In this blog, we will be covering a common frequently asked question: can a 500 credit score get a VA home loan? The team at Gustan Cho Associates are experts in VA loans with low credit scores. One of the most popular loan programs we help borrowers with is VA and FHA loans with credit…
In this guide on how the mortgage process work, we will cover the steps of the mortgage from the mortgage loan application to closing on traditional and non-QM loans. The overall non-QM mortgage process on non-prime loans is similar to traditional conforming mortgages. The mortgage process can be different among the various wholesale lenders. However,…
In this blog, we will cover how to get a VA loan with a credit score under 600 FICO. Many borrowers often get denied by mortgage lenders on VA loans due to low credit scores. Most mortgage lenders will require a minimum of a 620 credit score on VA loans. Other lenders will require a…
In this blog, we will cover and discuss the meaning of the buyers market versus the sellers market in real estate. The team at Gustan Cho Associates has been following the housing market for over a decade, and we are in some unprecedented times. In this blog, we will give our readers an update on…
One critical document in buying or selling a home is the Closing Disclosure (CD). The CD is a vital piece of paperwork that outlines the specifics of your mortgage arrangement, providing transparency and clarity to ensure a smooth closing process. In this comprehensive guide, we’ll delve into the intricacies of the Closing Disclosure, exploring its…
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 a move with significant implications for the housing market, FHFA increases conventional loan limits in 2024. This decision comes amid evolving market conditions and aims to provide homebuyers with greater access to financing. Understanding these changes is crucial for prospective borrowers seeking to navigate the mortgage landscape effectively. Learn more about FHFA increases conventional…
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….
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