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credit scores: FHA Changes Announced For 2010 - 01/20/10 06:35 PM
FHA has announced some major changes to their lending guidelines that will have quite an impact on lenders and borrowers alike. 
Upfront Mortgage Insurance The Upfront Mortgage Insurance that FHA requires on most of their loans will be increased from 1.75% to 2.25%.  This amount is added to the final loan amount, so there will not be additional funds needed at closing from the borrower.  This change will go into effect in the spring of 2010.
For example, a borrower with a loan amount of $200,000 would normally have $3,500 added to their loan balance due to the M.I.P.  Now that … (0 comments)

credit scores: FHA Changes Coming Tomorrow - 01/19/10 08:43 PM
FHA will announce some major changes to their lending guidelines that will have quite an impact on lenders and borrowers alike. 
Upfront Mortgage Insurance The Upfront Mortgage Insurance that FHA requires on most of their loans will be increased from 1.75% to 2.25%.  This amount is added to the final loan amount, so there will not be additional funds needed at closing from the borrower. 
For example, a borrower with a loan amount of $200,000 would normally have $3,500 added to their loan balance due to the M.I.P.  Now that the M.I.P. has been raised to 2.25%, that amount will go … (3 comments)

credit scores: How Does My Credit Score Affect Me? - 12/19/08 02:45 PM
As you may already know by now, your credit score has a great impact on your ability to obtain credit of any kind. 
What you may not know is how many other businesses are starting to use credit scores in their decision-making processes.  Here are some that we know about:
- Employers- Insurance Companies (Home, Health, Life, Auto)- Utility Companies- Apartment Complexes
                        ....and the list continues to grow!
How Does This Affect You?
Here's a sample of the cost to you if your credit score is not in the "best score" category.
-  $150k mortgage is $283 higher.  -  Car … (0 comments)

 
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Doug Walker

Nashville, TN

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Churchill Mortgage

Office Phone: (615) 370-8888 x 109

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