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

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

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

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

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…

HUD guidelines for gift funds
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HUD Guidelines For Gift Funds on FHA Loans

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,…

Mortgage During and After Divorce on Purchase and Refinance
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Mortgage During and After Divorce on Purchase and Refinance

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…

Chapter 13 Cash-Out Refinance Simplified Guidelines
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Chapter 13 Cash-Out Refinance Guidelines During Repayment

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…

Part-Time Income To Full-Time Income Mortgage Guidelines
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Part-Time Income To Full-Time Income Mortgage Guidelines

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…

FHA Case Number
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What is an FHA Case Number on FHA Home Loans

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…

Jumbo Loan vs Conventional Loan Comparison
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Jumbo Loan vs Conventional Loan Comparison | Rates and LTV

  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…

FHA Debt-To-Income Ratio Requirements
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FHA Debt-To-Income Ratio Requirements

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…

Overlays on Debt-To-Income Ratio
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Overlays on Debt To Income Ratio on FHA Loans

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…

Eliminating FHA Mortgage Insurance Premium
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Eliminating FHA Mortgage Insurance Premium

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…

Kentucky Housing Market
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Kentucky Housing Market Heats Up As Lenders Ease Guidelines

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.

Non-QM Down Payment Guidelines On Home Purchase
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Non-QM Down Payment Guidelines on Home Purchase

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….

Bankruptcy Dismissal
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Mortgage Waiting Period Guidelines After Bankruptcy Dismissal

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…

Negotiate a Home Purchase Prior To Signing Contract
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How To Negotiate a Home Purchase Prior To Signing Contract

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…

Conventional Loan Waiting Period After Deed-in-Lieu and Short Sale
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Conventional Loan Waiting Period After Deed-in-Lieu

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…

Investor Cash-Flow Mortgage For Investment Properties
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Investor Cash-Flow Mortgage For Investment Properties

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…

Mortgage Guidelines After Bankruptcy
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Mortgage Guidelines After Bankruptcy on Home Purchase

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…