How long do accounts (negative and positive) stay on my report?
Updated Oct. 9, 2013
Credit accounts:. oAccts paid as agreed remain for up to 10 years. oAccts not paid as agreed remain for 7 years. Collection accounts:. oRemain for 7 years from the original inception date of the collection Public Records. oChapters 7 & 11 remain for 10 years from the date filed. oChapter 13 -open or dismissed -...

5 Important Issues To Consider When Financing a Home
Updated Oct. 9, 2013
5 Important Issues To Consider When Financing a Home. Changing Jobs? Changing jobs before or during the loan process within the same line of work typically does not pose a problem in qualifying. However, changes in pay structure or line of work may cause qualifying issues. Keep in mind that changing jobs during...

100% Financing In AZ / USDA Loan
Updated Oct. 9, 2013
Do you have buyers that want to buy but may not have the down payment? Your clients may qualify for the USDA Loan. Below are a few of the duidelins for the USDA loan. Feel free to contact me if you would like more details. 602-531-7040 or jafonso@azhomerates.com . . 620 minimum credit core. •· No down...

Where Do You Find Your Real FICO Score?
Updated Oct. 9, 2013
You have been told over and over again to order a copy of your credit report so that you can spot inaccurate information and prevent identity theft. When ordering your report you decided to order your credit scores aswell. You review your report and your scores are above 700?s and everything looks good. Now you...

What's in Your Score?
Updated Oct. 9, 2013
What's in your scoreYour credit score is a numerical representation of your statistical likelihood to repay credit that is extended to you. Mortgage Scores range from 300-850. Your score is a "snapshot" of a specific moment and can change with new actions and the passage of time.FICO Scores are calculated...

Paid medical charge offs and collections.
Updated Oct. 9, 2013
A bill has been re-introduced to the House of Representatives in June 2011 forapproval that will exclude paid medical charge offs and collections from the credit report.According to statistics 41% of American households have carried some kind of medical debtsince 2007. Once that medical debt hits your credit...

Decreased loan limits for FHA, VA and conventional conforming loans.
Updated Oct. 9, 2013
Unless Congress Acts quickly, at the end of September the maximum loan limits in many areas will decrease for FHA, VA and conventional conforming loans. This means that it may be more difficult for some buyers to qualify and some may have to pay higher rates. If you are thinking about refinancing or purchasing, we...

FHA Requirements / Mortgage Insurance
Updated Oct. 9, 2013
FHA Requirements / Mortgage Insurance. Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requirements include mortgage insurance primarily for borrowers making a down payment of less than 20 percent.. New FHA Annual Mortgage Insurance...

What To Look For In A Property When Using FHA Financing?
Updated Oct. 24, 2014
Have you asked yourself what to look for in a property when using FHA financing?. In today's real estate market, you need to know what to look for in a property when using FHA financing. Most home buyers are faced with a lack of available cash needed to do the necessary repairs that might be needed. Why not know the...

Authorized User Accounts - Not all bad...not all good
Updated Oct. 9, 2013
Historically, adding a family member as an authorized user to an existing credit card with goodcredit history was a great way to help or improve the family member's credit. This much utilized(sometimes over-utilized) practice can improve an authorized user's credit, but it may not helpthe family...

Mortgages and the Self Employed
Updated Oct. 24, 2014
You are self-employed and are looking to purchase a home or refinance your mortgage. You have heard horror stories regarding reams of paperwork and underwriters who wanted two pints of blood in order to approve a loan application. As a matter of fact, you have held off purchasing a home for years because you...

The Keys To Qualifying For a Mortgage
Updated Oct. 9, 2013
The purchase of a home is the goal of the vast majority of Americans. That is why home ownership is often referred to as "The American Dream of Home Ownership." Two-thirds of Americans have taken advantage of the tax benefits, government programs and the economic benefits of owning to become home owners. Even in the...

Another Look At Mortgage Insurance
Updated Oct. 9, 2013
The concept of mortgage insurance helped bring a lower down-payment to mortgage lending and helped bolster home ownership during our generation.. The purpose of mortgage insurance is clear. It allows a conventional lender to offer a lower down-payment mortgage without taking too much risk. The borrower pays...

10 Tips to Live Credit Smart
Updated Aug. 27, 2014
Your credit report acts as your financial references when you apply for new credit. Whether you're trying to build credit for the first time or want to re-build your credit standing, the only way to build a strong credit history is to use credit wisely. Following are 10 tried and true tips to Live Credit Smart:....