In this article, we will be covering the verification of rent guidelines on manual underwrites. FHA and VA loans are the only two mortgage loan programs that allow manual underwriting. Generally, one of the mandatory requirements on all manual underwriting is rental rent is required. Gustan Cho Associates can waive the rental verification requirement on…
In this article, we will cover Fannie Mae guidelines on mortgage included in Bankruptcy. We will discuss what having a prior mortgage included in bankruptcy means for the waiting period requirements to qualify for a conventional loan. What is the waiting period start date? Is it the date of the housing event or the discharge…
One of the frequently asked questions is can I qualify for a mortgage after filing Chapter 13 Bankruptcy without being discharged? A Chapter 13 Bankruptcy is normally a five-year debt restructuring plan under the direction of the U.S. Bankruptcy Courts. This is a long period of time to wait to purchase a house during a…
Buying a car may affect mortgage approval for potential homebuyers. Many homebuyers often do not think about how buying a car may affect mortgage approval. To many, it is common sense to buy a car first before buying a house. Unfortunately, buying a car may affect mortgage approval and limit how much house you can…
The U.S. government created and implement VA loans to reward active-duty and retired members of the U.S. Military to show their appreciation of serving our country. Only U.S. Armed Services veterans who meet the VA Eligibility Guidelines And Requirements can qualify to obtain a Certificate of Eligibility (COE) You need a valid COE to meet…
In this blog will discuss qualifying for an FHA loan with bad credit. FHA loans are the most popular mortgage loan program for borrowers with bad credit, first-time homebuyers with no credit, borrowers with high debt-to-income ratio, recent college graduates, and borrowers with low credit scores. This article will cover qualifying for FHA loans with…
This VA home loan guide will cover qualifying for a VA loan with bad credit. VA loans are the best mortgage loan program for owner-occupant homes. One of the greatest benefits a Veteran of the United States Armed Services can get by serving our country is to be eligible for a VA loan. The VA…
Emerging from Chapter 13 bankruptcy can be a challenging but transformative journey. Federal Housing Administration (FHA) loans provide a viable path forward for individuals eager to embark on homeownership. This comprehensive guide will delve into the FHA guidelines for obtaining a home loan after Chapter 13 bankruptcy, exploring the eligibility criteria, waiting periods, and steps…
If you’ve ever dreamt of owning a piece of paradise in the Caribbean, Puerto Rico may be your perfect destination. Buying a house in Puerto Rico is an attractive proposition with its stunning beaches, rich cultural heritage, and thriving real estate market. It is becoming increasingly popular among Americans in the mainland United States. Many…
In this blog, we will cover and discuss condotel and non-warrantable condo loans. We will also be discussing will the process of obtaining a mortgage loan for a condotel property. Buyers looking for a condotel property and non-warrantable condos and needing to qualify for condotel and non-warrantable condo loans will typically run into problems when…
In this blog, we will cover buying a home in North Carolina with bad credit. Buying a home is a significant milestone in life, and it’s one that many people aspire to achieve. However, when you have poor credit, it can feel like an uphill battle. The good news is that buying a home in…
In this blog, we will cover and discuss Renovation Mortgage Loans for purchase and refinance transactions. Today we will be covering FHA, VA, and Conventional Renovation Mortgage Loans. What Are Renovation Mortgage Loans? In this section of this guide to renovation mortgage loans, we will be discussing what are renovation mortgage loans and how the…
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