In this blog, we will cover and discuss the FHA 203k loan eligibility requirements and guidelines. The United States Department of Housing and Urban Development, also known as HUD, is the parent of the Federal Housing Administration, also referred to as FHA. FHA Loans are the most popular mortgage loan program in the United States….
In this blog, we’ll delve into Chapter 13 home loan guidelines on FHA and VA Mortgages. Navigating the world of home loans can be daunting, especially if you have a Chapter 13 bankruptcy in your financial history. However, despite past financial struggles, both Federal Housing Administration (FHA) and Veterans Affairs (VA) loans provide potential pathways…
In this article, we will cover VA loans with under 580 credit scores mortgage guidelines. Homebuyers do have the opportunity for VA loans with under 580 credit scores. VA mortgage loans do not have a minimum credit score requirement nor do they possess a maximum debt-to-income ratio limit as long as the borrower can get…
This guide covers high debt-to-income ratio mortgage solutions for borrowers. Debt-to-income ratio and credit is the two most important factors in the mortgage approval process. The debt-to-income ratio is calculated by adding the total minimum monthly payments and dividing it by the mortgage borrower’s monthly gross income. For example, let’s take a case study on…
In this blog, we will cover and discuss adding credit tradelines to qualify for mortgage by boosting credit scores. Many homebuyers go to their banks and other lenders to be told that they do not qualify for mortgage. This is because they do not have three credit tradelines or their scores are not high enough…
This guide covers the down payment requirement for FHA home purchase in Illinois. Homebuyers in Illinois need less money to bring to closing than any other states on a home purchase. Illinois property taxes are paid in arrears so the seller needs to give a property tax proration credit to homebuyers. Property taxes in Illinois…
Cash-to-close means the cash required by the homebuyer to bring in to closing on a home purchase. Mortgage guidelines state that only verified funds can be used for the purchase or refinance of a home mortgage. All funds used in the mortgage process need to be documented. Cash money is non-existent in the mortgage industry….
This Article Is About Home Mortgage Credit Score Requirements And Guidelines If you are contemplating applying for a mortgage, there are some basic qualifications you need to be aware of. One of the main driving factors of mortgage qualifications is your credit score. A credit score is easy to damage and difficult to fix. In…
This Article Is About Qualifying For Mortgage After Debt Settlement Versus Bankruptcy Many consumers are under the understanding that bankruptcy is the end of them ever getting credit and/or a mortgage. This is not true. Bankruptcy is a federal law that enables consumers to get their debts discharged and/or restructured so they can get a…
In this blog post, we’ll explore the process of achieving a clear-to-close mortgage and the timeline from the initial loan application to this critical stage. But what exactly does “clear-to-close” mean in the mortgage realm? A clear-to-close mortgage (CTC) represents the culmination of the mortgage process. It’s the point at which the mortgage lender has…
This Article Is About Qualifying For A Mortgage After Temporary Unemployment Gustan Cho Associates gets dozens call daily about Qualifying For A Mortgage After Temporary Unemployment. Millions of American workers got temporarily laid off after the coronavirus outbreak in February 2020 Over 50 million Americans filed for unemployment Unemployment peaked to over 15 unemployment rate…
In this article, we will cover and discuss getting pre-approved before shopping for a home. No two homebuyers have the same credit score and financial profile. You have first-time homebuyers with great credit, bad credit, no credit, prior bankruptcy and/or foreclosure, late payments, high debt-to-income ratio, collections, and charge offs. Because not everyone knows where…
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