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 blog will cover understanding the loan estimate during the mortgage loan process. The main purpose for the CFPB to launch the loan estimate is to encourage home buyers to compare and shop for costs and fees from other mortgage lenders before deciding which lender to go with. The purpose of the Loan Estimate is…
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…
Many Americans remember the last government shutdown during the Trump Presidency a few years back. Never in history was Congress so divided as it was when President Donald Trump was the 45th President of the United States. Is the government shutdown over? In the last government shutdown, the mortgage markets got greatly affected. USDA loans…
This guide will cover how down payment assistance works for homebuyers. Homeownership is a dream for many Americans, but the reality is that saving for a down payment, which is crucial if you are to secure a mortgage, can be daunting. With home prices rising and wages often needing to catch up, saving tens of…
This guide will cover conditional mortgage approval from the mortgage underwriter during the home loan process. Once borrowers submit a mortgage loan application, it gets processed and submitted to underwriting. Once submitted to underwriting, it gets assigned to a mortgage underwriter. Fiona McCue, a senior mortgage processor at Non-QM Mortgage Lenders, explains the role of…
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 mortgage escrow guidelines required by mortgage lenders. In the following sections, we will cover what mortgage escrows are, how escrows work, and what mortgage escrow guidelines are. Sonny Walton of Non-QM Mortgage Lenders explains mortgage escrow guidelines as follows: Lenders set up escrow accounts to ensure homeowners pay their property taxes…
In this guide, we will cover how rent-to-own homes work. We will detail rent-to-own homes and why rent-to-homes are becoming increasingly popular among first-time homebuyers. Are you Tired of your rents increasing with no notice and with ridiculous increases? What Are Rent-To-Own Homes? What if I could tell you that you could enjoy the benefit…
This guide will cover the mortgage waiting period guidelines after a short sale versus foreclosure on government and conventional loans. There is a difference in the waiting period requirements after a short sale versus foreclosure on conventional loans. There is a mandatory waiting period to qualify for government and conventional loans after the following: Foreclosure…
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 how a credit dispute on a derogatory credit tradeline can halt the mortgage process on FHA loans. Millions of Americans fell victim to the economic, real estate, and banking collapse of 2008. The Great Recession of 2008 devastated more families than any other in U.S. history. Dale Elenteny of Non-QM Mortgage…
This article will cover the mortgage agency guidelines on VA loans after mortgage charge-off. There are mandatory waiting periods after bankruptcy, foreclosure, deed-in-lieu of foreclosure, and short sale to qualify for government and conventional loans. VA loans are the best mortgage loan program in the United States. However, only veterans with a certification of eligibility…
In this article, we will cover how to improve your credit scores to qualify for mortgage. There are many ways how to improve your credit scores to qualify for mortgage. It is not too difficult and many times, just applying a few simple techniques can do wonders. The team at Non-QM Mortgage Lenders are experts…
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