credit score: 10 Real Estate Deal Killers........
- 03/06/09 07:04 AM
I attended a class the other day called "10 Things to Ask Your Buyers Before Taking Them House/Condo Hunting" and will be addressing those issues in an upcoming blog entry but wanted to put together a list of what can kill a deal for a buyer or a seller. Please feel free to share this information with your buyers and sellers!
Skipping the Mortgage Preapproval Process: For buyers, getting preapproved for a mortgage gives them a clear idea of how much they can safely borrow, plus it addresses credit issues and kick-starts other financial paperwork. What's more: it identifies them … (4 comments)
credit score: Good Morning, America interviewed me for show on MONDAY, DEC. 15
- 12/13/08 02:18 AM
I was interviewed Thursday for a show that is supposed to air on Monday, December 15 on Good Morning, America. It's about the housing market and how to help people who are behind, as well as what steps could be taken to improve the housing market. I made the following points, but they may edit a lot of it out. I hope you get an opportunity to watch! Thank you to Beth Forbes for part of her ActiveRain post - I made SURE to get that out there, as well! Until we get housing out of it's "deep depression", the rest … (0 comments)
credit score: Credit - It's a Brand New Day!
- 08/31/08 05:48 AM
While it has always played a big factor in the approvability and/or interest rate assessed to a mortgage, recently, credit scores have taken on an even bigger role in the mortgage process. Fannie Mae is now incorporating Loan Level Pricing Adjustments based SOLELY on a borrower's FICO score! A credit (FICO) score is a 3-digit number that is used to evaluate the risk associated with lending you money. A FICO score is generated by a mathematical model created by Fair Isaac and Company in the 1950's. When you apply for a mortgage, the mortgage company pulls a "Tri-Merge Credit Report" and uses … (4 comments)
credit score: September Special!
- 08/29/08 03:47 AM
We are waiving our administrative fee ($150) and doc prep fee ($150) on all loan applications taken from September 1 through September 30, 2008. This includes primary homes, 2nd homes and investment properties, single family residences, townhomes and condos. If you couple this fee waiver with today's low rates (6.25% 30 year fixed primary home single-family or townhome, no points, no origination fee, 100% financing with no monthly Mortgage Insurance or 6.5% 30 year fixed for an 80% conforming condo or condo-tel, 2nd home, no points, no origination fee) and your clients with be tickled pink! They will remember the Realtor … (2 comments)
credit score: Credit Score and FHA Loans
- 08/28/08 08:50 AM
FHA has no minimum credit score for buyers using this program. However, most investors have a minimum score requirement of 580. We have two investors who will go below this: one will go as low as 560 and one will go as low as 500. However, there has to be a credit explanation letter with extenuating circumstances as to why the credit score is as low as it is in order to be approved. Currently, FHA has different Mortgage Insurance costs depending on a buyer's credit score. We also work with a credit repair specialist who helped write the FICO model … (3 comments)
I attended a class the other day called "10 Things to Ask Your Buyers Before Taking Them House/Condo Hunting" and will be addressing those issues in an upcoming blog entry but wanted to put together a list of what can kill a deal for a buyer or a seller. Please feel free to share this information with your buyers and sellers!;)
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