credit scores - Articles

Scoring a Mortgage Without 3 Credit Scores

AOL By Scott Sheldon In order to get a mortgage these days, homebuyers are typically required to have three credit scores -- one scoring model calculated three times based on each of your credit reports at the three major credit bureaus. However, one problem that I see periodically when working with homebuyers is that... Continue Reading »

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

By Scott Sheldon Planning on getting a home loan anytime soon? Before you do, you should know that there are two types of loans that are inherently higher in cost than their traditional mortgage counterparts -- and we're not talking subprime or private money, either. Bottom line, if your credit score is below 680 or you... Continue Reading »

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 Wall St. used... Continue Reading »

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 finding... Continue Reading »

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, is... Continue Reading »

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 obtain the... Continue Reading »

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 repair... Continue Reading »

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 its belt by... Continue Reading »

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 eyes of... Continue Reading »

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 in Denver.... Continue Reading »

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 leaves an... Continue Reading »

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 is $24,651,... Continue Reading »

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 is needed... Continue Reading »

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 Fair Isaac... Continue Reading »

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 for loan... Continue Reading »

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