This article is about the mortgage loan application and approval process that requires the borrower to go through multiple stages. In this article, we will cover the following topics: Understanding the mortgage process Steps in the mortgage process The role of the mortgage underwriter Fees and costs borrowers need to pay By the time you…
In this article, we will cover things to avoid during mortgage process for homebuyers and close on time. We will discuss tips on things to avoid during mortgage process to avoid a last-minute mortgage loan denial. Alex Carlucci of Gustan Cho Associates said the following: It is human nature for a home buyer to get…
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…
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 HUD credit score guidelines on FHA loans. HUD, the parent of FHA, is the government agency that sets the minimum HUD credit score guidelines for FHA loans and other updated HUD guidelines. Many of our viewers today are reading this blog because they are getting conflicting reports on the HUD credit score…
This Article Is About Identity Theft During FHA Loan Process Will Delay Home Closing Homebuyers can still qualify for a mortgage loan if they are victims of identity theft. Since the credit report is not accurate, the only way borrowers can get approved for a home loan is with a manual underwriting. FHA and VA…
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 article, we will discuss and cover the upfront fees during mortgage application process. The mortgage application process starts when pre-approved borrowers get a real estate purchase contract. Or if borrowers are homeowners, they give the mortgage loan originator the heads up to start the refinance mortgage process. The mortgage loan originator will send out…
In this blog, we will cover and discuss extenuating circumstances guidelines on home loans. When you read the agency guidelines, there is a lot of text about extenuating circumstances. However, the agency guidelines are not specific what exactly classifies for an extenuating circumstance. The team at Gustan Cho Associates gets countless calls and email inquiries…
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…
This article delves into how mortgage underwriters view bank overdrafts and their implications for mortgage approval. Every financial aspect of a borrower’s life is scrutinized meticulously in mortgage lending. From credit scores to debt-to-income ratios, lenders aim to the risk associated with approving a mortgage loan. Bank overdrafts are often overlooked but significant aspects of…
This guide covers transferring lenders during the homebuying and mortgage process from one lender to a different one. The mortgage process should not be stressful. All mortgages should not only close but should close on time. Closing delays happen in some situations, but they should not be due to the lender. Over 80% of our…
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