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ByGustan Cho
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This guide covers the truth in lending disclosure during the mortgage process. Mortgage disclosures are required to be disclosed to all mortgage loan applicants by federal law. The Truth In Lending Disclosure is one of the most important mortgage disclosures that need to be disclosed to all mortgage loan applicants in a timely manner. On…
ByGustan Cho
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Can an individual with a credit score of 500 be eligible for a VA loan? Absolutely. The Veterans Administration (VA) oversees and establishes guidelines for VA loans, and there’s no mandated minimum credit score requirement. If the borrower can receive approve/eligible through the automated underwriting system (AUS), they can secure a VA loan, even with…
ByMargarett Jurilla
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This blog post will discuss VA loans with no credit scores in detail and examine the DTI (Debt-to-Income) requirements. VA loans stand out for their accommodating mortgage criteria compared to other loan programs. Despite their flexibility, it’s important to note that the Veterans Administration has taken a critical stance on recent late payments within the…
ByAnngelli Abenes
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This guide covers using realtor commission for home purchase down payment. This article delves into using realtor commission for a home purchase down payment, emphasizing that such utilization is accepted as qualified funds. At Gustan Cho Associates, our extensive collaboration with real estate agents nationwide has provided us with valuable insights into the challenges faced…
ByRavinder Sharma
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This article covers escrow account mortgage guidelines and requirements. Lenders conduct periodic escrow analyses to ensure that the account balance is sufficient to cover upcoming expenses. If the analysis reveals a shortage or surplus in the account, adjustments may be made to the borrower’s monthly escrow payments. Escrow accounts are required by lenders so the…
ByGustan Cho
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In this blog, we will cover what a 3-2-1 buydown mortgage is. We will also discuss the differences between a 3-2-1 buydown mortgage versus what is the qualifying mortgage interest rate on a 2-1 buydown mortgage. Home prices are still at an all-time high, with mortgage rates north of seven percent. The current mortgage market…
ByAlex Carlucci
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This guide covers NON-QM Loan Guidelines on waiting period after housing event . Everyone experiences hardship during some time in their lifetime. Some people lose jobs, some have serious health issues while others find financial difficulty in caring for an aging loved one. Regardless of the individual situation, you should know that there is always…
ByRonda Butts
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In this blog, we will cover and discuss buying house near airport. Homebuyers need to consider the benefits and negatives of buying house near airport. One of the main benefits is that homebuyers will immediately notice the price of the homes listed near the airport. Alex Carlucci, a loan officer at Gustan Cho Associates,…
ByGustan Cho
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FHA mortgage loans stand out as the leading choice among borrowers in the United States. The Federal Housing Administration (FHA) operates under the United States Department of Housing and Urban Development (HUD). The latest iteration of FHA Mortgage Guidelines, outlined in HUD’s FHA Handbook 4000.1, introduces significant changes. Notably, borrowers with credit scores exceeding 620…
ByGustan Cho
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This article delves into the lending prerequisites and regulations concerning mortgage with new job. It addresses the misconception that one must have a two-year job history to qualify for a mortgage loan. Contrary to this belief, it’s not a strict requirement. Many prospective homebuyers might have been turned away by lenders who insist on this…
ByGustan Cho
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This blog addresses the eligibility criteria for obtaining a mortgage and securing approval despite having experienced employment gaps within the last two years. Lenders have informed numerous borrowers that mortgage qualification is contingent on maintaining the same job for the preceding two years. Contrary to this notion, it is optional to have continuous employment in…
ByPeter Arcuri
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In this guide, we address underwriters conditions to pave the way for a clear-to-close submission. Whether individuals seek approval for a home purchase mortgage loan or aim to refinance, the approval procedures remain consistent. Please submit all the required underwriting conditions to avoid delays during the mortgage loan closing process. The focal point of this…
ByGustan Cho
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This blog delves into the significance of non-traditional credit in mortgage qualification process, particularly focusing on scenarios where borrowers lack conventional credit scores. A prevalent situation arises with recent college graduates with no credit history. This absence of credit scores is common among individuals who have recently completed their college education. Despite the absence of…
ByMike Gracz
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Gustan Cho Associates are experts when analyzing consumer credit reports. Since we do not have lender overlays, we see all types of credit scores. Many loan officers can close a 780 credit score, 20% down payment, and W-2 income borrower in their sleep. The same is true with our team. However, we specialize in helping…
ByGustan Cho
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The FHA W-2 Income Only Mortgage Lending Guidelines provide a pathway for borrowers to qualify for an FHA loan based solely on W-2 income, without the requirement of submitting income tax returns. Conventional and FHA loans stand out as the most widely used among the various mortgage loan programs available today. It is important to…
ByAlex Carlucci
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In this article, we will delve into the credit tradelines requirements essential for mortgage loan application eligibility. The credit tradelines requirements on government and individual lenders set conventional loans. It’s crucial to emphasize that agency guidelines do not regulate credit tradelines. Individuals applying for FHA, VA, USDA, Fannie Mae, and Freddie Mac loans are not…
ByAlex Carlucci
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This guide covers low appraisal on home purchase and solutions for mortgage borrowers. We will discuss solutions to low appraisal on home purchase. Low appraisal on home purchase can be avoided if the sellers’ price out the home appropriately prior to listing the home. Low appraisals often will delay the mortgage and closing process. Appraisers…
ByGustan Cho
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This guide covers avoiding home loan denial during the mortgage process. We will go deeply in giving our viewers tips and steps to take in avoiding home loan denial mainly relies on the loan officer. There is no reason why mortgage applicants should get a mortgage denial if they were properly qualified. A borrower should…
ByAlex Carlucci
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In this blog, we will cover and discuss the gift of equity on home purchase mortgage guidelines. Many people want to keep the family home in the family. When the parents retire and downsize, mom and dad want to sell the home to one of their children at a discount. What does the gift of…
ByGustan Cho
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How To Get Refer To Approve-Eligible Per AUS To Qualify For Mortgage: There are ways of trying to get a refer/eligible findings to an approve/eligible per automated underwriting system.
ByGustan Cho
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This guide covers manufactured home financing requirements. Many home buyers of manufactured home financing have a difficult time getting it. The Department of Veteran Affairs (VA) and the U.S. Department of Housing and Urban Development (HUD) have the same mortgage guidelines on manufactured home financing. The reason is that lenders view manufactured homes as high-risk properties….
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