In this article, we will cover the frequently asked question by homebuyers on how do mortgage underwriters calculate income when processing and underwriting a mortgage loan? Credit and income are the top two determinants for mortgage lenders in assessing risk. Mortgage lenders view credit scores and payment history because of the past as a good…
This guide covers the fastest and easiest way to increase credit scores to get the best mortgage rates. We get countless calls from our viewers at Gustan Cho Associates asking about the fastest and easiest way to increase credit scores. Credit scores fluctuate depending on the activity on consumer credit reports. The team at Gustan…
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…
In this guide on buying a house and getting approved for a mortgage with under 620 credit scores, we will cover qualifying for a home mortgage with lower credit scores. There are minimum credit score requirements to qualify for a mortgage loan. Although there are many credit factors that need to be met by a…
In this guide, we will be covering the commonly refinance FAQ. There are many refinance mortgage loan programs such as rate and term, cash-out refinance, FHA and VA streamline refinance, reverse mortgages, refinancing non-QM loans to the traditional government and/or conventional loans, refinance FHA to conventional, and refinancing to get co-borrowers out of the mortgage….
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