Gift of Equity Mortgage Guidelines: Buying a Home from Family in 2024 If you’re considering buying a home from a family member, the gift of equity mortgage might be the perfect way to make it happen without needing a big down payment. It’s a great option for those looking to keep homeownership in the family…
How to Qualify for a Mortgage with W2 Income If you are a W2 employee, you may think that qualifying for a mortgage is easy. After all, you have a steady income and a regular paycheck that shows your earnings. However, depending on your situation, you may face some challenges when applying for a home…
This guide covers dealing with a direct mortgage lender with no lender overlays. Most direct mortgage lenders have no lender overlays. There are two types of lender guidelines. Government and Conventional Guidelines and Lender Overlays. Gustan Cho Associates is a national lender with no lender overlays on government or conventional loans. Gustan Cho Associates’ consumer…
Applying for a mortgage can feel daunting, especially when your lender asks you to submit a Letter of Explanation to Underwriters (LOE). You’ve come to the right place if you’re wondering why this is needed to write it effectively. In this updated guide for 2024, we’ll walk you through everything you need to know about…
Verification of Rent: Why You Need it When Getting Approved for a Mortgage in 2024 Buying your first home is one of the biggest steps you’ll ever take. And if you’re like most people, you’ve been renting until now. Lenders look at many things when deciding whether to approve your mortgage application, but did you…
Mortgage For Recent College Graduates: A 2024 Guide to Buying Your First Home Graduating from college is an exciting time filled with new opportunities. Alongside landing your first full-time job, many recent graduates are ready to take the next big step—buying a home. The great news is you don’t need years of job experience or…
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…
This guide covers paying off mortgage balance before the end of the loan term. Every homeowners dream is to have a home that is free and clear of any mortgage. Paying off mortgage balance earlier than the loan term is every homeowners dream. Most homeowners have a 30 year fixed rate mortgage. There are a…
This guide covers what are the top reasons to refinance mortgage. Mortgage rates are at three-year highs and keep rising. However, many homeowners have reasons to refinance mortgage. Home prices are appreciating like never before, with no signs of any slowdown. Today’s economic instability has alarmed every Americans. Surging inflation, historic high interest rates, and…
In this guide, we will cover how the mortgage process work. The mortgage process is similar whether borrowers apply for a home purchase or refinance a loan. There are a series of stages the file needs to go through. Most mortgage applications take 30 days to close from the time the loan originator prepares and…
Apply Now In this guide, we will cover things to avoid during home loan process to close on time. We have covered many blogs on what to do to get a mortgage loan approval. During home loan approval, borrowers must be pins and needles with their credit and finances. There are several things to avoid…
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…
We will discuss the expertise of our loan officers at Non-QM Mortgage Lenders, powered by Gustan Cho Associates. We will explain why our loan officers at Non-QM Mortgage Lenders, powered by Gustan Cho Associates, can do loans while other mortgage companies cannot. Non-QM Mortgage Lenders is partnered and powered with Nexa Mortgage and is licensed…
In this blog, we will discuss and cover Fannie Mae Guidelines on mortgage included in bankruptcy. Conforming Guidelines On Mortgage Included in Bankruptcy is different on Conventional Loans than it is on FHA, VA, and USDA loans. Fannie Mae and Freddie Mac have much looser mortgage lending guidelines when it comes to the recorded date of…
In this guide in Non-QM Mortgage Lenders, we will cover and discuss qualifying for a mortgage after bankruptcy for borrowers on home purchase and refinance transactions. Government-backed loans and conventional loans have mandatory waiting period requirements to qualify for a mortgage after bankruptcy. To get a conventional mortgage that meets the requirements from Fannie Mae…