In this blog, we will cover and discuss mortgage loans for recent college graduates. If you have recently graduated from college and have no employment history, you might assume that you are unable to secure a home mortgage loan. This may have been true in the past. Student debt and lack of work history was…
In this blog, we will cover how The Closing Disclosure Was Replaced By the HUD-1 Settlement Statement. Consumers and Mortgage Industry Professionals are getting ready for the CFPB to launch the new The Closing Disclosure Was Replaced By the HUD-1 Settlement Statement effective on October 3rd, 2015. Right, when everyone thought that we were done…
In this blog, we will cover and discuss what refer/eligible per automated findings means on government and conventional loans. One of the most FAQs we get at Gustan Cho Associates is What If You Get A Refer/Eligible Per Automated Findings? If you get a refer/eligible per automated findings of the automated underwriting system findings, the…
Seller concessions are vital in real estate transactions, particularly in a buyer’s market where sellers aim to make their properties more attractive to potential buyers. These concessions, often used to cover a buyer’s closing costs, can facilitate a smoother and more financially viable transaction for both parties. This article explores the concept of seller concessions,…
VA loan limits for most counties in the United States were tied to the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The FHFA announced that the conforming loan limit for most of the country would be $726,200 for a single-family home. However, there were higher limits for certain high-cost areas. These…
In this mortgage guide, we will cover qualifying for a mortgage with amended income tax returns. There are instances where consumers may write more off on their income tax returns and regret it because they need to qualify for a mortgage after the fact. So what do you do to retract the mass unreimbursed business…
In this article, we will discuss and cover the upfront fees during mortgage application process. The mortgage application process starts when pre-approved borrowers get a real estate purchase contract. Or if borrowers are homeowners, they give the mortgage loan originator the heads up to start the refinance mortgage process. The mortgage loan originator will send out…
This ARTICLE Is About HUD Self-Employment Guidelines On FHA Home Loans HUD Self-Employment Guidelines allow self-employed borrowers to qualify for FHA loans. The borrower needs to have been self-employed for the past two years. Income and employment are one of the most important factors when qualifying for a mortgage. Lenders want to see and believe…
This Article Is About Verifications Required By Lenders During The Mortgage Process There are multiple verifications required by lenders during the mortgage application and approval process. With all the mortgage guidelines put in place after the real estate crash of 2008, mortgage lenders must complete numerous verifications to approve a borrower for a mortgage loan….
This Article Is About Mortgage Guidelines After Foreclosure To Qualify For Home Purchase Mortgage borrowers can qualify for a mortgage after a housing event. A housing event is a foreclosure, deed in lieu of foreclosure, or short sale. Every loan program has its own waiting period requirements after a housing event. The waiting period start…
This Article Is About The Waiting Period After Foreclosure To Qualify For Mortgage For those who are planning on buying a new home and qualifying for a new residential mortgage loan but have prior foreclosure, deed in lieu of foreclosure, short sale, and/or bankruptcy, there is a mandatory Waiting Period After Foreclosure To Qualify For…
In this blog, we’ll delve into Chapter 13 home loan guidelines on FHA and VA Mortgages. Navigating the world of home loans can be daunting, especially if you have a Chapter 13 bankruptcy in your financial history. However, despite past financial struggles, both Federal Housing Administration (FHA) and Veterans Affairs (VA) loans provide potential pathways…
Call Now 