account: That Darn Collection Account and Trying to get a Mortgage - 05/06/16 01:28 AM
Many times I will see a client with perfect credit and a random collection account pops up on their credit report. The majority of the time their reaction is of surprise and some choice words. As they did not know about it and rush to figure out what to do. Everyone’s situation is different but before you do anything about a collection account on your credit report it is important to know how it could affect your credit score and getting a mortgage. So I wanted to go over some points on what to do based on my experience when it … (2 comments)

account: How can I get a Home Financed with No Oven? Here is how - 10/18/11 07:54 AM
Many times when purchasing a foreclosure, the home will be missing some items.  Some things are required for a mortgage lender to lend on the property.  Or give you a mortgage.  One of these items is the oven.  A home must have an oven to get financed.  But what do you do if the home doesn’t have one and the seller won’t install one?  Your answer is the Escrow Holdback, and here is how to structure the escrow holdback  in regards to the oven:
 
1.      Seller- When negotiating the contract you can ask the seller to do an escrow holdback.  … (4 comments)

account: Your Bank Statements Can Be Your Best Friend or Worse Enemy when getting a Mortgage - 06/12/11 11:49 AM
When getting a mortgage it is important to know all the documentation you will need.  A short list is your most recent 30 days worth of paystubs, last two years w2's and complete tax returns.  You will also need the last 2mths retirement account and bank account statements(all pages).   When your loan is Underwritten(reviewed), the underwriter will go thru all these documents.  In this post I am going to talk about the issues you need to be aware of when it comes to your bank account statements. 
 
Deposits
The reason you are required to provide 60 days worth of bank … (2 comments)

account: Do NOT Dispute Your Credit Accounts If You Want A Mortgage! - 02/07/11 05:41 AM
Recently, Mortgage Underwriting Guidelines have changed.  You can no longer have a disputed account on your credit report and get approved for a mortgage.  It must be removed, in order to get approved.  When you have a disputed account it is taken out of the scoring model, causing the underwriter to not get a fair and complete picture of your credit situation.  You must get this disputed account removed before the file goes into underwriting or before you can close on your mortgage.  Keep in mind the process of removing a disputed account can take 30-60 days.  Here is my suggested … (0 comments)

account: Stop and Think before You plan to Change Your Credit Scores!!!!! - 08/24/10 04:16 PM
This is fantastic information on how your credit score is determined.  And what to do and not to do in regards to your credit.  www.DaveYourMortgageGuy.com. 

Credit is one of THE MOST IMPORTANT ISSUES IN getting a loan today.  Time and time again, I'm called by a client who says "I PAY MY BILLS ON TIME, BUT MY PEOPLE SAY MY CREDIT STINKS....
Maybe I'll just pay off my credit cards today..... No, No, No, No Nooooooooooooo!!!!!!"  Truthfully, there is more to a credit score than just making your payments on time or paying off your credit.  In fact paying off all your … (4 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending) Rainmaker large

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

More about me…

www.DaveYourMortgageGuy.com - Legend Lending

Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!

Office: (832) 689-6012

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