Tag: credit scoring

So has the lending world scared you into believing your credit score is your whole meaning in life?  Obviously it isn’t, but it does play a very important role in key areas of life.  Some you may surprise you.  Credit scores could determine insurance rates, employment, opening a bank account, and of course, borrowing money.  Scores […]

First Time VA Loan Buyer Options Under 640 score, over 55% debt ratio, VA home loan purchase that needs to close in 33 days?  No way?  Yes, Way!!   So often there are times when someone has some hurdles to overcome when purchasing a home and our team is one that will figure out a […]

“Do you want to put that on your charge card for a special discount? If you open a charge card with us, you will save 30% off of today’s purchase!” is what you will hear at every department store you visit over the holidays.  Sounds great, right? Not when it comes to credit scores! Actually, opening a new […]

Success With Limited Credit Experience Limited credit experience is a fairly common occurrence and potential roadblock to home ownership these days.  Prospective buyers having very limited traditional credit and having borderline credit scores in the 580-639 range. We have been successful many times in building a strong file to present to underwriting to overcome the shortcomings of […]

When you are looking to raise your credit scores quickly, showing some love to that old card in the back of your wallet could get the points you want! Credit card usage and their affect on credit scores is the most misunderstood credit reporting topic among Americans and often we will hear someone say things that […]

Low down payment options for today’s buyers is a popular concern among other areas.  In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far in previous weeks, we have discussed how to solve Limited or bad credit No down payment Not having a budget Documenting rent history […]

Some of these circumstances you may think are obvious and others just don’t seem right.  But they can kill your mortgage loan potentially at the very last hour.  When buying a home, the best advice we can tell you is to be very boring and “Steady Eddie”.  This includes before and during the mortgage loan process.  In a perfect […]

Mortgage Approval Credit Requirements Step by Step Picture this scenario:  A happy couple or individual has never purchased a home and would love to be homeowners in the future, BUT doesn’t know the mortgage approval credit requirements.  In addition the future homeowner may have other common roadblocks such as… *  There is not a lot of credit […]

These days, so many people are disputing accounts directly with the credit bureaus or by using a credit repair company.  A little know aftereffect deals with credit disputes remaining on the reports.  Thus, mortgage lenders may not be able to use the credit report or credit score for a mortgage approval. Why Credit Disputes Causes The Following Problems […]

Credit scoring is a mystery to many and it even surprises us occasionally. Below are examples of common misconceptions we hear very often. If I pay off my balance every month so it should show a zero balance on my credit report: Wrong! Credit card companies will usually report your ending balance on your monthly […]

So many Americans believe paying bills on time is all that is needed for an excellent credit score.  Although that is an important factor, there is another factor that is just about as important.  As the title says, you are a number so you may as well have a good one!  Right?  That is why […]

Errors on your credit report can be fixed Since everyone is a number these days when it comes to credit, it is important to make sure that you have a good one.  You should review your credit at least once per year at www.annualcreditreport.com.  Several years ago the government required that everyone have the ability to obtain […]

With the updates that USDA Rural Development recently made, they are being more strict on the amount of credit experience a borrower has.  While the USDA program does not have a minimum score requirement, it does have a minimum trade line requirement (Even though USDA doesn’t have a minimum credit score, lenders do have their […]

As we always say, nowadays everyone is a number so you might as well have a high one! Tips for getting that elusive perfect credit score: If there is one thing that we go over most in a day is educating borrowers about how credit scoring works. A lot of people have no idea what their […]

FHA already has the reputation of being a forgiving and flexible home loan.  But many lenders actually place higher limits on the minimum credit score for FHA loan files.  The Federal Housing Administration allows lenders to use good judgment in determining loan approval.  Although credit scores do play a role in an FHA loan approval.  […]

Not every service member or Veteran has perfect credit or an 800 credit score.  Actually a very small percentage of Americans achieve this score.  Luckily VA loans are reasonably forgiving when it comes to credit scoring.  Therefore this flexibility along with the ability to buy a home with no money down makes VA a great financing option.  […]

Limited Credit and Looking for No Money Down? We just recently closed a USDA loan for a buyer that only had one credit trade line reporting on the credit report. The buyer had 3 credit scores with a middle of over 660 and no bad credit. We were able to receive an automated pre-approval through […]

From 2008 through 2016 many homeowners suffered great financial difficulties.  On top of situations such as job loss and medical issues, many home values decreased dramatically.  Therefore homeowners were not able to sell their home since they were underwater.  This is why a short sale was so popular during this period.  Lenders basically agree to […]