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Credit Scores Explained! - 08/27/08 06:14 PM
As we continue to experience credit challenges in today's market, it's important to be able to educate your clients as much as possible. And some of the most common misunderstandings out there revolve around credit scores. So here is information you can pass along to your clients in a concise, easy to understand way!
First, there are three main credit bureaus, Transunion, Equifax, and Experian. In a mortgage application, we will use the middle score (not an average, but the middle score) of the lowest scored applicant on the application. Credit scores can vary widely between the bureaus as each of them … (8 comments)
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100% FHA Financing Doesn't Exist and Other Truths About Mortgage Programs - 08/11/08 11:45 PM
Well, I see it again, and after trying to bite my tongue as long as I can, I have to lay the record straight.
100% FHA Financing DOES NOT EXIST. Yes, it's true. It doesn't exist, never has, and never will. The fact is that FHA requires a minimum of 3% down here in AZ (It can be a little less in other states but 3% is a nice safe number to remember). So the maximum financing that can be delivered to a client on an FHA loan is 97%.
So, why do people advertise 100% financing? Because it's sexy. What … (2 comments)
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100% FHA Financing Doesn't Exist and Other Truths About Mortgage Programs - 08/11/08 06:50 PM
Well, I see it again, and after trying to bite my tongue as long as I can, I have to lay the record straight.
100% FHA Financing DOES NOT EXIST. Yes, it's true. It doesn't exist, never has, and never will. The fact is that FHA requires a minimum of 3% down here in AZ (It can be a little less in other states but 3% is a nice safe number to remember). So the maximum financing that can be delivered to a client on an FHA loan is 97%.
So, why do people advertise 100% financing? Because it's sexy. What … (44 comments)
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New Bill Introduced Resurrecting DPA's - 08/04/08 12:32 AM
Well, that didn't last long. House Bill 6694 has been introduced in the House to restore Down Payment Assistance Programs.
This is information taken from an email received from AmeriDream:
"The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers."
It appears from … (2 comments)
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Eric Frederick
Phoenix,
AZ
More about me…
Eric at Eagle Nationwide Mortgage Co.
Office Phone: (877) 539-0552
Cell Phone: (602) 748-9780
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