Replies – Forums – Gustan Cho – Page 213 – Great Content Authority (GCA) Forums

Gustan Cho

Administrator

February 16, 2023 at 11:14 pm in reply to: Adding Someone To Mortgage

You cannot add someone to mortgage. You can add someone to a new mortgage by refinancing. New mortgage will have all new borrowers.

This reply was modified 2 years, 1 month ago by Gustan Cho.

Gustan Cho

Administrator

February 16, 2023 at 6:30 pm in reply to: Non-QM Loans After Bankruptcy With No Waiting Period

Wow. These are great loan programs. If it were not for Carrington, many homeowners could not buy a house after selling their home if they have late mortgage payments in the past twelve months. Thanks Michelle.

Gustan Cho

Administrator

February 16, 2023 at 5:49 pm in reply to: Jumbo Loans For Self-Employed Borrowers

Eric, we have no-doc non-QM loans, stated-income non-QM loans, 1099-income only mortgages, no-ratio mortgages, asset-depletion loans, P and L statement only mortgages, and dozens of other non-QM mortgage loan options for no income documentation mortgage loans.

Gustan Cho

Administrator

February 16, 2023 at 5:47 pm in reply to: Jumbo Loan Credit Score Requirements

I think will lower credit scores, non-QM jumbo loans require 25% down payment. Non-QM Jumbo Loans are great loan programs for self-employed borrowers, borrowers with bad credit, borrowers with credit scores down to 600 FICO, and homebuyers with no income verification.

Gustan Cho

Administrator

February 16, 2023 at 5:45 pm in reply to: How Much Money Do I Need To Buy a House

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.

Gustan Cho

Administrator

February 16, 2023 at 5:43 pm in reply to: Non-QM Loans After Bankruptcy With No Waiting Period

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>

Gustan Cho

Administrator

February 15, 2023 at 5:49 pm in reply to: How do 401k Loans Effect a Mortgage Application?

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.

Gustan Cho

Administrator

February 14, 2023 at 12:04 am in reply to: Non-QM Loans After Bankruptcy With No Waiting Period

Michelle, is Carrington the only wholesale Lender that does late mortgage payments in the past 22 months?

Gustan Cho

Administrator

February 13, 2023 at 10:49 pm in reply to: Non-QM Loans After Bankruptcy With No Waiting Period

Do petitioners apply for secured credit cards during Chapter 13 bankruptcy? I heard they cannot have credit period.

Gustan Cho

Forum Replies Created