In this blog, we will cover and discuss understanding how lenders price mortgage rates for borrowers with bad credit and low credit scores. Mortgage rates are the determinant that determines your monthly mortgage payment over the term of your mortgage loan. The higher the mortgage rates are, the higher the mortgage payment will be and…
In this blog on Non-QM Mortgage Lenders, we will cover the differences between a home inspection vs appraisal. The key difference between a home inspection vs appraisal is the home inspection is not required to be done by the lender. The home appraisal is mandatory. Many homebuyers feel getting a home inspection is not necessary…
Non-QM Mortgage Lenders wrote and published this blog on how do I buy my first house in Chicago to give homebuyers the good, bad, and ugly of being a Chicago homeowner. Chicago is hands down one of the most beautiful cities in the world. As the author of this guide on how do I buy…
The Federal Reserve Board has recently announced that the Fed has made its decision to slow down: The Central Bank will eventually stop buying mortgage bonds and treasury bonds The action of the Central Bank can have a great impact on the mortgage industry It can affect mortgage rates nationally After 7 years of aggressively…
This article is about solutions to lowering debt-to-income ratio to qualify for a mortgage. The debt-to-income ratio is the sum of the monthly minimum payments divided by the monthly gross income of the borrower. There are two types of debt-to-income ratios Front end debt to income ratio Back-end debt-to-income ratio One of the frequently asked…
In this guide on using gift funds for the down payment on a home purchase. We will cover how family can gift you the down payment and closing costs on your home purchase. Today, we will discuss using gift funds for a house down payment. Using gift funds for the down payment is allowable with…
In this guide on what are the eligibility and qualification requirements to qualify for a mortgage after Chapter 13 Bankruptcy, we will cover what type of mortgage loan program you can qualify for during and after the Chapter 13 Bankruptcy repayment plan. We will also cover the agency mortgage guidelines on qualifying for a mortgage…
In this article, we will cover and discuss qualifying for two-to-four unit multi-family home mortgage loans. One to four-unit residentially zoned properties is eligible for owner-occupant primary resident mortgage loans with HUD, VA, USDA, Fannie Mae, and Freddie Mac. Non-QM mortgage lenders also consider a one to four-unit property as a residential property and owner-occupant…
In this blog, we will cover and discuss what is an adjustable-rate mortgage and how it works. We will go into detail on how adjustable-rate mortgage home loans work, the advantages, and the difference between a fixed-rate mortgage. An adjustable-rate mortgage has a fixed rate for a period of a certain amount of years and…
In this guide, we will explain and cover what loan level pricing adjustments (LLPAs) by mortgage lenders are and how it works. LLPAs are pricing hits to par rates charged by lenders due to the risk levels of the borrower. The higher the risk, the higher the mortgage rates the lender will charge. Not all…
Is buying a house with bad credit possible or do I need to wait until I have re-established my credit? 2022 is almost over and 2023 is right around the corner. Many homebuyers feel they will not qualify for a mortgage with bad credit. This may be true, however, everyone with a mindset and goal…
In this blog, we will discuss and cover mortgage loan programs for homebuyers and homeowners. Gustan Cho Associates, Powered by NEXA Mortgage, LLC, is licensed in 48 states with relationships of over 160 wholes sales. We have wholesale lenders with no mortgage overlays on government and conventional loans. Besides FHA, VA, USDA, and Conventional loans,…
In this blog, we will discuss why Gustan Cho Associates is hands down the best mortgage lenders with no overlays in Indiana for 2022. Gustan Cho Associates | Empowered by | NEXA Mortgage, LLC | are now able to offer our services in the state of Indiana. During a recent transition to our new regional…
In this blog, we will cover and discuss the cash to close borrowers need to bring to closing. Homebuyers in a mortgage process will need to have their cash to close verified by mortgage underwriters. The lender will need to verify borrowers have enough verified funds for the down payment and closing costs for the…
In this blog, we will discuss and cover becoming a mortgage loan originator at Gustan Cho Associates. Having spent my entire career in the finance and accounting fields. It didn’t seem logical for me to venture into the mortgage industry. In fact, it had never crossed my mind until I purchased our most recent home…