To Get Higher Score – Keep Credit Cards Open- But Don’t Use Them?

Transunion started using a different "Black Box" model in January, and now Experian and Equifax are making technical adjustments too.Although they will not allow us to know the exact formula for calculating the score - we know SOME of the changes! Some of the changes are Collections that start under $100 will not have an impact on your … [Read more...]

USDA No Money Down Mortgage

We've helped many customers buy homes with an old program offered through the USDA... not to buy farms... HOMES. The Rurual Economic Development Fund is what it use to be called, now it's just a part of the USDA RD Home Loan Program, and the goal is to provide mortgages, and incentives for folks to purchase homes in less "densly" populated … [Read more...]

Improve Your Score 50 Points – NOW!

We've written many times here about writing dispute letters when you have incorrect items on your report.  In addition to this, you could improve your score by 50 points if you would do the following: Pay off any verified bad credit item on your report. In exchange for your payment have the lender remove the item from your credit report.  This … [Read more...]

What does Rapid Rescore Mean?

Rapid Rescore is just what it sounds like... let's say our credit model shows that if you pay a credit card down to $300 your score will go up 20 points. Well, once you have evidence that you've made the payment - you send us the documentation, and we get the scores updated! That's the good news... here's the BAD NEWS (sorta): It takes almost 10 … [Read more...]

USDA Rural Development Switching Underwriters

USDA Rural Development Single Family Housing announced some consolidation and changes regarding WHERE files are going to be processed. No matter who originates a USDA home loan, it is re-underwritten (or processed) through a local USDA office. In the past, loans for Wake County went to Wake, Johnston County went to Sanford and Franklin County went … [Read more...]

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!   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! If you are using VA Benefits, you need a … [Read more...]

Can You Qualify For A Mortgage If You are Not Married??

If you found this post, you have a very specific question, and the very SHORT answer, is PROBABLY. Exactly what type of mortgage you get, is a slightly more detailed answer! VA LOANS:  VA says that if you are going to purchase with another person they will recognize legally married spouses of qualified veterans as co-signors on VA loans.  … [Read more...]

Applications for FHA / VA/ USDA Mortgages Up!

According to the Mortgage Banker's Association in Washington, DC, the applications for "Government" backed loans is MUCH higher than for any other segmant in the market.  Traditionally, if you were interested in purchasing a $300,000 house - you would consider a Conventional Mortgage Loan.  We would often do those loans as 80-15-5 with the borrower … [Read more...]

USDA Appraisal Requirement Change July 1, 2009

Beginning July 1, 2009 USDA is requiring the updated Freddie Mac/ Fannie Mae appraisal in their packages.  As with any change, there are some potential drawbacks. USDA home loans are made in genearlly rural areas.  The new Freddie/Fannie appraisal is designed specifically to identify for the underwriter any recent changes (read DECLINING changes) … [Read more...]

Durham County USDA Financing Tips!

Part of Durham County, NC qualifies for USDA mortgages - and the qualifying guidelines have recently changed! To see maps specific to where you can find a home that qualifies for this 100% financing in Durham, click here The maximum income is calculated per family members living at home.  The current guidelines are: 1 person in household … [Read more...]