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ByAlex Carlucci
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This guide covers subprime loans and non-QM mortgages. Borrowers who have bad credit or not enough income due to self-employment or other reasons may not qualify for a conventional loan or a low down payment loan offered by FHA, USDA, or VA. Borrowers who cannot qualify for traditional conforming mortgages may consider subprime loans and…
ByGustan Cho
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In this blog, we will cover and discuss the mortgage guidelines Chapter 13 versus Chapter 7 Bankruptcy. Homebuyers qualifying for a mortgage after bankruptcies: Homebuyers can qualify for a mortgage after bankruptcies after they pass the waiting periods. There are separate types of qualification requirements depending on the types of bankruptcies. Mortgage Guidelines Chapter 13…
ByAlex Carlucci
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Homebuyers with pending income tax returns or significant unreimbursed business expenses may be eligible for W2-only income mortgages. Gustan Cho Associates doesn’t mandate income tax returns from borrowers unless the Automated Underwriting System specifically demands a two-year tax return for qualification. We offers W2-Only Income Mortgages on the following loan programs: FHA loans VA loans…
ByDale Elenteny
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This GUIDE covers the experience with homeowners associations. Have you ever wondered where your HOA fee goes every month or every quarter when you pay it? Have you ever wondered why a friend of yours might pay as much or less than you do and they enjoy more amenities than you could imagine? I have…
ByAlex Carlucci
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In this blog, we will discuss and cover understanding the VA funding fee on VA loans. VA loans are the best home mortgage program in the United States. However, not everyone can qualify for VA loans. You need to be an active and/or retired member of the U.S. Military with a certificate of eligibility (COE)….
ByAlex Carlucci
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In this blog, we will cover and discuss mortgage loan programs with no overlays and closing in 30 days. The majority of mortgage lenders have their own overlays. There are not too many lenders who have mortgage loan programs with no overlays. Stay in close contact with your lender and respond promptly to additional information…
ByJohn Strange
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This guide covers mortgage for second primary residence lending guidelines. Many Americans have a current primary residence and are looking to purchase another home. There can countless reasons why homebuyers are buying and getting mortgage for second primary residence home. It can be due to needing more space due to a growing family. Many homeowners…
ByAlex Carlucci
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This guide covers buying versus renting a home for first-time homebuyers. One thing I have come to realize looking back, a single young man in 2006 was the beauty of saying it’s all mine. So one morning I asked myself why to pay someone else’s mortgage when I can pay my own mortgage and considered…
ByGustan Cho
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This article is about FHA Bankruptcy waiting periods after Chapters 7 and 13. FHA Bankruptcy wqiting period requirements were release the HUD. Homebuyers can now qualify for FHA loans after Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Please remember that FHA loan guidelines and lender-specific requirements may vary. Consult with a HUD-approved lender to get…
ByGustan Cho
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This BREAKING NEWS covers buying or refinancing after forbearance mortgage guidelines. Buying or refinancing after forbearance is a major concern for homebuyers and homeowners. Forbearance is not a mortgage default. Under the federal coronavirus stimulus CARES Act, mortgage borrowers can qualify for forbearance for six months and can extend it for another six months for…
ByGustan Cho
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Most mortgage lenders typically disapprove of overdrafts in bank statements. The presence of overdrafts in bank statements is viewed negatively by lenders, as it indicates a lack of financial responsibility on the part of the account holders. Even a single overdraft can lead many lenders to reject a mortgage loan application. It is advisable to…
ByAlex Carlucci
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Data Show More Homebuyers Buying Homes In The Suburbs And Fleeing City Life. More city dwellers are fleeing the city and buying homes in the suburbs due to the high crime rate in the city due to the Black Lives Matter Movement and incompetent politicians.
ByAlex Carlucci
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This guide covers the pros and cons of Conventional and FHA loans. The pros and cons of Conventional and FHA loans depend on each individual mortgage borrower. There are situations where borrowers will qualify for Conventional loans but not FHA loans. If a home buyer had a previous Chapter 7 Bankruptcy with a mortgage part…
ByGustan Cho
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This guide covers how credit card balance affect debt-to-income ratio for mortgage borrowers. We will discuss the negative impact how high credit card balance affect debt-to-income ratio and lowers credit scores during the mortgage process. Homebuyers or homeowners trying to refinance their home loan, credit scores are not the only thing they need to worry…
ByGustan Cho
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This guide covers what do lenders look in bank statements during the mortgage process. Every mortgage lenders require borrowers to provide 60 days of bank statements as part of the start of mortgage process. Lenders typically review bank statements as part of their due diligence when assessing a borrower’s creditworthiness. When examining bank statements, lenders are…
ByAlex Carlucci
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This guide covers how does FHA define family member. In this blog post, we’ll explore FHA’s criteria for defining a family member in the context of non-occupant co-borrowers. HUD, which oversees FHA, enforces guidelines that outline the definition of a family member. This definition becomes significant when considering the inclusion of non-occupant co-borrowers. According to…
ByGustan Cho
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In this blog, we will cover how to write a letter of explanation to mortgage underwriters. Borrowers planning on applying for home loans or are currently going through the mortgage process will encounter underwriters who will require a letter of explanation for one or more items in question. This is often the case if…
ByJohn Strange
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In this blog, we will discuss and extensively cover everything you need to know about the loan estimate. The Loan Estimate, also known by mortgage industry professionals borrowers as the GFE, was created by the United States Department of Housing and Urban Development in 2010. The Good Faith Estimate is being replaced by the newly…
ByGustan Cho
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This guide covers manual underwriting versus automated approval. There are two types of Automated Underwriting Systems (AUS): Fannie Mae’s Automated Underwriting System is referred to as Desktop Underwriting (DU) and Freddie Mac’s AUS is known as Loan Prospector (LP). All government and conventional loans need to go through either DU and/or LP Automated Underwriting System…
ByAlex Carlucci
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In this blog, we will cover and discuss getting a fully underwritten TBD mortgage approval as pre-approvals. Fully Underwritten TBD Mortgage Approval on home loans is geared towards borrowers who may or may not meet agency mortgage guidelines. In most cases, loan officers will issue pre-approval letters if they are sure borrowers will definitely get…
ByGustan Cho
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This guide covers the mortgage process leading to closing for borrowers. The home buying and mortgage process leading to closing is a process. It takes time. Most closings take an average of 30 days from the time the buyer has an executed real estate purchase contract. There are times where homebuyers can close in less…
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