Tag Archive for: credit score

Credit Inquiries – Way Too Much Concern

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On Friday, I blogged about the difference between consumer credit scores and mortgage credit scores: Does Credit Karma Lie To You? In that blog I pointed out why we need […]Read More

Does Credit Karma Lie To You?

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After my wife Heejin and I moved to Texas, Credit Karma sent me an email with this subject line: “You’re making moves, Jay. Literally.” It reminded me of the Police […]Read More

What Credit Score Is Needed To Refinance A House?

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Credit scores play a significant role in determining what mortgage rate you qualify for when refinancing. There is no "one interest rate" that lenders quote each day because of the many factors that affect individual rates. Credit scores can drastically change the rate that lenders are able to quote borrowers for refinances.Read More

Understanding Your Credit Score And How To Improve It

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There are many components to your individual financial profile that lenders assess when examining a mortgage application. One of the most important is your credit score. A question for many first-time homebuyers is, what is a good credit score? And how can you improve it?Read More

Can I Still Get A Home Loan With A Low Credit Score?

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A critical factor that influences a person's eligibility for a mortgage is their credit score. But what if you have a low credit score? Are you not going to qualify for a loan? This is a widespread concern among homebuyers with low credit scores. However, it's also a tough question to answer because every loan scenario is unique. Here's an overview of how your credit score affects your home loan application.Read More

Credit Score Factors: How To Establish And Improve Credit

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In today's economy, many people are uncertain about the process of securing a home mortgage loan. Questions can vary from credit score concerns, to down payment amounts to picking the right type of loan. When starting this process, being prepared can be your best asset, and JVM's Client Advisors can help ensure your preparedness. While applying for a mortgage loan, a borrower's credit is a significant factor, and we are often asked how one can improve it. Read More

FHA Loan Requirements For Texas Homebuyers

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The Federal Housing Administration (FHA) loan program has been helping homebuyers since its implementation in the 1930s. Today, it’s one of the more popular mortgage financing options, but there are some general criteria you should be aware of when considering an FHA loan.Read More

Buyers in Texas Don’t Need a ‘Perfect’ Credit Score

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Buyers in Texas don’t need a perfect credit score to qualify for a loan. Having a high credit score can help buyers secure a loan with a lower interest rate. However, today’s loans have more forgiving guidelines when it comes to a buyer’s credit score, which is especially true with government-funded loans.Read More

Watch Out For A “Credit Refresh;” Don’t Pay Cards Down to Zero or Close Them

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We once had a borrower who stopped making mortgage payments on one of her properties after we pre-approved her. A few days before funding, we ran a “credit refresh” only […]Read More

The Dispute over Disputing Disputes (on Credit Reports)

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One of our most frequent credit issues involves reported “disputes.” Borrowers report an account in “dispute” whenever they believe some credit data (usually late payments) is reported in error. We […]Read More

Minimum Credit Score for FHA: 580; Minimum Score Conventional: 620

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Our FHA investors and lenders allow credit scores as low as 580 for low balance loans (under $417,000). Scores under 620 require a “manual underwrite.” Manual underwrites require perfect credit […]Read More