Mortgage Loan Programs With No Lender Overlays

This  Article Is About Mortgage Loan Programs With No Lender Overlays

Over 75% of our borrowers are folks who either get a last-minute mortgage loan denial or are stressing over the mortgage process. Home Buyers who need to work with a licensed Mortgage Lender that specializes in mortgage loan programs with no lender overlays? I get daily inquiries from realtors throughout the country about Mortgage Loan Programs With No Lender Overlays.

Here is the personal service I can offer:

1. Gustan Cho Associates Mortgage Group is available 7 days a week,  evenings, weekends, holidays
2. Borrowers can always get a hold of us by phone or texting us at 800-900-8569 or text us for a faster response
3. Or email at gcho@gustancho.com
4. Clients can apply online, 24/7 by going to www.gustancho.com and clicking the APPLY NOW icon on top right category section
5. We close on all Pre-approvals because all of our pre-approvals are TBD Underwrite full credit approvals issued by our underwriters
6. Once mortgage client applies online, I run a credit check and can submit credit profile to our  Fannie Mae’s Automated Underwriting System for an automated Fannie Mae approval
7. All calls promptly returned
8. Available evenings, weekends, and holidays
9. 100% mortgage approvals after submitting formal mortgage application
10. I will not submit a mortgage application until I have gone over the mortgage case scenario with a mortgage underwriter
11. If you got turned down by another lender, please contact me.
12. I have closed on many loans that other lenders could not do.

Over 75% of our borrowers and mortgage applications that other lenders could not do due to lender overlays.

Mortgage With Bad Credit

We can close on mortgage loans with the following:

• Outstanding collections
• Charge Offs
• Recent late payments
• Judgments
• Tax liens
• Overdrafts

Will qualify home buyer and once fully qualified, borrower can rest assured that mortgage loan closes. Not just closes but will close on time.

FHA Mortgage Loan Programs With No Lender Overlays

Gustan Cho Associates has no lender overlays on government and conventional loans. We just go off AUS FINDINGS. Here are the basic Mortgage Loan Programs With No Lender Overlays on FHA Loans:

• 500 to 579  FICO scores require 10% down payment
• 3.5% down payment on FHA loans over 580 FICO credit scores with no lender overlays
• Debt to income ratios up to  46.9% DTI Front End and 56.9% Back End DTI to get approve/eligible per AUS but need 620 credit scores
• Credit Scores Under 620, maximum DTI is 43% DTI
• Non-occupied co-borrowers are allowed on FHA loans
• Up to 6% seller’s concession allowed
• Open collections do not have to be paid
• Late payments okay in the past 12 months if borrowers get approve/eligible per Automated Underwriting System
• Bank overdrafts in past 60 days okay with a good letter of explanation
• Judgments, tax liens okay with written payment agreement and three months payments and proof of payment via canceled checks and/or bank statements
• Other prior bad credit allowed with automated approval
• Bankruptcy, Foreclosure, Deed in Lieu of Foreclosure, Short Sales are allowed as long as waiting period requirements are met
• Late Payments After Bankruptcy And Foreclosure okay with approve/eligible per AUS
• No waiting period for borrowers with a short sale as long as they were current on their loan until the day of the sale
• Manual underwrites available

NON-QM Loans: No Waiting Period After Housing Event

However, need to adhere to mortgage loan program guidelines concerning mandatory waiting period requirements. One year waiting period after bankruptcy Mortgage Loan Programs With No Lender Overlays WITH NON-QM Loans. No Waiting Period. Mortgage loans are now available to qualified mortgage loan borrowers. 24-hour mortgage loan underwrites and mortgage approvals. Closings in 14 days if it is a rush file.  Most closings are in 30 days or less.

One Year Waiting Period Via HUD’s New FHA Back To Work Extenuating Circumstances Due To An Economic Event Mortgage Loan

The FHA Back To Work Mortgage Program no longer is available. Below is the FHA Back To Work Mortgage Loan Program Guidelines. This blog is a rewrite and has been updated on November 5th, 2021:

The FHA Back To Work Mortgage Loan Program, which no longer exists, was created by HUD, the parent of FHA,  for those folks who had a prior bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale due to extenuating circumstances. This mortgage loan program shortened the waiting period to qualify for FHA Loans to one year versus the two-year after Chapter 7 and three years after foreclosure, deed in lieu, short sale. The program turned out to be a flop.

• HUD’s new FHA Back to Work extenuating circumstances due to an economic event shortened the waiting period to one year
• There are certain guidelines that borrowers need to qualify to participate in this program
• The borrower needs to have had been unemployed or underemployed for at least six months prior to filing bankruptcy or having a foreclosure proceeding initiated which has resulted in a 20% reduction in household income
• The borrower needs to have re-established his or her credit since the economic event and have no late payments
• The borrower needs to have re-established themselves by having a secure job and show promise that he or she will be employed for the next three years
• The borrower needs to take a one-hour HUD-approved housing counseling course and get a signed completion certificate
• The borrower should have rental verification
• Borrowers with no rental verifications, a detailed letter of explanation need to be provided
• Cases, where the borrower lives with family, is acceptable
• All FHA Back to Work extenuating circumstances due to an economic event mortgage loan applications are all manual underwrites
• Not too many lenders were offering this program
• I used to aggressively process and underwrite FHA Back to Work extenuating circumstances mortgage loan applications

NON-QM Mortgage Guidelines

Again, the FHA Back To Work Due To Extenuating Circumstances Mortgage Program no longer exists. NON-QM Loans are now available for borrowers who do not meet the waiting period requirements after bankruptcy and/or foreclosure.

Here are the basics on NON-QM Loans:

• No Waiting Period After Foreclosure, Deed In Lieu Of Foreclosure, Short-Sale
• 10% to 20% down payment
• Minimum credit scores of 640
• One year waiting period after Chapter 7 Bankruptcy

Please contact us at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. Visit us at www.gustancho.com if you feel you qualify for mortgage loan programs with no lender overlays.