This shows the differences in credit score and whether you are at the magic number 620 with homebuyers with the same salary – income. Because although you can still get a mortgage with a credit score under 620, or even below 580, it makes a difference how much you will get approved. Here, on all… [Read More]
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]
VA Mortgage – Keys Facts
VA mortgages are the best mortgage programs. The majority of veterans don’t know how easy it is to qualify. There are 1.5 million veterans in Florida no taxes. Many believe you apply to the VA: not so, it is approved and funded directly by a lender, just as other loans. Here are the highlights of… [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]
What You Need for a Mortgage
To get a mortgage, you need credit, money and a loan officer. Credit means 3 things: a credit score of 580 for a low down payment mortgage; current credit items – such as credit cards or loans; and, not terrible credit the last 1-2 years; no bankruptcy in 2 years; no multiple late payments on active… [Read More]
What Are Mortgage Cost?
A mortgage has 3 costs: down payment, closing costs and out of pockets before you close. The Down Payment is the minimum you must pay. This comes from savings, paychecks, retirement, or a gift. Closing costs are set by Florida, title companies, and insurance companies. Good lenders do not charge lender fees. The lender pays… [Read More]
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