VA Refer-Eligible Findings Versus AUS Approval Guidelines
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VA Refer-Eligible Findings Versus AUS Approval Guidelines

ByAlex Carlucci Posted on

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…

Debt-to-Income Ratio Limit
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Debt-To-Income Ratio Limit To Qualify For Mortgage Loan

ByGustan Cho Posted on

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…

Mortgage Rates On NON-QM Loans
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Mortgage Rates on NON-QM Loans and No-Doc Mortgages

ByGustan Cho Posted on

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…

conventional refinance loan with no PMI
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Conventional Refinance Loan With No PMI

ByAlex Carlucci Posted on

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.

Lender Versus Borrower Paid Mortgage Transactions
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Lender Versus Borrower Paid Mortgage Transactions

ByAlex Carlucci Posted on

In this blog, we will discuss lender versus borrower-paid mortgage transactions. Mortgage brokers can often opt to go with a borrower paid for by a mortgage borrower to save the borrower’s commissions. There is no such thing as free in the mortgage industry. The way mortgage rates charged is the higher the lender’s compensation, the…

Increase Credit Scores Before Applying For Mortgage
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Increase Credit Scores Before Applying For Mortgage

ByGustan Cho Posted on

This guide covers how to increase credit scores before applying for mortgage. Consumer credit report and credit scores are probably the most important factor that lenders and creditors take into account when applying for credit. Creditors of the mortgage loan, automobile loan, business loan, credit cards, or other types of credit will pull and thoroughly review credit…

Importance of Mortgage Qualification and Pre-Approval
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Importance of Mortgage Qualification and Pre-Approval

ByAlex Carlucci Posted on

This guide covers the importance of mortgage qualification and pre-approval. A pre-approval is when a home buyer or homeowner has completed a 1003 mortgage loan application and the loan officer is confident the borrower qualifies for a mortgage. A pre-approval should be issued once the loan originator has run credit, ran the file through the…

Home Loan With Job Offer Letter
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Home Loan With Job Offer Letter For New Employment

ByGustan Cho Posted on

In this blog, we will discuss and cover qualifying for home loan with job offer letter. One of the frequently asked questions at Gustan Cho Associates is can I qualify for home loan with job offer letter? There are certain rules and regulations in qualifying for a home loan with job offer letter. Every mortgage…

New Mortgage Programs
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New Mortgage Programs For Homebuyers and Investors

ByAlex Carlucci Posted on

In this article, we will cover and discuss new mortgage programs for homebuyers and real estate investors. We have over 160 wholesale lending partners and hundreds of new mortgage programs for homebuyers and real estate investors. Gustan Cho Associates had an amazing start to the New Year with new mortgage programs like no-doc loans, stated-income…

Profit and Loss Statement Only Mortgage Loans
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Profit and Loss Statement Only Mortgage Loans

ByGustan Cho Posted on

In this article, we will cover qualifying for the Profit and Loss Statement Only Mortgage Loans with no-income verification and limited documents. Profit and loss mortgage loans, also referred as P and L statement only mortgage loans, only requires a profit and loss statement prepared by a Certified Public Accountant. No federal income tax returns,…

Fannie Mae and HUD Guidelines
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Fannie Mae and HUD Guidelines on Conforming vs FHA Loans

ByGustan Cho Posted on

This guide covers Fannie Mae and HUD Guidelines on conventional versus FHA loans. Fannie Mae and HUD guidelines on conventional versus FHA loans are similar but has differences. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA versus conventional loans. FHA loans is the easiest loan program to get an…

Things To Avoid When Repairing Your Credit
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Things To Avoid When Repairing Your Credit For a Mortgage

ByAlex Carlucci Posted on

This guide covers things to avoid when repairing your credit for a mortgage approval. There are things to avoid when repairing your credit for a mortgage approval. Mortgage applicants need to realize that low credit scores mean higher mortgage interest rate. Lenders view lower credit score borrowers as higher risk. With higher risk, comes higher…

VA Loan Denial Due To Overlays
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VA Loan Denial Due to Overlays

ByAlex Carlucci Posted on

This article covers getting a VA loan denial due to overlays and qualifying with a different lender. In this article, we will cover the VA agency guidelines, what are VA lender overlays, VA agency guidelines versus overlays, and why Gustan Cho Associates can approve VA loans when other lenders can’t. VA loans are hands down…

Protecting Home With Insurance for Home Appliances
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Protecting Home With Insurance for Home Appliances

ByGustan Cho Posted on

This guide covers protecting home with insurance for home appliances. Insurance for home appliances might be a good idea for people who purchased a house and want to protect their wallets from spending thousands of dollars on repairs or replacing all items.  Your home is your most valuable asset, but it’s the appliances within your…

Home Maintenance For First Time Home Buyers And Homeowners
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Home Maintenance For First Time Home Buyers

ByGustan Cho Posted on

This guide covers home maintenance for first time home buyers and homeowners. A home purchase is a life-changing event for most American Families. Buying a home is most people’s single largest investment in their life. Anyone who has accomplished becoming a homeowner, hands down they should be proud to have accomplished this goal. Not every…

Investment LLC Property Mortgage Guidelines For Real Estate Investors
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Investment LLC Property Mortgage Guidelines For Investors

ByGustan Cho Posted on

Can You Close Your Investment Property Under A Limited Liability Corporation? Many wholesale real estate investors will not allow borrowers of investment properties to close

The Five C's of Mortgage Underwriting
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The Five C’s of Mortgage Underwriting Leading To CTC

ByAlex Carlucci Posted on

This guide covers the five C’s of mortgage underwriting leading to clear-to-close. With mortgage loans, the risk analysis is critically important, so it is a good idea to review the file in detail before even submitting it. It is the responsibility of the mortgage underwriter to analyze the layered risk of the lender and the…

Conforming versus government-backed loans
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Conforming Versus Government-Backed Loans

ByGustan Cho Posted on

This article covers Conforming versus government-backed loans. FHA, VA, and USDA loans are called government-backed loans. This is because lenders who originate these types of home loans are guaranteed by the government. FHA loans are insured by the Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development VA loans…