In this blog, we will cover and discuss adding credit tradelines to qualify for mortgage by boosting credit scores. Many homebuyers go to their banks and other lenders to be told that they do not qualify for mortgage. This is because they do not have three credit tradelines or their scores are not high enough…
This guide covers the down payment requirement for FHA home purchase in Illinois. Homebuyers in Illinois need less money to bring to closing than any other states on a home purchase. Illinois property taxes are paid in arrears so the seller needs to give a property tax proration credit to homebuyers. Property taxes in Illinois…
Cash-to-close means the cash required by the homebuyer to bring in to closing on a home purchase. Mortgage guidelines state that only verified funds can be used for the purchase or refinance of a home mortgage. All funds used in the mortgage process need to be documented. Cash money is non-existent in the mortgage industry….
In this blog post, we’ll explore the process of achieving a clear-to-close mortgage and the timeline from the initial loan application to this critical stage. But what exactly does “clear-to-close” mean in the mortgage realm? A clear-to-close mortgage (CTC) represents the culmination of the mortgage process. It’s the point at which the mortgage lender has…
This ARTICLE On How To Become A Private Money Investor And Lender Chicago Was PUBLISHED On April 5th, 2024. Investors who are looking to diversify their investment portfolio outside of stocks and bonds can find lucrative opportunities in hard money and private money lending as a private money investor. In the realm of investing, there…
This guide covers lender overlays on credit scores on government and conventional loans. We will discuss and explain mortgage lender overlays on credit scores. A frequently asked question at Gustan Cho Associates is what are lender overlays on credit scores. Mortgage Lender Overlays are requirements that are implemented by individual lenders that are in addition…
This blog will cover changes to HUD guidelines on FHA loans for 2023. Changes To HUD Guidelines on FHA loans for deferred student loans are one of the most important changes that have taken effect. Homebuyers considering purchasing a new home this year or refinancing their current homes need to know about changes to HUD…
In this blog, we will discuss and cover HUD condominium guidelines on FHA loans. HUD, the parent of FHA, is the federal agency that creates and implements FHA condo guidelines. Condominiums are becoming increasingly popular. Many Millennials and seniors often opt to purchase a condo versus a single-family home due to less maintenance. Unfortunately, per…
In this guide on FHA 203k loans for the acquisition of fixer-uppers and homeowners who need to homeowners who need renovations, we will cover the steps of qualifying for an FHA 203k loan. There are two types of FHA 203k Loans: Streamline FHA 203k Loan Standard FHA 203k Loan The Streamlined FHA 203k Loans is…
In this article, we will be covering the verification of rent guidelines on manual underwrites. FHA and VA loans are the only two mortgage loan programs that allow manual underwriting. Generally, one of the mandatory requirements on all manual underwriting is rental rent is required. Gustan Cho Associates can waive the rental verification requirement on…
In this article, we will cover Fannie Mae guidelines on mortgage included in Bankruptcy. We will discuss what having a prior mortgage included in bankruptcy means for the waiting period requirements to qualify for a conventional loan. What is the waiting period start date? Is it the date of the housing event or the discharge…
One of the frequently asked questions is can I qualify for a mortgage after filing Chapter 13 Bankruptcy without being discharged? A Chapter 13 Bankruptcy is normally a five-year debt restructuring plan under the direction of the U.S. Bankruptcy Courts. This is a long period of time to wait to purchase a house during a…
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