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ByAnngelli Abenes
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HUD oversees the Federal Housing Administration (FHA) and helps homebuyers in buying a home in Tennessee with bad credit and low FICO. The most recommended loan programs for those interested in buying a home in Tennessee with poor credit and diminished credit scores are government and conventional loans. This preference arises from FHA, VA, USDA,…
ByDale Elenteny
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In this article, we will discuss and cover the FHA credit guidelines on how to get qualified for an FHA loan.. This will include how to get an approve/eligible per automated underwriting system and what credit guidelines are required on manual underwriting. we will cover the newest updates on recent late payments in the last…
ByDale Elenteny
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Homeowners should explore how much money they can save with today’s historic low mortgage rates to refinance their home loans.
ByAnngelli Abenes
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This blog will explore the concepts of lender credit and seller concessions about closing costs. When securing a home purchase mortgage loan or refinancing, various fees and expenses come into play. For instance, when purchasing a home, the buyer must provide a down payment, which varies based on the chosen mortgage loan program. In the…
ByGustan Cho
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In this article, we will cover and discuss getting approved by the best mortgage lenders for bad credit in Hawaii in 2024 with low rates, wide variety of prime and non-QM loans, and lowest rates. Hawaii has one of the highest home prices in the United States. Home prices in Hawaii rank among the highest…
ByGustan Cho
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This article covers Fannie Mae Guidelines on second homes mortgage financing. There are three types of mortgage loans when it comes to residential financing. Primary homes Second homes Investment homes Primary home financing is owner-occupant homes. Homeowners will reside in the home as their primary residence. A primary home is a property that the buyer…
ByAnngelli Abenes
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Owner Occupancy Fraud: Everything You Need to Know to Avoid Serious Consequences in 2024 When applying for a mortgage, your lender will ask whether you plan to live in the home or use it as an investment property. If you’re tempted to say you’ll live there—even if you plan to rent it out—think twice. Misleading…
BySapna Sharma
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This blog will cover preparing for home loan before applying for a mortgage for a smooth mortgage approval without stress. Preparing for home loan before entering a home purchase contract will minimize stress during the mortgage process for home buyers. The main reason for stress during the mortgage process and a last-minute mortgage denial is…
ByGustan Cho
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In this article, we will cover and discuss the frequently asked question can I qualify for FHA loan with tax lien. The answer to can I qualify for FHA loan with tax lien is yes under certain circumstances. You can qualify for FHA loan with tax lien only if you have a written payment agreement…
ByGustan Cho
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In this article, we will cover and discuss qualifying for a mortgage with recent derogatory credit with our non-QM loan programs. Homebuyers can qualify for a mortgage with recent derogatory credit at Gustan Cho Associates with our non-QM loan program. What is recent significant derogatory credit? Here are examples of issues when it comes to…
ByGustan Cho
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This guide cover the waiting period to qualify for a mortgage loan after foreclosure. Homeowners who had a prior foreclosure and are ready to purchase another home have to meet the waiting period to qualify for government and conventional loans. FHA loans and Conventional loans are the most popular loan programs in the U.S. Gustan…
ByGustan Cho
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This guide covers property tax proration VA guidelines on VA home loans. There are certain states where property taxes are paid in arrears. States, where property taxes are paid in arrears, require that sellers credit buyers with the prior year’s taxes at closing. These is called property tax proration credits. Every loan program has property…
ByGustan Cho
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In this article, we will discuss and cover manual underwriting during Chapter 13 mortgage process. Homebuyers can qualify for an FHA loan or VA loan while in an active Chapter 13 Bankruptcy repayment plan via manual underwriting. Manual underwriting is only allowed on FHA and VA loans. No other loan program permits manual underwriting. There…
ByGustan Cho
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This guide covers buyers solutions to multiple offers on home purchase. There was a time where there were tons of inventory of homes on the market. Homebuyers can ask for multiple showings on the same property. They saw weeks ago and the home was still available. As the days turned into weeks and weeks turned…
ByAnngelli Abenes
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This article focuses on the Fannie Mae-Freddie Mac Condo guidelines on conventional loans. These guidelines enable eligible borrowers to secure conventional condominium loans with a down payment as low as 3%. Condominiums have seen a surge in popularity in recent years, attracting various demographics, including seniors, millennials, and single, non-married individuals. One of the primary…
ByGustan Cho
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This guide covers how paying rent timely will help get a mortgage approved. Homebuyers who have little to no credit tradelines and get a refer/eligible now have a chance to get an approve/eligible per an automated underwriting system will timely rent payments. Per Fannie Mae, Freddie Mac, HUD, USDA, and VA, verified rent is now…
ByGustan Cho
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This guide covers the best Jumbo Florida mortgage lenders. for prime and non-QM loans. The Florida housing market is hot and from the look of thing. There is more demand for housing than inventory. FHA and Conventional mortgages have maximum loan limits on government and conventional loans in Florida. Homebuyers in the market for higher-end…
ByGustan Cho
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This guide covers continuation of income guidelines of mortgage lenders. The ability to repay is one of the most important factors mortgage underwriters take into consideration when underwriting a mortgage borrower. Lenders require a past two-year employment work history. All agency guidelines require the mortgage underwriter document their due diligence in addressing they believe the…
ByGustan Cho
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This guide cover the things to know before filing bankruptcy for future homebuyers. There are things to know before filing bankruptcy. Many Americans are still under the impression that bankruptcy is very bad. They often do not know the benefits of bankruptcy and how you can get credit after bankruptcy. Bankruptcy rates soared after the…
ByGustan Cho
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This guide covers the types of income that mortgage lenders consider qualifying income can use for mortgage loans. Not all income types can be used as qualifying income for lenders. Qualifying income is verified documented income that has been sourced and is likely to continue for the next three years. It’s important to note that…
ByGustan Cho
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This article will cover 1099-income versus W-2 income mortgage lending guidelines. Regarding traditional government and conventional loans, more scrutiny is placed on 1099-wage earners than on W-2 income earners. 1099-wage earners often benefit from being able to write off substantial unreimbursed business expenses. Substantially unreimbursed business expenses will benefit 1099 wage earners by paying fewer…
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