In this article, we will discuss and cover outstanding collections and charge-off accounts guidelines on home mortgages. All Agency Guidelines on Collections And Charge-Off Accounts Guidelines On Home Mortgages state they do not have to be paid to qualify for a primary owner occupant home loan. HUD and VA have similar collections and charge-off account guidelines on FHA and VA loans. So do Fannie Mae and Freddie Mac Agency Guidelines on primary owner-occupant conventional loans. Many homebuyers will start preparing for mortgage months prior to applying by paying outstanding collections and/or ..read more

This BLOG On How To Raise Credit Scores To Qualify For Home Loans Was Written By Gustan Cho NMLS 873293 And UPDATED And PUBLISHED On March 1st, 2020 How To Raise Credit Scores To Qualify For Home Loans: Credit Scores are extremely important when it comes to qualifying for mortgages. On this blog, we will discuss ways on How To Raise Credit Scores To Qualify For Home Loans. Lenders need to analyze the following when it comes to qualifying borrowers and issuing pre-approvals: Mortgage Borrowers income: Qualified Income Mortgage Borrowers credit scores: Need to meet minimum credit score req ..read more

This article covers the home loan closing on purchase and refinance transactions. The home loan closing is the final step of the overall mortgage loan process. The closing is where ownership changes hands between home buyer and seller. In this article, we will cover the mortgage process leading to the home loan closing. We will also explain the road to the clear-to-close. We will explain the mortgage process from the role of the loan officer, processor, and underwriter and the importance of gathering complete updated documents so there is no delays on the home loan closing. The pre-approval st ..read more

This Article On Qualifying For Private Money Lending For Investment Properties Qualifying for private money lending is an alternative financing program that streamlines investment financing for non-occupant investment properties. It is asset-based and does not require all of the extensive paperwork a bank or commercial bank requires Traditional mortgage lenders will require good credit scores, two years of tax returns, bank statements, and other documents in order to close a mortgage loan However, with private money lending, lenders mainly consider the amount of down payment the property buye ..read more

This Article Is About Mortgage Denial Due To Overlays And Choosing No Overlay Lenders Over 75% of our borrowers at Gustan Cho Associates are folks who have been either denied or are stressed during the mortgage process. There is no reason why borrowers should get a mortgage denial after they have been issued a pre-approval. Mortgage Denial Due To Overlays is when borrowers meet agency guidelines but do not meet the particular lender overlays. Gustan Cho Associates is one of the very few national lenders with zero overlays on government and conventional loans. What Are Lender Overlays And Reaso ..read more

FHA condo guidelines have changed to benefit condominium homebuyers with an FHA loan. Condominium buyers who wanted to use an FHA loan had a hard time until recently due to the fact that HUD only allowed condos in a HUD-approved condo complex. More and more condo complexes are not renewing their annual Condo HUD certifications. For a condo complex to be HUD-approved per FHA condo guidelines,  the condo homeowners association needs to renew its certification every year. However, most warrantable condo complexes decide not to renew their annual condominium complex HUD certification because ..read more

This article is about Warrantable Versus NON-Warrantable Condo Mortgage Guidelines A condominium unit is an apartment that is individually owned by a private homeowner. There are differences between Warrantable and NON-Warrantable complexes The difference between Warrantable and NON-Warrantable units is that non-warrantable condos does not meet Fannie Mae and/or Freddie Mac Mortgage Guidelines In this article, we will cover and discuss what makes a condo a non-warrantable condominium. Difference Between Warrantable And Non-Warrantable Condominiums To be classified as warrantable, 51% or more ..read more

Important Paperwork Required For Mortgage Process This BLOG On Important Paperwork Required For Mortgage Process Was UPDATED On June 27th, 2018 There are certain paperwork required for mortgage process. The mortgage process starts when borrowers apply for a mortgage loan Mortgage applicants can click APPLY NOW and complete the 4 page mortgage application which is also known as the 1003 Once completing online mortgage loan application, a loan officer will get notified via email alert Loan officer will contact applicant verify the information Credit will be pulled and mortgage loan ap ..read more

This blog will cover homes for sale by owner versus homes listed with a realtor. There is no rule that homeowners need to hire a real estate agent to sell their homes. Many sellers think they can do their due diligence and get top dollar for their homes without the need to pay and hire a realtor. The real estate agent can guide a homeowner on how to price the home accordingly to get top dollar. Pricing a home too high in today’s market can backfire on the seller. What good is selling a home for top dollar and substantially higher than the market price if the buyer cannot get financing? Durin ..read more

Conventional loans require private mortgage insurance when the borrower’s equity in the home is less than 20%, which also means the down payment is less than 20% of the home’s purchase price. Once you’ve reached a certain level of equity in your home, you can cancel private mortgage insurance. In the following paragraphs, we  will cover the the general steps to cancel private mortgage insurance on conventional loans: Understand the Requirements of Private Mortgage Insurance Familiarize yourself with the specific requirements of your loan and the terms of your PMI. Different lenders may h ..read more