This guide will cover mortgage for recent college graduates with no work experience. College seniors throughout the country are interviewing for jobs. Many college seniors have either May or June graduation. Many will have job offers via offer employment letters long before graduation. Alex Carlucci of Gustan Cho Associates explains the vast number of college…
In this guide, we will cover how the mortgage process work. The mortgage process is similar whether borrowers apply for a home purchase or refinance a loan. There are a series of stages the file needs to go through. Most mortgage applications take 30 days to close from the time the loan originator prepares and…
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…
In this blog, we will cover FHA guidelines on streamline refinance mortgage loans. FHA streamline refinance is a fast-track loan program. Most streamline refinance loans can get closed in less than three weeks. Tens of thousands of homeowners still have an FHA loan with mortgage rates higher than 7.5%. Mortgage rates are dropping. FHA annual…
This guide on HARP for underwater mortgages is an older blog from when the Home Affordable Refinance Program was popular. HARP for underwater mortgages no longer exists. This guide on HARP for underwater mortgages was updated and edited for archival services for viewers who want to research HARP for underwater mortgages. In the following sections,…
This article is about the Verification of Rent on manual underwriting required by lenders. Verification of rent is one of the most important items borrowers can provide a residential mortgage lender to qualify for home loans even though rental payment history does not report on the three big credit bureaus. Transunion Experian Equifax Verification of…
We will discuss the expertise of our loan officers at Non-Qm Mortgage Brokers, powered by Gustan Cho Associates. We will explain why our loan officers at Non-Qm Mortgage Brokers, powered by Gustan Cho Associates, can do loans while other mortgage companies cannot. Non-Qm Mortgage Brokers is partnered and powered with Nexa Mortgage and is licensed…
Many Americans remember the last government shutdown during the Trump Presidency a few years back. Never in history was Congress so divided as it was when President Donald Trump was the 45th President of the United States. Is the government shutdown over? In the last government shutdown, the mortgage markets got greatly affected. USDA loans…
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 guide will cover VA guidelines after bankruptcy and foreclosure on VA loans. VA loans are the best home mortgage loan program available today. Dale Elenteny of Non-QM Mortgage Brokers is an expert on VA loans and has done countless VA manual underwriting VA loans with credit scores down to 500 FICO and debt-to-income ratios…
This guide will cover conditional mortgage approval from the mortgage underwriter during the home loan process. Once borrowers submit a mortgage loan application, it gets processed and submitted to underwriting. Once submitted to underwriting, it gets assigned to a mortgage underwriter. Fiona McCue, a senior mortgage processor at Non-QM Mortgage Brokers, explains the role of…
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…
In this guide, we will cover how rent-to-own homes work. We will detail rent-to-own homes and why rent-to-homes are becoming increasingly popular among first-time homebuyers. Are you Tired of your rents increasing with no notice and with ridiculous increases? What Are Rent-To-Own Homes? What if I could tell you that you could enjoy the benefit…