Archive for November, 2008
Perfect Credit Is Not Needed
Perfect credit is not needed to get a mortgage. Home ownership today is higher than ever before because loans are being extended to more borrowers. Contact your mortgage broker to find the loan that is right for you. Tags: mortgage <BR/>
Fha Loans Offer A Great
Fha loans offer a great rate to those who have some credit blemishes. You will be required to write a letter of explanation to explain why you were past due and may be required to pay off any collections to qualify. Tags: collections <BR/>
No. Imagine If Perfect
No. Imagine if perfect credit was required. Few loans would be made and every lender in town would be bankrupt. Tags: Credit, loan, lender <BR/>
Some Lenders Out There
Some lenders out there will even take an average of your three credit scores instead of using one particular credit score to determine how high of a ltv, loan to value, they will allow on a mortgage loan. For two borrowers they will even add up all three credit scores for each borrower together and [...]
Another Factor That Is Used
Another factor that is used with your fico score to determine how much you can borrow (your levis what type of documentation is being used. Full doc means you are submitting w-2′s and pay stubs, or tax returns if self employed, and you are documenting your assets with bank or brokerage statements. A full doc [...]
The Common Cut-Off Score For
The common cut-off score for 100% financing is a 580 score. There are some programs that vary slightly from this number, and the programs are always changing, so this is not set in stone. Tags: program, score, financing <BR/>
If Your Student Loan Payments
If your student loan payments are deferred but are still required to be calculated in your debt to income ration, be sure to obtain a copy of the original student loan documents. With the principle, interest rate, and term, your loan professional can determine a payment that may be much less than the lenders estimates. [...]
Most Lenders Take Your
Most lenders take your mid-score, or the middle score of the three scores reported by the bureaus. However, some lenders are willing to take the highest of the three scores, which sometimes can end up being the difference between a deal or no deal, or a deal and a good deal. Tags: lender, score, bureau, [...]
Lenders Will Also Use The
Lenders will also use the fully indexed mortgage payment including taxes and insurance to determine the dti. This means loans with small initial start rates, are not any easier to qualify for due to the small initial payment. Tags: mortgage, mortgage payment <BR/>
For Those Individuals With Less
For those individuals with less than perfect credit, non-conforming lenders allow loans up to sometimes 95% of their property’s value. Certain criteria must be met and these individuals should expect to pay slightly higher charges in closing costs and having a slightly higher note rate. It is also not uncommon for these non-conforming loans to [...]
