credit - The Mortgage Porter

Documenting Alternative Credit with FHA Loans

July 15, 2008 by Rhonda Porter 15 Comments

EDITORS NOTE: This post was originally published in 2008. Underwriting guidelines ALWAYS change. Please contact me if you have any questions.

FHA insured loans, which are quickly becoming the mortgage of choice unless you have 20% down payment and 720 credit scores, allows people to obtain mortgage financing if they are shy on an established credit history reported to the credit bureaus. Typically, a borrower needs to the following shown on their credit report for it to be considered “established”: [Read more…]

Filed Under: Home Buying, Credit & Financial Strategy, Mortgage Programs Tagged With: alternative credit, credit, fha

Do you need great credit and a big down payment to buy a home?

May 28, 2008 by Rhonda Porter Leave a Comment

Cindy, one of my clients that I helped finance their first home, emailed me this question:

“I know home loans have changed a lot but is it true that you can’t get a home loan with a credit score under 700 and 20% down?”

[Read more…]

Filed Under: Home Buying, Credit & Financial Strategy Tagged With: credit, fha, home buying

Improving Your Credit Score

March 27, 2008 by Rhonda Porter 2 Comments

With every point of your credit score being more crucial than ever, I thought it would be a good time to share some tips on how to improve your credit scores beyond paying your bills on time. If you are considering obtaining a mortgage within the next 12 months, you should meet with your Mortgage Professional to help advise you on this process. Some steps in repairing your credit may actually temporarily lower your scores (such as paying off a collection). What steps you should take depends on how soon you plan on buying a home or refinancing.

[Read more…]

Filed Under: Credit Scores and Reporting Tagged With: credit, credit scores