Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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The main problem we run into with USDA loans is the debt-to-income ratio cap of 29% front-end and 41% back-end, non-occupant co-borrowers not allowed, and cap on household income. Other than that, it is a great loan program.
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Michelle, many folks just sold their home and need a mortgage for another home to purchase but have had a late payment on their housing payment in the past twelve months and cannot get financing. I know Dan from :Carrington is doing late payment in the past twelve months on mortgage lates. Are there any other wholesale lenders that cater to borrowers with late mortgage payments in the past twelve months>
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If you borrow against your 401k, that does not count against your debt-to-income ratio on a mortgage loan on the debt-to-income ratio. This is common sense because how can you increase your debt-to-income ratio if you are borrowing against your own money.
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Michelle, is Carrington the only wholesale Lender that does late mortgage payments in the past 22 months?
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Do petitioners apply for secured credit cards during Chapter 13 bankruptcy? I heard they cannot have credit period.
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20% is feasible but a larger down payment is when it becomes an issue.
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Great blog, Vegas Nick. Here is the blog I read authored by you. Did not know you were a Down Payment Assistance mortgage expert.
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Many homebuyers with scores under 620 FICO do not qualify for down payment assistance or grant programs. Most down payment assistance programs have an income cap. You cannot exceed a certain income threshold otherwise you wasted a lot of time and gone through the ringer for nothing.
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