Gustan Cho Associates's video: Discouraged Mortgage Loan Borrowers Due To Lender Overlays

1. What are FHA home loans * FHA loans are currently the most popular mortgage loan program due to their lenient credit and debt-to-income requirements. - Federal Housing Administration, FHA, is a subsidiary of the United States Department of Housing and Urban Development (HUD) - The FHA is responsible for the FHA loans - The FHA is not a mortgage lender - The FHA does not create or finance FHA loans - FHA insures home loans against borrower defaults from private mortgage lenders such as banks and mortgage companies - HUD, the parent of FHA, insures lenders against partial losses of defaulting homeowners as long as they are FHA approved and adhere to HUD guidelines * The HUD sets out minimum credit guidelines with respect to required minimum credit assessments, maximum allowable debt-to-income ratios, collection accounts, and past bad credit, mandatory waiting and enforcement periods, and other credit and income guidelines. 2. The importance of documented qualified income * Proven income is an absolute requirement for eligibility for any mortgage program: - Many self-employed borrowers find it difficult to qualify for a loan as they deduct a lot of tax refund costs that must be deducted from their gross income - Gustan Cho Associates has a brand new bank statement loan program for the self-employed - 24-month bank statement deposits are averaged and used as monthly income - No income tax returns are required - Mandatory loan and debt-to-income ratio requirements are required to be eligible for all home loan programs * The easiest, most understandable, and most popular mortgage programs today are the FHA home loans. Read more https://gustancho.com/discouraged-mortgage-loan-borrowers * 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. Discouraged Mortgage, mortgage, mortgage loan, borrower, lender overlay, mortgage lender overlays