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ByMike Gracz
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In this blog, we will cover and discuss the top-rated five-star Washington DC lenders for traditional and non-QM mortgages who have the best mortgage rates. Washington, DC has one of the highest home prices in the nation. Whether you have great credit, bad credit, or are seeking unique non-QM and alternative financing loans with multiple…
ByDale Elenteny
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Gustan Cho Associates, empowered by NEXA Mortgage, LLC. are mortgage broker licensed in 48 states including Puerto Rico, Virgin Islands, and Washington, DC. We have a lending network of 210 wholesale mortgage lenders. Gustan Cho Associates has lending partnerships with 210 wholesale investors of government, conventional, non-QM, alternative mortgages, and expatriate mortgage loans. Foreigners are…
ByGustan Cho
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This article will cover a niche mortgage loan program called the doctor and medical professional mortgage loans. This niche mortgage loan program has been designed, created, and launched to reward our medical doctors, dentists, oral surgeons, nurses, and pharmacists. optometrists, chiropractors, paramedics, firefighters, and first responders with buy their primary owner-occupant homes for their family,….
ByGustan Cho
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This guide covers what is the lowest credit score allowed for mortgage approvals. The team at Gustan Cho Associates gets countless daily calls from our viewers about what is the lowest credit score allowed for mortgage approvals. Many borrowers often get confused about why lenders have different credit score requirements on FHA, VA, USDA, and…
ByMike Gracz
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Gustan Cho Associates has over 160 wholesale lending partnerships. Gustan Cho Associates has a national reputation for its no lender overlays on government and conventional loans. We have a reputation for being able to do loans other lenders cannot do. Gustan Cho Associates are mortgage brokers licensed in 48 states including Washington, DC, and Puerto…
ByAlec Finn
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In this article, we will discuss why More Homeowners Fleeing Illinois Than Any Other State in the nation. Illinois is tied neck to neck with California for residents and businesses leaving their state. Illinois is now the sixth most populous state. It used to rank as the fourth most populous state in the country, but…
ByGustan Cho
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In this blog, we will cover how unreimbursed business expenses affect qualified income for a mortgage. Unreimbursed business expenses only affect borrowers who must turn in their federal income tax returns. Turning in federal income tax returns is necessary for unreimbursed business expenses to matter. The days of no-doc mortgages and state-income mortgage loans have been…
ByAlex Carlucci
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In this article, we will cover 1099-Income-Only Mortgages and how they work. Many workers are 1099 wage earners. 1099 wage earners have specific mortgage income guidelines regarding government and conforming mortgage loans. In general, FHA, VA, USDA, Fannie Mae, and Freddie Mac will require two years of income tax returns from 1099 wage earners. The…
ByAlex Carlucci
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In this blog, we will cover choosing the right lender for a mortgage loan approval. Choosing The Right Lender with no overlays is extremely important for mortgage borrowers with prior credit issues. Examples of prior credit issues include the following: prior bankruptcy prior foreclosure prior short sale prior deed in-lieu-of foreclosure outstanding collections charge off…
ByGustan Cho
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In this article, we will cover the correlation between credit card balance vs credit scores. There are mortgage guidelines on credit score requirements. The first step in qualifying for a particular mortgage loan program is to meet the minimum credit score requirements. The higher the credit scores, the lower the borrower’s mortgage rates. It is…
ByGustan Cho
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This blog will cover overlays with FHA loans compared to HUD agency guidelines. FHA loans are the most popular home loan program in the United States. The U.S. Department of Housing and Urban Development (HUD) is the Federal Housing Administration (FHA) parent. FHA is not a lender. HUD is a large federal agency that administers…
ByAlex Carlucci
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In this blog, we will cover and discuss QM-Qualified Mortgages versus non-QM loans. We will explain what QM-qualified mortgages are and when they went into effect. QM-qualified mortgages focus on the borrower’s ability to repay. QM-Qualified Mortgages took effect on January 10, 2014. In essence, QM-Qualified Mortgages is trying to create a standard mortgage guideline…
ByAlex Carlucci
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One of the most frequently asked questions is how much income do I need to buy a house in 2022. In this article, we will answer the question commonly asked, How Much Income Do I Need To Buy A House In 2022? The housing market is booming. Despite the coronavirus pandemic, home prices have skyrocketed…
ByAlex Carlucci
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In this blog, we will be covering the difference between conditional mortgage approval versus pre-approval during the mortgage process. There are several stages in the mortgage approval process. When a home buyer is ready to start shopping for a home, they consult with a lender. A loan officer will qualify the home buyer and see…
ByGustan Cho
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Home inspections are not required. Home Appraisals are required by lenders. However, a home inspection is highly recommended and worth the investment for homebuyers.
ByGustan Cho
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In this blog, we will cover and discuss FNMA waiting period guidelines after foreclosure for 2022. Conventional loans are often referred to as conforming loans because they need to conform to Freddie Mac and/or Fannie Mae guidelines. If lenders do not make sure conventional loans they originate and fund do not conform to FNMA or…
ByGustan Cho
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In this blog, we will cover and discuss the student loans mortgage guidelines on government and conforming loans. We will cover and fully go into depth about qualifying for a mortgage with large outstanding student loans. There have been major updates on student loans mortgage guidelines on FHA and conventional loans. Higher student loan balances…
ByAlex Carlucci
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In this article, we will cover and discuss what to do with proceeds from sale of a house. A frequently asked question is what to do with proceeds from sale of a house if you are going to take a break from homeownership. Home prices have been skyrocketing for almost a decade. Homeowners who are…
ByAlex Carlucci
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In this blog, we will discuss and cover the bankruptcy mortgage guidelines on government and conventional loans. All mortgage loan programs have a mandatory waiting period after bankruptcy and foreclosure. Borrowers need to adhere to Bankruptcy Mortgage Guidelines to qualify for a residential mortgage loan. In the following sections, we will through the bankruptcy mortgage…
ByGustan Cho
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In this blog, we will discuss and cover what is an 60-10-10 piggyback mortgage. Many Home Buyers Ask What Is An 80-10-10 Or Piggyback Mortgage And How This Powerful Tool Can Help Them Qualify To Make Their Home Purchase Happen. What is an 80-10-10 or Piggyback Mortgage? An 80-10-10 or Piggyback Mortgage is a combination…
ByGustan Cho
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In this article, we will cover and discuss avoiding delays in getting conditional mortgage approval. There are ways of avoiding delays in getting a conditional mortgage approval and closing on time: Conditional mortgage approval is a loan commitment by the mortgage lender. A conditional mortgage approval means that the lender is ready to issue a…
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