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ByGustan Cho
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByAlex Carlucci
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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.
ByGustan Cho
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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…
ByAlex Carlucci
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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…
ByJohn Strange
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByGustan Cho
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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…
ByJohn Strange
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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…
ByAnngelli Abenes
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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…
ByDale Elenteny
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Dozens of non-QM loan programs have been launched for 2021. The dozens of alternative mortgage loan programs is fueling the booming housing market and drying up inventory of home. Thus, it is skyrocketing home prices even more.
ByGustan Cho
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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…
ByGustan Cho
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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…
ByAli
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This guide covers qualifying for a home loan with a late mortgage payment in the past 12 months. Qualifying for a home loan with a late mortgage payment in the past twelve months can become a hurdle but not impossible. Read on folks. You can have prior bad credit, outstanding collections and charged-offs, repossessions, or…
ByAnngelli Abenes
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FHA Work History Guidelines: Can You Qualify with Gaps in Employment? If you’ve been dreaming of owning a home but worry about your work history, you’re not alone. Many borrowers are in the same boat, wondering if gaps in employment or multiple jobs could hurt their chances of getting approved for a mortgage. The good…
ByGustan Cho
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In this blog, we will cover and discuss how to buy and sella house while in Chapter 13 Bankruptcy. Borrowers can buy and sell a house while in Chapter 13 bankruptcy without the Chapter 13 Bankruptcy being discharged. Borrowers would need trustee approval which is normally never a problem. Chapter 13 Bankruptcy repayment is generally…
ByGustan Cho
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This guide covers the benefits of refinance mortgage loans. There are many benefits of refinance mortgage. Although the Federal Reserve Board has recently raised interest rates by 0.25% basis points, mortgage rates are still at historic lows. Nobody has a crystal ball, but mortgage interest rates cannot remain this low forever. The Feds are closely…
ByGustan Cho
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This guide covers the different types of residential lending for homebuyers with bad credit out in todays marketplace for owner-occupant home, second homes, and investment properties. Most folks will need to know with types of residential lending when shopping for a homeThere are many types of residential lending when it comes to home mortgages, Home…
ByGustan Cho
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This guide deep dives into the significance of the FHA and VA Amendatory Clause. We will explore the implications of these clauses for borrowers and underscore their crucial role in the loan process. It’s essential to note that HUD, the overseeing entity of FHA and VA, does not originate or fund loans. Instead, these government…
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