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 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 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 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….
This guide covers the frequently asked question: do all lenders have the same guidelines on mortgage loans? The team at Gustan Cho Associates gets countless calls from our viewers on the topic of do all lenders have the same guidelines on mortgage loans: The answer is no. Not all lenders have the same credit score…
In this blog, we will discuss and cover multi-unit homes guidelines on two to four-unit homes. Multi-unit homes are two to four-unit residential homes. Home Buyers can purchase any properties between one to four units as owner occupant properties with FHA, VA, USDA, and Conventional Loans. Owner-occupied multi-unit homes are where the owner lives in…
This guide covers mortgage refinance guidelines. We will also cover homeowners’ top reasons and benefits for refinancing their mortgage loans. There are other reasons why homeowners need refinancing on their current mortgage loan besides just refinancing. Per mortgage refinance guidelines, homeowners may refinance to have a lower interest rate and save money. Although the main…
This guide will cover the types of mortgage options for homebuyers. Taking out a loan can be daunting, especially if you need to learn about mortgages. Wendy Lahn, a dually licensed real estate agent, and loan officer, shared the following: For starters, you should know that not all loans are the same, with the main…
This guide will cover how down payment assistance works for homebuyers. Homeownership is a dream for many Americans, but the reality is that saving for a down payment, which is crucial if you are to secure a mortgage, can be daunting. With home prices rising and wages often needing to catch up, saving tens of…
This blog will discuss the waiting period requirements after a timeshare foreclosure. One of the most frequently asked questions at Non-QM Mortgage Brokers is whether I qualify for a mortgage after a timeshare foreclosure. Dale Elenteny of Non-QM Mortgage Brokers said the following about timeshare foreclosure: Many homebuyers go to lenders to get qualified for…
This blog will cover and discuss manual underwriting credit guidelines on VA and FHA loans. VA and FHA allow for manual underwriting. Fannie Mae and Freddie Mac do NOT allow manual underwriting on conventional loans. According to Angie Torres, the National Operations Director at Non-QM Mortgage Brokers, manual underwriting is defined as follows: Manual Underwriting…
Apply Now This article will cover going through credit repair to qualify for mortgage. Is going through credit repair to qualify for mortgage recommended? Consumers’ credit scores determine whether or not they qualify for a particular mortgage loan program. There are minimum credit score requirements for all loan programs. To qualify for a 3.5% down…
Apply Now This article will cover FHA guidelines on employment gaps and job seasoning requirements once borrowers return to work. FHA guidelines on employment gaps allow gaps in employment to qualify for FHA loans. One of the questions asked by lenders is two-year employment history. Most mortgage lenders require borrowers employed for two years in…
Can you qualify for FHA loans with charge-offs? Do you have to pay charge-offs to qualify for FHA loans with charge-offs? One of the most common questions is, do you have to pay a charge-off to qualify for FHA loans with charge-offs? Per HUD agency guidelines, borrowers can qualify for FHA loans with charge-offs and…