mortgages: Top 10 FHA Advantages
- 06/20/11 03:48 AM
Fannie Mae and Freddie Mac underwritten conventional, FHA and VA loans account for the vast majority of mortgages chosen by buyers to finance their home purchase. While buyers have the choice on which product to use, there are some considerable advantages to FHA. More tolerant for credit challenges than conventional loans. Lower down payments than conventional loans. Broader qualifying ratios - total house payment with MIP can be up to 31% of borrower's monthly gross income and total house payment with all recurring debt can be up to 43%. Seller can contribute up to 6% of purchase price - this money (0 comments)
mortgages: Credit Scores
- 06/08/11 12:37 PM
As we all know, how a credit score is determined is a well guarded secret. However, over many years, I have reviewed a lot of credit reports and here are a few things I have noticed. These are solely my opinion:
Student Loans Student loan lenders are known for keeping detailed records. It is almost impossible to get any lates or collections off your credit report if they are a student loan. Please keep this in mind when pre-qualifying your borrowers. Student Loans are not a positive piece of credit unless they are more than 50% paid down. When they (0 comments)
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Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910