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 article, we will cover and discuss getting pre-approved before shopping for a home. No two homebuyers have the same credit score and financial profile. You have first-time homebuyers with great credit, bad credit, no credit, prior bankruptcy and/or foreclosure, late payments, high debt-to-income ratio, collections, and charge offs. Because not everyone knows where…
This guide covers how to raise credit scores to qualify for mortgage at the best rates. Many home buyers ask how to raise credit scores to qualify for mortgage? Borrowers need a specific minimum credit score to qualify for a mortgage. For example, the minimum credit score requirements to qualify for mortgage loan programs are…
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 SBA loans for small business owners. The U.S. Small Business Administration (SBA) is one of the most popular and leading sources for small business loans. The United States Small Business Administration, or SBA, is similar to what the Federal Housing Administration is to home buyers when applying for FHA loans. The Small…
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…
This guide covers Fannie Mae HomeReady mortgage guidelines on conventional loans. There are two home loan programs: government loans, which are insured by government agencies, and FHA, VA, and USDA, which are government loans. Conventional loans that are not insured or have government or agency insurance This article will cover and discuss the Fannie Mae…
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 blog, we will cover and compare ARM versus Fixed-Rate Mortgages when buying and refinancing a home. Most mortgage loan programs, whether it is FHA-insured mortgage loans or conventional mortgage loan programs offer adjustable rate mortgages and fixed-rate mortgages. There are pros and cons of ARM versus fixed-rate mortgages. Is it Better to Get…
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