In this blog, we will cover and discuss the HUD minimum credit score guidelines on FHA loans. Over 75% of our borrowers at Gustan Cho Associates are folks who come to us because they cannot qualify for FHA loans at other lenders. Many are often confused about why lenders have their own credit score requirements….
In this blog, we will discuss and cover non-QM loans versus FHA Back to Work Mortgages. Back in 2013, HUD recently announced mortgage loan guidelines that shorten the waiting period for those who have had filed bankruptcy and had prior foreclosures, deeds in lieu of foreclosures, and short sales. The current waiting period for those…
In this article, we will discuss and cover the steps in mortgage application process leading to closing. Understanding the steps in mortgage application process can seem overwhelming to those unfamiliar with the mortgage industry and the mortgage loan process. Often borrowers enter into the steps in mortgage application process without ever knowing what steps or…
This BLOG On Can I Qualify For A Reverse Mortgage If I Am Still Working Was UPDATED On July 4th, 2018 How Can I Qualify For A Reverse Mortgage If I Am Still Working? A Reverse Mortgage is not for everyone To qualify, the homeowner needs to be at least 62 years of age or older Homeowners…
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…
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…
In this blog, we will cover Fannie Mae changes on conventional loans. Fannie Mae has recently made Fannie Mae Guidelines changes to Conventional loans, which should open up lending to people living in a home but not currently on the title or on the mortgage, to refinance. Fannie Mae and Freddie Mac are the two…
This article is about Rebuilding Credit After Bankruptcy To Qualify For Mortgage Many folks who just went through bankruptcy have a goal that they will never obtain credit ever again. Everything they purchase will be purchased with cash. If they cannot afford it by paying it in full, they do not buy it This is…
This article is about Getting Pre-Approved For Mortgage Is First Step Of Home Buying Process In Illinois The mortgage process should not be difficult nor stressful as most first time home buyers believe. As long as you get a proper mortgage pre-approval, the overall mortgage application and underwriting process should not be difficult There is no…
This Article Is About The Mortgage Market Outlook On Mortgage Rates And Regulations 2018 was a great year for the housing and mortgage markets where it is clear and obvious that the housing market has made a major comeback. With the election of President Donald J. Trump, the economy and all economic news went viral…
This BLOG On Benefits Buying Smaller Home Versus Larger Homes Was UPDATED On April 16th, 2019 Buying a home is not like buying a car or other high ticket items. Unless buyers are real estate investors, chances are that if a person is buying a home, they intend in living there for several years, raise a…
How much should you offer when you know there are other interested buyers? Your lender will base your maximum loan amount on the appraised value or purchase price, whichever is lower. So you can’t offer more than the property value. If you can’t pay cash, get a preapproved mortgage and attach your approval to your offer….
This ARTICLE On Your Checklist To Qualify For A Mortgage To Start Mortgage Was PUBLISHED On October 8th, 2019 Congratulations, you’ve decided to buy a home! Buying a home is an intimidating process for many people for a variety of reasons, like figuring out your mortgage options. Mortgage requirements come with a costly learning curve….
This guide covers how to choose another lender after a mortgage application denied. There are options for borrowers when mortgage application denied by a lender. Home-buying can be a roller coaster of excitement, nervousness, and anticipation. All of those emotions are standard. However, when your mortgage application denied, a new breed of emotions takes over….
This BLOG On Mortgage Underwriters Role During Mortgage Process Was UPDATED On May 2nd, 2019 The mortgage underwriter is the most important person in the mortgage application and approval process. The most important person in the mortgage application and approval process, the underwriter, is the person borrowers will never talk to nor meet The mortgage…