This guide covers the mortgage process leading to clear-to-close and closing on time. The basic steps in the mortgage process leading to clear-to-close and closing on time. The mortgage loan and approval process starts when the mortgage processor is assigned to the borrower’s file. The loan officer will be alerted once the applicant completes and…
This article is about Mortgage Denial After Conditional Approval And Prior To Closing. Mortgage Denial After Conditional Approval And Prior To Closing does happen. Over 75% of our borrowers at Gustan Cho Associates are borrowers who had a Mortgage Denial After Conditional Approval And Prior To Closing. The number one and biggest reason for a…
This guide covers FHA approved condos and HUD condo guidelines. Condominiums are becoming more popular for first-time homebuyers, seniors, millennials, and those who are hardly at home. FHA loans are the most popular home mortgage program in the United States. However, until recently, condo buyers could only purchase FHA approved condos. HUD re-launched FHA spot…
This guide covers cash-out refinance mortgage loan eligibility guidelines. Government and Conventional loans offer cash-out refinance mortgage loan programs. Home values have been skyrocketing during the past few years where many homeowners are sitting on substantial equity in their homes. HUD, the parent of FHA allows up to an 80% LTV on cash-out refinance mortgage…
In this blog, we will discuss and cover FHA charge off guidelines and the mortgage process with bad credit. FHA Charge Off Guidelines state that borrowers can qualify for FHA Loan with charge off accounts, no matter how large the charge off accounts is. There are two types of FHA Charge Off Guidelines: Non-mortgage FHA…
This guide covers increasing credit scores before applying for a mortgage. Increasing credit scores before applying for a mortgage is important to get the lowest mortgage rates. The number one factor in determining mortgage rates by lenders is the borrower’s credit score. Other factors determine mortgage rates.  But credit scores have the biggest impact. For borrowers…
This Article Is About Preparing For An FHA Loan With A Lender With No Overlays The COVID-19 coronavirus pandemic has sent many families out of major cities. Thousands of Americans fear living in a major city, accompanied by historically low-interest rates, has sparked a homebuying uptick. Many families may have less than perfect credit but…
This Article Is About Mortgage Guidelines On Judgments To Qualify For Home Loans Mortgage Guidelines On Judgments are similar on all loan programs. Borrowers can qualify for a home mortgage with outstanding judgments under the following conditions. The judgment needs to be paid either by a settled amount or in full and recorded. Or the…
This Article Is About How To Raise Credit Scores To Qualify For Mortgage How To Raise Credit Scores To Qualify For Mortgage? I get many inquiries everyday by home buyers who have decided to become homeowners and who were turned down by other lenders because they did not meet the minimum credit scores The question…
All mortgage lenders require borrowers to start shopping for homeowners insurance premiums. You choose your hazard and fire insurance company. You are responsible for comparing premiums and selecting coverage. Dale Elenteny, a senior mortgage loan officer at Gustan Cho Associates, says the following about shopping for homeowners insurance premiums: Shopping for homeowners insurance premiums can…
This BLOG On FAQ On Short Sales And Qualifying For Home Loans After Short Sale Was Written By Julie Hayward of Chicago Based EDGE REALTY LLC How To Qualify And FAQ On Home Loans After Short Sale By Julie Hayward, President And Managing Broker of EDGE REALTY LLC: More on Short Sales And How To Qualify…
This guide covers changing lenders during the mortgage process. Is changing lenders during the mortgage process a good idea? You want to avoid changing lenders during the mortgage process if at all possible. Changing lenders during the mortgage process will cause delays in closing on your home loan. Our mission at Gustan Cho Associates is…
This guide covers understanding credit scores during the mortgage process. Many things in your life can be affected by your credit score and your credit history. Everything from buying a car to renting an apartment to looking for a new house to even dealing with an emergency will be impacted by how you’ve handled your…
In this article, we will discuss and cover the reasons for mortgage loan denial during the mortgage process. A mortgage loan denial is when a mortgage underwriter denies the home loan application because borrowers do not either meet the federal minimum mortgage lending guidelines or the individual lender overlays. There are reasons for mortgage loan…
This blog will discuss how lenders price mortgage rates by credit score. We will compare mortgage rates for Maine homebuyers with bad credit and the difference between higher credit score borrowers with lower rates. Lenders base risk levels on the credit score of borrowers. We will compare the various loan programs’ best mortgage rate options…