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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…
ByGustan Cho
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This guide covers Fannie Mae waiting period after deed-in-lieu and short sale on conventional loans. Freddie Mac and Fannie Mae are the two mortgage giants that set conventional mortgage guidelines. Conventional loans are also referred to as Conforming loans. The reason they are called conforming loans is that they need to conform to Fannie Mae…
ByAlex Carlucci
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This guide covers buying house next to power lines. Some home buyers will run into their dream home when shopping. The price is lower than the market price. It has modern cabinets, a bathroom, millwork, a finished basement, and is beautifully landscaped. It has four bedrooms, four bathrooms plus a den. It is ideal…
ByGustan Cho
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This guide covers mortgage approval with 580 FICO credit score. The Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development ( HUD ) insures residential mortgage loans to mortgage lenders against default from mortgage loan borrowers on FHA loans. HUD, the parent of FHA is not a mortgage lender….
ByGustan Cho
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This article covers Freddie Mac foreclosure guidelines on Conventional loans. Fannie Mae and Freddie Mac is the nations largest buyers of mortgage-backed securities. The role of Freddie Mac is to keep market liquidity by buying funded mortgage loans on the secondary market. Freddie Mac is the reason why mortgage lenders can originate and fund loans…
ByGustan Cho
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Mortgage Underwriters will require one or more compensating factors for borrowers with higher debt to income ratio on manual underwrites to offset the risk of the higher DTI.
ByAlex Carlucci
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This guide covers closing mortgage on time without stress during the mortgage process. All mortgage loans should not be delayed and close on time. However, this is often not the case. In this article, we will cover how mortgage loans should close on time. We will cover how loan officers should avoid closing delays. Following…
ByGustan Cho
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This guide covers getting a mortgage with student loans with high debt-to-income ratio. Getting a mortgage with student loans can often be challenging. Student loans and auto loans are the two biggest barriers affecting borrowers getting a mortgage with student loans due to high debt-to-income ratios. Professionals such as doctors, dentists, educators, lawyers, and business…
ByBrent Norkus
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This guide covers the importance of job stability when buying a house with a mortgage. Income is the most important factor when qualifying for a mortgage. You can have the highest credit scores in the world but without documented income, you will not qualify for a mortgage. You can have credit scores down to 500…
ByGustan Cho
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This article will cover and discuss refer-eligible per automated underwriting system findings. All mortgage loan applicants need to go through the automated underwriting system (AUS) before the loan process can proceed. If the findings on the automated underwriting system render an approve/eligible, that means the AUS approves the borrower. There are three decisions the automated…
ByEric Jeanette
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This guide cover FHA versus conventional mortgage after bankruptcy. There are differences in when and how you can qualify for FHA versus conventional mortgage after bankruptcy. You can qualify earlier on FHA loans because the waiting period requirements on FHA versus Conventional mortgage after bankruptcy is shorter. The waiting period on FHA versus Conventional mortgage…
ByGustan Cho
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This guide covers VA late payment after bankruptcy mortgage guidelines on VA loans. VA loans were created and implemented to reward active-duty or retired members of the United States Armed Services for their service. Only eligible members with a valid Certificate of Eligibility (COE) can qualify for VA loans. VA loans are the best loan…
ByAlex Carlucci
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This guide covers buying house during off season. You might have heard that there is not much of a supply of homes in the $100,000 to $300,000 range. This has caused a frenzy when a house in this price range comes available. There are always multiple offers and the house often sells for more than…
ByGustan Cho
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This article covers mortgage escrows guidelines on purchase and refinance home loans. Homeowners are not just responsible for their principal and interest payments on their loan balance but are also responsible for their property taxes and homeowners insurance. Lenders prefer their borrowers all have escrow account. By having a mortgage escrow account, the lender will…
ByGustan Cho
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This guide cover how long is a pre-approval valid when shopping for a home. A pre-approval letter is a ticket for homebuyers to go and enter into a real estate purchase contract and the transaction is likely to close. A pre-approval letter is not a guarantee that the mortgage loan application is guaranteed a residential…
ByGustan Cho
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This guide covers how credit scores affect conventional loans. Two of the most popular mortgage loan programs today are FHA and Conventional loans. Conventional loans are not government loans like FHA, VA, USDA. Conventional loans are called conforming loans because they need to conform to Fannie Mae or Freddie Mac Guidelines. Credit scores play a…
ByBrent Norkus
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This guide covers how to become a real estate agent in today’s competitive housing market. A career in real estate gives you the ability to benefit from unlimited earning potential while also setting your own work hours and taking control of your career decisions. You will essentially be in the driver’s seat with all aspects…
ByGustan Cho
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This guide covers the mortgage process after the conditional approval leading to a clear-to-close. The mortgage process after the conditional approval depends on how fast the mortgage processor can gather the list of conditions. The borrower’s cooperation is needed to get complete docs that are legible with no missing pages. There are multiple steps in…
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