Mortgage Loan Process Experience With Gustan Cho Associates

This BLOG On My Mortgage Loan Process Experience With The Gustan Cho Team Was UPDATED On October 13th, 2018

I would like to introduce Alex Carlucci of Gustan Cho Associates and the author of this BLOG On My Mortgage Loan Experience with The Gustan Cho Team:

Alex Carlucci is the Editor in Chief of Loan Consultants as well as an associate editor and writer for Gustan Cho Associates:

Alex Carlucci has helped write many articles on passing the federal NMLS examination published on both Gustan Cho Associates and Loan Consultants
Matthew is officially a licensed mortgage loan originator at Gustan Cho Associates and is part of the team at Gustan Cho Associates Marketing Team

In this article, we will discuss and cover Mortgage Loan Process Experience With Gustan Cho Associates.

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Alex Carlucci Mortgage Loan Experience

Alex Carlucci and I met back in 2012 when he went through a mortgage loan experience as my borrower.

Here is the chain of events:

I first met Alex Carlucci back in early 2012 when he found me online after reading one of my many blogs on the FHA Back to Work Extenuating Circumstances due to an Economic Event
Alex, like many of us, has been affected by the Great Recession of 2008
He lost his job he had for many years which affected his income and the ability to maintain his monthly bill payments
The loss of his job has affected Alex’s ability not just to pay his minimum monthly debt obligations but also Alex could no longer afford to make his mortgage payments
Bombarded with countless phone calls by bill collectors and creditors and overwhelmed with the mounting debts and being behind in his mortgage payments
Alex had no other choice but to file a Chapter 7 Bankruptcy and also had to foreclose on his home
The bankruptcy and foreclosure did not stop from being successful and trying to achieve his goal of becoming a homeowner again
There was nothing in this world that will hinder Alex Carlucci in getting another home for his family

Alex, an attorney and accountant by trade and education and armed with a law degree, found another job in no time but the time it took Alex to get another job was too late to save his home.

Alex Carlucci Of Loan Consultants And The Come Back After Bankruptcy

Most people who just went through a Chapter 7 Bankruptcy and Foreclosure want nothing to do with re-establishing credit and buying another home is the last agenda they have.

However, a Bankruptcy and Foreclosure was not going to set Alex back
With a 480 FICO credit score, Alex Carlucci went immediately to work to re-establish his credit
This is because he promised his wife and family that they will not be renters for long
Alex got himself several secured credit cards
Alex started researching on the fastest and easiest way of rebuilding his credit
Alex spent countless hours, weeks, and months in ways of getting a mortgage after bankruptcy and foreclosure

One year after Alex Carlucci’s Chapter 7 Bankruptcy and Foreclosure, Alex saved enough money for the down payment for a home purchase.

Qualifying For A Mortgage With Bad Credit

He has increased his credit score from 480 FICO to a 670 credit score
Alex was ready to purchase a home for his family
However, there was a major hiccup
Alex has recovered way too fast than what FHA and Fannie Mae or Freddie Mac allowed
There is a two year mandatory waiting period to qualify for an FHA Loan after a Chapter 7 Bankruptcy discharged date
There is a three-year waiting period to qualify for an FHA Loan after the recorded date of foreclosure, deed in lieu of foreclosure, and short sale
There is a four-year mandatory waiting period to qualify for a Conventional Loan after a Chapter 7 Bankruptcy discharged date
There is a 7-year waiting period to qualify for a Conventional Loan after a foreclosure

There is a four-year waiting period to qualify for a Conventional Loan after a short sale and/or deed in lieu of foreclosure.

Waiting Period After Bankruptcy And Foreclosure

This was a major stumbling block Alex Carlucci ran into and he needed to rethink things through.

He had a solid job as a senior accountant making over $100,000 per year, he had re-established his credit scores, and he had saved enough money for the down payment and reserves for the home purchase
But he did not meet any of the mandatory waiting period requirements
Nothing was going to stop Alex Carlucci
He went to work and hit the computer

He went on searches for mortgage lenders who can help him.

FHA Back To Work Mortgage Mortgage Loan Process Experience

After weeks and countless hours of research, Alex Carlucci stumbled upon a new FHA Loan program called FHA Back To Work Mortgage which just came out in late summer of 2013.

Alex Carlucci’s Mortgage Loan Process Experience was to going through multiple lenders
He was surprised at how easy it was to get a pre-approval with the FHA Back To Work Extenuating Circumstances Due To An Economic Event mortgage loan program
Alex then went through his Mortgage Loan Process Experience armed with a pre-approval letter by a mortgage loan officer and signed a real estate purchase contract
He then proceeded with Mortgage Loan Process Experience with the first lender he chooses
To his surprise, Alex ended up getting denied and after he went through Mortgage Loan Process Experience with the original lender he went to
He then chooses a different lender

He went through Mortgage Loan Process Experience and then got denied again.

How Alex Found Gustan Cho Associates

He eventually found me online from one of the blogs I wrote and published on the FHA Back to Work program and called me and we spoke extensively:

After careful analysis of his mortgage application and the reason why he got denied by multiple mortgage lenders, I have decided to take on Alex Carlucci’s FHA Back to Work Mortgage loan application
Within over a week, I got Mr. Carlucci a mortgage loan approval and we were off to the races
Unfortunately, the appraisal came back and it came in lower than the purchase price
He tried renegotiating with the home sellers but the sellers would not budge on the purchase price
The deal fell through, not because of Alex, but because of the home not appraising out

Alex now felt comfortable that he is secured a mortgage with the FHA Back To Work Mortgage program.

Being Steered By A Home Builder

Alex now felt confident that he can get an FHA Back To Work mortgage loan with me so he confidently went shopping for a home:

Luckily, Matt and his wife found a new construction development in Hampshire, Illinois offered by Ryland Homes
Alex showed the sales team his pre-approval letter to the salesperson of Ryland Homes and decided on a new construction home
However, the salesperson at Ryland Homes pushed Alex Carlucci to use their preferred lender in order to get a $10,000 builder’s incentive
If Alex used me, they could not get the $10,000 builder’s incentive
$10,000 is a lot of money and Alex decided to use the lender that Ryland Homes recommended which was Platinum Home Mortgage Corporation which turned out to be one of the most incompetent leaders in the country
Everything went smoothly initially with Platinum Home Mortgage Corporation
Platinum Home Mortgage gave him a pre-approval letter and the new construction started
Right towards completion of the home,
Platinum Mortgage ended up denying Alex his FHA Back To Work mortgage loan
Alex was frantic and could not believe what just had happened
Alex called me back and told me that he just got denied by Platinum Mortgage and he needed my help in getting his FHA Loan approved
I took over his mortgage loan application and got him a mortgage loan approval

We shortly closed on his new home.

Career Change After Mortgage Loan Process Experience

According to Alex, going through the mortgage process was a grueling experience.

Not only did Alex go through the mortgage application process with one lender, but he had more than a dozen lenders deny him a mortgage
Only a few lenders who told him that his mortgage loan would be a cakewalk to find out later that he got rewarded with a mortgage loan denial
Especially by the preferred mortgage lender of Ryland Homes, Platinum Home Mortgage Corporation
Alex told me that he must have aged over ten years due to the mortgage process he went through
Being a gentleman and scholar and a natural-born leader Mr.Carlucci is, Alex took this learning experience in stride
He realized the importance of being a mortgage loan officer and called me about what I do and how I do it
By how I do it, Alex wanted to know exactly what is it that I do to have gotten him approved and closed while dozens of other mortgage lenders could not
I told Alex that it is no rocket science in doing what I do
You just have to get hooked up with a national mortgage banking firm that has little to no lender overlays
Told Alex that the pre-approval stage of the mortgage process is the most important part of the whole mortgage application and approval process
The main reason for last-minute mortgage loan denials is because the loan officer did not properly pre-approved borrowers

Alex realized the importance of the role a mortgage loan officer has and the lives he can affect and help families.

Getting Ready For New Career As A Loan Officer

Alex who has a bachelor’s degree in accounting and a law degree with many years of work experience decided to change careers and decide to help families make their dream of homeownership become a reality.

While working his full time as a manager of the accounting department of a large title company, Alex committed himself in studying for the rigorous federal NMLS Exam and passing it the first time
Alex aced the NMLS Test and got a score of 91%, that is the highest test score I have ever seen anyone get on the NMLS test
I then hired Alex Carlucci as a licensed mortgage loan originator for Gustan Cho Associates
Alex is also the proud owner and managing director of Loan Consultants USA, a one-stop-shop mortgage and real estate informational center website
He is also a contributing associate moderator of Mortgage Portal, America’s fastest-growing real estate and lending online community
Alex is a natural-born leader and already has the responsibility to help newer licensed mortgage loan originators in setting up their websites and help in marketing and training.
Alex Carlucci’s dream is to one day open up his own branch office at Gustan Cho Associates and manage his own team of licensed loan originators under his leadership
Gustan Cho Associates is beyond proud to have such a promising young man be part of their team and need leaders like Mr. Alex Carlucci to take our team and staff to the next level
Alex went through a pleasant Mortgage Loan Process Experience with Gustan Cho Associates
Because Alex went through a positive Mortgage Loan Process Experience with Gustan Cho Associates, Matt decided to become a licensed loan officer and join Gustan Cho Associates