We talk to people everyday who have questions about qualifying for a FHA Mortgage Loan in NC. FHA Underwriting Guidelines, are actually pretty straightforward. Unlike qualifying for a VA Mortgage loan (where you must be a qualifying Veteran) or a USDA Home Loan (that requires that you meet income limits for your county and the […]
One of the ways Credit Repair is done right now is by adding someone to a credit account that is in good standing as an Authorized User. These Authorized User Accounts are also a good strategy for someone who really has no credit history at all. I recently did this for our daughter who is in […]
If you are like most of our First Time Home Buyer clients, you are researching and reading everything you can find to be certain you are prepared for the big day when you finally get the keys to your dream home! We incorporate questions in the follow up we send folks who are in the […]
If you are interested in buying a house, we MUST view your credit. That’s why there’s a button on the right that says, “Apply Now”. It allows us to get a copy of your credit report and view it. Why? Because Credit Score Requirements for Mortgage Loans are different based upon the program you need, […]
Well… I wouldn’t get TOO excited! According to the underwriters I’ve talked to lately – even though VA does Not Require a Credit Score, they will require a MINIMUM of at least 12 months of clean credit. There’s good news! No matter what your score is – as long as you meet the minimum score […]
When you are trying to increase your credit score – TIME is a big factor.
How long has it been since you missed a payment. For Car Loans and Mortgage Loans – that number MUST be 12. Meaning you have NO LATE PAYMENTS in the last 12 months.
Does your credit look like a train wreck? I’ve talked to several clients recently who hit a rough spot – and are working their way out. They had some questions I thought other people might need answered too! How long does negative information stay on a credit report? The Fair Credit Reporting Act says that negative information […]
How Credit Scores are calculated is changing, and the minimum scores required for mortgage loans are going HIGHER! It’s important to know that Trans Union began making changes to the way they calculate credit scores, and if you don’t change your credit strategy – you might not be able to purchase! North Carolina First Time Home Buyers need to know […]
We just closed a loan for a first time home buyer that made me SOOOO happy I wanted to share her story! The borrower was married in her early 20’s – had 2 children, and never finished college. Her husband left her a couple of years ago, and she ran into some financial problems… but she […]
Under normal circumstances, mortgage lenders can not work with folks who are in Consumer Debt Counseling. Times being what they are, however, Veterans are able to turn to some of these services, and get another HUGE benefit! VA Home Loans are not actually “made” by the Veterans Administration. They simply insure the lender against the […]