I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with down payment assistance with KHC. Free Mortgage applications same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS ID 1364
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Showing posts with label Credit Score First Time Home Buyer Louisville Kentucky KHC. Show all posts
Showing posts with label Credit Score First Time Home Buyer Louisville Kentucky KHC. Show all posts
Credit Scores for a Kentucky Mortgage
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky Mortgages for FHA Loans Raises Mortgage Costs, Tightens Credit-Score Rules: Video
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Minimum Credit Score Needed to Buy a House in Kentucky
Minimum Credit Score Needed to Buy a House
Your credit score is just one of the factors your mortgage lender will use to determine whether you qualify for financing. The problem is, every lender uses different methods to determine your credit worthiness. So, in some cases, a minimum score is difficult to determine for conventional loans. In other cases, especially when loans are underwritten or insured by government organizations, there are minimum credit scores to qualify.
Acceptable Scores
The score your lender will accept for a conventional loan can be determined by many factors, including your payment history, your salary history, your current wage, your available credit, the scores other lenders are accepting and the current economic climate. Cornett Communications advises that even in tight economic times, a score of at least 640 will get you in the door for financing.
Fannie Mae
Fannie Mae is one of two government-backed mortgage lending houses; Freddie Mac is he other. Independent lenders take many of their cues from what these two organizations do. According to the "Washington Post," Fannie Mae raised its minimum credit score for conventional loans in 2009 from 580 to 620. Even if you have a 20-percent down payment, you can be rejected if your score is below 620. Fannie Mae will also reject a loan if more than 45 percent of your income goes toward paying debt.
Government-Backed Loans
Home loans backed or financed by the Federal Housing Administration and the Veterans Administration have different views of credit scores. FHA recently changed its minimum credit score to 580, which qualifies you for lending programs that require only a 3.5 percent down payment. VA loans are 100-percent financed and set aside for active and retired military, along with their families. There is no minimum credit score to qualify, though a better credit score will get you a better interest rate.
What Your Score Gets You
Your credit score is one of the factors that will determine your mortgage loan interest rate. The better your score, the better your interest rate is likely to be. FICO, also known as the Fair Isaac Corporation, posted the differences in interest rate you may pay, depending on your score. If your score is between 620 and 639—considered a risky score by some creditors—you could pay an interest rate of 5.718 percent on a $300,000, 30-year conventional mortgage. As of mid-August, 2010, If your score is at the high end, 760 to 850, your interest rate could be 4.129 percent on the same loan. A score of 650 may net you a rate of 5.172 percent.
Addressing Your Credit Score
If your credit score won’t allow you to get a home loan now, you can so some things you can to improve your score, which are updated on a monthly basis. Make sure all of your bills are paid on time; late payments drive down your score. Pay down your credit balances; maxed-out credit accounts can also hurt your score. Also, check your credit report on a regular basis for errors. This is one of the easiest ways to improve your score. If you find errors on your report and you can prove they are errors, the credit bureau is obligated to remove them.
References
About the Author
M.C. Postins has been a writer and editor since 1995. His work has appeared in newspapers, magazines and websites across the country, such as the "Charlotte Sun-Herald" and the "Denton Record-Chronicle." He received a Bachelor of Arts degree in journalism from Stephen F. Austin State University.
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Credit Scores,
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
5 fast fixes for your credit score
5 fast fixes for your credit score
Joel Lobb (NMLS#57916)Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
5 fast fixes for your credit score
Mortgage borrowers today understand the need for a high credit score. You won't have access to the best mortgage rates unless your credit score is 740 or higher.
If you're in the market for home loan and simply need to give your score a little boost before submitting your application, experts say there are several things mortgage borrowers can do to push their scores up.
Here are five methods to raise your credit score quickly:
No. 1: Pay down credit card balances
"People with the highest FICO scores carry balances on their credit cards that are less than 20% of their total available credit," says Anthony A. Sprauve, the director of public relations for MyFICO.com in San Francisco. "Your balances account for 30% of your credit score."
While is it impossible to say exactly how much any one action will improve your score, Rich Arzaga, the founder and CEO of Cornerstone Wealth Management in San Ramon, Calif., says, "Paying down debt is an easier and faster way to improve your score than fighting derogatory credit history, and it's more in your control."
Michael McNamara, regional vice president of United One Resources in Wilkes-Barre, Pa., which provides rapid rescoring services for lenders, says you should pay down your debt to less than 30% of your credit limit. Transferring a balance from one credit card to another is not likely to improve your score much because total utilization of credit is more important than each individual debt, he says.
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No. 2: Fix credit report errors
McNamara says that while every individual is different, he has seen credit scores rise by as much as 100 points after a credit report error has been removed.
"For example, a common item is a medical collection that you don't know about because you thought the insurance company had taken care of the bill," says McNamara. "Sometimes you can have it removed if you can prove it's invalid, and sometimes it can help to pay it and then have it removed."
No. 3: Eliminate disputed accounts
Kevin Quaid, branch manager with FitzGerald Financial Group, a division of Monarch Bank in Alexandria, Va., says disputed items on your credit report should be removed, particularly if you are applying for a conventional loan guaranteed by Fannie Mae or Freddie Mac.
"Fannie Mae says disputed items have to be removed, so the borrower must send a letter to the creditor and the credit bureau that says they are no longer disputing the item," says Quaid. "Freddie Mac puts less weight on this as long as you don't have any late payments."
Disputed accounts appear as a derogatory item to Fannie Mae and Freddie Mac, said Gail Kullman, a senior loan officer with PrimeLending in Alexandria, Va., in an email. She recommends contacting the creditor directly and asking to have it resolved and removed immediately from your credit report.
No. 4: Use an old credit card or apply for a new one
While you may assume your credit score is high because you don't use credit cards, your score will actually improve if you can prove you use credit wisely. Unused old accounts won't have a positive impact on your score unless you use them occasionally.
"If you have four or five accounts with no activity and then use one and pay off the balance immediately, your score will go up," says McNamara.
McNamara says that while most people should not apply for additional credit when applying for a mortgage, sometimes a customer who lacks a recent credit history can improve his or her score by being approved for a new credit card and then using it once.
No. 5: Don't close any accounts
Arzaga says opening new, unnecessary credit cards and closing unused credit card accounts are equally likely to negatively impact your score.
"Closing accounts is not advised, as it looks better to have more credit extended to you than what you are using," said Kullman in an email.
Consumers can use these strategies to improve their credit scores in a short time.
More from HSH.com:
Joel Lobb (NMLS#57916)Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
Labels:
Credit Inquires impact on Credit Score,
credit report,
Credit Score,
Credit Score First Time Home Buyer Louisville Kentucky KHC
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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