Tag Archives: Getting a Mortgage

What Makes Up My credit Score?

One, if not the, most important factors in determining what kind of mortgage you qualify for is your credit score.  The problem is that how the credit score is calculated can be a bit confusing.  The scores can range from 300 to 850. Now while the formulas used to calculate a credit score are proprietary information, [...]

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7 Things You Should Never Do When Applying for a New Mortgage

This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process. Don’t open any new credit accounts, especially buying or leasing a vehicle!  Brand new lines of [...]

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A New FHA Refinance Program for Struggling Home Owners

Last Friday, HUD announced a new program designed to help home owners who have seen a drop in their home’s value.  We do not have all the details yet, but here is a quick summary of what was announced: 1.  Existing lender must be willing to write down/reduce the loan’s principle balance by at least [...]

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A Working Government Program for Home Owners

Over the last couple of years, the government has made many attempts at trying to help home owners keep there homes.  Many of these attempts have been disappointments at best or all out failures at their worst.  There are a couple of programs though that are working to help home owners lower their mortgage payments, [...]

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Looking Back at 2009

The $8000 first time home buyer tax credit that didn’t have to be paid back is introduced. Foreclosures declined but short sales were on the rise. Stated income loans went away, making it difficult for self-employed income borrowers to get a new mortgage. New mortgage guidelines tightened up. Large investors (unless they are cash buyers) [...]

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