More Gulf Shores homebuyers should be able to qualify for a mortgage without the increasing risk to lenders that caused the big credit crunch. All of this should come about through more sophisticated credit risk scoring that uses alternative data, such as unsecured credit and property history in consumer credit report analysis. Traditional credit data […]
Gulf Shores Homebuyers – Know the FICO Rules
Gulf Shores homebuyers need to know the rules of credit reporting in this marketplace where lenders are demanding record-high FICO scores. Given the importance of maintaining high scores, we thought it would be helpful to go over the key rule concerning inquiries that affect Gulf Shores homebuyers, since Fannie Mae and Freddie Mac are now […]
Gulf Shores Home Buyers Need Higher FICO Scores to Qualify
Gulf Shores home buyers are needing higher and higher FICO scores these days in order to qualify for a mortgage. Very few Gulf Shores home buyers sporting credit scores below 620 are able to obtain loans. On the bright side, more are putting down less than 20 percent. According to the February Realtor Confidence survey […]
Credit Card Limit Reduced? What Happens To Your FICO Score?
About 1/3 of your FICO score is based on how much of your available credit you are using. This is called your “credit utilization”. The higher your utilization rate… the lower your credit score. The credit scoring models view this as you getting closer to maxing out your credit lines and becoming a higher risk. […]
FHA Loans: Waiting Will Cost You Big Time
FHA Loans: Waiting Will Cost You Big Time The FHA is making proposals to change mortgage insurance premiums, FICO (credit score) and down payment combinations and seller concessions. The changes will be posted in the Federal Register next month and after a comment period would become effective early summer. With these rule changes, an FHA […]