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Use Credit to Have Good Credit - 02/21/12 06:39 AM
In order to have good credit scores, you need to use credit. The credit bureaus (TransUnion, Experian, and Equifax) do not give good credit scores to people who do not use credit cards.
But how do you get a credit card if you don't have good credit scores? Won't the banks just turn you down?
The answer is NO, not if you apply for a secured credit card. When you get a secured credit card, you give the bank $300 or $500 and they give you a credit card with a limit of either $300 or $500, depending on … (2 comments)
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Great News about Mortgage Insurance - 02/13/12 08:31 PM
Want some great news regarding mortgage insurance for conventional loans? How about this?• The maximum allowable debt-to-income ratio (DTI) for mortgage insurance is being increased from 41% to 45%, regardless of the borrower's credit scores.• Mortgage insurance monthly premiums are going down by a little more than 10% for borrowers with credit scores above 760. These changes are for conventional (non-government) loans only. The mortgage insurance guidelines for FHA loans remain the same, meaning anyone who qualifies for an FHA loan automatically qualifies for FHA mortgage insurance. No additional underwriting is required.Getting a loan approved is easy - if you know … (1 comments)
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Earnest Money and CHFA Loans - 02/13/12 08:22 PM
CHFA (Colorado Housing and Finance Authority) offers down payment and closing cost assistance for Colorado home buyers and they only require the buyer to contribute $1,000 of their own money to the transaction.However, if a buyer pays more than $1,000 in earnest money, they are NOT allowed to get the amount that is in excess of $1,000 back at the closing. So make sure that when your buyer is getting a CHFA loan, they only pay $1,000 in earnest money.Have a buyer who needs a CHFA loan? Send them to us and we'll take care of everything for you.Getting a loan … (1 comments)
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Re-establishing Credit - 02/13/12 08:10 PM
After a bankruptcy, a foreclosure, or a short sale, a potential home buyer must wait a certain period of time before they are eligible to get a mortgage.In addition, the underwriting guidelines state that they must "re-establish" their credit. Many buyers are unaware of this additional requirement, and it prevents them from getting a loan. Here's what re-establishing credit means: for the 12 months preceding the loan application date, the borrower must have a perfect payment record on all of their existing credit accounts. In other words, they can't have any late payments for one full year before applying for the … (0 comments)
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Chris Thomas
Denver,
CO
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The Mortgage Experts at America's Mortgage
Office Phone: (303) 345-3683
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Widely recognized as the leading source of accurate mortgage and credit information in the Metro-Denver area, and the people to call when you need a great mortgage.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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