real estate: Minimum Credit Score to Increase for FHA Loans
- 10/19/10 11:32 AM
Last year most investors started requiring a minimum credit score of 620 to be eligible for a FHA Mortgage. Some investors such as Bank of America have now increased that minimum credit score requirement to a 640 to be eligible for FHA Financing. Chances are other investors will follow suite as early as November 01, 2010 and increase their minimum credit score requirements to a 640. If you a have buyer that is on the fence and they have between a 620 - 639 credit score. It is time for them to decide if they want to be a home owner or (1 comments)
real estate: Why is the Mortgage Lender asking about deposits in my bank account?
- 09/30/10 05:16 PM
When applying for a mortgage loan it is important to understand why underwriters ask certain questions. One of the most popular questions is “why do you care where a get the money for my down payment and closing cost”? First understand that when supplying bank statements for a mortgage loan, only the past 60 days worth of statements are required. There are a few things an underwriter looks at when they are looking at your bank statements. The one in question are the deposits. Depending on the type of mortgage loan you are applying for (Conventional, FHA, etc.) will dictate how (9 comments)