Apply Now In this guide, we will cover things to avoid during home loan process to close on time. We have covered many blogs on what to do to get a mortgage loan approval. During home loan approval, borrowers must be pins and needles with their credit and finances. There are several things to avoid…
This article will cover homes for sale by owner. A frequently asked question at Non-QM Mortgage Brokers is whether buying homes for sale by owner is cheaper than buying a listed home with a real estate agent. Buying homes for sale by owner is generally cheaper because home sellers do not have to pay the…
This blog will cover understanding the loan estimate during the mortgage loan process. The main purpose for the CFPB to launch the loan estimate is to encourage home buyers to compare and shop for costs and fees from other mortgage lenders before deciding which lender to go with. The purpose of the Loan Estimate is…
This article will cover 1099 wage earner guidelines on home mortgages. Whether you are getting an FHA, USDA, VA, or conventional loan, all lenders will go by the same mortgage process regarding income and employment. Independent Contractors and 1099 Wage Earner Guidelines can qualify for a home. Workers must have at least two years working…
Apply Now This guide will cover qualifying for a mortgage after deed-in-lieu versus foreclosure. Government loans treat a short sale and deed-in-lieu versus foreclosure differently concerning the mandatory waiting period to qualify for a mortgage. There is a mandatory waiting period after housing events with government and conventional loans. A housing event is the following:…
Apply Now This blog will cover mortgage escrow guidelines required by mortgage lenders. In the following sections, we will cover what mortgage escrows are, how escrows work, and what mortgage escrow guidelines are. Ronda Butts of Non-QM Mortgage Brokers explains mortgage escrow guidelines as follows: Lenders set up escrow accounts to ensure homeowners pay their…
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…
In this blog, we will cover and discuss fixed-rate versus adjustable-rate mortgage. For a first-time homebuyer or even a seasoned veteran home buyer, applying for a home loan can be a very stressful process. Homebuyers will most likely have a lot of questions not just for their realtors but for their loan officers. Most consumers…
This article on Loan Modification Requirements Illinois Loan Modification Requirements: Homeowners who have trouble making their mortgage payments due to job loss, divorce, or due to other unusual financial setbacks, they might want to consider an FHA loan modification: For a homeowner to qualify for an FHA loan modification, the mortgage loan currently have on…
The Federal Reserve Board has recently announced that the Fed has made its decision to slow down: The Central Bank will eventually stop buying mortgage bonds and treasury bonds The action of the Central Bank can have a great impact on the mortgage industry It can affect mortgage rates nationally After 7 years of aggressively…
This Article Is About Mortgage Qualification Requirements For Home Loan Programs There are government and conventional loans. There are also non-QM and alternative financing loan programs. Every loan program has its own lending requirements. If a borrower cannot qualify for a government and/or conventional loan because of a recent bankruptcy, Gustan Cho Associates has non-QM…
This ARTICLE Is About Builders Steering Home Buyers To Preferred Lenders Using Gustan Cho Associates over a preferred lender: Gustan Cho Associates are highly interested in earning your business with competitive interest rates and outstanding customer service. Your realtor may be reluctant to use their preferred lender. Or if you are in the process of…
This Article Is About IHDA Student Loan Mortgage DPA Homebuyer Program Gustan Cho Associates is excited to update our readers on down payment assistance programs available through the state of Illinois. This blog details some new changes for the year 2021 with the IHDA program offered throughout the state of Illinois. Down payment assistance programs…
This Article On First Time Home Buyers Frequently Asked Questions First Time Home Buyers Frequently Asked Questions: How is borrowers’ credit score? Do borrowers meet the minimum credit score? Borrowers credit score and income are the two most important factors when it comes to qualifying for a home loan Gustan Cho Associates and most other lenders will…