In this blog, we will discuss and cover the minimum FHA credit requirements per HUD guidelines to get approve/eligible per the automated underwriting system (AUS). FHA loans are the most popular mortgage loan option for first-time homebuyers with little to no credit tradelines, borrowers with low credit scores, high debt-to-income ratios, and borrowers with…
Apply Now This blog will cover qualifying for a home loan after loan modification mortgage guidelines. A loan modification is when the current lender restructures the homeowner’s current mortgage loan to make it affordable for homeowners and avoid foreclosure. There are various ways of modifying a mortgage. The delinquent payments of the mortgage payments…
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 guide will cover the HUD Chapter 13 Guidelines with late payments on FHA loans. We will discuss qualifying for FHA loans during Chapter 13 Bankruptcy and whether you will be eligible for late payments. Gustan Cho Associates are mortgage experts when it comes to guidelines surrounding bankruptcies. We offer all Conventional, FHA, and VA…
In this article, we will cover and discuss why choose an FHA over a VA home loan on a home purchase.VA Home Loans are the best primary mortgage loan programs in the United States. To be eligible for VA Loans, borrowers need to be active duty and/or retired members of the United States Military with…
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…
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 community property states mortgage guidelines. Community Property States Mortgage Guidelines: Community property is derived from older Spanish law, which allows for a 50/50 split in any property owned by a married couple. This derives from the notion that maintaining equal ownership is essential to establishing a strong family unit, an important civil…
In this blog will discuss qualifying for an FHA loan with bad credit. FHA loans are the most popular mortgage loan program for borrowers with bad credit, first-time homebuyers with no credit, borrowers with high debt-to-income ratio, recent college graduates, and borrowers with low credit scores. This article will cover qualifying for FHA loans with…
In this blog, we will cover buying a home in North Carolina with bad credit. Buying a home is a significant milestone in life, and it’s one that many people aspire to achieve. However, when you have poor credit, it can feel like an uphill battle. The good news is that buying a home in…
FHA Guidelines On Non-Occupant Co-Borrowers allow family members to be on a home buyer FHA loan for income qualification. There can be more than one non-occupant co-borrowers. HUD, the parent of FHA, allows a non-occupant cosigner with FHA loans. To qualify for a 3.5% down payment FHA loan, the non-occupant co-borrower needs to be a family member…
Apply Now This blog will cover qualifying for FHA loans with low credit scores and bad credit mortgage guidelines. FHA loans are this country’s most popular loan program and enable hard-working Americans eligible to be homeowners. The minimum down payment required is 3.5%. Home sellers can contribute up to 6% of homebuyers’ closing costs. A…
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