Welcome to 1 Step Home Mortgage
Texas Home Mortgage Loan Article
This is a selection made from among articles on Texas Home Mortgage Loan. For a permanent link to this article, or to bookmark it for future reading, click here.
Poor Credit Home Mortgage Loans - The Role of the FICO Score
from: Carrie ReederIf you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works.
FICO – Fair ISAAC & Company – is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.
The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved:
1. The higher your FICO score, the better chance you have of getting that home mortgage loan. Also, the higher your score, the more room you have to negotiate a lower interest rate.
2. If you have a FICO score lower than 500, there is very little chance you’ll be getting a mortgage home loan.
That said, if you have a score of:
500 – 600 you should be able to get a home mortgage loan, provided you are willing to make a down payment.
600 – 640 You should get a 100% home loan financing. Thats right, with no money down.
640 - 700 You should be able to be approved for a 125% home mortgage loan.
700+ You’re in the drivers seat! You should be able to get an excellent rate with excellent terms.
3. FICO depends on each credit report, so before you apply for a home mortgage loan, if you have bad credit history, get a copy of your credit report and make sure there is nothing on there that shouldn’t be there. If there is, get it changed before you apply for the home mortgage loan.
4. Wait until after you have purchased or refinanced your home before you buy anything additional on credit. More loans or higher balances can have a dramatic effect on your mortgage approval, regardless of whether or not you had over a 600 FICO score before you bought on credit.
5. Remember, the FICO score is only a part of your home mortgage loan application, so if at first you don’t succeed in getting your home loan mortgage, don’t give up. Some lenders may still be willing to lend to you!
People with bad credit often don't understand how the credit scoring system works. It is beneficial to find out more about it when looking to get a home loan with less than perfect credit to bad credit or when dealing with sub prime mortgage lenders.
To view our list of recommended bad credit mortgage lenders online, visit this page: Recommended Bad
Credit Mortgage Lenders
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has many informative articles and the latest finance news.
Texas Home Mortgage Loan News
Feds charge four in $300000 mortgage fraud - The Union Leader
Feds charge four in $300000 mortgage fraud The Union Leader, NH - The lenders allegedly defrauded included Countrywide Home Loans, d/b/a America's Wholesale Lender in Richardson, Texas and Bedford; Bear Stearns Residential ... |
Defense attorney agrees to give up law license - San Antonio Express
Defense attorney agrees to give up law license San Antonio Express, TX - In her filings, Minella said she owes $150000 to municipal court, has a $298000 mortgage on her Mariposa Pass house from Countrywide Home Loans Inc. and ... |
Spectra Energy Canada Exchangeco Inc. Declares Quarterly Dividend - FOXBusiness
Spectra Energy Canada Exchangeco Inc. Declares Quarterly Dividend FOXBusiness - Think about your home mortgage. If you don't pay your mortgage, the bank can take the house. You end up homeless, and the bank sells the house to pay off ... |
As mortgage rates slide, refinancing applications take off - Dallas Morning News
 TopNews | As mortgage rates slide, refinancing applications take off Dallas Morning News, TX - "We are offering 30-year fixed rate loans at 4 7/8 percent right now, and that's great." As home mortgage rates have fallen to their lowest point since the ... Historic Low Mortgage Rates Continue; Many States' 30-year Fixed ... |
The Real Estate Corner - Blanco County News
The Real Estate Corner Blanco County News, USA - Soon you’ll be in the home you’ve always dreamed about. For more information on qualifying for a mortgage loan, talk to your Texas Realtor. ... |
New Mortgage Loan Applications Double in December 2008; 7 of 10 ... - PR Newswire (press release)
New Mortgage Loan Applications Double in December 2008; 7 of 10 ... PR Newswire (press release), NY - A renowned mortgage and credit expert, Rodney hosts a weekly radio show and frequently appears on WFAA Channel 8 Good Morning Texas, and on the Evening News ... |
2008: Top Stories of the Year - Insurance Journal
2008: Top Stories of the Year Insurance Journal, CA - AIG got caught holding a big portfolio of these contracts at a bad time — mortgage foreclosures were multiplying and credit markets were deteriorating — and ... |