Credit Score Requirements Going UP!

On December the 12th, Fannie Mae is changing it’s “Computer Program” to reflect a new minimum credit score requirement for mortgages of 620.

This is SIGNIFICANT because VA Mortgage Loans, FHA Mortgage Loans and USDA Rural Development loan guidelines indicate that the Government will insure loans with scores substantially lower than this… however, if a loan [...]

Benefits of FHA Mortgage Loans

FHA Mortgage Loans are one of the best mortgage loan programs available for folks purchsing a home in the Wake County Area because it serves so many needs!
You can use the program, as a parent, to help your student or child get into their First Home!  The downpayment is 3.5%, and it can be a [...]

Using 401K Funds for Downpayment on FHA

With FHA financing, you can use 401K funds in the form of a loan or a withdrawal for required funds to close. We also use them quite often to simply document reserves with no intent to withdraw the funds. It can sometimes make a difference if your debt-to-income ratio is a little higher than the guidelines

Credit Scores and First Time Home Buyers!

How Credit Scores are calculated is changing, and the minimum scores required for mortgage loans are going HIGHER!  For information about “WHY” Credit Scores requirements are changing in NC, click here.
It’s important to know that Transunion began making changes to the way they calculate credit scores, and if you don’t change your credit strategy – you might not be [...]