Tag Archive for: credit score

Too Much Caution Over Credit Inquiries; Soft Pulls to the Rescue; ARM Data Too

A hard credit pull or inquiry is when a lender checks a borrower’s credit in response to an application for additional credit. A soft pull is when an entity just wants to see someone’s credit standing for some other reason – other than a credit application. A background check is a great example.Read More

What Are The Credit Score Requirements for A VA Loan?

Discover how to navigate VA loan eligibility and credit score requirements with JVM Lending's guide. Learn about the unique opportunities VA loans offer to veterans and active military personnel, including no down payment and competitive interest rates. Understand the significance of your credit score, explore JVM Lending's inclusive credit criteria, and gain insights into choosing a trustworthy lender. Our comprehensive support and advice aim to empower veterans with the knowledge to secure their dream home.Read More

What Credit Score Do You Need For A VA Loan?

If you’re in or retired from the military and planning on buying a home, you may be wondering what the credit requirements are for VA home loans. These loans are a valuable benefit of your service, and they are designed so that they are available to the largest number of active service members, veterans, reservists, National Guard members, and qualifying surviving spouses as possible. Read More

How To Establish Credit For Your Kids

Parents cannot buy a property for their college kids with “owner-occupied” financing unless their kids are on the loan too. But, the kids need to have established credit if they’re going to be on the loan. So, that is just one excellent reason to establish credit for your kids when they are in or right out of high school.Read More

Financing A Property For Your College Kid – Owner Occupied? Tips & Pitfalls

I have seen investors make hundreds of thousands of dollars buying properties for their college-age kids to both live in and rent out to roommates. Many of them have been so successful in fact that I now think that every agent with clients with college-age kids should aggressively push this strategy.Read More

Short-Term Credit Repair Can Lower Rate 1%! It’s Free and Easy

We always offer free credit repair to borrowers whenever we see the potential for obvious “fixes” on a credit report. To be clear, increasing a score by 140 points is a big reach, but we do often increase scores by as much as 60 points – and that can still result in a rate that is as much as 1/2% lower. We use credit repair software to run “what if” scenarios, and then advise borrowers on what to pay off or how to shift balances. Borrowers don’t usually have to pay off entire balances either, but instead need to simply pay them down to optimal levels.Read More

How to Get a Mortgage as a Self-Employed Person with 1 Year of Income

Absolutely! While there are certain nuances that can make purchasing a home slightly more challenging for self-employed individuals to obtain a mortgage compared to traditionally employed individuals, it’s definitely possible. Lenders typically assess your financial stability and ability to repay the loan. The key lies in demonstrating your income and financial health convincingly.Read More

How To Improve Your Credit Score For A Better Mortgage

Are you considering stepping into the world of homeownership, but you’re unsure how your credit score might affect your journey? Perhaps you’re wondering, “How can I improve my credit score?” […]Read More

How to Fix Your Credit to Get a Mortgage

Are you looking to buy a home but concerned about your credit? Don't worry. We have a comprehensive guide to help you fix your credit!Read More

Minimum Number of Tradelines & Why We Have To Pull Credit

Buyers often come to us and say something like this: “I have a 780 credit score; I make $275,000 per year; and I want to put $500,000 down against a […]Read More

In Defense of FHA! Misconceptions Persist!

FHA financing is ideal for first-time homebuyers or borrowers with low credit and limited savings. FHA loans have lower rates than conforming (Fannie/Freddie) loans. This is especially the case for borrowers with low credit scores (under 680).Read More

“Private” Mortgage Insurance vs. FHA Mortgage Insurance – Huge Difference!

I recently blogged about three options to eliminate Private Mortgage Insurance (PMI), and I received several notes asking why I did not mention FHA Mortgage Insurance. By the way, I […]Read More

How Credit Scores Affect Mortgage Rates; Real World Examples

We recently had an agent scream at us (yes, scream) because of the rate we quoted to her client. Our rates of course are notoriously low and we also are not allowed to quote different rates to different clients. As I remind readers often in this blog, there is "no one interest rate for every borrower" because there are so many factors that influence every borrower's rate.Read More

What Credit Score Do I Need To Buy A Home?

When looking to buy a home, many will ask themselves, "what credit score do I need?" This will depend on the type of mortgage loan you're applying for as well as the mortgage lender you work with. Even if you do not have perfect credit, or in fact, have a poor credit score, it's still possible to get a home loan.Read More