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…
In this blog, we will cover working two full-time jobs to qualify for mortgage. The 2008 Real Estate And Financial Meltdown affected millions of hard-working Americans. Countless self-employed business owners were forced to shut down the businesses they had had for many years. Millions of hard-working Americans have lost the jobs and careers they have…
This BLOG On Investor Lender Overlays And How It Prevents Getting Mortgage Approval Was UPDATED On April 26th, 2019 Home buyers need to qualify for a mortgage before they can go shop for a home. Almost all realtors will require a pre-approval before showing a home buyer a home Some realtors will even go to…
This BLOG On How Do Underwriters View Commission Income For 1099 Wage Earners Was UPDATED On April 28th, 2019 Just because a person is employed and is a wage earner does not mean that the income they earn will be taken as income in qualifying for a mortgage loan. There are strict rules and regulations as…
In this article, we will cover and discuss qualifying for a mortgage with collection accounts. If you are a longtime reader of Gustan Cho Associates Inc, you are more than likely familiar with collection accounts. In this blog, we will detail how a collection account will affect your mortgage qualifications. We will also discuss how…
This BLOG On Switching Employment During Mortgage Approval Process Was UPDATED On January 31st, 2019 Income and employment is probably the most important factor, along with credit, in the mortgage approval process. Mortgage lenders want to be assured borrowers have a stable income and stable employment Lenders need to be assured that income will likely continue…
This Article Is About Home Loans With Under 600 Credit Scores Gustan Cho Associates are experts in helping borrowers qualify for Home Loans With Under 600 Credit Scores. Most mortgage lenders require a 640 FICO credit score on FHA Loans. For example, to qualify for a 3.5% down payment home purchase FHA loan, the borrower…
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