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ByGustan Cho
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This guide covers HUD mortgage guidelines on having multiple FHA loans at the same time. One of the most frequently asked questions from homebuyers is can I qualify and get approved for multiple FHA loans at the same time. FHA loans are for owner-occupant primary homes. A homeowner can live in one property. There are…
ByGustan Cho
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This guide covers changing lenders during underwriting process before closing. The mortgage approval process does not have to be stressful if the borrower is properly qualified and the loan officer has set proper expectations for the mortgage process. Alex Carlucci, a senior loan officer at Gustan Cho Associates, explains the number one reason for a…
ByAlex Carlucci
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This guide covers how to buy a house with bad credit. Many folks assume you cannot get a mortgage loan with bad credit. Many non-believers frequently ask can you please help us how to buy a house with bad credit. The anwer to the frequently asked question how to buy a house with bad credit…
ByAli
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This guide covers how holidays affect the mortgage process and can delay home closings. As the holidays come around our lives get very hectic. If you are in the process of obtaining a mortgage loan, you may have realized the process does slow down around the holidays. The support staff at mortgage companies are human…
ByGustan Cho
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This guide will delve into the major changes in FHA guidelines, specifically the HUD 4000.1 Handbook, which may have implications for individuals applying for FHA loans. Major changes in FHA guidelines have been in place for two consecutive years, as stipulated in the updated HUD 4000.1 Handbook. Homebuyers, homeowners, realtors, and third-party mortgage and real…
ByJohn Strange
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This blog post will explore and elaborate on the Texas Cash-Out Refinance Guidelines in home mortgages. Gustan Cho Associates, a team of mortgage brokers, holds licenses in 48 states, specifically including Texas. Operating as licensed mortgage lenders in those same 48 states, Gustan Cho Associates has earned a national reputation for successfully facilitating mortgage loans…
ByGustan Cho
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This blog post will explore Buying House While In Chapter 13 Bankruptcy. Chapter 13 Bankruptcy involves a structured five-year repayment plan before receiving a discharge. The good news is that potential homebuyers must only delay their plans to qualify for a mortgage once the bankruptcy is fully discharged. Instead, the bankruptcy trustee needs to approve…
ByAlex Carlucci
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HUD, the parent of FHA, allows borrowers down to a 500 credit score to qualify for an FHA loan. However, for borrowers with under a 580 credit score, a 10% down payment is required.
ByGustan Cho
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This guide explains the requirements for obtaining two FHA loans at the same time. This is important information for those who want to finance two primary residences. Joey Virga, the President and CEO of Virga Realty, a distinguished real estate company headquartered in Panama City, Florida, shares insights into his clients’ journey to obtain approval…
ByAlex Carlucci
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Can You Qualify For Manual Underwriting With Late Payments? VA and FHA allow manual underwriting for borrowers who cannot get an approve/eligible per automated underwriting system.
ByAli
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This guide covers how credit repair works during the mortgage process. A substantial percentage of my borrowers are folks who had previous credit issues, prior bankruptcies, foreclosures, a deed in lieu, or short sales and have overcome the financial issues and are now ready to purchase a home. HUD, the parent of FHA, does not…
ByApril Ramirez
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This guide covers the loan officer document checklist. This article on the Loan Officer Document Checklist is a series of training worksheets that will be prepared and saved on the Mortgage Learning Center archives for both new and experienced loan officers who came on board at Gustan Cho Associates. All loan officers must ensure all files…
ByGustan Cho
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Gustan Cho Associates has no lender overlays on VA loans. VA loans do not have a minimum credit score requirement nor a maximum debt to income ratio cap as long as the borrower can get an approve/eligible per automated underwriting system.
ByApril Ramirez
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In this blog, we will cover employer distance requirements on primary home mortgages. Employer Distance Requirements On Primary Home Mortgages is a requirement on all loan programs. Lenders want to make sure that the distance from the new home purchase to their work location is reasonable. FHA, VA, and USDA loans (Government Loans) only offer…
ByGustan Cho
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This guide covers how underwriters qualify income to approve mortgage loans. Many mortgage loan applicants do not have the role of the underwriter and how underwriters qualify income. Mortgage loans must be documented in accordance with the mortgage guidelines of the individual loan programs. We will use FHA on this blog since FHA are the…
ByGustan Cho
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This blog will cover Fannie Mae and Freddie Mac guidelines on qualifying for a conventional loan with non-occupant co-borrower. Non-Occupant Co-Borrowers can be added to Conventional and FHA loans. The United States Department of Veteran Affairs does not allow non-occupant co-borrowers on VA home loans. Only married spouses of veteran borrowers can be added as…
ByGustan Cho
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This article will discuss the guidelines for VA property tax exemption related to VA home loans. The VA has created VA Home Loans for eligible active and retired members of the US Armed Services. Military personnel must have a valid Certificate of Eligibility (COE) to qualify for a VA loan. As a token of appreciation…
ByGustan Cho
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This guide covers using rapid rescore in the mortgage process. What is a rapid rescore? It’s a service accessible only through your mortgage lender that allows you to update your credit report almost instantly. Correct credit report errors. Update balances after paying them off or down. Update new or increased lines of credit. Your mortgage…
ByGustan Cho
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This blog will cover Fannie Mae Collection Guidelines on Conventional loans. Fannie Mae and Freddie Mac are the two mortgage giants that regulate agency guidelines on conventional loans. The two mortgage giants are the largest buyers of mortgages on the secondary market. Fannie Mae typically requires a minimum credit score for conventional loans. Credit scores…
ByGustan Cho
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In this blog, we will cover and discuss qualifying and getting a mortgage approval for home purchase on acreage in rural areas. Gustan Cho Associates is licensed in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. We have dozens of options for mortgage approval for home purchase on acreage in rural…
ByGustan Cho
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This guide covers canceling a real estate purchase contract transaction. A real estate purchase contract is a legally binding agreement between a home buyer and a home seller. Before each party signs the real estate purchase contract, they should both review it carefully. Canceling a real estate purchase contract can be done if there are…
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