This is affirmed by Ellie Mae’s origination insights report for December 2016. The report covered both purchase and refi loans that closed in December and came up with a profile of borrowers of those loans. As expected, credit score is not the only deciding factor when it comes to mortgages, income and down payment matter too. Do you qualify for a mortgage?» The Borrower … [Read more...] about A Low Credit Score Can Still Get You a Mortgage
Perhaps, you have missed some credit payments in the past, or you filed for bankruptcy a few years back, or maybe you had a few overdue medical bills forwarded to collections. These events can severely damage your credit score. In turn, bad credit makes it even harder for you to get a standard mortgage. Then you ask, “Is there such thing as a bad credit mortgage?” Truth … [Read more...] about Do “Bad Credit Mortgages” Really Exist?
Serious illnesses and injuries seem to happen at the worst times and when they do, they can really wreak havoc on your finances. If you find yourself up to your eyeballs in medical bills and unable to pay them, you could end up hurting your credit, which in turn negatively affects your mortgage eligibility. When do Medical Bills go to Collections? The first thing to … [Read more...] about How do Unpaid Medical Collections Affect your Mortgage Eligibility?
Old debt can come back to haunt you, even several years down the road. If it has been a long time since you have made a payment and the credit card company has done everything possible to obtain the payment from you, they may charge the debt off. This does not mean that the amount no longer reports on your credit report; it actually reports as a charge-off, which is much worse … [Read more...] about Should you Pay off Those Old Debts Before Applying for a Mortgage?
It is no secret that getting a mortgage is much tougher today than it ever has been, but that does not mean that it is impossible. The rules have not changed much in the last year, so most loan officers are well versed in what does and does not work in obtaining a mortgage. Even if you think you have an odd situation that will not be approved, it is worth running it past your … [Read more...] about Top 5 Reasons Mortgage Applications are Denied