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This guide covers how do underwriters calculate monthly income of borrowers. The way how do underwriters calculate monthly Income Of Borrowers is with documented qualified income. There are strict mortgage regulations on how do underwriters calculate monthly income of borrowers on government and conventional loans. Days of stated income home loans have long passed but…
This Article Is About Condo Hotel Mortgage Loans Condotel or condo-hotel units are condominiums in a hotel or a rental condominium complex with a front desk. A percentage of the condominium units in a hotel complex are dedicated to private ownership. Condotel owners can use their condominium units as primary homes, second homes, or investment…
This blog will cover and discuss my experiences with my landlord. Few things in your day-to-day life can be worse than having an awful landlord for the rental you are living in. I was recently in a rented townhouse for 2.5 years, and let me tell you, I can say with 100% certainty that I…
In this blog, we will be covering the reasons for using non-QM loans versus traditional mortgages for home purchases. Non-QM loans are a wide field. Non-QM loans are non-Qualified mortgages which means they do not follow the strict CFPB rules and regulations. However, non-QM loans still need to adhere to RESPA and residential mortgage regulations…
This guide will cover the differences between conventional versus FHA loans. We will highlight why conventional versus FHA loans are better for certain borrowers than others and vice versa. Alex Carlucci, the regional managing director of Gustan Cho Associates and the managing director of GCA Mortgage FORUM, said the following: Buying a home is one…
Most loan programs have a minimum down payment requirement on home purchases. Most home mortgage loan programs require a down payment on a home purchase loan. The down payment shows the borrower has skin in the game. Mortgage companies view the borrower as less risky if the borrower puts a larger down payment. Gustan Cho…
Manual underwriting guidelines for FHA and VA loans are almost identical. VA and FHA loans are the nation’s only two mortgage loan programs that allow manual underwriting on owner-occupant primary residency mortgage loans. HUD, the parent of FHA, is the federal government agency administering FHA loans. Michelle McCue of Gustan Cho Associates is an expert…
Using real estate agents in selling your home versus selling by the owner is highly recommended. People are always looking for ways of saving money. Home sellers need to pay realtors a commission of 6% once the real estate agent sells their home. 6% of a $200,000 home is $12,000, which is no chump change….