bad credit: You don’t need a 700 credit score & 20 percent down to buy a home – Credit Scores Part 1 - 11/02/10 09:50 AM
Your credit scores are important. Credit sometimes seems easy, yet at times can seem so complicated and might not make sense why your scores might be lower.
One thing that I want to make clear is that you don’t need 700 credit scores and or 20 percent down to buy a home.
The mortgage industry has gone crazy lately, so you will hear a lot of chatter of misinformation out on the streets that you need excellent credit and a lot of money down. What is not explained is that there are mortgage programs that allow for less than perfect … (9 comments)
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bad credit: Good Credit scores - Good FICO scores don't mean it's a good mortgage loan - 07/18/10 04:02 PM
From the consumer - "I have bad credit".. "my credit is so so"... "my credit is good". "My credit scores are good", etc, etc. I have heard it all and just this alone doesn't make or break you as a potential buyer when wanting to buy a home.
The thought process of an average loan officer - "Yippie, my borrower has a 635 credit score and my company's cutoff is 620. This borrower fits the credit ratios also, so I can do the loan."
Knowledge is power people. I know some loan officers in the past that made … (13 comments)
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bad credit: Creative FHA loans — No Money out of pocket - 05/04/08 08:59 AM
FHA loans are becoming a vital part of todays financing when it comes to buying a new home or refinancing. You will still hear from some lenders or realtors that FHA financing is not the way to go. Here are some reasons why and the rumors mentioned :
They are old school and dont know about the new appraisal changes that have taken place in the last 5 years. Truth : FHA appraisals are now done the same way as conventional appraisals. The lender is not FHA approved or understands how FHA mortgages work. Some loan officers advertise FHA loans as 100% … (9 comments)
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bad credit: FHA Loans - FHA Mortgages -- What's behind the credit score.... - 04/29/08 03:24 PM
Credit scores..... aka fico scores. I am a firm believer that you can't believe in everything that you read.
As you can see the illustration to my left, that it states that the average credit score is 678. I have a hard time believing this and just talked to a few loan officers and even a credit specialist about this. I just don't believe that 678 is the average credit score. If I had to put a number on it, I would say 610 to 620.
Why am I bringing this up? With so many changes to conventional loans … (11 comments)
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bad credit: FHA mortgages - Understanding credit that works -- Part 2 of 2 - 04/22/08 08:01 PM
FHA credit revised........Piecing together your credit can sometimes be confusing. That's why you should always seek a qualified loan officer that is a FHA Expert.
In all honesty, credit is not as difficult as it may seem and FHA has made it easier for you to qualify for your dream home. There are just some important facts that the average consumer needs to know.
Several key facts :
You don't need credit scores. No minimum credit scores. You need to pay attention to this part, because many lenders will advertise this. But they fail to tell you initially … (13 comments)
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bad credit: FHA mortgages vs Conventional mortgages.... which is better? - 03/29/08 01:16 PM
I know some loan officers will debate that conventional mortgages can be better than FHA mortgages, but I always thought that real numbers always outweighed opinion. Aren't real facts correct over opinion? As long as these figures are accurate, right?
Yes, conventional mortgages are better if you have a credit score over 679 and if you have 15% down or more or 85% or less equity in your property. And we can get into more details, in regards to declining markets, monthly mortgage insurance, etc, etc. But let me just show you the basics and you can be … (22 comments)
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bad credit: Good Faith Estimate - Pre-Approved or Pre-Qualified -- The Mortgage Process - Part 2 of 3 - 02/20/08 12:03 PM
The good old Good Faith Estimate.... it could sometimes be your worst enemy, depending on the loan officer and how they actually fill it out.
It doesn't matter if you are applying for a FHA mortgage or a conventional mortgage, all good faith estimates should be accurate. I have seen many loan officers low ball their estimates not only on their points, but on the 3rd party charges. This can make shopping for a mortgage frustrating and more difficult.
I just had a client recently compare my good faith estimate with that of another lender. My title charges were … (13 comments)
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bad credit: The FHA $729,750 question..... where is it ?!?!?! - 02/19/08 11:30 AM
Okay, the stimulus package has been approved. The President signed the Stimulus Package about a week ago. Part of this bill included HR 5140, which talks about the new FHA loan limits.
The FHA loan limits are suppose to hit a ceiling of $729,750, but when will this go into effect? There were some rumors that it would not be until around mid-March that this would go into effect. There are some rumors which state that this bill won't go into effect until late July. And two other unconfirmed reports state that it will be permanent and another stating … (16 comments)
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bad credit: Mortgage Process - Purchase CHECKLIST prior to purchasing a home - Part 1 of 3 - 02/11/08 09:45 AM
Okay, you truly feel that you could be in the market to purchase a home in the next year, possibly in the next 6 months, or you decided to look into it now. You feel like it shouldn't be that hard, that you have decent credit and that you can prove your income. In reality, after doing mortgages for over 15 years, it shouldn't matter what you think. With the ever changing world of mortgages, you should try to be semi prepared before jumping right into it. Especially if your credit is less than perfect.
So, what should … (23 comments)
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bad credit: FHA mortgages vs Conventional mortgages - A True 3% down Comparison - 02/06/08 08:00 PM
FHA mortgages, in my opinion, are still one of the best mortgage options out there, as long as your credit score is above 500 and that you can prove your income.
This is a continued series showing you that in many cases, FHA mortgages might be your best solution when purchasing or refinancing your mortgage. Many lenders are still not FHA approved, which means that they might not have your best interest at hand, even though they are giving you their best mortgage program. But is it the best mortgage program for you?
As explained in previous blogs of … (14 comments)
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bad credit: FHA mortgages vs Conventional mortgages - A True Comparison - 01/28/08 12:30 PM
The mortgage industry is changing right in front of us, basically on a monthly basis now. Which is why you need the advice of a mortgage professional and not an order taker. The word conventional mortgage doesn't mean that great rate or wholesome loan, that it did just several months ago. Don't be fooled by your typical loan officer or lender telling you otherwise. In many cases, your rate could be much higher on a conventional mortgage than on a FHA mortgage. To get a better understanding why this might be possible, please read FHA mortgages are better … (16 comments)
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bad credit: Countrywide & Mozilo - Should we go back to Western day hangings ??? - 01/18/08 11:27 AM
I know many of us are probably sick of reading about Countrywide and Angelo Mozilo, but let's take a look behind the scenes. Many of us know that Bank of America will buy Countrywide for 4 Billion dollars, that's if everything goes through. Matt Heaton talks about a break up fee if Bank of America decides to pull out of the deal. But it gets more interesting. Let's take a peek behind the scenes that aren't widely talked about within the media.
Did you know :
Mozilo is receiving compensation for his empire that he not only built, but allowed to crumble. … (49 comments)
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bad credit: FHA mortgage : I told a client that they were approved tonight and I still cried !!!! - 01/15/08 07:19 PM
I have been doing this for over 15 years, lending money. I enjoy helping people sometimes achieving their dream of purchasing their first home or helping others just upgrading or refinancing. Doctors give life when delivering a new born and the parents are so thrilled, may it be their first child or possibly a second or third. May it be the doctors 3rd child delivered or their 100th, if they take pride in their job, they are always happy. Same thing for a teacher trying to get that third grader to achieve their full potential as a student. Finally … (20 comments)
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bad credit: Relocating to New Jersey-- Canadians relocating or anywhere else? Real estate & Mortgages.... - 01/06/08 08:50 PM
It doesn't matter if you are moving from California, Canada, Florida, from the east coast to the west coast, etc, etc. But not only will you need the services of a good realtor to help you with unfamiliar territory, you will need the services of a very good loan officer.
Just moving and/or relocating in general can be challenging. Keep in mind, even though you will be living in that house, may it be with a small family or a large family, you want to feel secure when it comes to your finances. As carefully as you select your realtor, you want … (5 comments)
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bad credit: Adjustable Rate Mortgages - FHA Secure mortgages could be your answer.... - 01/05/08 04:38 PM
Could your adjustable rate mortgage be ready to adjust? Has it adjusted and you are now having problems making your new mortgage payments?
As I stated here, the FHA Secure Loan sounds great, but not all will qualify. But you need to a true mortgage professional to make sure that you would qualify and not just a bunch of broken promises from a sales person.
So what do you need to know to possibly qualify for the FHA Secure loan? Keep in mind, you currently don't have to have a FHA mortgage. But you do have to meet these … (9 comments)
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bad credit: Good Faith Estimates -- Loan Officer or Realtor? - 01/04/08 07:30 PM
It's 2008 and you think you have seen it all. After 15 years in the mortgage business and as an FHA expert, I am baffled at what some states allow and I wanted to get everyone's opinion on a specific matter.
Just the other day, I had a consumer contact me after reading several of my blogs. He told me that his previous loan officer pre-qualified him for a mortgage 2 weeks ago and just the other day, told him that he can't help him now. Why? Because he just realized that his FHA license was going to expire at the end … (22 comments)
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bad credit: Do you want that ultimate pill to relieve all mortgage related problems? - 12/20/07 07:43 AM
The ultimate pill to relieve the real estate and the mortgage problems doesn't exist. What's up with the media and all the negativity? Isn't that how they sell the news? What about the government that keeps coming out with solutions with several lenders making promises. Don't forget, we are in an election period. So is all of this smoke and mirrors? What about these new programs that they are coming out with? Most programs will only help a select few. Sure, helping a few is better than nothing. But when they come out with a program that sounds great, … (11 comments)
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bad credit: FHA & Conventional Mortgages -- Have you been striped of your morals? - 12/15/07 07:15 PM
How many of you know the difference from right and wrong? Know the difference between telling the truth or telling a lie? I will say this, I am not God nor am I perfect. I know when I have lied, when growing up. And I was punished for it. But what about as a professional? Or do we even call these people professionals?
I had the pleasure of meeting a couple today from Sheri Smith. This couple was pre-qualified by another loan officer about 3 months ago. The loan officer told Sheri and her clients, no problems and happy house … (14 comments)
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bad credit: FHA reform bill gets one step closer..... Passing the Senate today - 12/14/07 - 12/14/07 09:14 PM
Today the Senate passed the FHA Modernization bill aka the FHA reform bill. This bill is the American Homeownership Act of 2006 (H.R. 5121) which has been through several approval stages since its inception. This bill now heads back to the House for “reconciliation” before heading to the White House where President Bush has his pen inked, ready for his signature.
In regards to everything that has happened this year; the subprime meltdown and just recently the fannie mae & freddie mac (by Rey Gallegos), this is a huge lift for the mortgage industry.
So what are these changes going … (13 comments)
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bad credit: FHA mortgages - FHA loans & things that you need to know about them!!! - 12/08/07 11:58 PM
I had a conversation with my dad this evening because he asked me if I had been paying attention to all of the news in regards to mortgages and the real estate market. This led me to explaining to him about FHA and how it's not used as often. Do you know what he said? I thought FHA mortgages were for First Time Homebuyers and for people with bad credit. Rut row....
Hence why I am here to explain to everyone that this is not the case. And as I stated here, Will Conventional loans be just like the … (23 comments)
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