Average Credit Score of New Mortgages

What is Average Credit Score of New Mortgages? 90% of Mortgages in 2017 went to those with excellent credit scores with the average Credit Score of 719. The overwhelming majority of mortgages continued to be given to those homebuyers with the highest credit scores. A report released by the New York Federal Reserve Bank for… [Read More]

FHA Mortgages – Key Facts

FHA Mortgages – What You Need to Know The FHA Mortgage (Federal Housing Authority) is the traditional first time buyers program. The federal government simply insures for the bank the mortgage against a default. It is offered by virtually every bank – with big differences in who gets approved.  Example: many banks will require that… [Read More]

The Best Mortgages? FHA vs CONVENTIONAL

Mortgages: Which one is the best?  FHA vs CONVENTIONAL The simple answer is: which one gets you the mortgage for the house you want. Here are some key highlights: FHA FHA stands (Federal Housing Administration) loans are available to all borrowers and are guaranteed by the government. The mortgage is issued by the bank, not… [Read More]

What is A Mortgage Pre-Approval Letter

A Pre-Approval Letter is a licensed Loan Officer’s Professional Judgment that you will get a mortgage with a bank. To get a mortgage, you need credit, money and a loan officer. Credit means 3 things: a credit score of at least 580 for a low down payment mortgage; current or open credit items – such as credit cards or… [Read More]

Gifts when Getting a Mortgages

Gifts are allowed as part of your down payment, but have to follow set rules and we have no choice as this applies to everybody on every loan. The 3 items Covered here are: Who, How, and What. The Who: must be a family member, employer, not for profit, or a government agency. The How:… [Read More]

Mortgages: Which one is the best?

FHA vs CONVENTIONAL The simple answer is: which one gets you the mortgage for the house you want. Here are some key highlights: FHA FHA stands (Federal Housing Administration) loans are available to all borrowers and are guaranteed by the government. The mortgage is issued by the bank, not the government, but the government insures… [Read More]