In this blog, we will cover qualifying for non-QM jumbo mortgages for non-prime borrowers, self-employed borrowers, and homebuyers with low credit scores. Government and conventional loans have a maximum loan limit. The maximum loan limit depends on the individual loan program. Gustan Cho Associates now offers Non-QM jumbo mortgages for non-prime and self-employed borrowers with…
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…
This article delves into how mortgage underwriters view bank overdrafts and their implications for mortgage approval. Every financial aspect of a borrower’s life is scrutinized meticulously in mortgage lending. From credit scores to debt-to-income ratios, lenders aim to the risk associated with approving a mortgage loan. Bank overdrafts are often overlooked but significant aspects of…
This guide covers first time home buyer mortgage process on getting pre-approved and closed on a home. The first step for first time home buyer mortgage process is the pre-qualification and pre-approval step. The mortgage process does not have to be stressful. Most loans can close in 30 days or less. Understanding first time home…
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…
This guide covers community property states mortgage guidelines. Community Property States Mortgage Guidelines: Community property is derived from older Spanish law, which allows for a 50/50 split in any property owned by a married couple. This derives from the notion that maintaining equal ownership is essential to establishing a strong family unit, an important civil…
This guide covers the importance of home inspections during the home buying process. The importance of home inspections should be addressed to all homebuyers. A home inspection is not required by lenders. However, a home inspection is highly recommended. Home inspections also allow buyers to learn about the property’s systems and maintenance requirements. Inspectors often…
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…
In this blog, we will cover and discuss HUD guidelines on FHA streamline refinance mortgages. HUD guidelines on FHA streamline refinance mortgages is very simple and can be closed in two weeks: Here are the HUD Guidelines On FHA Streamline Requirements: No appraisal required No income verification is required so debt-to-income ratios do not matter…
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