If you are anything like me, you have often wondered how FICO really works? The company behind FICO has published the specific point drops for common missteps. You can find them on the fico website. Here is the breakdown of 3 common financial difficulties and how their specific point drops. Maxed Out Credit Card · Starting score of 780: 25-40 point drop · Starting score of 680: 10-30 point drop 30 Day Delinquency · Starting score of 780: 90-110 point drop · Starting score of 680: 60-80 point drop Foreclosure · Starting score of 780: 140-160 point drop · … (3 comments)
lending: How 3 things affect your FICO Score
- 10/25/10 04:15 AM
If you are anything like me, you have often wondered how FICO really works? The company behind FICO has published the specific point drops for common missteps. You can find them on the fico website. Here is the breakdown of 3 common financial difficulties and how their specific point drops. Maxed Out Credit Card · Starting score of 780: 25-40 point drop · Starting score of 680: 10-30 point drop 30 Day Delinquency · Starting score of 780: 90-110 point drop · Starting score of 680: 60-80 point drop Foreclosure · Starting score of 780: 140-160 point drop · Starting … (0 comments)
lending: New Lending Rules...Again...Goooood Times!
- 10/08/10 05:04 AM
The day is December 13, 2010. Fannie Mae is changing its mortgage lending guidelines. It will be good news for some and not for others. How you will be affected depends on your credit profile and type of loan. The good news is, if you are buying a single-family home, condo or townhome to live in you won’t need Fannie Mae’s minimum 5% personal down payment. It can be made up of 100% gifted or granted funds! If you are buying a second home or multi-unit property, you will still need a minimum personal down payment. The not so good … (2 comments)
lending: It may not be Christmas but ENJOY the gifts!!!!!!
- 09/27/10 03:41 AM
The fact that lenders have strict mortgage guidelines for home buyers is no surprise. No more financing with zero down. Most conventional loans now need 10% to finance. In light of these changes, more people are taking advantage of cash gifts from family. The rub is that you want to make sure you accept that gift in a way the mortgage underwriter will accept. Here are a few steps I found to help guide you along the way. 1. All parties should sign an acceptable gift letter. Here is an example: I am the (relationship to recipient) of (name of … (1 comments)
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