Real estate blog entries tagged with credit by David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com

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credit: My Identity was Stolen! Now what do I do? - 11/06/16 11:40 PM

Unfortunately, my identity was recently stolen. Of course like any normal person I freaked out big time. “Omg, how did this happen”, “what do I do?” followed by some choice words. Of course in my mind I was figuring they were running around right at that moment opening credit accounts under my name. So I quickly tried to research what to do. I found a ton of advertisements of services to help me protect my ID such as Lifelock, but not really much of a game plan. So to help others I wanted to map out what I believe is the … (0 comments)

credit: I have just been Denied for a Mortgage….. now what?? - 06/16/15 01:08 AM

Getting denied for a mortgage when you want to buy a home is a horrible experience. It can crush your dreams if you let it. As a mortgage lender I was thinking of what you can do after you have been denied for a mortgage, so that eventually you will get approved to buy that dream home. And here are my main points of advice to get you back on track after being denied for a mortgage:

Why was a I denied?- When the lender tells you are denied ask why? And it better be a thorough answer or keep asking questions. … (2 comments)

credit: Don’t Forget You are also Marrying Their Credit Report - 10/16/14 11:48 PM

Getting married to the one you love is a great experience. And living together you learn all the great things about them such as: their snoring, not putting down the lid, having to repeat yourself a million times and this beautiful list goes on…… I am kidding with that this comment. But when it comes to wanting to get a mortgage in the future, your new spouse’s credit situation can help or hurt you. I am not saying do not marry someone over their credit, but I did want to go over some major points where their credit report can … (28 comments)

credit: The Anatomy of a Mortgage by Dave Your Mortgage Guy - 01/17/13 04:12 AM

I was thinking the other day, about how a mortgage has many parts. Like the anatomy of the human body. And I thought it was important to go over them. Here is the list of the major parts of your mortgage and an explanation of them:
1. Credit- Every type of mortgage requires a minimum credit score. As an example, many lenders require a credit score of 640 for FHA loans. But I can actually do FHA loans with credit scores as low as 580. But there is more to the credit part than just score. The underwriter will also review … (3 comments)

credit: Top 5 Excuses for Putting Off Getting Pre-Approved For A Mortgage - 06/13/12 09:04 AM

For some odd reason, some folks want to put off getting pre-approved for their mortgage until the last minute. Not only is this super risky but it can also put you in a really bad situation. Here are the top 5 excuses I have heard and why they are a bad idea:

1. “I am going to wait until I find the right home”- This is actually causing you to go backwards. Before looking at a home you need to get pre-approved to find out how much home you can get approved for, how much money you need to buy … (8 comments)

credit: FHA Construction Loans in Texas. You need to Know this Program! - 03/15/12 06:50 AM

Let’s be honest, mortgages in general are not very exciting. But I am super excited about our FHA Construction Program. As we all know FHA loans have the easiest guidelines for a home buyer to qualify. And now those guidelines can be used for someone to build a home. This is also a great program for home builders, as it keeps them from having to finance the construction themselves. Here are the major points and benefits to know:

1. This is a One Time Close Construction loan. Meaning you do not need to do a construction loan and then refinance … (3 comments)

credit: I am a Firefighter, are there any Programs for Me when I Purchase a Home? - 09/06/11 09:59 AM

As a Firefighter there are programs for you for when you purchase a home. Here are the two major ones that I deal with:
1. Good Neighbor Next Door Program- Obviously any neighborhood feels safe when there is a Firefighter living there. HUD has figured this out and offers the Good Neighbor Next Door Program. It offers certain HUD foreclosures for 50% of their sales price. The 50% comes in the form of a 2nd mortgage that is forgiven after 3yrs. So you only have to pay the first mortgage of 50% of your homes sales price. To find out which homes qualify for … (0 comments)

credit: I Am New To The United States, How Do I Eventually Get A Mortgage?? - 07/14/11 08:55 AM

When coming over to the US, you have a couple items to pay attention to so you can eventually get a Mortgage. I will go over the specific things to address when you move to the United States and how to be better prepared for eventually getting a Mortgage. Here they are:
Your Visa- Most likely you will be here on a Visa. You want to make sure that Visa is an approved Visa to get a mortgage. For the list of Visa's: Immigration Visa. If Your Mortgage Lender denied you for a mortggage because of your Visa, but it appears on this list, … (1 comments)

credit: After Loan Approval....DON'T BREATH AT ALL UNTIL YOU CLOSE! - 06/16/11 02:29 AM

Larry has once again pointed out something very important to remember. When getting a mortgage, do not apply or open any new credit until after you close. A new credit report is pulled before closing. And that new account could get your loan denied. www.DaveYourMortgageGuy.com
Or At Least Until You Close Here's the deal Your credit will be re-pulled prior to closing! Book it! Bank on it! Expect it! Last month we had about 1500 closings and two issues came up prior to closing. One person had new credit because of a recent purchase and the other person had just … (6 comments)

credit: Your Weekly Mortgage Rate Update For Sugar Land, Katy, Houston, Pearland, The Woodlands, Conroe or anywhere in Texas. 6/15/11 - 06/15/11 04:14 AM

Here is your weekly interest rate update:
Conventional 30 year Mortgage: 4.5%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 5.25%
FHA 30 year:4.25%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:5.15%
Conventional 15 year:3.75%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:4.45%

Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

… (0 comments)

credit: Please I’m Begging You to Take This Home Buyer Tax Credit!!!!! MCC - 05/09/11 11:05 AM

To stop short of sounding like a overly animated car salesman, but the MCC tax credit program is just giving away MONEYYYYYYYYYYYYY!!!. We have all heard that the $8000 home buyer credit is over. But would you believe that there is another tax credit for homebuyers...... the MCC Tax Credit. The MCC stands for Mortgage Credit Certificate and few lenders offer to do them. Maybe it is the additional work that scares them, hmmmmm. But, don't worry I offer it and do not charge anything to do the additional paperwork and get you approved for the Tax Credit. Here are the … (0 comments)

credit: 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)

credit: Do you need a Fairy to help fix your Credit? - 10/20/10 03:23 AM

I was watching TV lately and this commercial came up(see below). Like any great commercial it did it's job and got my attention, it is very funny. So I went and checked out www.CreditFairy.org. As we all know having, having great credit will save you money. It allows you to have a lower interest rate and get approved for a mortgage. And the same goes for getting a car loan. If you do not have great credit, don't worry. The great thing about credit is you can always improve it. And this website is a GREAT place to start. Here are … (0 comments)

credit: If Your Credit Score is Under a 640 You May Still be able to get a FHA Mortgage! - 10/11/10 07:18 AM

Many mortgage lenders and banks have recently gone to a minimum score of 640 for FHA loans(down to 620). At Schmidt mortgage we are still doing mortgages for clients who have under a 640 credit score. Obviously, these loans are done on a case by case example. On these loans an underwriter wants to make sure the borrower is a strong client even thou their scores maybe lower. Here are the requirements needed to help you get approved for your mortgage with a score under 640:
A Debt to Income Ratio of 45% of less. This is a calculation of your … (0 comments)

credit: Your Woodlands Mortgage Lender. Get the Service You Expect! - 08/31/10 04:53 AM

Getting a mortgage to buy your dream home or refinance that home is a major financial decision. When making this decision, you do not want to just go with a company on the Internet that advertises a lower rate. There is more to expect from a lender, then just an advertised rate. Here is just some of the things that separates me from my competition:
I am available 7 days a week, not just 9-5 (bank hours) I have my own FHA and Conventional underwriter, allowing me to get answers quicker. And close your loans quicker I am local, not a … (1 comments)

credit: Your Pearland Mortgage Lender. Get the Service you Expect! - 08/31/10 04:40 AM

credit: Your Sugar Land Mortgage Lender. Get the Service you Expect! - 08/25/10 09:56 AM

Getting a mortgage to buy your dream home or refinance that home is a major financial decision. When making this decision, you do not want to just go with a company on the Internet that advertises a lower rate. There is more to expect from a lender, then just an advertised rate. Here is just some of the things that separates me from my competition.

I am available 7 days a week, not just 9-5 (bank hours) I have my own FHA and Conventional underwriter, allowing me to get answers quicker. And close your loans quicker I am local, not … (0 comments)

credit: 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)

credit: Over 1 Million homes to be foreclosed on this year - 07/15/10 02:01 PM

In Yahoo.com's recent article it addresses the issue of foreclosures this year:
Economic woes may force more than 1 million American households to lose their homes this year, AP reports.
Nearly 528,000 homes were foreclosed in the first six months of 2010. As lenders work through a huge backlog of borrowers behind on their mortgages, even more home repossessions could occur before the end of the year.
According to RealtyTrac, Inc., a foreclosure listing service, the number of households facing foreclosure in the first half of the year climbed 8 percent when compared to the same time frame last year. In … (2 comments)

credit: City of Dallas Mortgage Credit Certificate tax credit program (MCC) has funds! - 05/20/10 08:06 AM

The Mortgage Credit Certificate tax credit program(MCC) for the City of Dallas has just announced that they now have funds for this program. They have over $13.5 million of funds for this program but will disperse the funds on a first come first served basis. If you are not familiar with the MCC program, here are the highlights.

The MCC tax credit allows you to save up to $2000 a year off your income taxes. This is a refund of up to $2000 off their income taxes every year that you are in the home!!!!!! it is also available for … (0 comments)

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