Apply Now In this article, we will cover FHA manual underwriting DTI guidelines on FHA loans. FHA and VA loans are the only two mortgage loan programs that allow manual underwriting on home mortgages. Manual Underwriting is when a human mortgage underwriter will underwrite a file if the file renders a refer/eligible per automated underwriting…
Get a Fast Quote: Click Here In this article, we will cover and discuss qualifying for a mortgage with a high debt-to-income ratio. Calculating the debt-to-income ratio is what tells the mortgage underwriter whether you can afford your new mortgage payments. Mortgage lenders want to make sure the borrower has the ability to repay the…
In this blog, we will discuss and cover the minimum FHA credit requirements per HUD guidelines to get approve/eligible per the automated underwriting system (AUS). FHA loans are the most popular mortgage loan option for first-time homebuyers with little to no credit tradelines, borrowers with low credit scores, high debt-to-income ratios, and borrowers with…
Apply Now This Article Is About Manual Underwriting Guidelines With Late Payments: FHA and VA loans are the only two mortgage loan programs that allow for manual underwriting. Manual underwriting is when a borrower cannot get an approve/eligible per automated underwriting system. The file needs to be manually underwritten to a human underwriter. The borrower’s…
This guide covers mortgage and real estate market updates for 2024. In 2023, the market faces some headwinds due to high-interest rates, low inventory, high inflation, and economic uncertainty. This blog post will summarize key trends and challenges you need to know and list tips on adapting to the situation. Rising interest rates are the…
This article will cover the difference between mortgage brokers and lenders. Should I use mortgage brokers versus lenders to get the best rates and terms when buying a house? Dale Elenteny of Gustan Cho Associates suggests the pros and cons of using mortgage brokers versus lenders and will answer the frequently asked question about the…
In this blog, we will discuss getting denied for a mortgage after conditional approval. Can borrowers get denied for a mortgage after conditional approval? There is no guarantee in the mortgage world that a deal will close until it has been closed and funded. There is no reason why borrowers cannot close on their pre-approvals….
This article covers buying a house and qualifying for a mortgage after bankruptcy and foreclosure. The mortgage industry underwent a major overhaul after the 2008 real estate and mortgage meltdown. The NMLS was created after implementing the SAFE Act and the New Banking Regulations. The Dodd-Frank Act was passed, and the mortgage industry would never…
This blog will cover how lenders price mortgage rates versus credit scores. All mortgage companies will price mortgage rates versus credit scores. The higher a borrower’s credit scores are, the less risky the borrower is. This is how lenders view borrowers with higher credit scores. There is a pricing adjustment on mortgage rates versus credit…
In this blog, we will cover and discuss buying down interest rates with discount points on mortgage loans. Lenders will charge higher mortgage rates to those seeking a home loan with bad credit, especially for conventional mortgage programs. Conventional mortgage programs are extremely credit-sensitive. Credit Scores Versus Pricing on Mortgage Rates The minimum credit score…
This article will discuss the steps of getting approved for a home loan with late payments after bankruptcy. Qualifying for a Home Loan With Late Payments After Bankruptcy will be difficult for many lenders. Gustan Cho Associates has helped countless folks with late payments after bankruptcy qualify for mortgage loans. The impact of the 2008…
Apply Now This blog will cover qualifying for a home loan after loan modification mortgage guidelines. A loan modification is when the current lender restructures the homeowner’s current mortgage loan to make it affordable for homeowners and avoid foreclosure. There are various ways of modifying a mortgage. The delinquent payments of the mortgage payments…
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