credit score: Basic Credit Scoring Tips For A Better Mortgage Rate - 06/02/08 01:30 PM
Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education. If you understand how the system works, after all, you can make it work to your advantage. One terrific place to start your research is at myFICO.com. Published by credit scoring powerhouse Equifax, myFICO.com give you information right from the source. There are tens of pages of tips and tricks from which everybody can learn. Gleaned from myFICO.com, here are some basic tips to get you started: Use It Or Lose It: If you don't use credit, the … (0 comments)

credit score: How "Once Bitten, Twice Shy" Is Making It Harder To Buy A Home - 05/24/08 05:04 AM
Getting approved for a conforming home loan just got tougher. Again. As home loan defaults mount, government-sponsored financier Fannie Mae has imposed new guidelines on what it will lend and to whom, highlighting the need for a strong credit profile and a downpayment. Some of the new restrictions on home buyers include: 580 minimum credit score requirement on all home loans (which 85% of Americans have) No more than one instance of a 60-day late payment on a mortgage in the last 12 months 5-year moratorium on new mortgage credit with a prior foreclosure on record In other words, Fannie Mae … (0 comments)

credit score: FHA Home Loans Emerge As A Cheap Alternative For Low-Credit Score Homeowners - 05/24/08 04:53 AM
FHA stands for Federal Housing Administration, a by-product of the National Housing Act of 1934 and now a sub-group within the U.S. Department of Housing and Urban Development (HUD). The FHA is not a lender nor does it build homes. The FHA exists to insure lenders against loss in the event that a homeowner defaults on a mortgage. Mortgages backed by FHA are often called "FHA loans" even though it's somewhat of a misnomer. A more appropriate name would be "FHA-insured" loans because that better describes the FHA's function. With the FHA's guarantee, mortgage lenders are enticed to make loans on … (1 comments)

 
Mike Rosen (Provident Team Real Estate)

Mike Rosen

Leesburg, VA

More about me…

Provident Team Real Estate

Address: 20130 Lakeview Center Plaza, Suite 430, Ashburn, VA, 20147

Office: (571) 302-4000

Mobile: (703) 880-6770

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