You Have To Have Your Credit Pulled Twice To Get A Mortgage?

June 4th, 2010

Fannie Mae has some new guidelines going into effect as of June 1st 2010 in regards to credit reports. Fannie Mae wants to make sure that borrowers’ overall credit situations have not changed between the time of application and settlement, and to make sure that there are no new undisclosed debts. So, be aware that lenders are going to start Read the rest of this entry »

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Low Credit Scores

October 1st, 2009

A low credit score can be caused by several factors. For details on ‘bad credit’, go to my web site (www.GetLoans.com) and hit the ‘Tools’ button and then click on the ‘Loan Programs’ button. See the data under “Credit Score Information” to see in great detail how credit scores are determined. And see the data under “Credit Repair” to see if it is possible to fix your poor credit record.

The way they rate your credit used to be as simple as ‘have you made any late payments or not’. Now they go much deeper and look at things such as:

Length of credit history Read the rest of this entry »

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Alternative Credit History To Help Qualify For A Mortgage

October 1st, 2009

Banks typically want you to have to have at least four pieces of credit. Sometimes when I pull a credit report for a first time home buyer or a younger person, I see a credit report with one credit card on it, and on occasion nothing at all. Some people only use checks, cash and debit cards to pay for things. Without a credit history comprised of at least four different pieces of credit, it may be difficult to get a loan.

Apparently banks want to see more numerous items of credit history, to feel comfortable extending a large piece of credit (like a mortgage).

However, there is a solution. Banks will allow you to build an alternative credit history. This means that we can show them a 12 month (at least, or you can show a longer history if it exists) credit history of things that normally do not show up on a credit report. Read the rest of this entry »

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