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less than perfect credit: Realtors can't sell!!! - Because of Tight Mortgage Guidelines? - 05/14/11 01:08 PM
Do you feel that today's mortgage gudelines are hurting realtors from selling more homes?
Do you think it could be the buyer not being in a good position?
People, I get the fact that lending guidelines have become more strict over the last 12 months. I think I have seen it all in the 18 + years that I have been in the mortgage business. But in my honest opinion, I think the biggest hurdle has been the credit score requirements. But is it a challenge that can be over come in a short time period? Read more … (44 comments)
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less than perfect credit: Good Credit Scores could equal ticking time bomb - BAM - 02/13/11 10:21 AM
Borrower : I would like to see this specific home...
Realtor : Have you spoken to a loan officer?
Borrower : No, not yet.
Realtor : Do you know your credit scores?
Borrower : Yes, I pulled my credit online and I have a 680, 705, and a 695, so I should be good to go, right?
Realtor : Those are very strong scores, so let's look at a few houses and then I can get you qualified.
Your Credit Score is more than just a number
People, it's not that simple. I have seen buyers … (22 comments)
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less than perfect credit: 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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less than perfect 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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less than perfect credit: Renting vs Buying -- Knowing your loan options & what it would take to buy -- Part 3 of 3 - 10/05/10 09:13 PM
So you have been weighing your options in regards to either renting or buying. It looks like you after thoughtful consideration and planning, that you want to buy a new home. You are now excited, just thinking about this daily. You finally will own your own home and be a proud homeowner.
You now need to speak to a loan officer, if you haven't already done so, to help you with the rest of the process and to qualify you. Word of Advice : Don't start to look at any homes until you have been fully qualified and know what … (9 comments)
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less than perfect credit: Renting vs Buying a home -- Showing the difference in payments -- Part 2 of 3 - 09/25/10 08:50 PM
Key Reminder - You don't need 700 credit scores and 20% down to buy
Figuring out the differences between renting vs buying a home can be stressful. I gave you some pros and cons of buying a home in Part 1. Things seem good, because you are learning how to break this down. That's great......
Tip : Keep your focus and don't be talking to too many people outside of the loan officer that you are speaking with. That's if you have picked one by now. And by this, I mean don't ask in depth questions … (9 comments)
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less than perfect credit: Buying a home vs Renting - Understanding & knowing the difference - Part 1 of 3 - 09/23/10 10:15 AM
In today's economy, you will hear many different rhymes of reason why to rent now or why to buy a new home now. Ultimately it comes down to your own decision and you should only use such news with caution.
You might have heard some say, don't buy now because home values will decrease another 5% to 20%. Remember, real estate is local. In some areas, home values have already increased by 10%. So get to know your area and speak to a qualified realtor about this. Here is a good post showing you even if home values dropped, … (11 comments)
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less than perfect credit: 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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less than perfect 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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less than perfect credit: Mortgage Financing made to look easy - FHA loans Have NO Min Credit Score for Florida Homebuyers - Really??? - 07/13/10 11:47 PM
This makes FHA loans sound to EASY. This is extremely misleading...
I must digress... this post was just sent to me. FHA loans have no minimum credit score for Florida Homeowners -
From reading this post, the author makes it sound very easy to obtain FHA loans with less than perfect credit. The author states this - "At the same time FHA loans to (do) not penalize Florida buyers with a higher interest rate because of having less then perfect credit."
Much of the information above and in the post is extremely misleading. I would consider this … (34 comments)
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less than perfect credit: FHA loans & mortgage advisory - Part 2 - Understanding mortgages & key principals of mortgages - 11/08/08 12:07 PM
Mortgages in the general scheme of things should not be that complicated. It starts with the loan officer though, as I explained in Part 1 of this series. I really have never cared for the term sales or sales person, but that is what a loan officer is, a sales person. But the problem is that so many act as a sales person, wanting to sell you a mortgage. My biggest problem with this is that they should be educating you and helping you understand not only the process of getting a mortgage, but understanding your options. But so … (10 comments)
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less than perfect credit: FHA loans & Mortgage advisory - Part 1 - Understanding Loan Officers - 11/04/08 01:31 PM
FHA loans - FHA mortgages - Conventional loans - VA mortgages
Consumers & Borrowers, please read this !!!
I have noticed in the last few months that some loan officers and lenders are getting more desperate than ever before. In my 16 years of being a loan officer in regards to mortgages, the consumer needs to be aware of knowing when to seek help from another loan officer and not wait until the last minute. It's one thing to trust, it's another to be lied to or misled to.... and not just by accident.
… (15 comments)
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less than perfect credit: Renting vs Buying -- Understanding & knowing the difference -- Part 1 of 3 - 10/23/08 07:30 PM
Are you throwing money out the window by renting? More than likely, yes. But this can be a complicated decision based on several different factors. Sure, you can try the many rent vs buy calculators online, but I have found so many not to be the same as the first one.
When should you not buy a home?
If your rent is very low. (usually 2/3 or less of your monthly payment) You intend to move in a few years. (unless you get into the house with no money out of pocket) Is this statement, "throwing … (12 comments)
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less than perfect credit: Down Payment Assistance Programs might be Alive & kicking?? - 09/10/08 12:37 AM
Well, maybe your voice has been heard. Maybe it was the shot heard around the world. As news broke earlier today, in which there has been speculation that bill HR 3221, the "Housing and Economic Recovery Act of 2008, would be overturned, bill HR 6694 made strides today.
There are good signs stating that the down payment assistance programs, such as Nehemiah, AmeriDream, Genesis, and so many others, will be voted back in. It's not a done deal as of yet, but with the strong support from Congressman Barney Frank, who is the chairman of the House Financial Services Committee, has some promises on … (32 comments)
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less than perfect 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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less than perfect credit: FHA mortgages -- Your lender said YES ??? - Part 1 of 2 - 04/08/08 12:58 AM
You are APPROVED for a mortgage.... no problamo... I can do it....
Okay, so I am a loan officer and I want your mortgage.... I want your business. I am either busy or slow, it shouldn't matter. I should :
treat you with respect. have integrity have knowledge in doing your loan. Okay, even if I didn't know an answer to a question or how to do something, before saying yes, I should look into it, I should ask my underwriter. get you the answer that you want to hear. Wait... I should … (18 comments)
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less than perfect credit: Realtors, all lenders aren't the same..... - 03/15/08 08:37 PM
I had received an e-mail from a consumer yesterday, who has been reading a few of my blogs. She told me that they were suppose to have gone to settlement on the purchase of a new home on March 11th. They went with the realtors suggestion of using their lender. This happens to be a national real estate company. To their surprise, they were told the night of the 10th that they were denied for the loan. They had been in process for a month and the lender blamed it on the issue that she owns a house with … (16 comments)
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less than perfect credit: Mortgages & Homes -- Best time to buy is now !!!!!! - 01/19/08 08:18 PM
Home purchasing, existing or new homes, now is the time to buy. If you are a seller needing to sell, why wait, take that offer now, before home values go down in some areas. If you are buyer, you don't always need money to buy, that's if you have a great mortgage professional working for you. If anything, as long as you are in the market and sure of yourself, don't just look for the best deal. Home values have been coming down for a year now. Don't think by waiting another month, that you will get a better … (11 comments)
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less than perfect credit: FHA or Conventional mortgages -- Either way, is it better to rent or own? - 11/09/07 03:08 PM
Buying your first home can be intense. It can not only be one of your largest investments in your lifetime, but might be one of the biggest responsibilities that you take on also. You first consideration should be weighing your options in regards to renting or buying.
You then want to talk to a trusted mortgage professional in regards to your financing options, your goals, and any questions that you might have. This loan officer should not only tell you what you can qualify for, but make sure that you will be able to handle this type of transaction.
One of the … (14 comments)
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less than perfect credit: FHA loan limits -- up, up, and away...... - 09/04/07 11:34 PM
Lately I have been reading so many comments stating that they don't see much FHA activity in their area because home values are higher than the FHA loan limits in that particular area. Here is a list of the current FHA limits : https://entp.hud.gov/idapp/html/hicostlook.cfm
Believe it or not, FHA/HUD approved new loan limits about 1 1/2 years ago. The next step is for congress to vote on this new bill and to accept it. President Bush already has ink on his pen, already stating that he will approve this new bill after it is accepted by congress. FHA Loan Limit Adjustment … (15 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
More about me…
Social Media - Infinity Home Mortgage Company, Inc
Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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