Secured Credit Cards

Trulia recently did a a study of first time home buyers and discovered that about 30% of the people they interviewed pretty equally fell into one of these categories: Wanted to Buy a home but they worried about down payment.  (If that's you - no worries, there are tons of No Money Down Home Loans!) Wanted to Buy a home but they worried that … [Read more...]

Why Are My Credit Scores Different??

We often talk to folks who are ready to buy a house, and they have the credit scores that they get for free every year.  Well, those scores are not the same as the scores you get for a mortgage credit report.  In fact OUR Credit Score numbers and the ones they send you, are almost always DIFFERENT! Okay- so by now you know that you will have 3 … [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 Guarantee Fee Update 8/23/2010

The Single Family Housing Origination Department of the USDA Home Loan Program announced yesterday that they should have their computer systems up and running to accommodate the changes required by Congress in their fees. Since the end of May, USDA has been issuing "Conditional" approvals... and because of that, Wells Fargo, Bank of America (and … [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...]

USDA Rural Development Home Loans

Thinking about buying a home so you can get that Tax Credit? Don't have a ton of CASH laying around??  Well, the first thing you should do is call Steve Thorne to see where properties are in your area that qualify for USDA Rural Development Home Loans!  Steve is a USDA Rural Housing Mortgage Expert, and he can research your property and determine … [Read more...]

Inquiries On Your Credit Report

Fannie Mae recently announced that lenders are required to pull your credit hours before closing - and any inquiries on your credit report must be explained.  We figured you might want to know more about how Inquiries affect your score. An inquiry on your credit report shows up when you allow someone to look at your credit. An inquiry from … [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...]

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...]