September 22, 2021

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Articles Tagged With: Credit Requirements

Is Your Credit Report Hurting Your Chances At Loan Approval?

FHA Home Loans: Why You Need To Review Your Credit Report Now

Why is it so important to review your credit report long before you apply for a mortgage? One important reason–the one you read in almost every article with advice on this topic–is to start reviewing your credit early in case you have to dispute an item on your report. But what happens in the event you find errors, outdated information, or evidence of identity theft? In the 21st century the likelihood of having any–or even all–of these in your credit report is elevated due to hackers, accidental breaches of personal data, or even mistaken identity. So what should a potential borrower do if they discover trouble with their credit reports? The first thing to do is to remember you’ll need to check all three credit reporting agencies to determine if | more...

 
Information You Need To Pre-Qualify Or Get Pre-Approved For A Mortgage

Before You Apply For Your Mortgage Loan

If you are concerned about your ability to qualify for a mortgage, before you get pre-qualified or pre-approved, it’s a good idea to add a few steps to your home loan prep checklist. These steps should be in addition to the usual things you need to do before you apply for the loan, seal pre-approval, approach a seller, or even start working with a real estate agent. One of those things is very important–you need to not only know the contents of your credit report (a Home Loans 101 type piece of advice) but also monitor your credit through the entire planning and purchase process of your home loan.  Knowing your credit score is vital for a mortgage borrower and home buyer, but what happens if your credit report begins | more...

 
Buying a House In The Era of Corona

Questions To Ask About Your Credit Report

Do you dread the idea of looking at your credit report? Some people delay looking at theirs because they are afraid of what they might see, or afraid they won’t be able to understand what they are reading in their own report. Fortunately, there are some questions you should ask about your credit report that can give you a good start in the right direction–these questions will help you better understand what’s in your report and what a lender looks for when they review yours. When you get your copy of your credit report from Experian, TransUnion, or Equifax, be sure to review the report once “cold”, and then review it again with the following questions: Credit Report Accuracy: Open Accounts? Are the accounts listed in your credit report open? | more...

 
First time home buyer FHA loan

FHA Loans: Credit Score Tips

What is a good FHA loan credit score? In general, the obvious advice is that you should try to come to the home loan process with as high a FICO score as you can for best results. But not everyone has the advantage of an Excellent credit rating. What do future homeowners need to know about FHA loan requirements and their credit score? To start, you should know that no two lenders are exactly alike and it is a bad idea to assume you will get the same results from all of them. Don’t assume you can’t qualify for a loan–have a loan officer help you determine what kind of mortgage is right for you. FHA Credit Score Tip: Shop Around Why do we say “shop around” when it comes | more...

 
Is Your Credit Report Hurting Your Chances At Loan Approval?

Why Your Credit Report Matters

Are you new to the mortgage loan process? It’s easy to make certain assumptions, especially where credit approval is concerned. What do you need to know about your credit report? Don’t forget that how you use your credit, how much credit you use, and whether you pay on time are all factors that go into your FICO score calculations. There are several factors that may help you make better choices about how to plan and apply for your mortgage. Credit Report Factors To Consider Your FICO scores, credit card use, plus information about the amount of credit you use per card (up to the credit limit and by how much) are all things your lender will need to see when looking at your report. FICO scores are an important part | more...

 
Mortgage Loan Approval During Coronavirus

FHA Loan Minimum Credit Scores: Tips That Can Help You

Are you concerned that your FICO score isn’t high enough to meet the minimum credit scores for the lowest down payment possible on an FHA home loan? On paper, FHA loan minimums for credit scores begin at 580 or better to qualify for the lowest down payment. Your participating lender may require a higher score but in general FICO score requirements for FHA home loans may be more competitive than some conventional equivalents. There is some good credit score advice should you take ahead of your home loan–it starts with pulling your credit reports to see what’s lurking in there, then checking your credit often and monitoring it. Being told to check your credit report is obvious advice. You will find that in just about any credit repair article. But | more...

 
FHA Loan

Have You Checked Your Credit Score Lately?

When was the last time you checked your credit score? If you are thinking about applying for ANY line of credit (but especially home loans) you will want to be looking at your credit reports on a regular basis. There are good reasons to monitor your credit and keep track of updates to your report. What kind of reasons? Human error, for one. If your credit report has mistakes like an outdated home address, incorrect spellings of your name or addresses, or other problems those errors could make trouble for you later on. But errors aren’t the only issue to keep an eye on. Credit scores help determine your interest rate on a home loan, and they also help determine what size of down payment you may be required to | more...

 
Cash out refinancing

FICO Score Basics First-Time Home Buyers Should Know

What does a first-time home buyer need to understand about FICO scores? If you are interested in a home loan, you need to know what FICO scores are acceptable to the lender. You also need to know how FICO score ranges are viewed by lenders in terms of general creditworthiness. What makes a good credit score or credit score range, and what makes a “bad” credit score range? Investopedia says credit scores have a range between 300 and 850. What do lenders think makes a good credit score? The specific answer will depend on the lender, but as a rule of thumb consumers can count on FICO scores between 670 and 739 as being “good”. Scores above this range in the 740s to a maximum of 850 are “excellent”. What | more...

 
Buying A Home With A Lower Credit Score

Credit Building For First-Time Home Buyers

Are you interested in buying your first home but aren’t sure how to improve or build up your credit to give yourself a better shot at home loan approval? FHA mortgages have more lenient credit approval requirements than conventional mortgages but even those applying for FHA mortgages need to ensure their credit scores are in an acceptable range for the most affordable home loan possible. In some cases it is a good idea to consider applying for smaller credit first. This may be in the form of store credit cards or similr lines of credit. But what should a new borrower know about doing so? Building credit takes time and patience–it is unrealistic to expect results in a few weeks or even a few months. If you have never applied | more...

 
Do You Know How To Dispute Your Credit Reports?

Get Your Credit Ready For A Mortgage

Do you want to buy or build a home? Before you apply for a mortgage loan there are some steps to take in the planning stages to get you closer to loan approval. Checklists can be important tools when making the preparations you need before you apply for a home loan; purchasing a home is one of the most important investments you can make; you’ll have an easier time in the process if you are organized.  You will want to start preparing this checklist long before you are ready to fill out paperwork to apply for the mortgage or to get pre-approved. This is a process that should begin, at a minimum, 12 months ahead of your application. What should you put on a credit checklist when prepping for the | more...