In this blog, we will cover and discuss how to calculate debt-to-income ratio on mortgage loans. There are two types of debt-to-income ratios when it comes to debt to ratio requirements. The first is front-end debt-to-income ratios and the second is back-end debt-to-income ratios. Front-End and Back-End Debt-To-Income Ratio The front-end debt-to-income ratio is also…
This guide is about how to get mortgage approved with judgment. Judgments are one of the worst things you can have on your credit report. Most creditors are reluctant in granting credit to loan applicants who have unsatisfied judgments. A judgment creditor can enforce a civil judgment by garnishing wages or attaching liens to assets. However, most…
In this blog, we will cover and discuss bank statement mortgages for self-employed borrowers. In the past, self-employed borrowers always had an issue qualifying for mortgage loans to qualify for traditional mortgage loans. Self-employed borrowers have the benefit of writing off more than the average W2 income wage earner unreimbursed business expenses. Bank Statement Mortgage…
In this article, we will cover and discuss the closing costs on house purchase and refinance transactions. Home buyers need to worry about the down payment and closing costs on house purchase when it comes to a home purchase. The down payment is normally 3.5% for FHA-insured mortgage loans. Down Payment Versus Closing Costs on…
In this blog, we will cover and discuss mortgage loans for recent college graduates. If you have recently graduated from college and have no employment history, you might assume that you are unable to secure a home mortgage loan. This may have been true in the past. Student debt and lack of work history was…
In this blog, we will cover and discuss what can be used as income for a mortgage. Other income such as overtime, part-time, bonus, tip, or other income refers to extra income or non-traditional income that what can be used as income for a mortgage. Besides the full-time that you earn, non-traditional income can be…
In this blog, we will cover how The Closing Disclosure Was Replaced By the HUD-1 Settlement Statement. Consumers and Mortgage Industry Professionals are getting ready for the CFPB to launch the new The Closing Disclosure Was Replaced By the HUD-1 Settlement Statement effective on October 3rd, 2015. Right, when everyone thought that we were done…
In this article, we will cover and discuss the types of home ownership to hold title to real estate. We will cover the most common types of home ownership homebuyers should hold the title to their home purchase. There are several different types of home ownership and how to hold the title to a home….
In this blog, we will cover and discuss what refer/eligible per automated findings means on government and conventional loans. One of the most FAQs we get at Gustan Cho Associates is What If You Get A Refer/Eligible Per Automated Findings? If you get a refer/eligible per automated findings of the automated underwriting system findings, the…
This article aims to thoroughly understand both Foreign National and ITIN mortgage loans, outlining their requirements, benefits, and key considerations. Navigating the U.S. real estate market as a non-resident can take time and effort, especially when securing financing. Foreign nationals and individuals with Individual Taxpayer Identification Numbers (ITINs) often face unique challenges when seeking mortgage…
Seller concessions are vital in real estate transactions, particularly in a buyer’s market where sellers aim to make their properties more attractive to potential buyers. These concessions, often used to cover a buyer’s closing costs, can facilitate a smoother and more financially viable transaction for both parties. This article explores the concept of seller concessions,…
VA loan limits for most counties in the United States were tied to the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The FHFA announced that the conforming loan limit for most of the country would be $726,200 for a single-family home. However, there were higher limits for certain high-cost areas. These…
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