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…
In this blog, we will cover and discuss the meaning of the buyers market versus the sellers market in real estate. The team at Gustan Cho Associates has been following the housing market for over a decade, and we are in some unprecedented times. In this blog, we will give our readers an update on…
This guide covers home purchase without spouse on mortgage note. Many home buyers automatically assume that if someone is married then both people need to be on the mortgage loan. This is not true. If borrower and spouse are home buyers, both can be on the title on the new home purchase. A home buyer…
This guide covers the IDHA down payment assistance mortgage program for first-time homebuyers. In today’s rising economy, many Americans need down payment assistance to buy their dream home. Many hard-working. Americans make good incomes and can easily afford a mortgage payment on an average $200,000 Illinois home purchase. However, many do not have the down…
This guide covers buying a home in New Mexico with bad credit. Are you an active duty military service member or a veteran looking to purchase a home in New Mexico either for yourself or your family? New Mexico has many veterans migrating to the state due to great job opportunities and its great atmosphere…
This guide covers what mortgage fraud is. What is mortgage fraud during the homebuying and mortgage process? There are two types of loan fraud. Fraud for housing (tricking a lender into approving a loan it would otherwise decline). Fraud for profit (stealing cash and equity from lenders or homeowners). A real estate agent might secretly…
This guide covers what is a home appraisal and how the property appraisal process works during the home buying process. When buying a home, there are many factors to consider. From the location to the number of rooms, countless variables can impact your decision. One factor that will usually be needed when acquiring real estate…
This guide covers manufactured home mortgage guidelines. We will discuss qualifying for manufactured home mortgage loans. Manufactured homes are built at a factory and delivered to a destination. Gustan Cho Associates are mortgage lenders licensed in 48 states, including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. We have a national reputation for being…
This guide covers the benefits of buying a home with a homeowner warranty. Most home builders offer their homebuyers a home warranty. Homeowner warranty is different than homeowners insurance required by lenders. A home warranty will not cover defects or repairs from wear and tear. If a home is 30 years old and the HVAC…
This guide covers the best time to buy a home for first-time homebuyers. There are two parts to the best time to buy a home for first-time homebuyers. First and foremost, the homebuyer should be ready financially and credit-wise. Buyers should not be struggling with the down payment. John Strange of Gustan Cho Associates explains…
In this guide, we will cover getting a mortgage in the Virgin Islands for a home purchase with a U.S.-based mortgage lender. In recent years, the Virgin Islands have seen an unprecedented boom in tourism. The growth of new people and businesses moving to the Virgin Islands has been explosive. More and more real…
Apply Now The down payment on a home purchase is a fixed percentage but not closing costs. There are two types of payments that are required to close on a home purchase. The first is the down payment and the second is closing costs. The down payment is self-explanatory. The down payment required for a…
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