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 »
Don’t let your credit score fall down. There are many current homeowners who can afford their mortgage, but are upset that their home is not worth what it once was. These people are called “strategic defaulters”. But walking away from a mortgage, especially one you can afford, is a bad idea. Read the rest of this entry »
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 »
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 »