate versus Closing Disclosure will most likely be different. The itemized closing costs on the Loan Estimate (LE) is normally over-disclosed since most costs and fees were estimated on the very high end. If closing costs are higher than 10% of the disclosed amount, the loan officer/lender is liable for…

How To Shop For A Mortgage In Today's Housing Market
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How To Shop For a Mortgage In Today’s Housing Market

ByJohn Strange Posted on

In this blog, we will cover and discuss how to shop for a mortgage in today’s housing market. Just over a year ago, mortgage rates were at under 3.0% on a 30-year fixed-rate mortgage. Today, mortgage rates have spiked to over 6.0% and signs indicate rates are going higher. Inflation numbers are nearing 9.0% which…

Warehouse Line of Credit
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Warehouse Line of Credit Used By Mortgage Bankers

ByGustan Cho Posted on

In this blog, we will discuss and cover the warehouse line of credit used by mortgage bankers and correspondent lenders. Understanding How Warehouse Line Of Credit Works In The Mortgage Process is important in understanding the overall mortgage loan process. Both mortgage bankers and mortgage brokers are licensed professionals. Licensing Requirements of Mortgage Brokers Versus…

HUD Bankruptcy Guidelines
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HUD Bankruptcy Guidelines After Chapter 7 And Chapter 13

ByGustan Cho Posted on

This article will discuss HUD bankruptcy guidelines following Chapter 7 and Chapter 13 bankruptcy, particularly about FHA loans. HUD Bankruptcy Guidelines affirm that individuals can become eligible for FHA loans after Chapter 7 and Chapter 13 Bankruptcy filings. Many prospective homebuyers, particularly those entering the market for the first time, may erroneously believe that obtaining…

Statute of Limitations on Debt and Judgments
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Statute of Limitations on Debt and Judgments

ByGustan Cho Posted on

In this blog, we will cover and discuss the statute of limitations on debt and judgments. Thousands of hard-working people do go through periods of hard financial times. They lose their jobs, get demoted, or the company they work for shuts down or goes out of business. Unfortunately, the outcome of financial hardships often leads…

Home Mortgage Case Scenarios For Home Buyers
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Home Mortgage Case Scenarios For Homebuyers

ByJohn Strange Posted on

This guide covers home mortgage case scenarios for homebuyers. Many borrowers have trouble qualifying for conventional and FHA mortgage financing. But that does not mean they are out of Hope. Gustan Cho Associates offers a full line of NON-QM loans! NON-QM loans help hundreds of potential home buyers purchase the home of their dreams. Non-QM…

Cashback at Closing on VA Loans
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Cashback at Closing on VA Loans Mortgage Lending Guidelines

ByAnngelli Abenes Posted on

This blog addresses the topic of obtaining cashback when closing on VA loans. We’ve received numerous inquiries in recent weeks regarding cashback at closing on VA loans, with the recurring question being, “Can a veteran receive cashback at closing on a purchase transaction?” Mike Gracz, a leading VA loan originator at Gustan Cho Associates, provides…

How Do Mortgage Underwriters Qualify Borrowers
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How Do Mortgage Underwriters Qualify Borrowers

ByGustan Cho Posted on

In this blog, we will cover and discuss how do mortgage underwriters qualify borrowers. Credit scores and income is what determines whether a borrower meets the minimum requirements for a  lender to review a mortgage application how do mortgage underwriters qualify borrowers is by reviewing all documents provided by the borrower? In this article, we…

What are the 15-year and 30-year mortgage loans in loan programs
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15 Year Versus 30 Year Fixed Rate Mortgages Comparison

ByGustan Cho Posted on

This ARTICLE On 15 Year Versus 30 Year Fixed Rate Mortgages On Loan Programs. All residential mortgage loan programs have amortized terms. The most common mortgage programs are the 30-year fixed-rate mortgages. 30-year fixed-rate mortgages are the most popular due to lower monthly mortgage payments due to its longer amortized schedule of 30 years. The…