Real Estate Information Archive


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3 Tips to Keep Your Credit Scores High

by House to Home Properties LLC

#1.  DO NOT MAKE PAYMENTS LATE!!!  Even if you catch up later the late payments will show up and hurt your credit score.  Anything other than ‘paid as agreed’ on accounts on your credit report hurts your score.”

#2.  Dollar amounts don’t matter in FICO scoring.  The effect on your score is the same whether you have a $1 late payment or if you have a $1000 late payment.

Always pay your bills on time, every time.  If you must be late and want to avoid damage to your score, pay the accounts that report to credit bureaus first.  You will find this information by getting a copy of your credit report.

#3.  Do not close credit card accounts.  You could be throwing away years of positive credit history.  A long term positive account history can boost your score.

FHA Loans Could Be Easier

by House to Home Properties LLC


Some unexpected good news for anybody working to get into a home, especially first-timers who don't have much down payment cash on hand: The door to an FHA-insured mortgage just opened a little wider.

 Two of the largest FHA-approved lenders have backed off their controversial "overlay" requirements on FICO scores (lender overlays are qualification requirements that can be more stringent than FHA's own requirements).

 Wells Fargo and another national lender confirmed to that they will now lend to applicants with 580 FICOs and 3.5 percent down payments.

Their revised standards conform in most respects to FHA's own minimums, and open the agency's financing to large numbers of buyers whose credit scores have sagged during the recession. Wells Fargo is the largest originator of FHA-insured mortgages.






Displaying blog entries 1-2 of 2