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fico scores: Credit Scores Part 2 – Understanding your Credit Scores - 12/30/10 10:06 AM
Trying to understand Credit Scores can seem to be complex at times, especially when there are so many so-called experts online and or credit repair companies. Trust me, I have sat next to loan officers in the past that just made up things as they went along.
Many that come to me and seek my help or advice usually seem to be those borrowers that were previously approved. Yet are denied last minute and in most cases it was because of their credit. And for two months while in processing, that borrower was told all was okay. So how can this be?
… (43 comments)
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fico scores: Mortgage Qualifying 101 – Why can’t you use my spouses income? - 12/24/10 11:02 AM
When qualifying for a mortgage, the borrower(s) need to meet three main qualifications.
Income – There are specific front and back end ratios depending on the mortgage program. And sometimes you can exceed such ratios with compensating factors. Credit – Mortgage programs now require credit scores, aka fico scores. You also need to show good credit performance on how you can handle your credit or that you have established credit. Assets – Depending on the mortgage program, you might need assets to close and or to show a specific number of reserves.
I want to talk about … (6 comments)
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fico scores: FHA Loans with FHA credit scores - Understanding what is allowed & what can be done - Part 1 of 3 - 09/14/10 07:15 AM
There has been a lot of talk regarding Credit Scores in the last week after FHA came out with Mortgagee Letter 2010-29 on FHA Loans. Here was my post showing such changes with an explanation. Jeff Belonger's cheat sheet for ML 2010-29.
In my opinion, some of the confussion and or arguement with the new FHA loan changes is that FHA says that you can go down to a 500 credit score with 10% down. FHA even says that you can put the minimum down of 3.5% with credit scores of 580 and above.
Here is the problem … (23 comments)
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fico scores: 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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fico scores: Credit scores - FICO scores for mortgages - I need a 700 credit score? - 09/15/09 09:18 AM
Yes, credit guidelines have gotten tougher, but NO, you don’t need a 700 credit score.
Here we go again, with realtors making things sound semi easy. There was a question on Trulia last week, and the buyer said that they heard that you needed credit scores of 700. And what do you do if you have scores from 614 to 620.
Here was part of the answer from a realtor answering the question.
"You can actually purchase a home with a credit score in the 500'sdepending on job history, etc. I have … (53 comments)
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fico scores: Credit Scores CHANGING now on FHA loans?......... Opinion OR Fact??? - 01/24/09 12:34 AM
The British are coming, the British are coming. Okay, so that was over 200 years ago. But now, it's the credit scores are changing, the credit scores are changing.
Just in recent days, I have been reading and hearing a lot about the mortgage industry changing the credit score requirements, AGAIN.... But didn't we hear about this about 6 to 12 months ago? We went from most lenders doing down to a credit score of 500 to then a change of not going below 580. Now... some lenders are changing the score to 620. Now, don't panic.
Sure, it's … (32 comments)
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fico scores: 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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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
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Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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