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Most FHA Lenders have raised their minimum credit score requirements to 620...
FHA is the choice of many 1st time home buyers.
It specializes in helping buyers qualify for loans that they might
not ordinarily get approved for. This special home loan program has a
variety of features that helps working families like you live the life
they've dreamed of, in their own home, but also at a monthly payment
comparable to the cost of renting
- if not less.
HAVE YOU BEEN DECLINED?
OUR NEW CREDIT REPAIR PROGRAM COULD GET YOU APPROVED! Get started by filling out our Buyer Information
We are now applying a proven credit repair program that's not just working for some of our clients, It has worked well for many of our clients and will possibly work for you.
If you are able to stay current on your
monthly bills today but had poor credit history in the past, this
credit repair program could work.
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WHAT IS A FICO SCORE?
HOW DOES IT AFFECT YOUR LOAN SUCCESS?
FICO Scores are calculated from a lot of different credit history
in
your credit report.
This credit history data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your score.
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Before you begin improving your buying power start becoming familiar with FICO the standard of Credit Scoring:
These percentage breakdown is based on the importance of the five categories for the general population. For particular groups—for example, people who have not been using credit long—the importance of these categories may be somewhat different.
Payment History
Account payment information on specific types of
accounts (credit cards,
retail accts, installment loans, finance company
accts, mortgage,
etc.)
Presence of adverse public records (bankruptcy,
judgements, suits, liens,
wage attachments...), collections, and/or
delinquency (past due
items)
Severity of delinquency (how long past due)
Amount past due on delinquent accts or collection
items.
Time since (recency of) past due items (delinquency),
adverse public records
(if any), or collection items (if any)
Number of past due items on file
Number of accounts paid as agreed
Amounts Owed
Amount owing on accounts
Amount owing on specific types of
accounts
Lack of a specific type of balance,
in some cases
Number of accounts with balances
Proportion of credit lines used
(proportion of balances to total credit limits on certain
types of revolving accounts)
Proportion of installment loan amounts
still owing (proportion of balance to original loan amount on
certain types of installment loans)
Length of Credit History
Time since accounts opened
Time since accounts opened, by
specific type of account
Time since account activity
New Credit
Number of recently opened accounts,
and proportion of accounts that are recently opened, by type
of account
Number of recent credit inquiries
Time since recent account
opening(s), by type of account
Time since credit inquiry(s)
Re-establishment of positive credit
history following past payment problems
Types of Credit Used
Number of (presence, prevalence, and
recent information on) various types of accounts (credit
cards, retail accounts, installment loans, mortgage, consumer
finance accounts, etc.)
Please note that:
- A score takes into consideration all these categories of information, not just one or two.
No one piece of information or factor
alone will determine your score.
- The importance of any factor depends on the overall information in your credit report.
For
some people, a given factor may be more important than for
someone else with a different credit history. In addition,
as the information in your credit report changes, so does
the importance of any factor in determining your score.
Thus, it's impossible to say exactly how important any
single factor is in determining your score - even the levels
of importance shown here are for the general population, and
will be different for different credit profiles. What's
important is the mix of information, which varies from
person to person, and for any one person over time.
- Your FICO score only looks at information in your credit report.
However, lenders
look at many things when making a credit decision including
your income, how long you have worked at your present job
and the kind of credit you are requesting.
- Your score considers both positive and negative information in your credit report.
Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score.
Additional Forms and Purchasing Procedures:
Initial Client Information Form
Underwriting Requirements Checklist
Credit Improvement Program (current page)
Credit Improvement Steps
Credit Assistance Application & Online Ordering (to come)
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