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…
Apply Now This article will cover going through credit repair to qualify for mortgage. Is going through credit repair to qualify for mortgage recommended? Consumers’ credit scores determine whether or not they qualify for a particular mortgage loan program. There are minimum credit score requirements for all loan programs. To qualify for a 3.5% down…
This article will cover FHA guidelines on employment gaps and job seasoning requirements once borrowers return to work. FHA guidelines on employment gaps allow gaps in employment to qualify for FHA loans. One of the questions asked by lenders is two-year employment history. Most mortgage lenders require borrowers employed for two years in the same…
Can you qualify for FHA loans with charge-offs? Do you have to pay charge-offs to qualify for FHA loans with charge-offs? One of the most common questions is, do you have to pay a charge-off to qualify for FHA loans with charge-offs? Per HUD agency guidelines, borrowers can qualify for FHA loans with charge-offs and…
The FHA minimum credit score requirements to get mortgage approval on FHA loans is 500 FICO. One of the most common questions I have been getting recently from my viewers is what are FHA Minimum Credit Score Requirements to qualify for an FHA loan with a 3.5% down payment. Many folks who contact me are…
FHA Jumbo Loans are FHA loans that has a higher loan limit than the standard FHA loan limit in low-cost areas. FHA Jumbo Loans, often referred to as FHA High-Balance Loans, is no different than the standard FHA loan in low-cost counties. The only difference between FHA High-Balance Jumbo Loans versus standard FHA loans in…
In this article, we will discuss and cover updated HUD mortgage guidelines on home purchase FHA loans. The economy is on a fast-paced economic recovery after the coronavirus outbreak in February 2020. The housing market is booming like never before. Home prices are skyrocketing and both the FHFA and HUD has increased loan limits on…
This Article Is About Government-Backed Loans for first-time homebuyers. Most people do not want too much government. However, when it comes to government-backed loans, everyone is all for it. Government-backed loans are ideal for first-time homebuyers because it requires little to no down payment plus has lenient mortgage guidelines. In the following paragraphs, we will…
Getting a mortgage after a divorce is inevitable. One person will be awarded the house. The person who is awarded the house will want to have the mortgage just under their name. The same goes for the ex-spouse who has relinquished their rights to the home. They will not want to have any liabilities because…
In this article, we will cover the FHA Underwriting Guidelines on home purchase and refinance transactions. In this paragraph, we will cover what are FHA underwriting guidelines. FHA Underwriting Guidelines are rules and regulations lenders need to follow on every mortgage loan application in order for that FHA Loan to be insured. HUD, the parent…
DTI manual underwriting guidelines on FHA and VA loans are similar. FHA and VA loans are the only two loan programs that allow manual underwriting on home mortgages. Many people are often confused about the differences between manual underwriting and automated underwriting system (AUS) approved files. Manual and AUS-approved underwriting is the same. However, with…
In this article, we will cover and discuss getting approved for FHA loans with collection accounts. Home Buyers who are looking to get qualified for a purchase mortgage loan or a refinance mortgage loan can qualify for FHA loans with collection accounts without having to pay outstanding collections and charge-offs. HUD Guidelines state that borrowers can…
This Article Is About Multiple FHA Loans At Same Time Mortgage Guidelines FHA loans are the second most popular loan program in the United States next to conventional loans. HUD, the parent of FHA, has more lenient mortgage lending guidelines than Fannie Mae and/or Freddie Mac. FHA loans have great benefits for first-time homebuyers, borrowers…
In this article, we will cover comparing the benefits of conventional versus FHA loans. Conventional and FHA loans are the two most popular mortgage loan options in the nation. Many folks, especially first-time homebuyers, do not realize which loan program is best for them. As far as they are concerned, a mortgage is a mortgage…
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…