fha: FICO credit scoring… making a move in the right direction!!
- 08/15/14 05:18 AM
On Friday August 8th Fair Isaac Company announced that their updated FICO 9 scoring system will FINALLY be doing some good for consumers. This is the first change to their scoring system in about 6 years. The 2 specific areas that this will help out on are: Medical collection reporting Limited/Thin trade-line borrowers When it comes to medical billing I’ve noticed over the years that once a bill from a hospital hits 31 days old… its immediately sold to a collection company. Confusion about the amount covered by insurance companies related to medications / procedures sometimes means people do not … (25 comments)
fha: MISCONCEPTIONS about the BARRIERS to BUYING a HOME.
- 07/09/14 05:24 PM
The TBWS/NREP show quite a while back really slapped me in the face. Us “mortgage folks” who are trying to help finance homes are asking ourselves… WHY ISN'T MY PHONE RINGING LIKE CRAZY RIGHT NOW??? Rates are at ALL TIME LOWS and Home Prices are back to what they were in 2002! So WHY? Frank and Gary made a point that there is a MISCONCEPTION by possible home buyers of what it takes to actually buy a home. They pointed out that it’s possible that folks don’t understand the down- payment requirements for today’s loans. This possibility inspired me to take a survey to ask “what do you think … (2 comments)
fha: Maximum FHA Loan amounts... going down!!
- 12/13/13 05:02 AM
Yeah… *sigh*. Another great move to help the housing market right? (please read that with my sarcastic tone) Announced late last week on Dec 6th in ML 13-43 HUD has elected to change the limit for FHA loans from $365,000 for single family homes in the Twin Cities market down to $318,550. It doesn't matter what FONT or what COLOR is used... it's still not pretty. The limits go into effect for FHA casefiles reserved on Jan 1st 2014.
WHAT DOES THAT MEAN TO ME?
If you’ve been looking at qualifying for a purchase and expecting to use … (2 comments)
fha: Doesn't the seller pay for ALL of our Closing Costs???
- 08/13/11 02:30 AM
We all have to remind buyers that they are responsible to pay the required down payment percentage (3.5% for FHA or 3-10% etc for Conventional) AND their closing costs/pre-paids too. Even if you stipulate that the sellers contribute towards “closing costs and pre-paids” in the purchase agreement it may not cover ALL of those fees. If you want a smooth purchase transaction make sure that you ask your favorite mortgage guy if there is a NEED to try to get all/most of the closing costs/pre-paids included with the offer. It could be the one little detail that causes the deal … (6 comments)
A smarter Realtor/Loan Originator team can make a transaction effortless for a buyer and lead to future business from them, their family, friends, co-workers and neighbors.
Raving fans of your service will WANT to share their experience.
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