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…
In this blog, we will cover and explain VA overlays imposed by mortgage lenders on VA home loans. VA loans are the best mortgage loan program in the United States. No other owner-occupant primary home loans come close to the benefits of VA loans. Private lenders offer VA loans at 100% financing where no down…
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…
In this article, we will cover and discuss qualifying for VA loans with 580 credit scores. Active duty and retired eligible veterans with a VA certificate of eligibility do not realize that they can get qualified for VA loans with 580 credit scores. Actually, the U.S. Department of Veteran Affairs has no minimum credit score…
In this article, we will cover and discuss the VA minimum credit score requirements to qualify for VA loans. The United States Department of Veterans Affairs (Referred to as The VA), has created and launched the VA Home Loan Program for our men and women of the United States Armed Services. Veterans of the United…
This guide covers how soon can I qualify for a mortgage after bankruptcy. If you follow Gustan Cho Associates regularly, you know we are experts in mortgage lending surrounding bankruptcies. Gustan Cho Associates offers all of our mortgage products without additional LENDER OVERLAYS. This allows us to finance mortgage loans in an active Chapter 13…
In this article, we will cover HUD Chapter 13 Bankruptcy Guidelines on FHA loans, HUD, the parent of the Federal Housing Administration (FHA) is one of two mortgage loan programs that allow borrowers to qualify for home loans during Chapter 13 Bankruptcy repayment plan. You do not have to have the Chapter 13 Bankruptcy discharged…
This Article Is About 15 Year Versus 30 Year Fixed Rate Mortgage Loans Mortgage borrowers have a choice between 15-year and 30 year fixed rate mortgage loans. All mortgage loan programs have the option of 15 Year and/or 30 Year Fixed Rate Mortgage Loans 15 year home loans mean higher monthly housing payments due to…
This ARTICLE On How Stock Market Affects Mortgage Rates And Housing Markets Was PUBLISHED On February 27th, 2020 How Stock Market Affects Mortgage Rates And Housing Markets and should homebuyers panic? The Trump economy has been booming since President Trump took office The Dow Jones Industrial Average and all other market indices have been hitting…
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…
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…
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…
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…
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…
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…