VA Cash-Out Eligibility Guidelines: Your Complete Guide for 2024 When it comes to refinancing your home, the VA cash-out refinance is one of the best options out there for veterans and active-duty service members. The VA cash-out refinance program in 2024 enables homeowners to access their home equity through a 100% cash-out refinance, offering competitive…
VA Guidelines After Bankruptcy: Qualifying for a VA Loan in 2024 If you’ve experienced bankruptcy, don’t give up on your dream of homeownership. The VA loan program offers one of the most flexible and forgiving paths to homeownership, even after financial setbacks like bankruptcy or foreclosure. For veterans and active-duty service members, the VA loan…
Credit Guidelines in Mortgage Underwriting Process: Your 2024 Guide to Mortgage Approval Purchasing or refinancing a home is one of the biggest financial steps you’ll take. Whether you’re a first-time homebuyer or looking to refinance, understanding how credit guidelines impact the mortgage underwriting process can help you prepare. This guide includes everything you need about…
Frequently Asked Questions About Compensating Factors on Manual Underwriting: 1. What is manual underwriting, and how does it help me get a mortgage? Manual underwriting is when a human underwriter reviews your mortgage application instead of a computer system. This can help you get approved if the automated system says no, especially if you have…
If you’ve had a timeshare foreclosure, don’t worry—you can still buy a home without a long waiting period. Most people think a timeshare foreclosure is just like a mortgage foreclosure, but that’s not true. In this post, we’ll explain how a timeshare foreclosure differs and why you may not need to wait years to get…
If you’re struggling with bad credit and need financing, you’ve probably heard of hard money loans. These types of loans are different from traditional ones because they rely more on the value of your property than your credit score. For many borrowers with less-than-perfect credit, hard money loans can be a great solution. Let’s dive…
Whether buying a new home or refinancing your current one, a home appraisal is a critical step in the mortgage process. But the appraisal process can feel confusing and even a little intimidating if you’re like most homebuyers or homeowners. Don’t worry—we’ve got you covered! In this guide, we’ll break down everything you need to…
If you’ve had late payments in the past year, you may be wondering if you can still qualify for an FHA loan. The good news is that, with the right lender and guidance, you can. At Non-QM Mortgage Lenders, we specialize in helping borrowers who other lenders have turned away. We don’t have overlays, which…
When buying a home, getting pre-approved for a mortgage is one of the first steps. But did you know you can get a TBD property mortgage approval without even considering a specific home? In this guide, we’ll walk you through everything you need to know about getting a TBD property mortgage approval in 2024, how…
Refer Versus Approve/Eligible: What You Need to Know for Your FHA Loan Approval in 2024 Getting approved for a mortgage can feel like a huge mountain to climb, especially if you’ve got less-than-perfect credit or a higher debt-to-income ratio. If you’re applying for an FHA loan, understanding the difference between “refer” and “approve/eligible” is essential….
Can You Get a Mortgage with Late Payments? Here’s How to Make It Happen in 2024 One of the most significant financial actions you’ll ever make is purchasing or refinancing a home. But what if you’ve had late payments in the past? Can you still qualify for a mortgage with late payments on your credit…
FHA Guidelines on Non-Occupant Co-Borrowers allow multiple non-occupant co-borrowers to be added to the main borrower on FHA loans. HUD implemented and launched the new HUD FHA 4000.1 Handbook on September 14, 2015, where many changes have been made to FHA Lending Guidelines. FHA Loans are hands down the most popular residential mortgage loan program…
This guide covers credit score to qualify for mortgage lending guidelines. It is not the end of the world for consumers with bad credit. Millions of Americans had a point in their lives where they lost their jobs, had unexpected medical emergencies. Others went through a divorce where their credit suffered. Unfortunately, credit can suffer…
This guide covers the mortgage process leading to clear-to-close and closing on time. The basic steps in the mortgage process leading to clear-to-close and closing on time. The mortgage loan and approval process starts when the mortgage processor is assigned to the borrower’s file. The loan officer will be alerted once the applicant completes and…
This article is about Mortgage Denial After Conditional Approval And Prior To Closing. Mortgage Denial After Conditional Approval And Prior To Closing does happen. Over 75% of our borrowers at Gustan Cho Associates are borrowers who had a Mortgage Denial After Conditional Approval And Prior To Closing. The number one and biggest reason for a…