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Our Faqs

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Can I Correct A Mistake On My Credit Report?

Simple mistakes are easily corrected by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.

How Can I Build Credit?

There are 3 rules to building credit:

  1. Keep your balances under 30% of your credit limit.
  2. Always pay on time.
  3. Try to put a little more money towards the principal every month.

How Do I Better My FICO Score?

1. Don't close unused credit cards 2. Avoid multiple credit inquiries unless they are "soft hits" such as promotional inquiries. 3. Write letters to all 3 bureaus, TransUnion, Equifax and Experian if you see credit history derogatories that are not yours. 4. Pay all of your bills on time. 5. Pay down your balances as soon as possible starting with the lowest balances first.

How Do I Get A Copy Of My Credit Report?

As a consumer you are entitled to 1 free credit report annually. Requesting your credit report allows you to review your credit score and account payment history. Additionally, you are allowed to report and dispute any information you deem to be inaccurate. You may access your free annual report from the three major reporting companies at www.annualcreditreport.com. You may also request your report if you are denied credit within the same calendar year. Finally, be prepared to verify your identity. Contact a HUD approved housing counseling agency for help with understanding your credit report.

How Do I Get My Credit History Information?

Once you receive the report, it's important to verify its accuracy. Double check the "high credit limit,"'total loan," and 'past due" columns. It's a good idea to get copies from all three companies to assure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, are usually charged to issue credit reports but some states permit citizens to acquire a free one. Also, check out www.freecreditreport.com.

What Are The Factors Of A FICO Score?

According to NeighborWorks America, the breakdown is as follows: 1. Payment history - 35% 2. Amounts owed - 30% 3. Length of credit history - 15% 4. Types of credit - 10% 5. New credit - 10%

What Credit Score Do I Need To Buy A Home?

Housing counselors will typically advise a score of 620 or higher.

What If I Don't Pay Off Old Debt On My Credit Report?

The statute of limitations varies from state to state, and may be different for various types of consumer debts. In many states, they often range from four to six years, calculated from the last payment on the debt. If you are considering not paying, check your state's law. By checking your credit report, you will know if the debt has been sold to another collection company. At that point the statue of limitations date may begin again. Old unpaid debt can stay on your credit report for 7 years and 180 days and should fall off after.

What Is A Vantage Score?

The Vantage Score is a credit rating system developed by the top three credit agencies, Experian, Equifax and TransUnion. It was launched in 2006 and competes directly with the Fair Isaac Corporation's FICO score, the most widely used credit scoring system. The Vantage Score rates an individual's credit from 501 to 990, and at the same time gives each individual a letter grade ranging from A to F. It is used more in consumer lending and auto lending than in mortgage risk assessment.

Why Do FICO Scores Decrease?

1. Old derogatory accounts with balances owing 2. Public record items 3. Opening of new accounts 4. Significatnt balance increases 5. Customers do not pay as agreed, and this is reported
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Are There Special Mortgages For First Time Buyers?

Yes. Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or have experienced income irregularities.

Can I Borrow An Earnest Money Deposit?

Real estate professionals suggest that none of the earnest money deposit is from borrowed funds as this amounts documents the buyer's intent and the ability to pay for the purchase. Any borrowed amounts show up in loan application documents, bank statements and possible credit reports.

How Do I Find Down Payment Assistance?

Ask around. Ask Realtors, lenders and friends. Many counties and cities have 1st time homebuyer programs. An online resource is http://downpaymentresource.com/.

How does the FHA help buyers purchase homes?

The FHA works to make homeownership a possibility for more Americans. With the FHA, you don't need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down payments than conventional loans. In fact, an FHA down payment could be as little as a few months rent. And your monthly payments may not be much more than rent.

How much down payment money is required when buying a home?

The mortgage menu is very diverse, and exploring the loan options takes time. What is good for one borrower, is not the best for another. Housing counselors are a good source of information.

I am going to buy my first home, is there downpayment assistance available?"

Many federal, state and local agencies administer programs to assist people who need help buying a home. Some of these are loan programs such as the HUD Teacher Next Door program which encourages homeownership in low-to-moderate-income areas. Others provide assistance with down payments or with building a home. Lenders also have a variety of programs in their community involvements.

What are seller concessions when buying a home?

When you purchase a home, make sure to talk to your lender and Realtor about the possibility of seller's concessions. Simply put, these concessions are a set dollar amount or percentage of the purchase price that a seller agrees to contribute to you, the buyer, towards your closing costs which will lower the amount you need to close on the property.

What is the size of down payment for FHA loans?

You must have a down payment of at least 3% of the purchase price of the home. Most affordable loan programs offered by private lenders require between a 3%-5% down payment, with a minimum of 3% coming directly from the borrower's own funds.

Who qualifies for FHA loans?

Anyone who meets the credit requirements, can afford the mortgage payments and cash investment, and who plans to use the mortgaged property as a primary residence may apply for an FHA-insured loan.