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ByAlex Carlucci
Posted on
This guide covers the home appraisal process timeline during the mortgage process. Gustan Cho Associates will update you on the appraisal process timeline during these tough times. The post-coronavirus ERA, times of soaring rates, out-of-control inflation, and a shortage of home inventory has affected every industry, including the real estate and mortgage sectors. In times…
ByRonda Butts
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This guide covers selling house in bad market during period of high inflation and skyrocketing mortgage rates. Despite high mortgage rates, high inflation, and a deteriorating overall economy, the housing market is still booming. Home prices are increasing. In general, there is more demand for homes versus inventory. Dale Elenteny, a 30-year veteran of the…
ByAlex Carlucci
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This guide covers bankruptcy for Illinois may be a possible solution to save the state. Bankruptcy for Illinois may be an option for the state due to their many years of financial mismanagement. Illinois, along with a few other states, has been struggling with budget deficits for many years. Prior to the coronavirus pandemic, the…
ByAnngelli Abenes
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This Article Is About Home Loan With Declining And Irregular Income Mortgage Guidelines. There are ways on how mortgage underwriters qualify borrowers who need a home loan with declining and irregular income. Although home loan with declining and irregular income can be done, it all depends mainly on the mortgage underwriter underwriting the file. Many…
ByAnngelli Abenes
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This guide covers VA guidelines on co-borrowers for VA loans. We will discuss the VA guidelines on co-borrowers. Income is one of the most important factors when qualifying for VA loans. VA loans have specific mortgage lending guidelines for co-borrowers and are different than any other mortgage loan programs regarding co-borrowers. Dale Elenteny, a senior…
ByAnngelli Abenes
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NON-QM jumbo loans are alternative mortgage loan programs for owner-occupant primary homes, second homes, and investment properties. Most non-QM loans do not have maximum loan limits. Any non-QM or alternative lending products with a loan balance higher than the 2023 conforming loan limit of $726,200 is called or often referred to as non-QM jumbo loans….
ByAnngelli Abenes
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This Article Is About Ways Of Avoiding Stress During Mortgage Process And Close On Time There is no reason why borrowers should experience stress during mortgage process. Avoiding stress during the mortgage process is possible. Borrowers place their trust and faith in their loan officers to ensure their pre-approval is solid. However, like in any…
ByAlex Carlucci
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In this blog, we will cover and discuss the steps to buying your first home in Wyoming. Buying your first home in Wyoming should not be stressful. It should be an exciting point in your life where you are making your single largest investment and starting a new chapter in your life as a homeowner….
ByAnngelli Abenes
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This guide covers how mortgage brokers get paid on closed home loans. Mortgage brokers, loan originators, or loan officers are licensed professionals. Mortgage Brokers assist mortgage loan borrowers to qualify for home loans. Brokers are third-party consultants who match direct lenders with borrowers, Mortgage brokers match borrowers with direct lenders that meet the lender’s mortgage…
ByAlex Carlucci
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This Article Is About How Loan Officers Qualify Borrowers And Issue Pre-Approvals. Understanding how loan officers qualify borrowers is crucial in the mortgage process. The pre-approval process is the most critical stage, setting the foundation for the mortgage journey. Often, last-minute loan denials occur because the loan officer initially needed to adequately qualify the borrowers. The mortgage industry is…
ByPeter Arcuri
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In this blog, we will cover and discuss the FHA 203k contractor role for homeowners on FHA 203k loans. The U.S. Department of Housing Administration (HUD) is the parent of the Federal Housing Administration (FHA). HUD created and implement the FHA 203k Mortgage Program to promote the revitalization of housing in neighborhoods throughout the U.S….
ByPeter Arcuri
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This guide covers how the marriage penalty works. He loves me, he loves me not, he loves me, he loves me not. Imagine what a wonderful world it would be if that was the only dilemma running through one’s head when deciding to tie the knot or not. There are many things to consider when…
ByAnngelli Abenes
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This guide explores the updated Freddie Mac part-time income mortgage guidelines for 2024. The new year has introduced significant changes in the mortgage industry. Freddie Mac has recently made a major announcement regarding its income calculation rules. This blog will outline the new guidelines, their effective date, and how they differ from previous rules. Additionally,…
ByPeter Arcuri
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This guide covers mortgage protection plans. The mortgage protection plan sets up a generational wealth plan and estate plan. The mortgage protection plan can save you thousands of dollars by eliminating all cost except for tax on your home or building. I actually show you innovative ways available to eliminate the taxes also but we…
ByMargarett Jurilla
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In this blog, we will cover and discuss the refinance waiting period mortgage lending guidelines on home mortgages. For homeowners who just closed their homes and who are thinking of refinancing their home loans, there are refinance waiting period requirements on mortgage loans. A home buyer cannot just close on their home loan one day…
ByPeter Arcuri
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This guide covers HUD FHA 203k loans manual underwriting guidelines on renovation loans. HUD FHA 203k loans manual underwriting guidelines allow manual underwriting on FHA loans. Most lenders do not allow manual underwriting on FHA 203k loans . Lenders can have higher lending requirements above and beyond the minimum agency mortgage guidelines of HUD. Lenders…
ByGustan Cho
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Barndominiums is a blend of a barn and barndominium. A barndominium is a portmanteau of “barn” and “barndominium.” Barndominiums are a unique and growing trend in the housing market. These structures are increasingly popular among homeowners seeking practicality and a rustic charm. Barndominiums are metal buildings converted into living spaces, combining a barn’s functionality with…
ByGustan Cho
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This guide covers buying a home from a family member with no down payment or closing costs with a gift of equity. Buying a home from a family member is becoming more and more common. Homebuyers can get a discounted price on a home by buying a home from a family member. This is a…
ByJohn Strange
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In this article, we will cover and discuss homes for heroes mortgage for medical professionals. A few articles have been written by Gustan Cho associates about homes for heroes mortgage for medical professionals. One of the main topics is who is eligible to utilize this program. Anybody who is a “healthcare professional”, but what does…
ByAnngelli Abenes
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When And Why Do Mortgage Lenders Ask For Reserves? On VA and FHA manual underwriting, one month’s reserves are required. Multi-family units require reserves by homebuyers.
ByAnngelli Abenes
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In this article, we’ll talk about reaffirming home loan after bankruptcy, a frequently inquired topic. Milwaukee-based Attorney James Miller of Miller and Miller LLC Attorney at Law is often consulted. It’s a common misconception among homeowners that filing for bankruptcy necessitates immediate eviction from their property. To clarify, here’s what James Miller outlines: Any non-exempt…
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