Tag: credit scores

  • Scoring a Mortgage Without 3 Credit Scores

    Scoring a Mortgage Without 3 Credit Scores

    Homebuyers are typically required to have three credit scores. Here's what to do if you don't. Continue Reading

  • The Credit Scores That Will Cost You When You Apply for a Mortgage

    When Bad Marks Can Mean Big Money

    Score too low on a credit report and it can drive up the cost of a mortgage. Here's how to find it, then figure out how to stay out of the priciest neighborhood -- in terms of landing a loan. Continue Reading

  • 10 States Where You Can't Get a Mortgage

    10 States Where You Can't Get a Mortgage

    The big problem still plaguing the improving housing market is tight lending. Requirements for scoring a mortgage are much stricter than they used to be, requiring higher credit scores for approval. So for residents of some states, you can basically kiss your chances of being offered a mortgage goodbye. 24/7... Continue Reading

  • Credit Scores of Potential Homebuyers Are Improving

    Credit Scores of Potential Homebuyers Are Improving

    There have been numerous improvements in the economy and the housing market, specifically in the last few years, and that is reflected in the type of credit ratings carried by potential homebuyers nationwide through the end of last year. With the slowly improving economy and jobs numbers, many consumers are now... Continue Reading

  • New Credit Scoring Hinders Homebuyers

    New Credit Scoring Hinders Homebuyers

    New credit-scoring rules are making qualifying for a mortgage more challenging than ever. Our sister site WalletPop explains how Fair Isaac, the company that produces the dreaded FICO score, has introduced a new, more rigorous version called the FICO 8 Mortgage Score. Another credit score, known as VantageScore,... Continue Reading

  • Getting a Mortgage About to Get Easier

    Getting a Mortgage About to Get Easier

    Times have been tough for would-be homebuyers, despite record-low mortgage rates and plummeting home prices. Primarily that's because lenders have raised down-payment and credit score requirements. In the following piece, SmartMoney.com explains why it soon may become a lot easier for borrowers to qualify and to... Continue Reading

  • Credit Repair Scams Hurt Prospective Homebuyers

    Credit Repair Scams Hurt Prospective Homebuyers

    So you want a mortgage to take advantage of record-low interest rates, but your credit score is low? Then you stumble upon a possible solution: a credit repair company that claims it can fix your credit. Not so fast. Regulators and consumer advocates alike are warning Americans about a growing number of credit... Continue Reading

  • New FHA Credit Requirements Turn the Heat Up on Borrowers -- SPONSORSHIP

    New FHA Credit Requirements Turn the Heat Up on Borrowers -- SPONSORSHIP

    Ever since the housing crisis hit, homeowners unable to secure loans from private lenders -- which have gone back to requiring the traditional 20 percent down payment -- have relied on government-insured loans offered for as little as 3.5 percent down. Now the Federal Housing Administration (FHA) is tightening... Continue Reading

  • Credit Scores Drop, Making More Americans Poor Lending Risks

    Credit Scores Drop, Making More Americans Poor Lending Risks

    The days of living large on debt are coming to a crashing halt, as more than a quarter of U.S. consumers are generating low credit scores. Credit reporting company FICO Inc. reported that 25.5 percent of all consumers, around 43.3 million, have credit scores lower than 599, making them a poor credit risk in the... Continue Reading

  • Good Credit Alone Isn't Always Enough to Get a Mortgage --SPONSORSHIP

    Good Credit Alone Isn't Always Enough to Get a Mortgage --SPONSORSHIP

    Bills have been paid on time without ever paying a late fee. Check. No outstanding credit card debt. Check. A two-income family with investment income. Check. It sounds like this couple will pass the smell test for a mortgage without any problem. And that's a problem, says Todd Huettner, a mortgage broker based... Continue Reading

  • Renting With Bad Credit

    Renting With Bad Credit

    Demand for rental units dropped over the past couple of years in the depressed economy. Some renters moved in with family, leased a spare room, or went back to living with roommates. Meanwhile, the housing supply surged as the condo market was overdeveloped -- and many properties sit on the market unsold. This... Continue Reading

  • Credit Scores and Home Buying

    Credit Scores and Home Buying

    Key Video Takeaways David and Lia are like many of the 86.3 percent of college graduates who had to borrow money to pay for a four-year undergraduate education. Now they worry about how that might affect their chances for buying a home. The average cumulative debt of America's loan-taking undergraduates... Continue Reading

  • Financial Overhaul to Make Mortgages Safer but Harder to Get

    Financial Overhaul to Make Mortgages Safer but Harder to Get

    Now that Senate and House negotiators have reached a compromise on new financial regulations, we know what will happen to the mortgage industry if the bill passes and how it will impact your ability to buy a house. Those freewheeling days of no-money-down, liar loans are dead. Instead you'll find more paperwork... Continue Reading

  • FICO Credit Scores Lose Some Legitimacy, Thanks to Court Decision

    FICO Credit Scores Lose Some Legitimacy, Thanks to Court Decision

    You may not realize it, but when you buy a score from one of the three credit bureaus you could be buying a VantageScore rather than a FICO score. Why does it matter? Mortgage lenders likely are using the FICO score, so what you just paid for won't give you the information you need. A FICO score, named for the... Continue Reading

  • Homes No Longer ATMs

    Homes No Longer ATMs

    During the boom years, when credit flowed like cheap wine, many homeowners used their homes as personal ATMs, borrowing against the inflating value of their homes. Not anymore. Today, fewer people have equity to tap as home values sunk in many parts of the country, and banks are using stricter lending standards... Continue Reading