IMPROVE YOUR CREDIT SCORE

…on Congress to pass FHA reform legislation that would increase FHA loan limits, lower down payment requirements and offer more flexibility in pricing mortgage insurance premiums.

…help you, like with a major medical condition, get a second opinion. Different brokers have different lenders, when one says no, one says yes!

…you have less than perfect credit keep you from trying to realize the American dream, call a mortgage broker, it’s free to find out.

…just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee’s permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for […]

…have less than perfect credit, it often makes sense to use the equity in your home to pay off high interest credit cards or car loans, medical bills or other items that are dragging your credit score down. By consolidating your debt, you make your payments more manageable and easier to make, and that will […]

…or manufactured home on a permanent foundation in the State of Florida you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triple wide financing.

…excellent source of financing in the State of Florida. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be […]

…can often lower your interest rate and monthly payments. If you are not sure if you will sell or refinance your house before then end of your prepayment penalty period then you should considering paying a one time buy out fee to eliminate the prepayment penalty altogether.

…of prepayment penalties, soft and hard. A soft prepayment penalty will only apply if you refinance your home. A hard penalty will apply whether you sell, or refinance.

…for non traditional credit are offering very attractive rates, even at 100% LTV. You will most likely have to pay mortgage insurance, but that can usually be removed within one to three years, if you live in an area with normal appreciation.

…designed for limited credit depth is Fannie Mae’s My Community program that will allow up to 100% financing. You should discuss this program with your broker to see if it is right for you.

…prepay penalty make sure the mortgage professional lets you know your “break-even” time.

…with limited credit histories or artificially reduced Fair Isaac (FICO) credit scores may now obtain alternative credit reports and scores based on the timely payments they make to landlords, utilities, telecom and cable companies and other recurring accounts which may not be included in their national credit bureau file, even child support and payday loans.

…at your Mortgage Note. You will be able to find the terms of the penalty here.

…who may need to use Alternative credit would be someone who did a bankruptcy and never re-established any credit accounts. Sometimes after a bankruptcy people feel it is better to pay cash for everything and not get any more credit accounts. This is not true as it is important to re-establish your credit after the […]

…prepayment penalty at closing. Though, you should ask your mortgage professional what your mortgage will have in terms of a prepayment penalty before you get to closing. They will know the answer for you.

…between loan applicants with no credit history and those with bad credit history. Non-prime lenders are usually the only source of mortgage financing for loan borrowers with bad credit profiles, whereas home buyers with little or no consumer credit history can often get home loans with Alternative Credit features from banks. Mortgage brokers are a […]

…from 2 month’s interest all the way up to 10% of the original loan amount.

…very useful for Foreign Nationals, who traditionally will not have established credit since they have just come to the United States.

…has a prepayment penalty, it is possible to refinance your mortgage, consolidate debt, get cash out and still lower your overall monthly payment.

…refer to alternative credit such as cell phones and cable TV as Alt trade lines. This is an excellent way for someone with very little established good credit to prove their credit worthiness to a lender. It’s all about building a case for yourself to the lender. Knowing how to package your information to the […]

…serve as a means of liquidity, to be used toward other real-estate investments, or even in various types of business investments, or ventures.

…may qualify as alternative credit are cell phone accounts, cable TV accounts, car insurance and even cancelled rent checks all can be used as alternative credit. However they all need to be paid on time in the last 12-24 months.

…you can make home improvements, consolidate high-interest credit cards or other high-interest loans, pay for college, or buy that vacation getaway you always wanted.

…available for borrowers with little or no credit history. Alternative credit usually is in the form of a letter from the company that holds an account that does not normally report to credit bureaus.

…available in your home is one of the biggest factors Lenders consider when qualifying a borrower for a loan.

…credit is covered by the law. Businesses applying for credit also are protected by the law. When you apply for credit, a creditor may not ask you to reveal your sex, race, national origin, or religion. A creditor may ask you to voluntarily disclose this information if you

…Federal Law that requires lenders and other creditors to offer available credit without discrimination based on color, race, religion, country of origin, age sex, marital status or of income received from a public assistance program.

…paying off credit card debt with a refinance. They use arguments such as “you’re going to be paying on last night’s meal at a restaurant for 30 years.” However, that argument has its weaknesses. If you pay the minimum amount on your credit card every month, you could be paying for that meal for over […]

…remember when rebuilding your credit is to keep your balances at no more than 50%, (30% is ideal, but 50% will work) of the total amount of available credit.