In this blog, we will cover and discuss FHA 203k mortgage process and eligibility requirements. The team at Gustan Cho Associates are experts in originating and funding FHA 203k loans. FHA 203k loans allows home buyers to purchase fixer-uppers and will lend on the acquisition and renovation all in one loan program. Home buyers need…
In this blog, we will cover and discuss refinance after FHA 203k loan to lower rate mortgage. HUD, the parent of FHA, offers the FHA 203k loan programs which are acquisition and construction loans all in one closing and one loan. The greatest benefit of an FHA 203k loan is that, unlike other construction mortgage…
This guide covers how to apply for SBA loans. Gustan Cho Associates is a one-stop lending shop where viewers can get the latest mortgage and real estate news on commercial, business, and residential lending and real estate market forecasts—all types of residential lending with no overlays on government and conventional loans. NON-QM Loans where homebuyers can…
This BLOG On Qualification Requirements On HUD FHA Reverse Mortgages Guidelines And Lending Requirements Was UPDATED And PUBLISHED On August 12th, 2019 HUD FHA Reverse Mortgages permits homeowners who are 62 years or older to use the equity in their homes to cash out and supplement their income. The cash-out refinance through a reverse mortgage is given…
This Article Is About 15 Year Versus 30 Year Fixed Rate Mortgage Loans Mortgage borrowers have a choice between 15-year and 30 year fixed rate mortgage loans. All mortgage loan programs have the option of 15 Year and/or 30 Year Fixed Rate Mortgage Loans 15 year home loans mean higher monthly housing payments due to…
This Article Is About Lower Mortgage Rates Due To The FED Announcing Lower Interest Rates Homeowners who closed their mortgage loans in 2018 should be looking forward to refinancing in 2019. Mortgage Rates in 2018 has been the highest since the 2008 Great Recession and Real Estate Crash Many homeowners who closed their home loans…
This ARTICLE On The 2020 Refinance Boom And Taking Advantage Of Low Mortgage Rates Was PUBLISHED On March 8th, 2020 The stock market selloff two weeks ago dropped the Dow Jones Industrial Average by over 3,500. This is a 13% market correction which is correction territory Last week, the equity markets were extremely volatile One…
This BLOG On Low Mortgage Rates Pushing Home Values Higher Was PUBLISHED On June 30th, 2019 Home prices are at the highest value since the real estate and credit meltdown of 2008 Home values nationally are up 5.1% from the same period last year, 2018 Housing demand is overcoming the supply in housing nationally This coupled with…
This ARTICLE On How Stock Market Affects Mortgage Rates And Housing Markets Was PUBLISHED On February 27th, 2020 How Stock Market Affects Mortgage Rates And Housing Markets and should homebuyers panic? The Trump economy has been booming since President Trump took office The Dow Jones Industrial Average and all other market indices have been hitting…
This ARTICLE On The Benefits Of The Fed Rate Cut For The Housing Market And Borrowers Was PUBLISHED On August 1st, 2019 Benefits Of The Fed Rate Cut: Federal Reserve Board Chairman Jerome Powell announced on Wednesday, July 31st, 2019 the Feds will be cutting interest rates by 0.25 basis points. The news of the Fed…
This guide covers how multiple credit inquiries affect the mortgage process for borrowers. The potential creditor will pull credit whenever consumers apply for credit, such as a credit card, auto loan, installment loan, payday loan, or mortgage loan. The result is that consumers will have credit inquiries on their credit reports. Consumers should at all…
This ARTICLE Is About Wealthy Illinoisans Fleeing State To Lower Taxed States Wealthy Illinoisans Fleeing State To Lower Taxed States than any other states in the nation: High Illinois taxes are forcing Wealthy Illinoisans Fleeing State To Lower Taxed States than any other state in the nation Illinois Governor J.B. Pritzker’s proposed progressive tax is…
In this blog, we will cover and discuss how long does pre-approval take from lenders. The Pre-Approval stage is the most important stage in the mortgage loan application and mortgage loan approval process. An experienced and diligent mortgage loan officer should carefully analyze the mortgage loan applicant’s income, credit, credit history, income, and assets before…
Qualifying for a Mortgage Loan With Judgment: Your 2024 Guide If you’re trying to get a mortgage loan with a judgment on your credit report, you might think it’s impossible. The good news? It’s not! Even with an outstanding judgment, you can still qualify for a conventional or FHA mortgage. Still, there are specific steps…
Discount Points: How to Buy Down Your Mortgage Rate in 2024 Buying a home is one of the biggest financial decisions most of us will make. While locking in a good mortgage rate is a priority for most homebuyers, not everyone knows that you can lower your interest rate even more by using discount points….