How Credit Disputes Affect Mortgage Process
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How Credit Disputes Affect Mortgage Process

ByApril Ramirez Posted on

In this article, we will cover and discuss how credit disputes affect mortgage process and cause loan denial. The pre-approval stage of the mortgage process is the most important part of the overall mortgage loan process. Credit disputes are not allowed on FHA loans during the mortgage process unless the credit disputes are exempt, says…

Fannie Mae Guidelines on Community Property States
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Fannie Mae Guidelines on Community Property States

ByEric Jeanette Posted on

This guide offers insights into Fannie Mae Guidelines on Community Property States, catering to individuals searching for mortgage-related information. An additional focus is placed on elucidating Fannie Mae Guidelines about the debts of non-borrowing spouses within Community Property States. Navigating community property states can be intricate for those pursuing mortgages, especially given that the United…

PMI on Conventional Loans With Higher Than 80% LTV
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PMI on Conventional Loans With Higher Than 80% LTV

ByGustan Cho Posted on

This guide covers PMI on Conventional loans with higher than 80% LTV. PMI on Conventional loans with higher than 80% LTV is mandatory per Fannie Mae and Freddie Mac Guidelines. Private Mortgage Insurance protects mortgage lenders in the event borrowers go into default and the home goes into foreclosure. Private Mortgage Insurance is Fannie Mae…

VA Credit Score Agency Guidelines Versus Lender Overlays
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VA Credit Score Agency Guidelines Versus Lender Overlays

ByGustan Cho Posted on

This guide covers VA credit agency guidelines versus lender overlays on VA loans. Understanding VA Credit Score Agency Guidelines is very important for borrowers with less than perfect credit and eligible for VA loans. VA loans are the best home loan program in the Nation. Due to the loan guarantee to lenders, mortgage companies can…

Fannie Mae Second Home Guidelines
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Fannie Mae Second Home Guidelines on Conventional Loans

ByGustan Cho Posted on

This guide provides comprehensive insights into Fannie Mae Second Home Guidelines, specifically for vacation properties. The 2023 update to these guidelines emphasizes that Freddie Mac and Fannie Mae mandate a minimum down payment of 10% for individuals seeking to purchase a second home. It’s crucial to remember that government loans are not permissible for acquiring…

Mortgage After Unemployment
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Mortgage After Unemployment With Job Gaps

ByGustan Cho Posted on

This article will discuss and cover qualifying for a mortgage after unemployment. Homebuyers do not need a two-year employment history with the same company. Borrowers can to qualify for a mortgage after unemployment with job gaps in the past two years, says Dale Elenteny of Gustan Cho Associates: Home mortgage approval is possible for borrowers…

Moving To Another Owner-Occupied Home
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Moving To Another Owner-Occupied Home Without Selling

ByAlex Carlucci Posted on

In this blog, we will cover and discuss buying and moving to another owner-occupied home without selling their first home. There are strict rules and mortgage regulations with owner-occupant home financing. Gustan Cho Associates get countless calls from potential homebuyers about Moving To Another Owner-Occupied Home Without Selling their first home. There are several variables…

FHA Guidelines on Manufactured Home Loans
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FHA Guidelines on Manufactured Home Loans

ByGustan Cho Posted on

This guide covers FHA Guidelines on Manufactured Home Loans. FHA Guidelines on manufactured home loans are released. HUD, the parent of FHA loans, sets all the agency guidelines on Manufactured Homes and FHA loans. More and more homebuyers are interested in buying manufactured homes. Technology has come a long way. Dale Elenteny, a senior loan…

On Title But Not On Mortgage
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Can Homeowners Be on Title But Not on Mortgage

ByGustan Cho Posted on

The primary emphasis of this blog centers around the waiting period obligations that individuals face after foreclosure, specifically those on title but not on mortgage. We often receive queries from married home buyers grappling with financial challenges, making it difficult for them to maintain their existing homes.These homeowners often fall behind on their mortgage payments…

FHA Loans After Unemployment
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FHA Loans After Unemployment Mortgage Guidelines

ByGustan Cho Posted on

This blog examines the eligibility requirements for FHA loans after unemployment or employment gaps. Prospective FHA loan applicants now have the opportunity to qualify, even if they have faced periods of unemployment or breaks in their employment history. Contrary to a widespread misconception that obtaining these loans necessitates an uninterrupted two-year work history with no…

Fannie Mae Rental Income Guidelines And Requirements

Fannie Mae Rental Income Guidelines And Requirements

ByMike Gracz Posted on

This blog post will explore Fannie Mae rental income guidelines and lending requirements. We will focus on elucidating the latest updates in Fannie Mae’s rental income guidelines that have recently come into effect. Gustan Cho Associates is available to provide insights into the newly established rental income guidelines applicable to both investment properties and primary…

FHA Appraisals Versus Conventional Appraisals
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FHA Appraisals Versus Conventional Appraisals Guidelines

ByRonda Butts Posted on

This article examines and clarifies the criteria for FHA Appraisals Versus Conventional Appraisals. There are significant differences in the guidelines governing FHA appraisals versus conventional appraisals. Whenever individuals seek home financing, they must undergo a home appraisal according to their lenders’ requirements. The mortgage offered by lenders to borrowers is dependent on the results of…

Escrow Hold Back
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Escrow Hold Back For Home Repairs

ByGustan Cho Posted on

This article will cover what escrow hold back is in the mortgage loan process. We will discuss escrow hold back mortgage guidelines for repairs. Nothing is worse than approaching your closing date and having issues arise. Dale Elenteny, a senior loan officer at Gustan Cho Associates, explains escrow hold backs for home repairs as follows:…

How Underwriters Analyze Bank Statements
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How Underwriters Analyze Bank Statements of Borrowers

ByGustan Cho Posted on

This article delves into how underwriters analyze bank statements of borrowers. When individuals seek a mortgage loan, underwriters deem 60 days’ worth of bank statements as a crucial requirement for the application. The underwriting process mandates the submission of two months’ worth of bank statements. How underwriters analyze bank statements is a crucial aspect of…

FHA DTI Ratios On Manual Underwrites
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FHA DTI Ratios on Manual Underwrites Mortgage Guidelines

ByGustan Cho Posted on

This article will delve into the mortgage guidelines for FHA DTI ratios on manual underwrites. The key distinction between manual and automated underwriting system guidelines lies in the debt-to-income ratio cap applied during manual underwriting. As per FHA DTI ratios on manual underwrites, the allowable DTI ratios are subject to specific caps, and these limits…

Payment Shock

Payment Shock From Paying Rent To New Mortgage Payments

ByGustan Cho Posted on

In this blog, we will discuss payment shock from paying rent as a renter to paying a mortgage as a homeowner. Payment shock is the increase of the new housing payment by homeowners versus the rent they used to pay as renters. Low Payment shock is a compensating factor. The lender wants to know that…

Fannie Mae-Freddie Mac Charge-Off Guidelines
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Fannie Mae-Freddie Mac Charge-Off Guidelines On Conventional Loans

ByAlex Carlucci Posted on

This blog post will explore the Fannie Mae-Freddie Mac charge-off guidelines applicable to conventional loans. Gustan Cho Associates has recently received numerous inquiries regarding conventional mortgages and charged-off accounts. These queries have come from prospective borrowers and loan officers, emphasizing the importance of educating our readers on this topic. The Fannie Mae-Freddie Mac Charge-Off Guidelines…

QC Review Prior Clear To Close During Mortgage Process
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QC Review Prior Clear To Close During Mortgage Process

ByGustan Cho Posted on

In this blog, we will be covering the QC Review Prior Clear To Close During Mortgage Process by some mortgage lenders. The mortgage application and approval process starts when borrowers submit all of their financial and credit information to the mortgage lender. The mortgage process starts once the borrower is pre-approved and submits an executed…