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…
This guide covers the HUD late payment guidelines for FHA loans in the past 12 months. Gustan Cho Associates is a mortgage lender licensed in multiple states with no overlays on government and conventional loans. Over 80% of our borrowers come to us after they were told they do not qualify by other lenders. Most…
In this blog, we will discuss and cover the updated HUD guidelines on FHA home loans for 2022. FHA loans are the most popular home loan programs in the United States for homebuyers with lower credit scores and bad credit. Homebuyers with credit scores down to 580 FICO are eligible to qualify for FHA loans…
In this blog, we will cover and discuss mortgage lender overlays versus agency guidelines. We will also answer the frequently asked questions of how does mortgage lender overlays versus agency guidelines affect mortgage loan approval. Mortgage Lender Overlays are mortgage qualification requirements that a lender implements on top of the minimum mortgage guidelines by FHA,…
How auto loans affect home loans for borrowers with a high debt-to-income ratio is a frequently asked question at Gustan Cho Associates. This article covers how auto loans affect home loans. Debt-to-income ratiosare one of the most important factors when it comes to mortgage qualification. Debt-to-income ratios are what determine how much home buyers can…
In this blog, we will cover warrantable versus non-warrantable condominium mortgage guidelines. It is important to understand the difference between warrantable and non-warrantable condos for condominium homebuyers. A warrantable condo can turn into a non-warrantable condo complex. Whether it is a warrantable versus non-warrantable condominium, the only way you can differentiate is by the occupancy…
This Article Is About VA Guidelines Under 580 Credit Scores On VA Loans: VA loans do not have minimum credit score requirements. Mortgage companies need to follow the minimum VA agency mortgage guidelines. However, individual mortgage companies can have higher lending requirements higher than the minimum VA agency mortgage guidelines. The higher lender requirements imposed…
In this blog, we will cover and discuss how to get mortgage approval with under 600 credit scores in 2022 and which mortgage options is best. Many homebuyers do their due diligence on FHA Guidelines On Credit Scores and find out HUD has the easiest lenient guidelines for mortgage approval with under 600 credit scores….
In this article, we will discuss and cover bad credit mortgage loans and qualification requirements. Mortgage borrowers with prior bad credit such as prior bankruptcy, foreclosure, deed-in-lieu, short sale, unpaid collections, judgments, tax liens, and charge-offs can qualify for bad credit mortgage loans. This holds true as long as they have rebuilt and re-established credit…
This Article Is About Bad Credit Home Loans Florida With Collection Accounts Florida home buyers can Bad Credit Home Loans Florida With Outstanding Collection Accounts and Charge Off Accounts. Under HUD Guidelinesmortgage applicants do not have to pay outstanding collection accounts and charge off accounts to qualify for FHA Loans. HUD is the parent of…
This guide covers qualifying and getting approved for a mortgage with a prior home loan included in Chapter 7 bankruptcy conforming guidelines. Fannie Mae has announced that there will be new rules for homeowners qualifying for conforming loans with home loan included in Chapter 7 bankruptcy. If someone has a home loan included in Chapter…
The article covers 30 Year Fixed Mortgage Rate At Historic Lows On Home Mortgages 30-year fixed-rate mortgage rates have dropped to a 20 month low. According to Freddie Mac, 30-year fixed-rate mortgage rates have not been this low in 20 months. Mortgage rates have been consistently sliding on a downward trend this year with a…
In this blog, we will discuss and cover doctor mortgage programs lending guidelines. Student loan debts are the number one barrier when it comes to physicians and medical professionals qualifying for a mortgage. Most physicians have student loan balances of more than $300,000. Depending on the postgraduate degree, I have seen doctors with over $1…
This Article Covers Second Home Financing Guidelines on Home Purchases Homebuyers of second homes can qualify with conventional loans. A 10% down payment is required. Rates on second homes are similar to owner-occupant homes. Rates on investment properties are significantly higher than owner-occupant and second homes. This is why homebuyers of second homes want to…