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ByAlex Carlucci
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This guide covers the frequently asked question can I get denied for FHA loan with good credit on home purchase. You can qualify for an FHA loan with credit scores down to 500 but you will not get an FHA loan approval with a 700 credit score if you have late payments in the past…
ByGustan Cho
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This article Is about qualifying for VA loans Illinois bad credit with no overlays and high debt-to-income ratio. VA loans are owner-occupant residential mortgage loans originated by private lenders but guaranteed by the U.S. Department of Veteran Affairs (VA). The Department of Veteran Affairs does not originate nor fund VA loans. VA insures private lenders…
ByAlex Carlucci
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This blog will discuss HUD late payment mortgage guidelines during the Chapter 13 Bankruptcy repayment plan. HUD and VA are the only two mortgage loan programs that allow borrowers in an active Chapter 13 Bankruptcy repayment plan to qualify for an FHA and VA loan. However, the key is to have been timely on all…
ByGustan Cho
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This guide covers the mortgage process of first-time home buyer loan programs. First-time home buyers have dominated the housing market for the last 10 years. All trends show this streak is likely to continue. Many first-time homebuyers are leery to enter the housing market due to misconceptions of the mortgage process. Many renters still think…
ByAlex Carlucci
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In this article, we will cover and discuss when am I committed to mortgage lender for a home loan. Mortgage loan officers do a lot of work in order to get a clear to close from the mortgage underwriter. A loan officer nor a lender can charge any fees, costs, or commissions up front until…
ByDale Elenteny
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In this blog, we will discuss and cover the upfront costs mortgage application versus closing costs. All home buyers or a refinance mortgage borrowers have closing costs associated with obtaining a residential mortgage loan. However, there are strict rules and regulations, both federal and state, on costs a mortgage lender can charge. Upfront costs mortgage…
ByGustan Cho
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This guide covers buying home with real estate purchase land contracts or seller financing. Real estate purchase land contracts is where the home buyer agrees to purchase the home from the seller. Real estate purchase land contracts is buying a home without financing from a mortgage lender. The agreement is made between the home buyer…
ByGustan Cho
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This guide covers buying a second home and renting the exiting home. Many hard-working folks plan on retiring and moving out of state to states like Florida and California. However, many will have a hard time qualifying for both mortgages. The mortgage on the exiting property and the mortgage on their new owner occupant property….
ByGustan Cho
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This guide covers home buyer concerns buying their first-home. A home purchase is most people’s single largest investment in their life. The housing market is hot with no signs of a housing correction despite high mortgage rates. Mortgage rates have been the highest in the past three years but started to decrease in the past…
ByGustan Cho
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Homebuyers do not need great credit and high credit scores to qualify for a mortgage. You can have outstanding collections and charged-off accounts and qualify for a mortgage as long
ByGustan Cho
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This guide covers about the third-party search by mortgage lenders during the underwriting process. Mortgage lenders will pull three credit reports on every mortgage loan applicants during the mortgage process. The first step in the mortgage process is for lenders to look at borrower’s credit scores. The credit scores are what decides whether the loan…
ByAlex Carlucci
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This guide covers Chicago mortgage refinance loan process for homeowners. Many homeowners refinance mortgage loans because they want to reduce their mortgage rates thus lowering their monthly payments. In this article, we will cover and discuss the benefits of refinancing a home mortgage during these times of historic low-interest rates. Mortgage refinancing is a process…
ByAlex Carlucci
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When saving money buying a house, remember one key thing, low rates with FICO credit scores. This article will cover how to get low rates with high FICO for mortgages. It is possible for a homebuyer to qualify for a home loan with bad credit. Borrowers who do not meet the minimum credit scores to…
ByGustan Cho
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In this blog, we will cover and discuss the difference when qualifying for a mortgage after bankruptcy dismissal versus bankruptcy discharge mortgage guidelines. There are waiting period differences when qualifying for FHA loans after bankruptcy dismissal versus bankruptcy discharge. Bankruptcy, whether a dismissal or a discharge, can have significant implications for your mortgage and financial…
ByGustan Cho
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This guide covers how solid is your pre-approval for a home purchase mortgage. A mortgage pre-approval letter means that a loan applicant has submitted an initial mortgage loan application, called 1003, and the loan originator has run credit and fully qualified borrowers: The pre-approval letter is issued after the loan originator has reviewed the following:…
ByGustan Cho
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Lenders can cover borrowers’ mortgage refinance costs with a lender, credit in lieu of a higher mortgage rate to the borrower. All mortgage loans, whether they are purchase or refinance mortgages, have closing costs. Homeowners who are thinking of refinancing their current mortgage will have mortgage refinance costs associated with their refinance. Some states have…
ByGustan Cho
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This guide covers interest rate buydowns with seller concessions on purchases. Interest Rate Buydowns are when borrowers pay DISCOUNT POINTSto buy down interest rates. Borrowers with great credit and a good mortgage interest rate can often get even lower interest rates by paying points for a lower mortgage interest rate. Mortgage rate buydowns are a…
ByAlex Carlucci
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This guide covers government and conventional loans after bankruptcy and foreclosure. There are mandatory waiting period requirements on government and conventional loans after bankruptcy and foreclosure. Government loans are residential home loans insured by a government agency. The mandatory waiting period on government and conventional loans after bankruptcy and foreclosure depends on the individual loan…
ByGustan Cho
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This guide covers tips and advice selling home fast by real estate professionals. Many homebuyers have an existing home and need to sell the existing home to purchase the new home. Other homeowners need to sell their homes fast due to a job loss, job transfers, or immediate relocation due to expanding family. Enhance curb…
ByMike Gracz
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This guide covers qualifying and getting approved for a home mortgage moving to new home. Moving to new home is a very exciting time for your family. As I take you on a daily journey of my life, and if you have been following along, you will know that I just moved into my current…
ByGustan Cho
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This blog is a short-cut guide to the HUD 4000.1 FHA Handbook Revised For FHA Loans. The HUD 4000.1 FHA handbook revised for FHA loans is a 900 comprehensive list of mortgage guidelines and requirements for FHA loans. We created a cliff notes version for borrowers on purchase and refinance transactions that most borrowers had…
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