GCA - Mortgage Bankers's video: Applying for mortgage

1. The basics of a mortgage * First-time home buyers need to understand the basics of a mortgage: - Many first-time homebuyers go to local banks and apply for a home loan - Some are approved and some are rejected - Applying for a mortgage from another lender when the loan originator refuses often affects less than ideal borrowers - Just because one lender is denying borrowers a loan does not mean they cannot qualify for a mortgage from another lender - Unfortunately, many first-time homebuyers who have been denied a mortgage feel that they cannot obtain approval elsewhere. * The banker usually just tells them that for some reason they don't qualify. 2. Applying for a mortgage loan from another lender in the event of a refusal to provide verification overlays for the lease * Rental verification may be a mandatory overlay for the mortgage lender by banks and mortgage companies, although the AUS does not condition this: - Most banks do not allow borrowers to receive any late payment or offensive loans as a result of a previous bankruptcy, enforcement, takeover substitution, or short sale - Again, late payment or abusive credit as a result of bankruptcy, foreclosure, foreclosure, or short sale is permitted by FHA and/or Fannie Mae / Freddie Mac guidelines - The bank may require a debt to income ratios such as no greater than 45% debt to income ratio on FHA and VA loans - The overall FHA cap for FHA insured mortgages is limited to 46.9% of the original 56.9% of the final - VA loans have no minimum credit rating or debt-to-income ratio limits - However, most lenders will require a minimum creditworthiness assessment and a debt-to-income ratio cap on VA home loans - Most banks do not provide manual guarantees Borrowers who have not approved / ineligible under FINDINGS DU or FINDINGS LP and have been instructed / eligible for AUS must look for lenders that provide FHA and VA loans manually - The bank may disqualify borrowers for having one or two overdrafts on bank statements in the last 12 months - This may be overlooked by more aggressive lenders who have a good explanation - Borrowers looking for a home loan with bad credit, the bank may not be the best choice * Gustan Cho Associates has ZERO COVERAGE for government and conventional loans. Read more https://gustancho.com/applying-for-mortgage-with-another-lender-when-denied * You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for a faster response. Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays. * CHECK IF YOU QUALIFY: www.gustancho.com/fast-quote ***** Follow me ***** on Social Media 1. https://www.facebook.com/TheGustanChoTeam/ 2. https://www.facebook.com/alexcarlucciMortgage/ 3. https://www.instagram.com/gustanchoas... Be sure to subscribe for more: https://www.youtube.com/c/GustanChoAssociates ALEX CARLUCCI - SVP Mortgage Banker, NMLS # 229891 ALEX STATE LICENSES: - Alabama - Colorado - 100511536 - Florida - LO40799 - Illinois - 031.0026265 - Indiana - 38913 - Michigan - 229891 - Mississippi - Pennsylvania - 72654 - Tennessee - 200345 COMPANY ALL-STATE LICENSES: - Alabama - California - Colorado - Florida - Georgia - Illinois - Indiana - Michigan - New Jersey - Pennsylvania - Tennessee - Texas - Ohio All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Applying for mortgage, mortgage