Things That Can Delay Your Mortgage Loan Closing
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Things That Can Delay Your Mortgage Loan Closing

This guide covers things that can delay your mortgage loan closing. A mortgage loan should be able to close in 30 days of less. Whether it is a new home purchase mortgage loan or a refinance mortgage loan, a complete mortgage application package consists of a lot of materials.  We have discussed the mortgage application…

Fannie Mae Chapter 13 Dismissal Guidelines
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Fannie Mae Chapter 13 Dismissal Guidelines

In this blog, we will cover the Fannie Mae Chapter 13 dismissal guidelines on conventional loans. One of the most frequently asked questions at Gustan Cho Associates is what is the eligibility requirements to qualify for a conventional loan after Chapter 13 Bankruptcy dismissal. Homebuyers can qualify for FHA and VA loans with no waiting…

FHA MIP Versus Conventional PMI For Mortgage Borrowers
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FHA MIP Versus Conventional PMI For Mortgage Borrowers

This  guide covers FHA MIP versus conventional PMI for mortgage borrowers. Mortgage Insurance is mandatory on all FHA loans and Conventional loans with less than 20% equity. There are pros and cons of FHA MIP versus Conventional PMI. In this article, we will discuss the pros and cons on FHA MIP versus conventional PMI for…

FHA Guidelines on Charge-Offs and Collections For 2024
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FHA Guidelines on Charge-Offs and Collections For 2024

we will discuss the FHA Guidelines on Charge-Offs and Collections, crucial information for anyone seeking an FHA loan. These guidelines allow individuals with outstanding charge-offs and collection accounts to qualify for FHA financing. Despite such financial blemishes on your credit report, you may still meet the criteria for securing an FHA loan. Understanding these guidelines…

HUD Guidelines
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HUD Guidelines versus Lender Overlays on FHA Loans

This guide covers HUD guidelines versus lender overlays on FHA loans. There have been notable changes for HUD guidelines versus lender overlays on FHA loans, which may affect homebuyers. HUD guidelines on student loans excluded student loans on deferment from debt-to-income ratio calculations. This article will discuss HUD guidelines versus overlays on FHA loans. One…

Preparing For A VA Loan With A Lender With No Overlays
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Preparing For a VA Loan With a Lender With No Overlays

This guide covers preparing for a VA loan with a lender with no overlays. Preparing for a VA loan with a lender with no overlays during the coronavirus pandemic: The Veterans Administration is the government agency governing VA loans. VA home mortgages are the best mortgage program in the nation. However, not everyone can qualify…

What is a Mortgage
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Understanding The Basics of What is a Mortgage

This guide covers understanding the basics on what is a mortgage. We will cover and discuss the meaning of what is a mortgage. Unless you are thinking about buying a new home or are a homeowner thinking about refinancing, most Americans really do not care to know the basic understanding of mortgages. Many folks think…

Non-QM Loans and Non-Traditional Mortgages
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Benefits of Non-QM Loans and Non-Traditional Mortgages

This guide outlines the advantages of Non-QM loans and Non-Traditional Mortgages. Gustan Cho Associates serves as your reliable ally for Non-QM and Non-Traditional Mortgages. Non-QM and Non-Traditional Mortgages, also known as alternative financing mortgages, are distinct home loan options. These alternative financing loans diverge from the standard lending criteria of traditional government or conventional loans….

Mortgage With No Income Documentation
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Mortgage With No Income Documentation and No Tax Returns

Gustan Cho Associates has mortgage with no income documentation, no tax returns, and low credit scores. Many folks who have established themselves with good credit and stable income and have decided that they are ready to become homeowners seek to get qualified for a home loan. One of the most important factors lenders look in…

FHA vs Conventional Cash-Out Refinance
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FHA vs Conventional Cash-Out Refinance Mortgage Loans

In this blog, we will discuss and cover FHA vs conventional cash-out refinance mortgage loans and general rate and term refinance mortgage guidelines. HUD, the parent of FHA, has changed the FHA cash-out refinance guidelines for homeowners from 85% loan to value to 80% LTV. HUD requires FHA mortgage insurance premium on all 30-year fixed-rate…

Net Tangible Benefits For Refinancing a Home Loan
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What is Net Tangible Benefits For Refinancing

This guide covers what is the definition of net tangible benefits for refinancing. When mortgage rates were at a 3-year low, mortgage lenders could not keep up the volume of refinancing loan applications. Experts are anticipating mortgage rates to drop in the coming weeks and months: The Federal Reserve Board (The Fed) has recently did…

VA Guidelines on Charge-Offs and Collections
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VA Guidelines on Charge-Offs and Collections on VA Loans

This article discusses the revised VA guidelines regarding charge-offs and collections. According to the VA Guidelines on Charge-Offs and Collections, veteran borrowers may still be eligible for VA home loans even if they have outstanding charge-offs and collections accounts, provided they receive an approved/eligible status from the automated underwriting system (AUS). VA guidelines on charge-offs…

Steps in Mortgage Process
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Steps in Mortgage Process For Closing Home Loan on Time

This guide covers the steps in mortgage process for closing home loan on time. Homebuyers looking to purchase a new home or homeowners looking to refinance their current home loans need to go through steps in mortgage process. The first steps in mortgage process are the qualification and pre-approval stages. The pre-approval stage is by…

Update Credit Report Fast
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Get Recent Update Credit Report Fast With a Rapid Rescore

In this blog post, we’ll delve into the most recent methods to update credit report fast using rapid rescore to boost credit scores and meet mortgage qualifications or secure optimal rates. Lenders usually establish a minimum requirement for different loan programs, making credit scores very important when it comes to qualifying for a mortgage. Moreover,…

Losing Job During Mortgage Process
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Home Loan Approval After Losing Job During Mortgage Process

This guide covers how to close on home loan after losing job during mortgage process. We will show you qualifying for home loan after losing job during mortgage process. Losing job during mortgage process does not happen often. However, there are times when it is inevitable and does happen to the best of us. Loss…

Mortgage Underwriter Errors When Underwriting Borrowers
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Mortgage Underwriter Errors

This guide covers mortgage underwriter errors causing borrowers a loan denial. Mortgage underwriter errors do happen. Underwriters are human and are not perfect. There are thousands of pages when it comes to mortgage agency guidelines that it is impossible to remember it all. Many loan officers often get frustrated when they know a particular agency…