This ARTICLE On Conventional Mortgage Guidelines Versus Other Loan Programs Was PUBLISHED On February 28th, 2020 Conventional Mortgage Guidelines Versus Other Loan Programs and tips for qualifying and getting a mortgage approval: Many blog posts written by Gustan Cho Associates educate our readers on FHA and VA mortgages In this blog, we are going to…
This Article Is About Importance Solid Pre-Approval Letter On Home Purchase The Importance Of A Solid Pre-Approval Letter By The Loan Officer: The pre-approval phase of the mortgage process is the most important step. The number one reason for a last-minute mortgage loan denial or stress during the mortgage process is that the loan officer…
In this blog, we will discuss and cover FHA guidelines on bad credit on home purchase and refinance. HUD, the parent of FHA, has the most lenient mortgage guidelines when it comes to home loan borrowers with bad credit. FHA Guidelines On Bad Credit do not require borrowers to pay off the outstanding collection and…
This article is about Conventional Loan Waiting Period After Housing Event And Bankruptcy Conventional Loan Waiting Period Explained There are Conventional Loan Waiting Period requirements after bankruptcy, foreclosure, deed in lieu of foreclosure, and short sale. Fannie Mae and Freddie Mac are the two mortgage giants that make up the conventional mortgage lending guidelines Fannie…
This BLOG On Fannie Mae Waiting Period After DIL And Short Sale Was UPDATED On February 6th, 2019 A deed in lieu of foreclosure (DIL)is an alternative to foreclosure. DIL is when the homeowner and the lender come to an agreement where the homeowner will surrender the title and the keys to their home in lieu…
This BREAKING NEWS ARTICLE On Suburban Housing Boom Leaves Cities Scrambling To Meet Deficit Suburban Housing Boom may be the new way for the future. More and more first-time homebuyers prefer buying their homes in the suburbs than in the city Never in history has the out-migration numbers of people moving out of Chicago been…
There are many reasons to refinance your mortgage loan. Refinancing from an FHA mortgage into a conventional loan is a very common practice This is a great opportunity to stop paying mortgage insurance and lower your monthly mortgage obligation This time will go down in history with some of the lowest interest rates ever seen…
This Article Is About Verification Of Employment For Mortgage To Determine Qualified Income Employment, income, and credit are the most important factors in qualifying for a mortgage. Only qualified income can be used as income by lenders. All income need to be sourced and meet agency guidelines standards. Cash income is non-existent in the mortgage…
This ARTICLE Is About Wealthy Illinoisans Fleeing State To Lower Taxed States Wealthy Illinoisans Fleeing State To Lower Taxed States than any other states in the nation: High Illinois taxes are forcing Wealthy Illinoisans Fleeing State To Lower Taxed States than any other state in the nation Illinois Governor J.B. Pritzker’s proposed progressive tax is…
Loan Programs With No Waiting Period After Bankruptcy Was UPDATED On January 4th, 2019 HUD has a mandatory waiting period after bankruptcy and foreclosure. Loan Programs With No Waiting Period After Bankruptcy and Foreclosure is offered by Gustan Cho Associates. These loan programs are called NON-QM Loans. Currently, the waiting period is two years from…
This Article Is About Special Mortgage Loan Programs After Loan Denial By Lender There are times where borrowers go through stress during the mortgage process or get a last-minute loan denial. What do you do? Look for another lender? Give up? There are solutions for quick mortgage approval and fast closing. There are lenders who…
This Article Is About The VA Maximum DTI Guidelines On VA Home Mortgages All government and conventional loan programs have minimum credit score requirements and debt to income ratio requirements with the exception of VA Mortgages. VA loans have lenient agency mortgage guidelines. The U.S. government realizes veterans have lower credit profiles than their civilian…
This Article Is About Buying A Single-Family Home Versus Other Types Of Homes For First-Time Homebuyers Buying A Single-Family Home versus condos and/or townhomes are more popular among first-time homebuyers. Most home buyers want to have privacy as homeowners. Buying a single-family home offers a private yard and a distance between neighbors. Other homebuyers want…
This ARTICLE Is About The Main Factors That Impact The Value Of A Home The Main Factors That Impact The Value Of A Home that affects home values is location. There are other factors that affect home values but the location is by far has the biggest impact on home prices. Home values on homes…
In this blog, we will cover and discuss origination fees and discount points on mortgage loans. In the following paragraphs, we will discuss and cover understanding origination fees and discount points on mortgage loans. Gustan Cho Associates offer highly competitive mortgage options without LENDER OVERLAYS. We have no additional guidelines on our Conventional, FHA and…