FHA Credit Policy Change Makes it Easier to Qualify Effective immediately, policy changes in the way the Federal Housing Administration (FHA) views certain derogatory credit will make it easier for some borrowers to qualify for purchasing a home. Allowances will be made for certain “Economic Events” resulting in poor credit ratings, which previously would cause borrowers to be ineligible. What do the new rules say? Potential borrowers who experienced a decrease of income by 20 percent or more for at least six months, and that resulted in serious derogatory... Read More >
How To Raise Your Credit Score–FAST!
If you are looking to improve your credit score quickly, now is the time to get started. Give me a call (208-880-0316). I’ll review your credit and find out exactly where you stand and where you need to get to. In the meantime, here are some great strategies you can utilize right away to give your score a little boost. Create Some Balance: While paying down installment debt (car, school, mortgage, etc.), on time, and as agreed, shows responsibility and will definitely boost your credit score, paying down or... Read More >
Rebuilding Credit: It’s Not Too Late
How long does it REALLY take to rebuild your credit? It’s true, negative credit items can remain on your credit report for up to 7 years (up to 10 years for public records, such as a bankruptcy, tax lien or judgment). But this doesn’t mean that you have to wait 7 to 10 years to begin reestablishing a good credit rating. Because credit scoring models typically lend more weight to your recent activity than to the mistakes you’ve made in the past, you can change your habits right now... Read More >
Bi-Weekly Mortgage Programs
Many of my clients ask me about whether or not it is smart to enter into a contract to make bi-weekly payments on their mortgage. Do you know what this means? In a bi-weekly mortgage program, the amortization schedule is accelerated. For example, with a 30-year amortization schedule, the borrower makes 12 payments per year. In a bi-weekly arrangement, the borrower makes 26 ‘half’ payments, which allows the loan to be paid off in 22.8 years instead of 30 years. It’s the same as making 13 monthly payments. On... Read More >
>> What Lenders Look For
Once your loan application is filled out and sent to the lender for review, the first thing they will...
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