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…
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 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…
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…
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 guide covers the importance of home inspections during the home buying process. The importance of home inspections should be addressed to all homebuyers. A home inspection is not required by lenders. However, a home inspection is highly recommended. Home inspections also allow buyers to learn about the property’s systems and maintenance requirements. Inspectors often…
In this article, we will cover credit scores increased during underwriting process. If credit scores increased during underwriting process, the borrowers could lock the loan with the higher credit score. One of the frequently asked questions at Gustan Cho Associates is will I get a lower rate if credit scores increased during underwriting process? Credit…
This guide covers the difference between mortgage agency guidelines versus overlays on home loans: Many mortgage borrowers ask, “What are mortgage agency guidelines versus overlays. ” There are two types of mortgage agency guidelines versus overlays. The federal mortgage guidelines are implemented by the various mortgage loan programs such as FHA, VA, USDA, Fannie Mae,…
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…
In this guide, we will cover the steps in getting qualified and pre-approved and the documents required for mortgage process. There are three simple steps to getting qualified and pre-approved. The first step is to talk to a loan officer. The loan officer will ask you a series of questions over the phone such…
This guide covers Chicago home purchase. Thinking about buying a home in the city of Chicago? You may want to rethink a Chicago Home Purchase after reading this article. City has one of the highest tax rates among all major cities in the United States. Property taxes, sales, gas, income, vehicle stickers, and extra city…
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