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ByGustan Cho
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This article will delve into the HUD guidelines for gift funds in the context of home purchase transactions involving Federal Housing Administration (FHA) loans. Our exploration will cover the fundamental HUD guidelines for gift funds and examine any potential modifications made to these guidelines concerning mortgage requirements. It is essential to understand that the FHA,…
ByGustan Cho
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In this blog, we will cover and discuss qualifying for a mortgage during and after divorce on purchase and refinance transactions. Divorce rates among Americans have surpassed the 56% mark. All marriages have a 56% probability of eventually ending up in divorce. Divorce can be very emotional and painful in more than several ways, says…
ByGustan Cho
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According to VA and HUD Chapter 13 cash-out refinance guidelines, homeowners may be eligible for a cash-out refinance on an FHA or VA loan, allowing them to pay off their Chapter 13 Bankruptcy ahead of schedule. VA and FHA loans are the only mortgage loan programs that permit borrowers to purchase or refinance a home…
ByGustan Cho
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There are strict rules regarding the part-time income to full-time income mortgage guidelines. For part-time income to be used, borrowers need two years of consistent part-time income. Besides the two-year seasoning requirement, lenders want to be convinced that the likelihood of the part-time income continuing for the next three years is extremely likely. Qualifying for…
ByGustan Cho
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This blog will cover and discuss the FHA case number on new FHA mortgage applications. We will also discuss transfers from one lender to a new lender. FHA loans are the most popular loan program in the U.S. Borrowers with lower prior bad credit scores can benefit from FHA loans compared to conventional loans. Not…
ByGustan Cho
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In this article, we will cover and discuss the comparison between jumbo loan vs conventional loan programs and the differences in rates, terms, and LLPAs. Gustan Cho Associates has wholesale lending partners on traditional and conventional loan products. High-balance FHA jumbo loans need to meet HUD agency guidelines. VA high-balance jumbo loans need to…
ByGustan Cho
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This blog will cover FHA debt-to-income ratio requirements for FHA loans. Just because borrowers meet all the HUD Agency Mortgage Guidelines on FHA loans does not mean that all lenders will approve borrowers meeting just the minimum agency mortgage guidelines. Lenders will require all borrowers to meet the minimum HUD agency mortgage guidelines on FHA…
ByGustan Cho
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This guide covers overlays on debt-to-income ratio on FHA loans. Homebuyers who got issued pre-approval from a mortgage loan originator but think that the loan amount is not enough may have options. Debt-to-income ratio is the determinant on how much borrowers can qualify for. Overlays on debt-to-income ratio can limit maximum loan amounts borrowers can…
ByGustan Cho
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This guide covers eliminating FHA mortgage insurance premium by refinancing FNMA. Borrowers taking out an FHA insurance mortgage loan, besides paying an upfront mortgage insurance premium of 1.75%, borrowers need to pay an annual FHA mortgage insurance premium of 0.55% for the life of the FHA Loan. FHA mortgage insurance premium can be a substantial…
ByGustan Cho
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Kentucky’s economy is booming, especially the housing market. Many individual taxpayers and businesses are making Kentucky their home due to low state taxes and affordable housing and low property taxes. Homebuyers are finding home priced reasonably and home prices are beginning to creep up.
ByAlex Carlucci
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This guide covers non-QM down payment guidelines on home purchase. Non-QM down payment guidelines on home purchase for homebuyers on non-QM mortgages: If you are in the market for a mortgage, minimum down payment requirements are probably on your mind. In this blog, we will detail down payment requirements on the mortgage products we offer….
ByAlex Carlucci
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In this article, we will cover and discuss when you can get a mortgage approval after bankruptcy dismissal. There are strict waiting period requirements after Bankruptcy on government and conventional loans. Consumers in debt can get the help of the United States Bankruptcy Courts for protection from creditors. Many consumers who file bankruptcy think it…
ByGustan Cho
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This guide covers how to negotiate a home purchase prior to signing a contract. How to negotiate a home purchase prior to signing a contract is important so homebuyers get the best deal possible under the circumstances. There are ways how to negotiate a home purchase. Negotiating a home purchase before signing a contract is…
ByGustan Cho
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The conventional loan waiting period after deed-in-lieu of foreclosure and short sale of four years is shorter than the 7-year waiting period after a standard foreclosure. Government loans are home loans that are guaranteed by a government agency. Government-insured mortgage loans are for owner-occupant properties. Here are the types of government loans: FHA Loans VA…
ByDale Elenteny
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This guide covers investor cash-flow mortgage for investment properties. Gustan Cho Associates now offers investor cash-flow loan programs on investment properties. One of the requirements on investor cash-flow mortgage programs is the real estate investor owns a primary residence. Renters who do not own a primary residence cannot qualify. The way investor cash-flow mortgage loans…
ByApril Ramirez
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In this blog, we will cover and discuss the mortgage guidelines after bankruptcy on home purchases and refinance transactions. There is a mandatory waiting period after bankruptcy to qualify for government and conventional loans. Gustan Cho Associates offers non-QM loans. Mortgage Guidelines After Bankruptcy on non-QM loans do not require any waiting period after bankruptcy…
ByAlex Carlucci
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In this blog, we will discuss and cover VA refer-eligible findings versus AUS approval guidelines. The United States Department of Veterans Affairs commonly referred to as The VA, is the parent federal agency that administers VA Home Loans for the active and retired members of our Military. In the complex real estate landscape, the intersection…
ByAlex Carlucci
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More and more homebuyers are gravitating towards a townhome purchase versus a single-family home during today’s booming housing market
ByGustan Cho
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This GUIDE covers debt-to-income ratio limit to qualify for a mortgage loan. Home loans and debt-to-income ratio limit. Every mortgage loan program has a debt-to-income ratio limit (DTI). FHA loans have a more lenient debt-income ratio requirements than any other mortgage loan program. Debt-to-income ratios is calculated by taking the sum of all minimum monthly…
ByGustan Cho
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This guide covers mortgage rates on non-QM loans and no-doc mortgages. Current Home Mortgage Rates after the election of President Donald Trump has been increased to an all-time high since 2008. Rates on conventional loans are in the 5.0% range for prime borrowers. Jumbo mortgage rates for prime borrowers are nearing 6% and many times…
ByAlex Carlucci
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Homeowners With FHA Loans Should Consider A Conventional Refinance Loan While Mortgage Rates Are At Historic Lows And Avoid Paying FHA MIP. Mortgage rates are at historic lows and many home values have skyrocketed in the past several years. Many homeowners with FHA loans can benefit by refinancing to a conventional mortgage and avoid paying LPMI.
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