Good Morning! I get asked about “Deed In Lieu” sometimes. A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have a chance to foreclose. People ask me how a Deed In Lieu would affect their credit. I tell them…
Good Morning! I’ve written about this before, but I wanted to touch on it again, because I had someone ask me about this yesterday… I had a borrower recently use a reverse mortgage to purchase a house, and I wanted to tell you their story. …because I think it’s a good example of a neat…
Good Morning! I get this question alot: “If you pull my credit will it hurt my credit score?” The answer is not really. When you get an inquiry on your credit it’s usually due to you applying for one of these 4 types of credit… 1) A credit check for a mortgage loan. 2) A…
Good Morning! I wanted to quickly go over the waiting period various loan programs have for Foreclosure. FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA – 2 years from completion date with an automated system refer. Fannie Mae – 7 years from completion date, or if you can get…
Good Morning! Did you realize that 15 percent of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action? So, it’s impossible for someone who is new to credit to have a perfect credit score. A longer credit history provides…
Good Morning! Here’s one way to get a loan done with existing disputed accounts on your credit. Does this situation sound familiar?… You hired someone to work on your credit. Now, you have a bunch of disputed accounts on your credit report. That’s all fine and good… Until you need to get a mortgage. Your…
Good Morning! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan.…
Good Morning! FHA gift questions come up often. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relative. 2) Borrower’s employer or labor union. 3) A close friend with a clearly defined and documented interest in the borrower. 4) A charitable organization.…
Good Morning! Did you know we have Debt Service Coverage programs for non owner occupied investment property? In other words we rely solely on the income from the property to qualify for the debt ratio to purchase a property. It’s a pretty simple program. We take the income the property produces. Subtract the expenses from…
Good Morning! Here’s three little credit tips for you… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy – set your payments up on autopay. 2) The quickest way to increase your credit scores are to decrease your credit utilization ratio.…