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…
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…
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 Conventional Loan With Collection Accounts in 2024? If you’re worried about collection accounts and qualifying for a conventional loan, you’re not alone. Many homebuyers—especially first-time buyers—believe you need flawless credit and no collection accounts to qualify for a mortgage. Fortunately, that’s not the case! Eligibility for a conventional loan is possible…
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…
In this blog, we will discuss and cover How The Federal Reserve Affects Mortgage Rates. If you pay attention to the news, you have heard quite a bit about the Federal Reserve over the past few years. You have probably heard terms such as transitory or permanent. The Fed Chair Jerome Powell is on record…
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 solutions to high DTI mortgage lending guidelines. We will discuss finding creative solutions to high DTI. Home borrowers with high debt-to-income ratios can find creative solutions to high DTI. The debt-to-income ratio is one of the major reasons why mortgage borrowers cannot qualify for a home loan. The debt-to-income ratio is calculated…
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…
This guide covers FHA approved condos and HUD condo guidelines. Condominiums are becoming more popular for first-time homebuyers, seniors, millennials, and those who are hardly at home. FHA loans are the most popular home mortgage program in the United States. However, until recently, condo buyers could only purchase FHA approved condos. HUD re-launched FHA spot…
Many people have heard Fannie Mae and Freddie Mac. Both Fannie Mae and Freddie Mac are the two mortgage giants that purchase home loans from mortgage companies They then package them up and resell them to the secondary market as Mortgage Backed Securities also referred to as MBS Many folks wonder whether Fannie Mae and Freddie Mac…