What happens if you get a refer eligible versus approve eligible in the automated underwriting system? A refer eligible versus approve eligible means the automated underwriting system (AUS) cannot the eligibility of the borrowers. Refer eligible versus approve eligible means the file can be approved but needs to be manually underwritten. The AUS is signaling…
In this guide on FHA manual underwriting, we will cover the manual underwriting guidelines on FHA loans and the eligibility requirements. FHA Manual Underwriting Guidelines apply for borrowers who cannot get approve/eligible per AUS. Borrowers who get referred/eligible per Automated Underwriting System may be able to qualify for manual underwriting. What Does Refer/Eligible per AUS Mean in…
One of the most common questions the team at Gustan Cho Associates often get is Do All Lenders Have The Same VA Credit Score Guidelines? VA home loans offer a valuable advantage for eligible veterans and service members, offering the chance to become homeowners under favorable terms and conditions. However, regarding VA credit score guidelines…
In this blog, we will be talking about how interest rates affect the housing markets. The team at Gustan Cho Associates is constantly monitoring the health of the mortgage market. If you have been following the news, there have been many recent updates surrounding the housing market and the overall financial markets. In this blog,…
This guide covers the difference between mortgage agency guidelines versus overlays on home loans: Many mortgage borrowers ask, “What are mortgage agency guidelines versus overlays. ” There are two types of mortgage agency guidelines versus overlays. The federal mortgage guidelines are implemented by the various mortgage loan programs such as FHA, VA, USDA, Fannie Mae,…
This Article Is About Steps On How To Avoid Mortgage Denial During The Loan Process There is no reason for a borrower to get a mortgage denial after they have been pre-approved. We are going to cover steps to avoid a mortgage denial. A mortgage denial can be an incredibly costly process, financially and emotionally….
This guide covers the loan-level pricing adjustments of mortgage rates with low credit scores. Borrowers will get higher mortgage rates with low credit scores. Lenders will hit borrowers with higher mortgage rates with low credit scores. There are no prior adjustments for prior bad credit, late payments, bankruptcy, or foreclosure. On government loans, credit scores…
In this blog, we will cover and discuss 9 reasons why to buy a townhouse for first-time homebuyers. Homebuyers often compare buying townhouses versus single-family homes. There are many benefits of buying a townhouse versus single-family homes. Many first-time homebuyers automatically believe that buying a townhouse is cheaper than buying a single-family home This may…
This article will cover buying a house in Alaska with bad credit and low FICO credit scores. Are you looking to buy property in one of the most stunning landscapes with open wilderness in the United States and don’t mind the cold weather? If so, you should check out Alaska! Here is the thing, not…
This article will cover getting approved for a mortgage after timeshare foreclosure with no waiting period requirements. A timeshare foreclosure is not a real estate foreclosure. Timeshare loans are classified as installment loans and NOT real estate loans. Therefore, there are no waiting period requirements after a timeshare foreclosure. Here are the points we will…
This blog will cover no waiting period after foreclosure with non-QM loans. Prior homeowners who went through a foreclosure, a deed-in-lieu of foreclosure, or a short sale can have a second chance to realize the American Dream of Home Ownership become a reality through non-QM loans. Non-QM loans are alternative financing mortgage options for…
Suppose you’re a real estate investor or looking to finance multiple properties. You may have heard of Fannie Mae 5-10 financed properties guidelines in that case. These guidelines limit the number of financed properties an individual can have when applying for a new mortgage through Fannie Mae. In this article, we will cover and discuss…
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