In this blog, we will be covering for homeowners how to buy a second home while owning first. We will cover some creative ways of keeping your first home and being able to affect a vacation home or investment home. owner-occupant primary home. Generally, most people will sell their home and buy a second home…
Homeowners with equity in their homes can do a cash-out refinance in Chapter 13 Bankruptcy repayment plan to buy out Chapter 13. Home prices have skyrocketed in the past four years. Home prices have gone up 43% nationwide. The coronavirus outbreak in 2020 did not make a dent in the housing market. While the housing…
This guide covers what is verification of rent required for a mortgage. Borrowers must have made all rental payments for the past 12 months timely—no 30-day late payments with any rental payments. If the borrower has paid their rental payments online, then 12 months of bank statements will be required to validate the verification of…
In this blog, we will cover and discuss how to qualify and how get FHA condominium loans approved. Condominiums are becoming increasingly popular. Many folks of all age groups are interested in condo living. Condominiums have condo homeowners associations. The condo HOA runs the exterior and common areas of the condominium community. What Does The…
The automated underwriting system (AUS) for mortgages is a sophisticated computer system used by mortgage lenders to see the results of the automated findings of FHA, VA, USDA, and/or conventional loans. The automated underwriting system takes in data entered by the loan officer and within seconds renders one of three automated findings: Approve/Eligible Refer/Eligible Refer…
In this article, we will cover qualifying for asset-depletion mortgage loans. We will go over what asset-depletion mortgage loans are and the qualification requirements. Asset-depletion loans are non-QM loans that use your assets versus traditional wages to calculate qualified income for a mortgage. Homebuyers do not need to be employed or have any source of…
In this guide on Gustan Cho Associates we will cover qualifying for FHA loans with collection accounts mortgage guidelines. HUD, the parent of FHA loans, is the most popular mortgage option for borrowers with bad credit. Outstanding collection accounts do not have to be paid to qualify for FHA loans. Also, outstanding charged-off accounts do…
In this guide on what is The Mortgage Loan Estimate, we will cover the loan estimate (LE) in general and detail each section of the LE. We will further cover the importance of the loan estimate and what borrowers need to pay attention to. Receiving a loan estimate is a required part of the mortgage…
In this article, we will cover the short sale process for home buyers and sellers. We will discuss some of the common frequently asked questions about the short sale process for both buyers and sellers. Both buyers and sellers will need to realize the short sale process of a home does take time. Both buyers…
In this article, we will cover credit scores increased during underwriting process. If credit scores increased during underwriting process, the borrowers could lock the loan with the higher credit score. One of the frequently asked questions at Gustan Cho Associates is will I get a lower rate if credit scores increased during underwriting process? Credit…
This Article On Guidelines And Tips On Qualifying For Mortgage After Short Sale Qualifying For Mortgage After Short Sale requires mandatory waiting period after short sale on government and conventional loans. Gustan Cho Associates has non-qm loans where there is no waiting period to qualify for mortgage after short sale. A short sale is when a…
In this guide on boosting credit scores with instant credit, we will cover the fastest way on how to boosting credit scores with instant credit for qualifying for a mortgage. The team at Gustan Cho Associates are experts on how to boost credit score scores with instant credit to qualify for a mortgage. There are…
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