John has over three decades of experience that he loves to apply to each transaction, which translates into incredible guidance in the loan experience. As much as he truly enjoys the mortgage origination process, nothing is better than the great feeling of co-creating a great memory during the buying or refinancing journey. His success comes…
How auto loans affect home loans for borrowers with a high debt-to-income ratio is a frequently asked question at Gustan Cho Associates. This article covers how auto loans affect home loans. Debt-to-income ratiosare one of the most important factors when it comes to mortgage qualification. Debt-to-income ratios are what determine how much home buyers can…
In this guide, Ronda Buts, a dually licensed realtor and loan officer at Gustan Cho Associates and the Editor in Chief of One Solution Real Estate, will cover the importance of home inspections when buying a home. A professional home inspection is essential if you or someone you know is planning to purchase a new…
This guide covers whether can you get a new mortgage while selling your house. Many homebuyers who plan on upgrading or downsizing to a new home often ask if can you get a new mortgage while selling your house. YES, you can get a new mortgage while selling your house. With proper planning and teamwork,…
In this guide, we will cover buying a house near an airport. When searching for a new home, location is everything, including proximity to an airport. Living near an airport may provide easy access to travel and other amenities but poses significant drawbacks. Dale Elenteny of Non-QM Mortgage Lenders lived near an airport for many…
Non-QM Mortgage Lenders have no lender overlays on the gift of equity mortgage guidelines when buying a home at a discount from a family member. John Strange of Non-QM Mortgage Lenders, a gift of equity home purchase expert, defines gift of equity as follows: A gift of equity is when a homebuyer purchases a home…
In this blog, we will cover FHA guidelines on streamline refinance mortgage loans. FHA streamline refinance is a fast-track loan program. Most streamline refinance loans can get closed in less than three weeks. Tens of thousands of homeowners still have an FHA loan with mortgage rates higher than 7.5%. Mortgage rates are dropping. FHA annual…
This guide on HARP for underwater mortgages is an older blog from when the Home Affordable Refinance Program was popular. HARP for underwater mortgages no longer exists. This guide on HARP for underwater mortgages was updated and edited for archival services for viewers who want to research HARP for underwater mortgages. In the following sections,…
This article will cover 1099 wage earner guidelines on home mortgages. Whether you are getting an FHA, USDA, VA, or conventional loan, all lenders will go by the same mortgage process regarding income and employment. Independent Contractors and 1099 Wage Earner Guidelines can qualify for a home. Workers must have at least two years working…
Apply Now This guide will cover qualifying for a mortgage after deed-in-lieu versus foreclosure. Government loans treat a short sale and deed-in-lieu versus foreclosure differently concerning the mandatory waiting period to qualify for a mortgage. There is a mandatory waiting period after housing events with government and conventional loans. A housing event is the following:…
This blog will cover and discuss manual underwriting credit guidelines on VA and FHA loans. VA and FHA allow for manual underwriting. Fannie Mae and Freddie Mac do NOT allow manual underwriting on conventional loans. According to Angie Torres, the National Operations Director at Non-QM Mortgage Lenders, manual underwriting is defined as follows: Manual Underwriting…
This guide will cover re-establishing credit with secured credit cards to qualify for a mortgage. Qualifying for a home loan is not as difficult as many people think. Most homebuyers think they need a large down payment and good credit to qualify for a mortgage loan. Lenders do realize that many folks may have gone…