This guide covers how to raise credit scores to qualify for mortgage at the best rates. Many home buyers ask how to raise credit scores to qualify for mortgage? Borrowers need a specific minimum credit score to qualify for a mortgage. For example, the minimum credit score requirements to qualify for mortgage loan programs are…
This ARTICLE On How To Become A Private Money Investor And Lender Chicago Was PUBLISHED On April 5th, 2024. Investors who are looking to diversify their investment portfolio outside of stocks and bonds can find lucrative opportunities in hard money and private money lending as a private money investor. In the realm of investing, there…
This guide covers SBA loans for small business owners. The U.S. Small Business Administration (SBA) is one of the most popular and leading sources for small business loans. The United States Small Business Administration, or SBA, is similar to what the Federal Housing Administration is to home buyers when applying for FHA loans. The Small…
In this blog, we will cover and discuss the difference between government versus conventional mortgage guidelines. Many homebuyers often get confused when shopping for a mortgage about the difference between government versus conventional loans. Government loans are for owner-occupant primary homes. You cannot finance second homes or investment properties with government mortgages. What Are Conventional…
This guide covers lender overlays on credit scores on government and conventional loans. We will discuss and explain mortgage lender overlays on credit scores. A frequently asked question at Gustan Cho Associates is what are lender overlays on credit scores. Mortgage Lender Overlays are requirements that are implemented by individual lenders that are in addition…
This Article Is About Now Good Time Home Purchase In Chicago And Suburbs Chicago is the second-largest city in the United States behind the city of New York and followed third by Los Angeles. Chicago home prices are not ridiculously high like home prices in New York City and California. However, home prices have been…
This blog will cover changes to HUD guidelines on FHA loans for 2023. Changes To HUD Guidelines on FHA loans for deferred student loans are one of the most important changes that have taken effect. Homebuyers considering purchasing a new home this year or refinancing their current homes need to know about changes to HUD…
This guide covers Fannie Mae HomeReady mortgage guidelines on conventional loans. There are two home loan programs: government loans, which are insured by government agencies, and FHA, VA, and USDA, which are government loans. Conventional loans that are not insured or have government or agency insurance This article will cover and discuss the Fannie Mae…
In this blog, we will discuss and cover HUD condominium guidelines on FHA loans. HUD, the parent of FHA, is the federal agency that creates and implements FHA condo guidelines. Condominiums are becoming increasingly popular. Many Millennials and seniors often opt to purchase a condo versus a single-family home due to less maintenance. Unfortunately, per…
In this blog, we will cover and compare ARM versus Fixed-Rate Mortgages when buying and refinancing a home. Most mortgage loan programs, whether it is FHA-insured mortgage loans or conventional mortgage loan programs offer adjustable rate mortgages and fixed-rate mortgages. There are pros and cons of ARM versus fixed-rate mortgages. Is it Better to Get…
In this guide on FHA 203k loans for the acquisition of fixer-uppers and homeowners who need to homeowners who need renovations, we will cover the steps of qualifying for an FHA 203k loan. There are two types of FHA 203k Loans: Streamline FHA 203k Loan Standard FHA 203k Loan The Streamlined FHA 203k Loans is…
In this article, we will be covering the verification of rent guidelines on manual underwrites. FHA and VA loans are the only two mortgage loan programs that allow manual underwriting. Generally, one of the mandatory requirements on all manual underwriting is rental rent is required. Gustan Cho Associates can waive the rental verification requirement on…
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